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INVESTMENT SECURITIES (Tables)
6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale
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 — (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 — (944)28,051 
Corporate debt securities10,946 (69)— (850)10,027 
SBA pool securities53,033 — (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 
Schedule of Amortized Cost and Estimated Fair Value of Debt Securities Held-to-Maturity
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 
Schedule of Amortized Cost and Estimated Fair Value of Debt Securities, Classified by Contractual Maturity Date
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 
Schedule of Available-for-Sale Securities with Unrealized Losses
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)
Schedule of Held-to-Maturity Securities with Unrealized Losses
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)
Schedule of Investments Available-for-sale, Allowance for Credit Loss 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)
Ending balance$68 $82 $68 $82 
Schedule of Gain (Loss) on Investments
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 $—