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INVESTMENT SECURITIES
 3 Months Ended
Mar. 31, 2025
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, 2025
U.S. Treasuries$926,330 $— $5,009 $(1,421)$929,918 
U.S. government-sponsored agencies1,007 — — (11)996 
State, county and municipal securities25,734 — 5 (976)24,763 
Corporate debt securities10,946 (69)— (435)10,442 
SBA pool securities66,747 — 47 (1,084)65,710 
Mortgage-backed securities928,274 — 4,765 (21,857)911,182 
Total debt securities available-for-sale$1,959,038 $(69)$9,826 $(25,784)$1,943,011 
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 

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, 2025
State, county and municipal securities$33,597 $— $(6,960)$26,637 
Mortgage-backed securities140,160 266 (12,204)128,222 
Total debt securities held-to-maturity$173,757 $266 $(19,164)$154,859 
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 
The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of March 31, 2025, 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$309,115 $308,492 $— $— 
Due from one year to five years599,286 602,368 — — 
Due from five to ten years114,430 113,835 — — 
Due after ten years7,933 7,134 33,597 26,637 
Mortgage-backed securities928,274 911,182 140,160 128,222 
 $1,959,038 $1,943,011 $173,757 $154,859 

Securities with a carrying value of approximately $476.4 million and $449.2 million at March 31, 2025 and December 31, 2024, 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, 2025 and December 31, 2024:

 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, 2025      
U.S. Treasuries$125,476 $(88)$329,568 $(1,333)$455,044 $(1,421)
U.S. government-sponsored agencies— — 996 (11)996 (11)
State, county and municipal securities512 (6)15,959 (970)16,471 (976)
Corporate debt securities395 (1)8,547 (434)8,942 (435)
SBA pool securities36 — 40,438 (1,084)40,474 (1,084)
Mortgage-backed securities87,618 (707)494,731 (21,150)582,349 (21,857)
Total debt securities available-for-sale$214,037 $(802)$890,239 $(24,982)$1,104,276 $(25,784)
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 available-for-sale$507,188 $(3,696)$878,229 $(35,342)$1,385,417 $(39,038)

As of March 31, 2025, the Company’s available-for-sale security portfolio consisted of 417 securities, 356 of which were in an unrealized loss position. At March 31, 2025, the Company held 290 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, 2025, the Company held 30 U.S. Small Business Administration (“SBA”) pool securities, 16 state, county and municipal securities, six corporate securities, one U.S. government-sponsored agency security, and 13 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, 2025 and December 31, 2024:

 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, 2025
State, county and municipal securities$— $— $26,637 $(6,960)$26,637 $(6,960)
Mortgage-backed securities24,170 (339)80,396 (11,865)104,566 (12,204)
Total debt securities held-to-maturity$24,170 $(339)$107,033 $(18,825)$131,203 $(19,164)
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)

As of March 31, 2025, the Company’s held-to-maturity security portfolio consisted of 41 securities, 32 of which were in an unrealized loss position. At March 31, 2025, the Company held 24 mortgage-backed securities and eight state, county and municipal securities that were in an unrealized loss position.

At March 31, 2025 and December 31, 2024, 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, 2025, 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, 2025, management determined that $69,000 was attributable to credit impairment and an allowance for credit losses was recorded. The remaining $25.8 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
20252024
Beginning balance$69 $69 
Provision for other credit losses— 4 
Ending balance$69 $73 

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, 2025 and 2024:

Three Months Ended March 31,
(dollars in thousands)20252024
Unrealized holding gains (losses) on equity securities$40 $(7)
Net gain (loss) on securities$40 $(7)