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INVESTMENT SECURITIES
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES INVESTMENT SECURITIES
The amortized cost and estimated fair value of securities available-for-sale along with allowance for credit losses, gross unrealized gains and losses are summarized as follows:

(dollars in thousands)
Securities available-for-sale		Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized Losses
Estimated
Fair
Value
December 31, 2024
U.S. Treasuries$800,860 $— $669 $(5,065)$796,464 
U.S. government-sponsored agencies1,010 — — (16)994 
State, county and municipal securities25,802 — 8 (1,070)24,740 
Corporate debt securities10,946 (69)— (594)10,283 
SBA pool securities72,036 — — (1,554)70,482 
Mortgage-backed securities797,542 — 1,494 (30,739)768,297 
Total debt securities available-for-sale$1,708,196 $(69)$2,171 $(39,038)$1,671,260 
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
December 31, 2024
State, county and municipal securities$33,623 $— $(6,214)$27,409 
Mortgage-backed securities131,054 80 (14,515)116,619 
Total debt securities held-to-maturity$164,677 $80 $(20,729)$144,028 
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 December 31, 2024, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the 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
Value
Amortized
Cost
Estimated
Fair
Value
Due in one year or less$309,442 $307,875 $— $— 
Due from one year to five years474,765 471,711 — — 
Due from five to ten years115,347 113,511 — — 
Due after ten years11,100 9,866 33,623 27,409 
Mortgage-backed securities797,542 768,297 131,054 116,619 
$1,708,196 $1,671,260 $164,677 $144,028 

Securities with a carrying value of approximately $449.2 million and $532.6 million at December 31, 2024 and 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 December 31, 2024 and 2023.

Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)
Securities available-for-sale
Estimated
Fair
Value
Unrealized LossesEstimated
Fair
Value		Unrealized LossesEstimated
Fair
Value		Unrealized Losses
December 31, 2024
U.S. Treasuries$272,564 $(1,376)$353,787 $(3,689)$626,351 $(5,065)
U.S. government-sponsored agencies— — 994 (16)994 (16)
State, county and municipal securities3,953 (17)15,940 (1,053)19,893 (1,070)
Corporate debt securities383 (13)8,400 (581)8,783 (594)
SBA pool securities52,850 (322)17,491 (1,232)70,341 (1,554)
Mortgage-backed securities177,438 (1,968)481,617 (28,771)659,055 (30,739)
Total debt securities$507,188 $(3,696)$878,229 $(35,342)$1,385,417 $(39,038)
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$162,258 $(827)$1,154,553 $(43,909)$1,316,811 $(44,736)

As of December 31, 2024, the Company’s available-for-sale security portfolio consisted of 412 securities, 385 of which were in an unrealized loss position. At December 31, 2024, the Company held 304 mortgage-backed securities that were in an unrealized loss position. At December 31, 2024, the Company also held 33 SBA pool securities, 19 state, county and municipal securities, six corporate securities, 22 U.S. treasury securities and one U.S. government-sponsored agency security 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 December 31, 2024 and 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
December 31, 2024
State, county and municipal securities$1,702 $(49)$25,707 $(6,165)$27,409 $(6,214)
Mortgage-backed securities22,710 (848)79,366 (13,667)102,076 (14,515)
Total debt securities held-to-maturity$24,412 $(897)$105,073 $(19,832)$129,485 $(20,729)
December 31, 2023
State, county and municipal securities$— $— $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 December 31, 2024, the Company’s held-to-maturity security portfolio consisted of 37 securities, 35 of which were in an unrealized loss position. At December 31, 2024, the Company held 27 mortgage-backed securities and eight state, county and municipal securities that were in an unrealized loss position.

At December 31, 2024 and 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”) evaluates 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 investment securities at an unrealized loss position at December 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 December 31, 2024, management determined $69,000 was attributable to credit impairment and maintained the allowance for credit losses accordingly. The remaining $39.0 million in unrealized loss was determined to be from factors other than credit, primarily changes in market interest rates.
For the Years Ended December 31,
(dollars in thousands)202420232022
Allowance for credit losses
Beginning balance$69 $75 $— 
Current-period provision for expected credit losses— (6)75 
Ending balance$69 $69 $75 

The Company's held-to-maturity securities have no expected credit losses and no related allowance for credit losses has been established.

The following table is a summary of sales activities in the Company's investment securities available for sale:
For the Years Ended December 31,
(dollars in thousands)202420232022
Gross losses on sales of securities $— $(310)$— 
Net realized losses on sales of securities available for sale $— $(310)$— 
Sales proceeds$— $5,141 $— 
Net gain on securities reported on the consolidated statements of income is comprised of the following:
For the Years Ended December 31,
(dollars in thousands)202420232022
Net realized losses on sales of securities available-for-sale$— $(310)$— 
Unrealized holding gains (losses) on equity securities(10)6 (67)
Net realized gains on sales of other investments12,314 — 270 
Net gain (loss) on securities$12,304 $(304)$203