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INVESTMENT SECURITIES
 6 Months Ended
Jun. 30, 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
June 30, 2024
U.S. Treasuries$765,274 $— $142 $(10,204)$755,212 
U.S. government-sponsored agencies1,016 — — (35)981 
State, county and municipal securities27,848 — — (1,288)26,560 
Corporate debt securities10,946 (68)— (877)10,001 
SBA pool securities77,850 — 2 (1,587)76,265 
Mortgage-backed securities695,603 — 605 (34,180)662,028 
Total debt securities available-for-sale$1,578,537 $(68)$749 $(48,171)$1,531,047 
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
June 30, 2024
State, county and municipal securities$33,664 $— $(5,784)$27,880 
Mortgage-backed securities114,874 41 (14,497)100,418 
Total debt securities held-to-maturity$148,538 $41 $(20,281)$128,298 
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 June 30, 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$540,310 $534,603 $— $— 
Due from one year to five years259,375 253,938 — — 
Due from five to ten years71,452 70,068 — — 
Due after ten years11,797 10,410 33,664 27,880 
Mortgage-backed securities695,603 662,028 114,874 100,418 
 $1,578,537 $1,531,047 $148,538 $128,298 

Securities with a carrying value of approximately $452.4 million and $532.6 million at June 30, 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 June 30, 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
June 30, 2024      
U.S. Treasuries$28,673 $(354)$656,429 $(9,850)$685,102 $(10,204)
U.S. government-sponsored agencies— — 981 (35)981 (35)
State, county and municipal securities5,930 (31)19,545 (1,257)25,475 (1,288)
Corporate debt securities499 (1)8,502 (876)9,001 (877)
SBA pool securities57,303 (68)18,815 (1,519)76,118 (1,587)
Mortgage-backed securities60,096 (433)504,072 (33,747)564,168 (34,180)
Total debt securities available-for-sale$152,501 $(887)$1,208,344 $(47,284)$1,360,845 $(48,171)
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 June 30, 2024, the Company’s available-for-sale security portfolio consisted of 410 securities, 394 of which were in an unrealized loss position. At June 30, 2024, the Company held 303 mortgage-backed securities that were in an unrealized loss position, all of which were issued by U.S. government-sponsored entities and agencies. At June 30, 2024, the Company held 33 U.S. Small Business Administration (“SBA”) pool securities, 25 state, county and municipal securities, seven corporate securities, one U.S. government-sponsored agency security, and 25 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 June 30, 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
June 30, 2024
State, county and municipal securities$1,714 $(45)$26,166 $(5,739)$27,880 $(5,784)
Mortgage-backed securities2,528 (8)88,019 (14,489)90,547 (14,497)
Total debt securities held-to-maturity$4,242 $(53)$114,185 $(20,228)$118,427 $(20,281)
December 31, 2023
State, county and municipal securities$— $— $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 June 30, 2024, the Company’s held-to-maturity security portfolio consisted of 32 securities, 30 of which were in an unrealized loss position. At June 30, 2024, the Company held 22 mortgage-backed securities and eight state, county and municipal securities that were in an unrealized loss position.

At June 30, 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 June 30, 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 June 30, 2024, management determined that $68,000 was attributable to credit impairment and an allowance for credit losses was recorded. The remaining $48.2 million in unrealized loss was determined to be from factors other than credit.

(dollars in thousands)Three Months Ended June 30,Six Months Ended June 30,
Allowance for credit losses
2024202320242023
Beginning balance$73 $82 $69 $75 
Provision for other credit losses(5)— (1)7 
Ending balance$68 $82 $68 $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 and six months ended June 30, 2024 and 2023:

Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2024202320242023
Unrealized holding gains (losses) on equity securities$3,957 $(6)$3,950 $— 
Net realized gains on sales of other investments8,378 — 8,378 — 
Net gain (loss) on securities$12,335 $(6)$12,328 $—