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Securities
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure SECURITIES
    
Trading Securities
The Company had trading securities of $4.8 million and $5.0 million as of March 31, 2024 and December 31, 2023, respectively. These securities are held in a rabbi trust and will be used for future payments associated with the Company’s non-qualified 401(k) Restoration Plan and Non-qualified Deferred Compensation Plan.
Equity Securities
The Company had equity securities of $22.9 million and $22.5 million as of March 31, 2024 and December 31, 2023, respectively. These securities consist primarily of mutual funds held in a rabbi trust and will be used for future payments associated with the Company’s supplemental executive retirement plans.
The following table represents a summary of the gains and losses recognized within non-interest income and non-interest expense within the consolidated statements of income that relate to equity securities for the periods indicated:
Three Months Ended
March 31
20242023
Dollars in thousands
Net gains recognized during the period on equity securities$609 $368 
Less: net gains recognized during the period on equity securities sold during the period435 1 
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date$174 $367 
Available for Sale Securities
The following table summarizes the amortized cost, allowance for credit losses, and fair value of available for sale securities and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) at the dates indicated:
 March 31, 2024December 31, 2023
 Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized
Losses		Allowance for credit lossesFair
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized
Losses		Allowance for credit lossesFair
Value
 (Dollars in thousands)
U.S. government agency securities$230,013 $— $(24,337)$— $205,676 $230,198 $— $(23,060)$— $207,138 
U.S. treasury securities774,714 — (55,876)— 718,838 824,597 — (55,495)— 769,102 
Agency mortgage-backed securities309,560 25 (38,980)— 270,605 314,269 24 (37,246)— 277,047 
Agency collateralized mortgage obligations34,644 — (2,556)— 32,088 35,713 6 (2,530)— 33,189 
State, county, and municipal securities195 — (4)— 191 195 — (5)— 190 
Pooled trust preferred securities issued by banks and insurers 1,180 — (144)— 1,036 1,188 — (170)— 1,018 
Small business administration pooled securities52,083 — (7,686)— 44,397 53,702 — (7,130)— 46,572 
Total available for sale securities$1,402,389 $25 $(129,583)$— $1,272,831 $1,459,862 $30 $(125,636)$— $1,334,256 

Excluded from the table above is accrued interest on available for sale securities of $3.8 million and $3.4 million at March 31, 2024 and December 31, 2023, respectively, which is included within other assets on the consolidated balance sheets. Additionally, the Company did not record any write-offs of accrued interest income on available for sale securities during the three months ended March 31, 2024 and 2023. Furthermore, no securities held by the Company were delinquent on contractual payments nor were any securities placed on non-accrual status at March 31, 2024 and December 31, 2023.

When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. The Company had no sales of securities available for sale during three months ended March 31, 2024 and 2023, and therefore no gains or losses were realized during the periods presented.
The following tables show the gross unrealized losses and fair value of the Company’s available for sale securities in an unrealized loss position as of the dates indicated. These available for sale securities are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position:
 March 31, 2024
  Less than 12 months12 months or longerTotal
 # of 
holdings		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
 (Dollars in thousands)
U.S. government agency securities9 $— $— $205,676 $(24,337)$205,676 $(24,337)
U.S. treasury securities16 — — 718,838 (55,876)718,838 (55,876)
Agency mortgage-backed securities125 857 (8)267,985 (38,972)268,842 (38,980)
Agency collateralized mortgage obligations12 1,075 (11)31,013 (2,545)32,088 (2,556)
State, county, and municipal securities1 191 (4)— — 191 (4)
Pooled trust preferred securities issued by banks and insurers1 — — 1,036 (144)1,036 (144)
Small business administration pooled securities8 — — 44,397 (7,686)44,397 (7,686)
Total 172 $2,123 $(23)$1,268,945 $(129,560)$1,271,068 $(129,583)
December 31, 2023
Less than 12 months12 months or longerTotal
# of 
holdings		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
(Dollars in thousands)
U.S. government agency securities9 $— $— $207,138 $(23,060)$207,138 $(23,060)
U.S. treasury securities17 — — 769,102 (55,495)769,102 (55,495)
Agency mortgage-backed securities115 1,091 (11)273,447 (37,235)274,538 (37,246)
Agency collateralized mortgage obligations12 339 (2)31,682 (2,528)32,021 (2,530)
State, county, and municipal securities1 190 (5)— — 190 (5)
Pooled trust preferred securities issued by banks and insurers1 — — 1,018 (170)1,018 (170)
Small business administration pooled securities8 — — 46,572 (7,130)46,572 (7,130)
Total 163 $1,620 $(18)$1,328,959 $(125,618)$1,330,579 $(125,636)
The Company does not intend to sell these investments and has determined, based upon available evidence, that it is more likely than not that the Company will not be required to sell each security before the recovery of its amortized cost basis. In addition, management does not believe that any of the securities are impaired due to reasons of credit quality. As a result, the Company did not recognize a provision for credit losses on these investments during the three months ended March 31, 2024 and 2023. The Company made this determination by reviewing various qualitative and quantitative factors regarding each investment category, such as current market conditions, extent and nature of changes in fair value, issuer rating changes and trends, volatility of earnings, and current analysts’ evaluations.
As a result of the Company’s review of these qualitative and quantitative factors, the causes of the impairments listed in the table above by category were as follows at March 31, 2024:
•U.S. Government Agency Securities, U.S. Treasury Securities, Agency Mortgage-Backed Securities, Agency Collateralized Mortgage Obligations and Small Business Administration Pooled Securities: These portfolios have contractual terms that generally do not permit the issuer to settle the securities at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality. Additionally, these securities are implicitly guaranteed by the U.S. Government or one of its agencies.
•State, County and Municipal Securities: This portfolio has contractual terms that generally do not permit the issuer
to settle the securities at a price less than the current par value of the investment. The decline in market value of
these securities is attributable to changes in interest rates and not credit quality.
•Pooled Trust Preferred Securities: This portfolio consists of one security which is performing. The unrealized loss on this security is attributable to the illiquid nature of the trust preferred market in the current economic and regulatory environment. Management evaluates collateral credit and instrument structure, including current and expected deferral and default rates and timing. In addition, discount rates are determined by evaluating comparable spreads observed currently in the market for similar instruments.

Held to Maturity Securities
The following table summarizes the amortized cost, fair value and allowance for credit losses of held to maturity securities and the corresponding amounts of gross unrealized gains and losses recognized at the dates indicated:
 March 31, 2024December 31, 2023
 Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized
Losses		Allowance for credit lossesFair
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized
Losses		Allowance for credit lossesFair
Value
 (Dollars in thousands)
U.S. government agency securities$29,086 $— $(843)$— $28,243 $29,521 $— $(1,113)$— $28,408 
U.S. treasury securities100,732 — (9,922)— 90,810 100,712 — (9,177)— 91,535 
Agency mortgage-backed securities819,912 61 (71,372)— 748,601 829,431 175 (65,878)— 763,728 
Agency collateralized mortgage obligations465,016 — (71,758)— 393,258 477,517 — (69,606)— 407,911 
Single issuer trust preferred securities issued by banks1,500 — (128)— 1,372 1,500 — (127)— 1,373 
Small business administration pooled securities129,021 — (7,684)— 121,337 130,426 384 (6,157)— 124,653 
Total held to maturity securities$1,545,267 $61 $(161,707)$— $1,383,621 $1,569,107 $559 $(152,058)$— $1,417,608 
Substantially all held to maturity securities held by the Company are guaranteed by the U.S. federal government or other government sponsored agencies and have a long history of no credit losses. As a result, management has determined these securities to have a zero loss expectation and therefore the Company did not record a provision for estimated credit losses on any held to maturity securities during the three months ended March 31, 2024 and 2023. Excluded from the table above is accrued interest on held to maturity securities of $4.5 million and $4.3 million at March 31, 2024 and December 31, 2023, respectively, which is included within other assets on the consolidated balance sheets. Additionally, the Company did not record any write-offs of accrued interest income on held to maturity securities during the three months ended March 31, 2024 and 2023. Furthermore, no securities held by the Company were delinquent on contractual payments nor were any securities placed on non-accrual status at March 31, 2024 and December 31, 2023.

When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. The Company had no sales of held to maturity securities during the three months ended March 31, 2024 and 2023, and therefore no gains or losses were realized for such periods.

The Company monitors the credit quality of held to maturity securities through the use of credit ratings. Credit ratings are monitored by the Company on at least a quarterly basis. As of March 31, 2024, all held to maturity securities held by the Company were rated investment grade or higher.
The actual maturities of certain available for sale or held to maturity securities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. A schedule of the contractual maturities of securities available for sale and securities held to maturity at March 31, 2024 is presented below:
Due in one year or lessDue after one year to five yearsDue after five to ten yearsDue after ten yearsTotal
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
(Dollars in thousands)
Available for sale securities
U.S. government agency securities$— $— $199,221 $178,800 $30,792 $26,876 $— $— $230,013 $205,676 
U.S. treasury securities197,408 192,434 577,306 526,404 — — — — 774,714 718,838 
Agency mortgage-backed securities1 1 140,616 125,614 43,861 38,155 125,082 106,835 309,560 270,605 
Agency collateralized mortgage obligations— — — — 2,837 2,586 31,807 29,502 34,644 32,088 
State, county, and municipal securities— — 195 191 — — — — 195 191 
Pooled trust preferred securities issued by banks and insurers — — — — — — 1,180 1,036 1,180 1,036 
Small business administration pooled securities— — — — — — 52,083 44,397 52,083 44,397 
Total available for sale securities$197,409 $192,435 $917,338 $831,009 $77,490 $67,617 $210,152 $181,770 $1,402,389 $1,272,831 
Held to maturity securities
U.S. government agency securities$29,086 $28,243 $— $— $— $— $— $— $29,086 $28,243 
U.S. treasury securities— — 99,740 89,992 992 818 — — 100,732 90,810 
Agency mortgage-backed securities— — 448,783 414,620 181,710 159,656 189,419 174,325 819,912 748,601 
Agency collateralized mortgage obligations— — 63,456 58,528 19,228 16,930 382,332 317,800 465,016 393,258 
Single issuer trust preferred securities issued by banks— — 1,500 1,372 — — — — 1,500 1,372 
Small business administration pooled securities— — — — 7,688 7,048 121,333 114,289 129,021 121,337 
Total held to maturity securities$29,086 $28,243 $613,479 $564,512 $209,618 $184,452 $693,084 $606,414 $1,545,267 $1,383,621 
Total$226,495 $220,678 $1,530,817 $1,395,521 $287,108 $252,069 $903,236 $788,184 $2,947,656 $2,656,452 
Included in the table above are $25.5 million of callable securities at March 31, 2024.
The carrying value of securities pledged to secure public funds, trust deposits, and for other purposes, as required or permitted by law, was $1.6 billion and $1.7 billion at March 31, 2024 and December 31, 2023, respectively.
At March 31, 2024 and December 31, 2023, the Company had no investments in obligations of individual states, counties, or municipalities which exceeded 10% of consolidated stockholders’ equity.