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SECURITIES
 12 Months Ended
Dec. 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 $4.2 million and $5.0 million at December 31, 2024 and 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 $21.2 million and $22.5 million at December 31, 2024 and 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:
Years Ended December 31
202420232022
(Dollars in thousands)
Net gains (losses) recognized during the period on equity securities$423 $1,180 $(3,061)
Less: net gains recognized during the period on equity securities sold during the period877 197 — 
Unrealized (losses) gains recognized during the reporting period on equity securities still held at the reporting date$(454)$983 $(3,061)

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:

 December 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$229,452 $— $(19,792)$— $209,660 $230,198 $— $(23,060)$— $207,138 
U.S. treasury securities628,017 — (36,016)— 592,001 824,597 — (55,495)— 769,102 
Agency mortgage-backed securities415,918 25 (37,782)— 378,161 314,269 24 (37,246)— 277,047 
Agency collateralized mortgage obligations31,168 1 (2,174)— 28,995 35,713 6 (2,530)— 33,189 
State, county, and municipal securities197 — (3)— 194 195 — (5)— 190 
Pooled trust preferred securities issued by banks and insurers 1,180 — (85)— 1,095 1,188 — (170)— 1,018 
Small business administration pooled securities48,032 — (7,194)— 40,838 53,702 — (7,130)— 46,572 
Total available for sale securities$1,353,964 $26 $(103,046)$— $1,250,944 $1,459,862 $30 $(125,636)$— $1,334,256 
Excluded from the table above is accrued interest on available for sale securities of $2.9 million and $3.4 million at December 31, 2024 and 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 for the years ended December 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 December 31, 2024 and 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 for the years ended December 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:
  December 31, 2024
  Less than 12 months12 months or longerTotal
# of
holdings		Fair ValueUnrealized
Losses		Fair
Value		Unrealized
Losses		Fair ValueUnrealized
Losses
  (Dollars in thousands)
U.S. government agency securities9 $— $— $209,660 $(19,792)$209,660 $(19,792)
U.S. treasury securities13 — — 592,001 (36,016)592,001 (36,016)
Agency mortgage-backed securities117 127,152 (2,867)249,098 (34,915)376,250 (37,782)
Agency collateralized mortgage obligations11 1,153 (4)26,890 (2,170)28,043 (2,174)
State, county, and municipal securities1 194 (3)— — 194 (3)
Pooled trust preferred securities issued by banks and insurers1 — — 1,095 (85)1,095 (85)
Small business administration pooled securities8 — — 40,838 (7,194)40,838 (7,194)
Total impaired available for sale securities160 $128,499 $(2,874)$1,119,582 $(100,172)$1,248,081 $(103,046)

December 31, 2023
Less than 12 months12 months or longerTotal
# of
holdings		Fair ValueUnrealized
Losses		Fair
Value		Unrealized
Losses		Fair ValueUnrealized
Losses
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 impaired available for sale securities163 $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 for the years ended December 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 December 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 at the dates indicated:

 December 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$— $— $— $— $— $29,521 $— $(1,113)— $28,408 
U.S. treasury securities100,791 — (7,769)— 93,022 100,712 — (9,177)— 91,535 
Agency mortgage-backed securities788,470 90 (62,198)— 726,362 829,431 175 (65,878)— 763,728 
Agency collateralized mortgage obligations422,827 — (65,143)— 357,684 477,517 — (69,606)— 407,911 
Single issuer trust preferred securities issued by banks— — — — — 1,500 — (127)— 1,373 
Small business administration pooled securities122,868 — (8,135)— 114,733 130,426 384 (6,157)— 124,653 
Total held to maturity securities$1,434,956 $90 $(143,245)$— $1,291,801 $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 for the years ended December 31, 2024 and 2023. Excluded from the table above is accrued interest on held to maturity securities of $3.8 million and $4.3 million at December 31, 2024 and 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 for the years ended December 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 December 31, 2024 and 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 for the years ended December 31, 2024 and 2023, and therefore no gains or losses were realized during the periods presented.

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. At December 31, 2024 and 2023, 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 December 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$— $— $229,452 $209,660 $— $— $— $— $229,452 $209,660 
U.S. treasury securities149,764 147,143 478,253 444,858 — — — — 628,017 592,001 
Agency mortgage-backed securities51 50 185,404 173,011 46,225 40,726 184,238 164,374 415,918 378,161 
Agency collateralized mortgage obligations— — — — 2,508 2,314 28,660 26,681 31,168 28,995 
State, county, and municipal securities— — 197 194 — — — — 197 194 
Pooled trust preferred securities issued by banks and insurers — — — — — — 1,180 1,095 1,180 1,095 
Small business administration pooled securities— — — — — — 48,032 40,838 48,032 40,838 
Total available for sale securities$149,815 $147,193 $893,306 $827,723 $48,733 $43,040 $262,110 $232,988 $1,353,964 $1,250,944 
Held to maturity securities
U.S. Treasury securities$— $— $99,798 $92,205 $993 $817 $— $— $100,791 $93,022 
Agency mortgage-backed securities81 80 463,524 435,908 163,379 143,000 161,486 147,374 788,470 726,362 
Agency collateralized mortgage obligations— — 61,215 57,331 16,776 14,963 344,836 285,390 422,827 357,684 
Small business administration pooled securities— — — — 6,555 6,043 116,313 108,690 122,868 114,733 
Total held to maturity securities$81 $80 $624,537 $585,444 $187,703 $164,823 $622,635 $541,454 $1,434,956 $1,291,801 
Total$149,896 $147,273 $1,517,843 $1,413,167 $236,436 $207,863 $884,745 $774,442 $2,788,920 $2,542,745 

Included in the table above is $24.7 million of callable securities at December 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 $2.1 billion and $1.7 billion at December 31, 2024 and 2023, respectively.

At December 31, 2024 and 2023, the Company had no investments in obligations of individual states, counties, or municipalities which exceeded 10% of stockholders’ equity.