Securities (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

The following tables present the amortized cost, gross unrealized holding gains, gross unrealized holding losses, ACL on securities, and fair value of securities by major security type and class of security:

(Dollars in thousands)
March 31, 2025	Amortized Cost	Unrealized Gains	Unrealized Losses	ACL	Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government agencies and U.S. government-sponsored enterprises	$41,752	$65	($2,565)	$—	$39,252
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	968,881	604	(113,925)	—	855,560
Obligations of states and political subdivisions	650	—	(8)	—	642
Individual name issuer trust preferred debt securities	9,418	—	(169)	—	9,249
Corporate bonds	13,200	—	(358)	—	12,842
Total available for sale debt securities	$1,033,901	$669	($117,025)	$—	$917,545

(Dollars in thousands)
December 31, 2024	Amortized Cost	Unrealized Gains	Unrealized Losses	ACL	Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government agencies and U.S. government-sponsored enterprises	$41,751	$—	($3,139)	$—	$38,612
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	984,546	52	(129,451)	—	855,147
Obligations of states and political subdivisions	650	5	—	—	655
Individual name issuer trust preferred debt securities	9,414	—	(193)	—	9,221
Corporate bonds	13,196	—	(526)	—	12,670
Total available for sale debt securities	$1,049,557	$57	($133,309)	$—	$916,305

Securities by Contractual Maturity

The schedule of maturities of available for sale debt securities is presented below. Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments.  All other debt securities are included based on contractual maturities.  Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations with or without call or prepayment penalties.

(Dollars in thousands)
March 31, 2025	Amortized Cost	Fair Value
Due in one year or less	$79,350	$70,131
Due after one year to five years	319,664	286,004
Due after five years to ten years	246,297	217,490
Due after ten years	388,590	343,920
Total debt securities	$1,033,901	$917,545

Securities in a Continuous Unrealized Loss Position

The following tables summarize available for sale debt securities in an unrealized loss position, for which an ACL on securities has not been recorded, segregated by length of time that the securities have been in a continuous unrealized loss position:

(Dollars in thousands)	Less than 12 Months			12 Months or Longer			Total
March 31, 2025	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses
Obligations of U.S. government agencies and U.S. government-sponsored enterprises	1	$296	($2)	6	$23,888	($2,563)	7	$24,184	($2,565)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	18	67,326	(304)	93	469,625	(113,621)	111	536,951	(113,925)
Obligations of states and political subdivisions	1	642	(8)	—	—	—	1	642	(8)
Individual name issuer trust preferred debt securities	—	—	—	3	9,249	(169)	3	9,249	(169)
Corporate bonds	—	—	—	4	12,842	(358)	4	12,842	(358)
Total	20	$68,264	($314)	106	$515,604	($116,711)	126	$583,868	($117,025)

(Dollars in thousands)	Less than 12 Months			12 Months or Longer			Total
December 31, 2024	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses
Obligations of U.S. government agencies and U.S. government-sponsored enterprises	2	$15,289	($12)	6	$23,323	($3,127)	8	$38,612	($3,139)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	57	384,164	(3,632)	93	466,741	(125,819)	150	850,905	(129,451)
Individual name issuer trust preferred debt securities	—	—	—	3	9,221	(193)	3	9,221	(193)
Corporate bonds	—	—	—	4	12,670	(526)	4	12,670	(526)
Total	59	$399,453	($3,644)	106	$511,955	($129,665)	165	$911,408	($133,309)