Securities

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

The following table presents the fair values of our securities portfolio at the dates presented:


(dollars in thousands)	December 31, 2024		December 31, 2023
Debt securities	$	986,415	$	969,308
Equity securities		1,176		1,083
Total Securities Available for Sale	$	987,591	$	970,391

The following table presents the amortized cost and fair value of available-for-sale debt securities as of the dates presented:


	December 31, 2024												December 31, 2023
(dollars in thousands)	Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value			Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
U.S. Treasury securities		$	97,045		$	—		$	(4,277)		$	92,768		$	144,292		$	—		$	(10,506)		$	133,786
Obligations of U.S. government corporations and agencies		15,260			—			(189)			15,071			33,342			—			(829)			32,513
Collateralized mortgage obligations of U.S. government corporations and agencies		643,690			872			(48,278)			596,284			507,942			1,068			(48,071)			460,939
Residential mortgage-backed securities of U.S. government corporations and agencies		40,109			3			(6,905)			33,207			44,707			7			(6,537)			38,177
Commercial mortgage-backed securities of U.S. government corporations and agencies		237,270			115			(12,587)			224,798			290,775			458			(17,808)			273,425

Obligations of states and political subdivisions		24,780			—			(493)			24,287			30,255			213			—			30,468
Total Available-for-Sale Debt Securities(1)		$	1,058,154		$	990		$	(72,729)		$	986,415		$	1,051,313		$	1,746		$	(83,751)		$	969,308

(1) Excludes interest receivable of $3.7 million at December 31, 2024 and $3.8 million at December 31, 2023. Interest receivable is included in other assets in the Consolidated Balance Sheets.

The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented:


	December 31, 2024
	Less Than 12 Months					12 Months or More					Total
(dollars in thousands)	Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses
U.S. Treasury securities	5	$	45,045	$	(362)	5	$	47,723	$	(3,915)	10	$	92,768	$	(4,277)
Obligations of U.S. government corporations and agencies		—		—		2	15,071		(189)		2	15,071		(189)
Collateralized mortgage obligations of U.S. government corporations and agencies	22	209,511		(3,393)		56	318,104		(44,885)		78	527,615		(48,278)
Residential mortgage-backed securities of U.S. government corporations and agencies	1	8		—		21	33,030		(6,905)		22	33,038		(6,905)
Commercial mortgage-backed securities of U.S. government corporations and agencies	9	88,040		(1,741)		12	122,833		(10,846)		21	210,873		(12,587)
Obligations of states and political subdivisions	4	24,286		(493)		—	—		—		4	24,286		(493)


Total	41	$	366,890	$	(5,989)	96	$	536,761	$	(66,740)	137	$	903,651	$	(72,729)


	December 31, 2023
	Less Than 12 Months					12 Months or More					Total
(dollars in thousands)	Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses
U.S. Treasury securities	1	$	10,036	$	(52)	13	$	123,750	$	(10,454)	14	$	133,786	$	(10,506)
Obligations of U.S. government corporations and agencies	—	—		—		5	32,513		(829)		5	32,513		(829)
Collateralized mortgage obligations of U.S. government corporations and agencies	4	35,161		(318)		57	351,220		(47,753)		61	386,381		(48,071)
Residential mortgage-backed securities of U.S. government corporations and agencies	10	100		(1)		14	37,877		(6,536)		24	37,977		(6,537)
Commercial mortgage-backed securities of U.S. government corporations and agencies	—	—		—		29	249,005		(17,808)		29	249,005		(17,808)



Total	15	$	45,297	$	(371)	118	$	794,365	$	(83,380)	133	$	839,662	$	(83,751)

We evaluate securities with unrealized losses quarterly to determine if the decline in fair value has resulted from credit impairment or other factors. We do not believe any individual unrealized loss as of December 31, 2024 represents a credit impairment. There were 137 debt securities in an unrealized loss position at December 31, 2024 and 133 debt securities in an unrealized loss position at December 31, 2023. The unrealized losses on debt securities were attributable to changes in interest rates and not related to the credit quality of the issuers. All debt securities were determined to be investment grade and paying principal and interest according to the contractual terms of the security. At December 31, 2024, we do not intend to sell, and it is more likely than not that we will not be required to sell, the securities in an unrealized loss position before recovery of their amortized cost.

The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive income (loss), for the periods presented:


	December 31, 2024						December 31, 2023
(dollars in thousands)	Gross Unrealized Gains		Gross Unrealized Losses		Net Unrealized Losses		Gross Unrealized Gains		Gross Unrealized Losses		Net Unrealized Losses
Total unrealized gains (losses) on available-for-sale debt securities	$	990	$	(72,729)	$	(71,739)	$	1,746	$	(83,751)	$	(82,005)
Income tax (expense) benefit	(213)		15,644		15,431		(372)		17,824		17,452
Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss)	$	777	$	(57,085)	$	(56,308)	$	1,374	$	(65,927)	$	(64,553)

The amortized cost and fair value of available-for-sale debt securities at December 31, 2024 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


	December 31, 2024
(dollars in thousands)	Amortized Cost		Fair Value
Obligations of the U.S. Treasury, U.S. government corporations and agencies and obligations of states and political subdivisions
Due in one year or less	$	25,302	$	25,090
Due after one year through five years	92,010		87,731
Due after five years through ten years	19,773		19,305
Due after ten years	—		—
Available-for-Sale Debt Securities With Fixed Maturities	137,085		132,126
Debt Securities without a single maturity date
Collateralized mortgage obligations of U.S. government corporations and agencies	643,690		596,284
Residential mortgage-backed securities of U.S. government corporations and agencies	40,109		33,207
Commercial mortgage-backed securities of U.S. government corporations and agencies	237,270		224,798


Total Available-for-Sale Debt Securities	$	1,058,154	$	986,415

Debt securities are pledged in order to meet various regulatory and legal requirements. Restricted pledged securities had a carrying value of $21.6 million at December 31, 2024 and $18.4 million at December 31, 2023. Unrestricted pledged securities had a carrying value of $201.8 million at December 31, 2024 and $214.0 million at December 31, 2023. Any changes to restricted pledged securities require approval of the pledge beneficiary. Approval is not required for unrestricted pledged securities.