Investment Securities (Tables)

3 Months Ended

Mar. 31, 2025

Investment Securities [Abstract]

Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-for-Sale

The amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale are as follows:

	Amortized		Gross Unrealized
(Dollars in thousands)	Cost		Gains		Losses		Fair Value
As of March 31, 2025
U.S. Government-sponsored securities	$	2,509	$	3	$	15	$	2,497
Mortgage-backed securities(1)		490,533		2,225		21,864		470,894
Commercial mortgage-backed obligations(1)		1,229		14		-		1,243
Collateralized mortgage obligations(1)		5,657		-		95		5,562
Corporate securities		14,814		113		-		14,927
Other		310		-		-		310
Total available-for-sale securities	$	515,052	$	2,355	$	21,974	$	495,433

⁽¹⁾ All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.

	Amortized		Gross Unrealized
(Dollars in thousands)	Cost		Gains		Losses		Fair Value
As of December 31, 2024
U.S. Government-sponsored securities	$	2,657	$	4	$	17	$	2,644
Mortgage-backed securities (1)		466,302		464		26,908		439,858
Commercial mortgage-backed obligations (1)		1,228		-		16		1,212
Collateralized mortgage obligations (1)		5,653		-		156		5,497
Corporate securities		14,800		56		-		14,856
Other		352		-		5		347
Total available-for-sale securities	$	490,992	$	524	$	27,102	$	464,414

⁽¹⁾ All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.

Book Values, Estimated Fair Values and Unrealized Gains and Losses of Investments Classified as Held-To-Maturity

The book values, estimated fair values and unrecognized gains and losses of investments classified as held-to-maturity are as follows:

									Allowance
	Amortized		Gross Unrecognized						for Credit
(Dollars in thousands)	Cost		Gains		Losses		Fair Value		Losses
As of March 31, 2025
Mortgage-backed securities (1)	$	617,929	$	6	$	131,406	$	486,529	$	-
Collateralized mortgage obligations (1)		66,965		-		12,398		54,567		-
Municipal securities		74,877		644		1,754		73,767		450
Total held-to-maturity securities	$	759,771	$	650	$	145,558	$	614,863	$	450

⁽¹⁾ All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.

									Allowance
	Amortized		Gross Unrecognized						for Credit
(Dollars in thousands)	Cost		Gains		Losses		Fair Value		Losses
As of December 31, 2024
Mortgage-backed securities(1)	$	626,427	$	-	$	143,544	$	482,883	$	-
Collateralized mortgage obligations(1)		68,377		-		13,876		54,501		-
Municipal securities		74,639		46		1,116		73,569		450
Total held-to-maturity securities	$	769,443	$	46	$	158,536	$	610,953	$	450

⁽¹⁾ All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.

Gross Unrealized Losses for Available-for-Sale Securities

The following tables show the gross unrealized losses for available-for-sale securities, for which an allowance for credit losses has not been recorded, that have been in an unrealized loss position for less than 12 months or 12 months or more: 

					March 31, 2025
	Less Than 12 Months				12 Months or More				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available-for-Sale Securities
U.S. Government-sponsored securities	$	556	$	-	$	841	$	15	$	1,397	$	15
Mortgage-backed securities(1)		249,596		2,354		67,291		19,510		316,887		21,864
Commerical mortgage-backed securities(1)		-		-		-		-		-		-
Collateralized mortgage obligations(1)		5,129		87		433		8		5,562		95
Corporate securities		-		-		-		-		-		-
Total available-for-sale securities	$	255,281	$	2,441	$	68,565	$	19,533	$	323,846	$	21,974

⁽¹⁾ All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.

							December 31, 2024
	Less Than 12 Months						12 Months or More						Total
(Dollars in thousands)	Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Available-for-Sale Securities
U.S. Government-sponsored securities		$	600		$	1		$	888		$	16		$	1,488		$	17
Mortgage-backed securities(1)			324,202			5,772			67,319			21,136			391,521			26,908
Commerical mortgage-backed securities(1)			1,212			16			-			-			1,212			16
Collateralized mortgage obligations(1)			5,043			147			454			9			5,497			156
Corporate securities			347			5			-			-			347			5
Total available-for-sale securities		$	331,404		$	5,941		$	68,661		$	21,161		$	400,065		$	27,102

⁽¹⁾ All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.

Activity in Allowance for Credit Losses for Held-to-Maturity Securities by Major Type

The following tables present the activity in the allowance for credit losses for held-to-maturity securities by major type:

	March 31, 2025
(Dollars in thousands)	Municipal securities			Mortgage-backed securities			Collateralized mortgage obligations			Total
Allowance for credit losses - securities
Beginning balance		$	450		$	-		$	-		$	450
Provision for credit losses			-			-			-			-
Ending balance		$	450		$	-		$	-		$	450

	December 31, 2024
(Dollars in thousands)	Municipal securities			Mortgage-backed securities			Collateralized mortgage obligations			Total
Allowance for credit losses - securities
Beginning balance		$	450		$	-		$	-		$	450
Provision for credit losses			-			-			-			-
Ending balance		$	450		$	-		$	-		$	450

Amortized Cost and Estimated Fair Values of Investment Securities by Contractual Final Maturity

The amortized cost and estimated fair values of investment securities at March 31, 2025 by contractual final maturity are shown in the following table:

	Available-for-Sale				Held-to-Maturity
(Dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Securities maturing in:
One year or less	$	394	$	393	$	1,538	$	1,523
After one year through five years		17,430		17,499		24,008		23,500
After five years through ten years		2,502		2,480		18,977		17,669
After ten years		494,726		475,061		715,248		572,171
Total	$	515,052	$	495,433	$	759,771	$	614,863

Amortized Cost of Held-to-Maturity Municipal Securities by Credit Rating

The following tables summarize the amortized cost of held-to-maturity municipal securities by credit rating as of the dates indicated:

	Held-to-Maturity
	Amortized Cost
(Dollars in thousands)	AAA/AA/A			BBB/BB/B			Not Rated			Total
March 31, 2025
Municipal securities		$	18,871		$	404		$	55,602	$	74,877
Total		$	18,871		$	404		$	55,602	$	74,877

	Held-to-Maturity
	Amortized Cost
(Dollars in thousands)	AAA/AA/A			BBB/BB/B			Not Rated			Total
December 31, 2024
Municipal securities		$	19,022		$	403		$	55,214	$	74,639
Total		$	19,022		$	403		$	55,214	$	74,639

Proceeds from Sales and Calls of Investment Securities

Proceeds from sales and calls of investment securities were as follows:

(Dollars in thousands)	Gross Proceeds		Gross Gains		Gross Losses
Three months ended March 31, 2025	$	160	$	-	$	-
Three months ended March 31, 2024	$	-	$	-	$	-