v3.25.2
INVESTMENT SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities Classified as Available for Sale
Investment securities available for sale at December 31, 2024 and December 31, 2023 were as follows:
December 31, 2024
(dollars in thousands)Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses
Basis Adjustments(2)
Fair
value
Investment securities available for sale
U.S. government sponsored entities and U.S. agency securities
$21,655 $25 $(1,539)$— $20,141 
Mortgage-backed securities - agency940,508 1,558 (94,868)(142)847,056 
Mortgage-backed securities - non-agency103,051 1,410 (3,449)— 101,012 
State and municipal securities75,597 96 (6,632)— 69,061 
Corporate securities85,602 42 (5,763)— 79,881 
Other securities(1)
90,372 158 (107)— 90,423 
Total available for sale securities$1,316,785 $3,289 $(112,358)$(142)$1,207,574 
(1)The fair value of other securities includes student loan asset backed securities of $50.0 million and structured financial products of $40.4 million.
(2)Basis adjustments represent the amount of fair value hedging adjustments included in the carrying amount of fixed-rate investment securities designated in fair value hedging arrangements. See Note 8 - Derivative Instruments for additional information regarding these derivative financial instruments.

December 31, 2023
(dollars in thousands)Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
Investment securities available for sale
U.S. Treasury securities$1,097 $— $— $1,097 
U.S. government sponsored entities and U.S. agency securities74,161 176 (1,765)72,572 
Mortgage-backed securities - agency650,119 2,325 (77,944)574,500 
Mortgage-backed securities - non-agency87,019 414 (3,904)83,529 
State and municipal securities62,952 258 (5,750)57,460 
Corporate securities109,598 41 (10,467)99,172 
Other securities(1)
27,646 3 (84)27,565 
Total available for sale securities$1,012,592 $3,217 $(99,914)$915,895 
(1)The fair value of other securities includes structured financial products of $27.6 million.
Schedule of Debt Securities, Available-for-sale
The table below shows the amortized cost and fair value of the investment securities portfolio by contractual maturity for all securities other than mortgage-backed securities, at December 31, 2024. Expected maturities may differ from
contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
(dollars in thousands)Amortized
cost		Fair
value
Investment securities available for sale
Within one year$4,210 $4,188 
After one year through five years60,412 56,741 
After five years through ten years97,151 88,734 
After ten years111,453 109,843 
Mortgage-backed securities1,043,559 948,068 
Total available for sale securities$1,316,785 $1,207,574 
    
Proceeds and gross realized gains and losses on sales of investment securities available for sale for the years ended December 31, 2024, 2023 and 2022 are summarized as follows:
Years Ended December 31,
(dollars in thousands)202420232022
Investment securities available for sale
Proceeds from sales$74,116 $191,733 $136,403 
Gross realized gains on sales420 338 829 
Gross realized losses on sales(650)(9,710)(1,059)
Schedule of Unrealized Losses and Fair Values for Investment Securities
Unrealized losses and fair values for investment securities available for sale as of December 31, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized as follows:
December 31, 2024
Less than 12 Months12 Months or moreTotal
(dollars in thousands)Fair
value		Unrealized
loss		Fair
value		Unrealized
loss		Fair
value		Unrealized
loss
Investment securities available for sale
U.S. government sponsored entities and U.S. agency securities$4,973 $27 $8,488 $1,512 $13,461 $1,539 
Mortgage-backed securities - agency300,427 9,735 385,332 85,133 685,759 94,868 
Mortgage-backed securities - non-agency12,433 33 24,153 3,416 36,586 3,449 
State and municipal securities21,209 365 43,131 6,267 64,340 6,632 
Corporate securities23,833 1,910 52,271 3,853 76,104 5,763 
Other securities25,202 106 2,130 1 27,332 107 
Total available for sale securities$388,077 $12,176 $515,505 $100,182 $903,582 $112,358 
December 31, 2023
Less than 12 Months12 Months or moreTotal
(dollars in thousands)Fair
value		Unrealized
loss		Fair
value		Unrealized
loss		Fair
value		Unrealized
loss
Investment securities available for sale
U.S. government sponsored entities and U.S. agency securities$42,826 $87 $8,323 $1,678 $51,149 $1,765 
Mortgage-backed securities - agency130,106 7,386 348,476 70,558 478,582 77,944 
Mortgage-backed securities - non-agency8,852 353 19,418 3,551 28,270 3,904 
State and municipal securities51,497 5,750 — — 51,497 5,750 
Corporate securities4,688 53 84,662 10,414 89,350 10,467 
Other securities14,763 84 — — 14,763 84 
Total available for sale securities$252,732 $13,713 $460,879 $86,201 $713,611 $99,914