Investment Securities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2025
U.S. Government-sponsored securities	$	2,144	$	1	$	15	$	2,130
Mortgage-backed securities(1)		758,047		6,599		18,183		746,463
Commercial mortgage-backed obligations(1)		1,231		23		-		1,254
Collateralized mortgage obligations(1)		21,356		-		479		20,877
Municipal securities		66,465		3,021		-		69,486
Corporate securities		29,529		148		36		29,641
Other		310		-		-		310
Total available-for-sale securities	$	879,082	$	9,792	$	18,713	$	870,161

⁽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:

	Amortized		Gross Unrecognized						Allowance for Credit
(Dollars in thousands)	Cost		Gains		Losses		Fair Value		Losses
As of September 30, 2025
Mortgage-backed securities(1)	$	598,870	$	57	$	119,781	$	479,146	$	-
Collateralized mortgage obligations(1)		63,635		-		10,634		53,001		-
Municipal securities		72,123		1,071		1,210		71,984		450
Total held-to-maturity securities	$	734,628	$	1,128	$	131,625	$	604,131	$	450

⁽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 Unrecognized						Allowance 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:

					September 30, 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	$	798	$	4	$	686	$	11	$	1,484	$	15
Mortgage-backed securities(1)		97,156		176		87,979		18,007		185,135		18,183
Collateralized mortgage obligations(1)		15,365		340		5,512		139		20,877		479
Corporate securities		4,684		36		-		-		4,684		36
Total available-for-sale securities	$	118,003	$	556	$	94,177	$	18,157	$	212,180	$	18,713

⁽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:

	September 30, 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 September 30, 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	$	5,402	$	5,402	$	1,502	$	1,491
After one year through five years		26,180		26,272		22,886		22,709
After five years through ten years		21,996		22,886		20,324		19,292
After ten years		825,504		815,601		689,916		560,639
Total	$	879,082	$	870,161	$	734,628	$	604,131

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
September 30, 2025
Municipal securities	$	18,590	$	933	$	52,600	$	72,123
Total	$	18,590	$	933	$	52,600	$	72,123

	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
Nine months ended September 30, 2025	$	925	$	-	$	-
Nine months ended September 30, 2024	$	70,251	$	839	$	96