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Securities (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Estimated Fair Value of Securities

The following table is a summary of the amortized cost and estimated fair value, including the allowance for credit losses and gross unrealized gains and losses, of available for sale, held to maturity and securities carried at fair value through income for the dates indicated:

(Dollars in thousands) March 31, 2025			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance for Credit Losses						Net Carrying Amount
Available for sale:
State and municipal securities			$	297,968					$	145					$	(41,142)					$	256,971					$	—					$	256,971
Corporate bonds			80,252						717						(4,053)						76,916						—						76,916
U.S. treasury and government agency securities			14,091						2						(811)						13,282						—						13,282
Commercial mortgage-backed securities			86,737						3						(4,888)						81,852						—						81,852
Residential mortgage-backed securities			594,963						1,166						(47,143)						548,986						—						548,986
Commercial collateralized mortgage obligations			36,077						105						(2,181)						34,001						—						34,001
Residential collateralized mortgage obligations			166,343						117						(17,100)						149,360						—						149,360
Total			$	1,276,431					$	2,255					$	(117,318)					$	1,161,368					$	—					$	1,161,368
Held to maturity:
State and municipal securities			$	11,143					$	—					$	(782)					$	10,361					$	(49)					$	11,094
Securities carried at fair value through income:
State and municipal securities(1)			$	6,515					$	—					$	—					$	6,512					$	—					$	6,512
December 31, 2024
Available for sale:
State and municipal securities			$	299,642					$	216					$	(43,882)					$	255,976					$	—					$	255,976
Corporate bonds			83,041						445						(5,250)						78,236						—						78,236
U.S. treasury and government agency securities			14,742						2						(939)						13,805						—						13,805
Commercial mortgage-backed securities			49,943						—						(5,659)						44,284						—						44,284
Residential mortgage-backed securities			598,380						8						(57,554)						540,834						—						540,834
Commercial collateralized mortgage obligations			31,263						—						(2,697)						28,566						—						28,566
Residential collateralized mortgage obligations			160,422						15						(19,610)						140,827						—						140,827
Total			$	1,237,433					$	686					$	(135,591)					$	1,102,528					$	—					$	1,102,528
Held to maturity:
State and municipal securities			$	11,145					$	—					$	(689)					$	10,456					$	(50)					$	11,095
Securities carried at fair value through income:
State and municipal securities(1)			$	6,515					$	—					$	—					$	6,512					$	—					$	6,512

________________________

(1)Securities carried at fair value through income have no unrealized gains or losses at the consolidated balance sheet dates as all changes in value have been recognized in the consolidated statements of income. See Note 5 — Fair Value of Financial Instruments for more information.

Schedule of Unrealized Losses

Securities with unrealized losses at March 31, 2025, and December 31, 2024, aggregated by investment category and those individual securities that have been in a continuous unrealized loss position for less than 12 months, and for 12 months or more, were as follows.

			Less than 12 Months												12 Months or More												Total
(Dollars in thousands) March 31, 2025			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Available for sale:
State and municipal securities			$	11,027					$	(485)					$	234,860					$	(40,657)					$	245,887					$	(41,142)
Corporate bonds			6,641						(369)						50,423						(3,684)						57,064						(4,053)
U.S. treasury and government agency securities			9,735						(31)						3,049						(780)						12,784						(811)
Commercial mortgage-backed securities			39,878						(122)						40,503						(4,766)						80,381						(4,888)
Residential mortgage-backed securities			7,090						(139)						381,845						(47,004)						388,935						(47,143)
Commercial collateralized mortgage obligations			6,950						(23)						15,896						(2,158)						22,846						(2,181)
Residential collateralized mortgage obligations			17,483						(130)						108,333						(16,970)						125,816						(17,100)
Total			$	98,804					$	(1,299)					$	834,909					$	(116,019)					$	933,713					$	(117,318)
Held to maturity:
State and municipal securities			$	—					$	—					$	10,361					$	(782)					$	10,361					$	(782)
December 31, 2024
Available for sale:
State and municipal securities			$	18,349					$	(346)					$	226,484					$	(43,536)					$	244,833					$	(43,882)
Corporate bonds			7,450						(550)						59,443						(4,700)						66,893						(5,250)
U.S. treasury and government agency securities			10,062						(52)						3,423						(887)						13,485						(939)
Commercial mortgage-backed securities			4,418						(120)						39,866						(5,539)						44,284						(5,659)
Residential mortgage-backed securities			148,383						(1,296)						386,414						(56,258)						534,797						(57,554)
Commercial collateralized mortgage obligations			13,014						(148)						15,552						(2,549)						28,566						(2,697)
Residential collateralized mortgage obligations			14,884						(291)						109,416						(19,319)						124,300						(19,610)
Total			$	216,560					$	(2,803)					$	840,598					$	(132,788)					$	1,057,158					$	(135,591)
Held to maturity:
State and municipal securities			$	—					$	—					$	10,456					$	(689)					$	10,456					$	(689)

Schedule of Allowance for Credit Losses for Held-to-Maturity Debt Securities

The following tables present the activity in the allowance for credit losses for held-to-maturity securities.

(Dollars in thousands)
Allowance for credit losses:			Municipal Securities
Balance at January 1, 2025			$	50
Recovery for credit loss for held to maturity securities			(1)
Balance at March 31, 2025			$	49
Balance at January 1, 2024			$	63
Recovery for credit loss for held to maturity securities			(39)
Balance at March 31, 2024			$	24

Schedule of Proceeds from Sales of Securities Available for Sale and Gross Gains and Losses

Proceeds from sales and calls, and related gross gains and losses of securities available for sale, are shown below.

			Three Months Ended March 31,
(Dollars in thousands)			2025						2024
Proceeds from sales/calls			$	5,504					$	21,224
Gross realized gains			—						—
Gross realized losses			—						(403)

Schedule of Securities Classified by Contractual Maturity

The following table presents the amortized cost and fair value of securities available for sale and held to maturity at March 31, 2025, grouped by contractual maturity. Mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which do not have contractual payments due at a single maturity date, are shown separately. Actual maturities for mortgage-backed securities and collateralized mortgage obligations will differ from contractual maturities as a result of prepayments made on the underlying loans.

(Dollars in thousands)			Held to Maturity												Available for Sale
March 31, 2025			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Due in one year or less			$	—					$	—					$	5,633					$	5,583
Due after one year through five years			5,151						4,929						38,411						36,601
Due after five years through ten years			5,992						5,432						208,160						189,782
Due after ten years			—						—						140,107						115,203
Commercial mortgage-backed securities			—						—						86,737						81,852
Residential mortgage-backed securities			—						—						594,963						548,986
Commercial collateralized mortgage obligations			—						—						36,077						34,001
Residential collateralized mortgage obligations			—						—						166,343						149,360
Total			$	11,143					$	10,361					$	1,276,431					$	1,161,368

Schedule of Securities Pledged as Collateral

The following table presents carrying amounts of securities pledged as collateral for deposits and repurchase agreements at the periods presented.

(Dollars in thousands)			March 31, 2025						December 31, 2024
Carrying value of securities pledged to secure public deposits			$	529,345					$	504,554
Carrying value of securities pledged to repurchase agreements			4,601						4,731

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