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INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2025

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 ACL on available-for-sale ("AFS") and held-to-maturity ("HTM") debt securities as of March 31, 2025 and December 31, 2024 are as follows:

						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						ACL
(dollars in thousands)
March 31, 2025
Available-for-sale:
Debt securities:
States and political subdivisions						$	146,693					$	3					$	(28,067)					$	118,629					$	—
U.S. Treasury and other government-sponsored entities and agencies						104,874						625						(1,712)						103,787						—
Collateralized loan obligations						31,237						—						(248)						30,989						—
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						480,238						1,138						(49,325)						432,051						—
Residential - Non-government agencies						17,324						172						(894)						16,602						—
Commercial - U.S. government-sponsored entities and agencies						80,883						207						(12,726)						68,364						—
Commercial - Non-government agencies						9,958						—						(1)						9,957						—
Total available-for-sale investment securities						$	871,207					$	2,145					$	(92,973)					$	780,379					$	—

						Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Fair Value						ACL
(dollars in thousands)
March 31, 2025
Held-to-maturity:
Debt securities:
States and political subdivisions						$	42,011					$	—					$	(9,042)					$	32,969					$	—
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						547,677						79						(69,008)						478,748						—
Total held-to-maturity investment securities						$	589,688					$	79					$	(78,050)					$	511,717					$	—

						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						ACL
(dollars in thousands)
December 31, 2024
Available-for-sale:
Debt securities:
States and political subdivisions						$	147,014					$	2					$	(30,183)					$	116,833					$	—
U.S. Treasury and other government-sponsored entities and agencies						83,861						81						(2,742)						81,200						—
Collateralized loan obligations						31,254						—						(114)						31,140						—
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						472,476						42						(58,047)						414,471						—
Residential - Non-government agencies						17,836						151						(1,061)						16,926						—
Commercial - U.S. government-sponsored entities and agencies						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					$	—

						Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Fair Value						ACL
(dollars in thousands)
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 entities and agencies						554,914						—						(81,365)						473,549						—
Total held-to-maturity investment securities						$	596,930					$	—					$	(90,249)					$	506,681					$	—

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 AFS and HTM debt securities as of March 31, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may 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.

(dollars in thousands)						Amortized Cost						Fair Value						Weighted Average Yield (1)
Available-for-sale:
Debt securities:
Due in one year or less						$	4,353					$	4,348					5.75		%
Due after one year through five years						38,754						38,592						4.06
Due after five years through ten years						65,568						63,748						3.80
Due after ten years						142,892						115,728						2.88
Collateralized loan obligations						31,237						30,989						5.79
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						480,238						432,051						3.00
Residential - Non-government agencies						17,324						16,602						4.85
Commercial - U.S. government-sponsored entities and agencies						80,883						68,364						2.72
Commercial - Non-government agencies						9,958						9,957						4.29
Total available-for-sale securities						$	871,207					$	780,379					3.26		%

(dollars in thousands)						Amortized Cost						Fair Value						Weighted Average Yield (1)
Held-to-maturity:
Debt securities:
Due after ten years						$	42,011					$	32,969					2.26		%
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						547,677						478,748						1.91
Total held-to-maturity securities						$	589,688					$	511,717					1.93		%

(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 tables summarize AFS and HTM investment securities, which were in a loss position as of the dates presented, aggregated by major security type and length of time in a continuous loss position. There were a total of 197 and 218 AFS investment securities which were in an unrealized loss position, without an ACL, as of March 31, 2025 and December 31, 2024, respectively. There were a total of 83 HTM investment securities which were in an unrecognized loss position, without an ACL, as of March 31, 2025 and December 31, 2024.

						Less Than 12 Months												12 Months or Longer												Total
(dollars in thousands)						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
March 31, 2025
Available-for-sale:
Debt securities:
States and political subdivisions						$	755					$	(15)					$	111,453					$	(28,052)					$	112,208					$	(28,067)
U.S. Treasury and other government-sponsored entities and agencies						6,276						(19)						12,618						(1,693)						18,894						(1,712)
Collateralized loan obligations						30,989						(248)						—						—						30,989						(248)
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						55,046						(702)						260,478						(48,623)						315,524						(49,325)
Residential - Non-government agencies						5,019						(46)						7,566						(848)						12,585						(894)
Commercial - U.S. government-sponsored entities and agencies						—						—						49,312						(12,726)						49,312						(12,726)
Commercial - Non-government agencies						9,957						(1)						—						—						9,957						(1)
Total						$	108,042					$	(1,031)					$	441,427					$	(91,942)					$	549,469					$	(92,973)

						Less Than 12 Months												12 Months or Longer												Total
(dollars in thousands)						Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
March 31, 2025
Held-to-maturity:
Debt securities:
States and political subdivisions						$	—					$	—					$	32,969					$	(9,042)					$	32,969					$	(9,042)
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						—						—						471,459						(69,008)						471,459						(69,008)
Total						$	—					$	—					$	504,428					$	(78,050)					$	504,428					$	(78,050)

						Less Than 12 Months												12 Months or Longer												Total
(dollars in thousands)						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
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 and other government-sponsored entities and 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 entities and agencies						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 entities and agencies						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
(dollars in thousands)						Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
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 entities and agencies						7,470						(19)						466,079						(81,346)						473,549						(81,365)
Total						$	7,470					$	(19)					$	499,211					$	(90,230)					$	506,681					$	(90,249)

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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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