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INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of available for sale and held to maturity investment securities

The following tables present the amortized cost, fair value and related ACL on available-for-sale ("AFS") and held-to-maturity ("HTM") investment securities as of June 30, 2025 and December 31, 2024 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses:

						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						ACL
(dollars in thousands)
June 30, 2025
Available-for-sale:
Debt securities:
States and political subdivisions						$	143,610					$	3					$	(28,837)					$	114,776					$	—
U.S. Treasury and other government-sponsored entities and agencies						102,171						900						(1,656)						101,415						—
Collateralized loan obligations						40,990						49						(123)						40,916						—
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						467,868						1,382						(47,182)						422,068						—
Residential - Non-government agencies						16,891						126						(878)						16,139						—
Commercial - U.S. government-sponsored entities and agencies						80,566						316						(12,578)						68,304						—
Commercial - Non-government agencies						1,599						—						(4)						1,595						—
Total available-for-sale investment securities						$	853,695					$	2,776					$	(91,258)					$	765,213					$	—

						Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Fair Value						ACL
(dollars in thousands)
June 30, 2025
Held-to-maturity:
Debt securities:
States and political subdivisions						$	41,979					$	—					$	(9,484)					$	32,495					$	—
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						538,497						122						(71,281)						467,338						—
Total held-to-maturity investment securities						$	580,476					$	122					$	(80,765)					$	499,833					$	—

						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 investment securities as of June 30, 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)
June 30, 2025
Available-for-sale:
Debt securities:
Due in one year or less						$	4,294					$	4,287					5.74		%
Due after one year through five years						40,003						40,006						4.15
Due after five years through ten years						60,343						59,050						3.75
Due after ten years						141,141						112,848						2.84
Collateralized loan obligations						40,990						40,916						5.75
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						467,868						422,068						2.96
Residential - Non-government agencies						16,891						16,139						4.55
Commercial - U.S. government-sponsored entities and agencies						80,566						68,304						2.76
Commercial - Non-government agencies						1,599						1,595						0.24
Total available-for-sale securities						$	853,695					$	765,213					3.24		%

(dollars in thousands)						Amortized Cost						Fair Value						Weighted Average Yield (1)
June 30, 2025
Held-to-maturity:
Debt securities:
Due after ten years						$	41,979					$	32,495					2.26		%
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						538,497						467,338						1.88
Total held-to-maturity securities						$	580,476					$	499,833					1.91		%

(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 196 and 218 AFS investment securities which were in an unrealized loss position, without an ACL, as of June 30, 2025 and December 31, 2024, respectively. There were a total of 81 and 83 HTM investment securities which were in an unrecognized loss position, without an ACL, as of June 30, 2025 and December 31, 2024, respectively.

						Less Than 12 Months												12 Months or Longer												Total
(dollars in thousands)						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
June 30, 2025
Available-for-sale:
Debt securities:
States and political subdivisions						$	4,264					$	(9)					$	107,654					$	(28,828)					$	111,918					$	(28,837)
U.S. Treasury and other government-sponsored entities and agencies						1,576						(19)						12,263						(1,637)						13,839						(1,656)
Collateralized loan obligations						31,097						(123)						—						—						31,097						(123)
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						54,287						(719)						255,027						(46,463)						309,314						(47,182)
Residential - Non-government agencies						4,919						(69)						7,328						(809)						12,247						(878)
Commercial - U.S. government-sponsored entities and agencies						—						—						49,169						(12,578)						49,169						(12,578)
Commercial - Non-government agencies						1,595						(4)						—						—						1,595						(4)
Total						$	97,738					$	(943)					$	431,441					$	(90,315)					$	529,179					$	(91,258)

						Less Than 12 Months												12 Months or Longer												Total
(dollars in thousands)						Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
June 30, 2025
Held-to-maturity:
Debt securities:
States and political subdivisions						$	—					$	—					$	32,495					$	(9,484)					$	32,495					$	(9,484)
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						—						—						455,477						(71,281)						455,477						(71,281)
Total						$	—					$	—					$	487,972					$	(80,765)					$	487,972					$	(80,765)

						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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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

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