XML 41 R13.htm IDEA: XBRL DOCUMENT v3.25.0.1
INVESTMENTS
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Investments available-for-sale and held-to-maturity
The amortized cost and estimated fair values of investments available-for-sale and held-to-maturity at December 31 are presented in the following table:

20242023


(In thousands)		Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair
Value		Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair
Value
Available-for-sale debt securities
U.S. treasuries and government agencies$84,420 $— $(2,106)$82,314 $101,678 $— $(4,751)$96,927 
State and municipal281,837 1 (46,904)234,934 311,505 1 (43,292)268,214 
Mortgage-backed and asset-backed888,064 195 (64,724)823,535 807,636 181 (70,277)737,540 
Total available-for-sale debt securities$1,254,321 $196 $(113,734)$1,140,783 $1,220,819 $182 $(118,320)$1,102,681 
Held-to-maturity debt securities:
Mortgage-backed and asset-backed215,747 — (37,893)177,854 236,165 — (35,754)200,411 
Total held-to-maturity debt securities$215,747 $— $(37,893)$177,854 $236,165 $— $(35,754)$200,411 
Total debt securities$1,470,068 $196 $(151,627)$1,318,637 $1,456,984 $182 $(154,074)$1,303,092 

Any unrealized losses in the U.S. treasuries and government agencies, state and municipal, mortgage-backed and asset-backed available-for-sale debt securities at December 31, 2024 are due to changes in interest rates and not credit-related events. As such, no allowance for credit losses is required at December 31, 2024. Unrealized losses on available-for-sale debt securities are expected to recover over time as these securities approach maturity. The Company does not intend to sell, nor is it more likely than not it will be required to sell, these securities and has sufficient liquidity to hold these securities for an adequate period of time, which may be maturity, to allow for any anticipated recovery in fair value.

All held-to-maturity investments are either issued by a direct governmental entity or a government-sponsored entity and have no historical evidence supporting expected credit losses. Therefore, the Company has estimated these losses at zero and will monitor this assumption in the future for any economic or governmental policies that could affect this assumption.

The available-for-sale and held-to-maturity mortgage-backed and asset-backed securities portfolio at December 31, 2024 is composed entirely of either the most senior tranches of GNMA, FNMA or FHLMC collateralized mortgage obligations ($505.1 million), GNMA, FNMA or FHLMC mortgage-backed securities ($557.6 million) and SBA asset-backed securities ($41.2 million).

Accrued interest receivable on investment securities totaled $5.3 million at December 31, 2024 and $5.4 million at December 31, 2023, and is excluded from the amortized cost and fair value of the securities.

Gross unrealized losses and fair values by length of time that individual available-for-sale securities have been in an unrealized loss position at December 31 are presented in the following tables:
 December 31, 2024
 Number
of
Securities		Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. treasuries and government agencies7 $— $— $82,314 $2,106 $82,314 $2,106 
State and municipal116 2,979 213 226,234 46,691 229,213 46,904 
Mortgage-backed and asset-backed353 223,136 3,491 552,517 61,233 775,653 64,724 
Total476 $226,115 $3,704 $861,065 $110,030 $1,087,180 $113,734 

 December 31, 2023
 Number
of
Securities		Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. treasuries and government agencies10 $— $— $96,927 $4,751 $96,927 $4,751 
State and municipal123 4,162 84 262,081 43,208 266,243 43,292 
Mortgage-backed and asset-backed321 22,731 106 691,281 70,171 714,012 70,277 
Total454 $26,893 $190 $1,050,289 $118,130 $1,077,182 $118,320 

The Company has allocated mortgage-backed and asset-backed securities into the four maturity groupings reflected in the following table using the expected average life of the individual securities based on statistics provided by independent third-party industry sources. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with or without prepayment penalties.

The estimated fair values and amortized costs of available-for-sale and held-to-maturity debt securities by contractual maturity at December 31 are provided in the following table:

December 31, 2024December 31, 2023
(In thousands)Fair ValueAmortized CostFair ValueAmortized Cost
U.S. treasuries and government agencies:
One year or less$58,341 $59,634 $17,798 $17,979 
One to five years23,973 24,786 79,129 83,699 
Five to ten years— — — — 
After ten years— — — — 
State and municipal:
One year or less19,285 19,467 22,345 22,793 
One to five years14,447 15,286 33,282 34,288 
Five to ten years56,396 66,696 46,355 54,487 
After ten years144,806 180,388 166,232 199,937 
Mortgage-backed and asset-backed:
One year or less9,493 9,503 20,814 21,111 
One to five years20,937 21,347 29,823 30,666 
Five to ten years273,282 293,839 256,924 280,209 
After ten years519,823 563,375 429,979 475,650 
Total available-for-sale debt securities$1,140,783 $1,254,321 $1,102,681 $1,220,819 
December 31, 2024December 31, 2023
(In thousands)Fair ValueAmortized CostFair ValueAmortized Cost
Held-to-maturity debt securities
Mortgage-backed and asset-backed:
One year or less— — — — 
One to five years— — — — 
Five to ten years27,357 30,059 31,434 34,458 
After ten years150,497 185,688 168,977 201,707 
Total held-to-maturity debt securities$177,854 $215,747 $200,411 $236,165 

At December 31, 2024 and 2023, available-for-sale and held-to-maturity debt securities with a book value of $468.9 million and $729.0 million, respectively, were pledged as collateral for certain government deposits and for other purposes as required or permitted by law. The outstanding balance of no single issuer, except for U.S. government agency securities, exceeded ten percent of stockholders' equity at December 31, 2024 and 2023.

Other Investments
Other investments are presented in the following table:
(In thousands)20242023
Federal Reserve Bank stock, at cost$39,346 $39,125 
Federal Home Loan Bank of Atlanta stock, at cost21,691 35,805 
Other677 677 
Total other investments, at cost$61,714 $75,607 

Investment securities gains/ (losses)
Gross realized gains and losses on all investments for the years ended December 31 are presented in the following table:

(In thousands)202420232022
Gross realized gains from sales of investments available-for-sale$— $— $8 
Gross realized losses from sales of investments available-for-sale— — (393)
Net gains from calls of investments available-for-sale— — 40 
Net investment securities losses$— $— $(345)