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INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of available for sale and held to maturity investment securities

The amortized cost, gross unrecognized/unrealized gains and losses, fair value and related allowance for credit losses on available-for-sale ("AFS") and held-to-maturity ("HTM") investment securities as of December 31, 2024 and 2023 are as follows:

(Dollars in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						ACL
December 31, 2024
Available-for-Sale:
Debt securities:
States and political subdivisions			$	147,014					$	2					$	(30,183)					$	116,833					$	—
U.S. Treasury obligations and direct obligations of U.S Government agencies			83,861						81						(2,742)						81,200						—
Collateralized loan obligations			31,254						—						(114)						31,140						—
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises			472,476						42						(58,047)						414,471						—
Residential - Non-government agencies			17,836						151						(1,061)						16,926						—
Commercial - U.S. Government-sponsored enterprises			81,400						76						(14,315)						67,161						—
Commercial - Non-government agencies			9,933						—						(6)						9,927						—
Total available-for-sale investment securities			$	843,774					$	352					$	(106,468)					$	737,658					$	—

(Dollars in thousands)			Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Fair Value						ACL
December 31, 2024
Held-to-Maturity:
Debt securities:
States and political subdivisions			$	42,016					$	—					$	(8,884)					$	33,132					$	—
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises			554,914												(81,365)						473,549						—
Total held-to-maturity investment securities			$	596,930					$	—					$	(90,249)					$	506,681					$	—

(Dollars in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						ACL
December 31, 2023
Available-for-Sale:
Debt securities:
States and political subdivisions			$	156,432					$	13					$	(29,810)					$	126,635					$	—
Corporate securities			35,731						—						(4,317)						31,414						—
U.S. Treasury obligations and direct obligations of U.S Government agencies			28,105						33						(1,941)						26,197						—
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises			441,898						95						(63,607)						378,386						—
Residential - Non-government agencies			19,322						366						(980)						18,708						—
Commercial - U.S. Government-sponsored enterprises			58,318						—						(7,404)						50,914						—
Commercial - Non-government agencies			15,144						—						(188)						14,956						—
Total available-for-sale investment securities			$	754,950					$	507					$	(108,247)					$	647,210					$	—

(Dollars in thousands)			Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Fair Value						ACL
December 31, 2023
Held-to-Maturity:
Debt securities:
States and political subdivisions			$	41,959					$	—					$	(6,706)					$	35,253					$	—
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises			590,379						61						(60,515)						529,925						—
Total held-to-maturity investment securities			$	632,338					$	61					$	(67,221)					$	565,178					$	—

Schedule of amortized cost and estimated fair value of investment securities by contractual maturity

The amortized cost, estimated fair value and weighted average yield of our investment securities at December 31, 2024 by contractual maturity are shown below. Actual maturities may differ from contractual maturities as issuers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

			December 31, 2024
(Dollars in thousands)			Amortized Cost						Fair Value						Weighted Average Yield (1)
Available-for-Sale:
Debt securities:
Due in one year or less			$	4,237					$	4,230					5.87		%
Due after one year through five years			37,393						36,866						4.11
Due after five years through ten years			68,257						65,126						3.87
Due after ten years			120,988						91,811						2.42
Collateralized loan obligations			31,254						31,140						6.07
Mortgage-backed securities
Residential - U.S. Government-sponsored enterprises			472,476						414,471						2.90
Residential - Non-government agencies			17,836						16,926						4.36
Commercial - U.S. Government-sponsored enterprises			81,400						67,161						2.72
Commercial - Non-government agencies			9,933						9,927						4.76
Total available-for-sale investment securities			$	843,774					$	737,658					3.18		%
Held-to-Maturity:
Debt securities:
Due after ten years			$	42,016					$	33,132					2.26		%
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises			554,914						473,549						1.89
Total held-to-maturity investment securities			$	596,930					$	506,681					1.92		%
Total investment securities			$	1,440,704					$	1,244,339					2.62		%

(1)Weighted-average yields are computed on an annual basis, and yields on tax-exempt obligations are computed on a taxable-equivalent basis using a federal statutory tax rate of 21%.

Schedule of investment securities in an unrealized loss position

The following table summarizes AFS and HTM securities which were in an unrealized or unrecognized loss position at December 31, 2024 and 2023, aggregated by major security type and length of time in a continuous unrealized or unrecognized loss position:

			Less Than 12 Months												12 Months or Longer												Total
Description of Securities			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
			(Dollars in thousands)
December 31, 2024
Available-for-Sale:
Debt securities:
States and political subdivisions			$	4,967					$	(85)					$	107,267					$	(30,098)					$	112,234					$	(30,183)
U.S. Treasury obligations and direct obligations of U.S Government agencies			56,139						(803)						12,971						(1,939)						69,110						(2,742)
Collateralized loan obligations			31,140						(114)						—						—						31,140						(114)
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises			135,224						(2,254)						260,575						(55,793)						395,799						(58,047)
Residential - Non-government agencies			5,270						(100)						7,606						(961)						12,876						(1,061)
Commercial - U.S. Government-sponsored enterprises			12,469						(90)						48,304						(14,225)						60,773						(14,315)
Commercial - Non-government agencies			9,927						(6)						—						—						9,927						(6)
Total			$	255,136					$	(3,452)					$	436,723					$	(103,016)					$	691,859					$	(106,468)

			Less Than 12 Months												12 Months or Longer												Total
Description of Securities			Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
			(Dollars in thousands)
December 31, 2024
Held-to-Maturity:
Debt securities:
States and political subdivisions			$	—					$	—					$	33,132					$	(8,884)					$	33,132					$	(8,884)
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises			7,470						(19)						466,079						(81,346)						473,549						(81,365)
Total			$	7,470					$	(19)					$	499,211					$	(90,230)					$	506,681					$	(90,249)

			Less Than 12 Months												12 Months or Longer												Total
Description of Securities			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
			(Dollars in thousands)
December 31, 2023
Available-for-Sale:
Debt securities:
States and political subdivisions			$	534					$	(1)					$	114,601					$	(29,809)					$	115,135					$	(29,810)
Corporate securities			—						—						31,414						(4,317)						31,414						(4,317)
U.S. Treasury obligations and direct obligations of U.S Government agencies			2,893						(87)						16,286						(1,854)						19,179						(1,941)
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises			—						—						367,887						(63,607)						367,887						(63,607)
Residential - Non-government agencies			—						—						8,169						(980)						8,169						(980)
Commercial - U.S. Government-sponsored enterprises			6,467						(1)						44,447						(7,403)						50,914						(7,404)
Commercial - Non-government agencies			9,663						(130)						5,293						(58)						14,956						(188)
Total			$	19,557					$	(219)					$	588,097					$	(108,028)					$	607,654					$	(108,247)

			Less Than 12 Months												12 Months or Longer												Total
Description of Securities			Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
			(Dollars in thousands)
December 31, 2023
Held-to-Maturity:
Debt securities:
States and political subdivisions			$	—					$	—					$	35,253					$	(6,706)					$	35,253					$	(6,706)
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises			8,853						(33)						512,378						(60,482)						521,231						(60,515)
Total			$	8,853					$	(33)					$	547,631					$	(67,188)					$	556,484					$	(67,221)

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- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

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Tabular disclosure of the summary of investment holdings.

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