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INVESTMENT SECURITIES
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES
NOTE 2 – INVESTMENT SECURITIES

The amortized cost and estimated fair value of securities available-for-sale along with gross unrealized gains and losses are summarized as follows:

(dollars in thousands)
Securities available-for-sale
Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
March 31, 2024
U.S. Treasuries$712,985 $— $8 $(11,697)$701,296 
U.S. government-sponsored agencies1,020 — — (40)980 
State, county and municipal securities28,136 — 5 (1,137)27,004 
Corporate debt securities10,946 (73)— (859)10,014 
SBA pool securities80,164 — 2 (1,737)78,429 
Mortgage-backed securities631,284 — 24 (34,612)596,696 
Total debt securities available-for-sale$1,464,535 $(73)$39 $(50,082)$1,414,419 
December 31, 2023
U.S. Treasuries$732,636 $— $34 $(11,793)$720,877 
U.S. government-sponsored agencies1,023 — — (38)985 
State, county and municipal securities28,986 — 9 (944)28,051 
Corporate debt securities10,946 (69)— (850)10,027 
SBA pool securities53,033 — 2 (1,519)51,516 
Mortgage-backed securities621,013 — 67 (29,592)591,488 
Total debt securities available-for-sale$1,447,637 $(69)$112 $(44,736)$1,402,944 
The amortized cost and estimated fair value of securities held-to-maturity along with gross unrealized gains and losses are summarized as follows:

(dollars in thousands)
Securities held-to-maturity
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
March 31, 2024
State, county and municipal securities$33,668 $2 $(5,693)$27,977 
Mortgage-backed securities113,354 29 (14,779)98,604 
Total debt securities held-to-maturity$147,022 $31 $(20,472)$126,581 
December 31, 2023
State, county and municipal securities$31,905 $— $(5,051)$26,854 
Mortgage-backed securities109,607 — (13,730)95,877 
Total debt securities held-to-maturity$141,512 $— $(18,781)$122,731 

The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of March 31, 2024, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying these securities may be called or repaid without penalty. Therefore, these securities are not included in the maturity categories in the following maturity summary:

Available-for-SaleHeld-to-Maturity
(dollars in thousands)
Amortized
Cost		Estimated Fair ValueAmortized
Cost		Estimated Fair Value
Due in one year or less$306,980 $305,330 $— $— 
Due from one year to five years440,409 429,292 — — 
Due from five to ten years73,709 72,350 — — 
Due after ten years12,153 10,751 33,668 27,977 
Mortgage-backed securities631,284 596,696 113,354 98,604 
 $1,464,535 $1,414,419 $147,022 $126,581 

Securities with a carrying value of approximately $459.4 million and $532.6 million at March 31, 2024 and December 31, 2023, respectively, serve as collateral to secure public deposits and for other purposes required or permitted by law.

The following table shows the gross unrealized losses and estimated fair value of available-for-sale securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at March 31, 2024 and December 31, 2023:

 Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)
Securities available-for-sale
Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses
March 31, 2024      
U.S. Treasuries$133,526 $(1,129)$562,763 $(10,568)$696,289 $(11,697)
U.S. government-sponsored agencies— — 980 (40)980 (40)
State, county and municipal securities5,362 (10)19,502 (1,127)24,864 (1,137)
Corporate debt securities499 (1)8,515 (858)9,014 (859)
SBA pool securities58,947 (147)19,333 (1,590)78,280 (1,737)
Mortgage-backed securities47,179 (289)548,200 (34,323)595,379 (34,612)
Total debt securities available-for-sale$245,513 $(1,576)$1,159,293 $(48,506)$1,404,806 $(50,082)
December 31, 2023      
U.S. Treasuries$159,667 $(827)$537,313 $(10,966)$696,980 $(11,793)
U.S. government sponsored agencies— — 985 (38)985 (38)
State, county and municipal securities1,923 — 19,754 (944)21,677 (944)
Corporate debt securities500 — 8,527 (850)9,027 (850)
SBA pool securities42 — 21,267 (1,519)21,309 (1,519)
Mortgage-backed securities126 — 566,707 (29,592)566,833 (29,592)
Total debt securities available-for-sale$162,258 $(827)$1,154,553 $(43,909)$1,316,811 $(44,736)
As of March 31, 2024, the Company’s available-for-sale security portfolio consisted of 409 securities, 400 of which were in an unrealized loss position. At March 31, 2024, the Company held 309 mortgage-backed securities that were in an unrealized loss position, all of which were issued by U.S. government-sponsored entities and agencies. At March 31, 2024, the Company held 33 U.S. Small Business Administration (“SBA”) pool securities, 24 state, county and municipal securities, seven corporate securities, one U.S. government-sponsored agency security, and 26 U.S. Treasury securities that were in an unrealized loss position.

The following table shows the gross unrealized losses and estimated fair value of held-to-maturity securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at March 31, 2024 and December 31, 2023:

 Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)
Securities held-to-maturity
Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses
March 31, 2024
State, county and municipal securities$453 $(6)$26,217 $(5,687)$26,670 $(5,693)
Mortgage-backed securities8,282 (266)85,738 (14,513)94,020 (14,779)
Total debt securities held-to-maturity$8,735 $(272)$111,955 $(20,200)$120,690 $(20,472)
December 31, 2023
State, county and municipal securities$— $— $26,854 $(5,051)$26,854 $(5,051)
Mortgage-backed securities13,612 (227)82,265 (13,503)95,877 (13,730)
Total debt securities held-to-maturity$13,612 $(227)$109,119 $(18,554)$122,731 $(18,781)

As of March 31, 2024, the Company’s held-to-maturity security portfolio consisted of 30 securities, 28 of which were in an unrealized loss position. At March 31, 2024, the Company held 21 mortgage-backed securities and seven state, county and municipal securities that were in an unrealized loss position.

At March 31, 2024 and December 31, 2023, all of the Company’s mortgage-backed securities were obligations of government-sponsored agencies.

Management and the Company’s Asset and Liability Committee (the “ALCO Committee”) evaluate available-for-sale securities in an unrealized loss position on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation, to determine if credit-related impairment exists. Management first evaluates whether they intend to sell or more likely than not will be required to sell an impaired security before recovering its amortized cost basis. If either criteria is met, the entire amount of unrealized loss is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. If either of the above criteria is not met, management evaluates whether the decline in fair value is attributable to credit or resulted from other factors. The Company does not intend to sell these available-for-sale investment securities at an unrealized loss position at March 31, 2024, and it is more likely than not that the Company will not be required to sell these securities prior to recovery or maturity. Based on the results of management's review, at March 31, 2024, management determined that $73,000 was attributable to credit impairment and an allowance for credit losses was recorded. The remaining $50.1 million in unrealized loss was determined to be from factors other than credit.

(dollars in thousands)Three Months Ended March 31,
Allowance for credit losses
20242023
Beginning balance$69 $75 
Provision for other credit losses4 7 
Ending balance$73 $82 

The Company's held-to-maturity securities have no expected credit losses, and no related allowance for credit losses has been established.
Total net gain (loss) on securities reported on the consolidated statements of income and comprehensive income is comprised of the following for the three months ended March 31, 2024 and 2023:

Three Months Ended March 31,
(dollars in thousands)20242023
Unrealized holding gains (losses) on equity securities$(7)$6 
Net gain (loss) on securities$(7)$6