Securities (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Securities |
|
| Summary of the amortized cost and estimated fair value of securities with gross unrealized gains and losses |
The following tables present the amortized cost and estimated fair value of securities with gross unrealized gains and losses at June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | June 30, 2025 | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | | | (dollars in thousands) | | Cost | | Gains | | Losses | | Fair Value | Securities Available for Sale: | | | | | | | | | | | | | U.S. Treasury Securities | | $ | 155,939 | | $ | — | | $ | (10,285) | | $ | 145,654 | Municipal Bonds | | | 129,599 | | | 39 | | | (14,584) | | | 115,054 | Mortgage-Backed Securities | | | 280,504 | | | 1,713 | | | (12,319) | | | 269,898 | Corporate Securities | | | 133,931 | | | 1,452 | | | (5,286) | | | 130,097 | U.S Government Agency Securities | | | 11,086 | | | 110 | | | (40) | | | 11,156 | Asset-Backed Securities | | | 71,991 | | | 90 | | | (51) | | | 72,030 | Total Securities Available for Sale | | $ | 783,050 | | $ | 3,404 | | $ | (42,565) | | $ | 743,889 |
| | | | | | | | | | | | | | | December 31, 2024 | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | | | (dollars in thousands) | | Cost | | Gains | | Losses | | Fair Value | Securities Available for Sale: | | | | | | | | | | | | | U.S. Treasury Securities | | $ | 179,835 | | $ | 3 | | $ | (12,090) | | $ | 167,748 | Municipal Bonds | | | 139,891 | | | 23 | | | (17,649) | | | 122,265 | Mortgage-Backed Securities | | | 259,833 | | | 882 | | | (15,825) | | | 244,890 | Corporate Securities | | | 139,161 | | | 1,041 | | | (6,016) | | | 134,186 | U.S Government Agency Securities | | | 22,053 | | | 85 | | | (56) | | | 22,082 | Asset-Backed Securities | | | 76,891 | | | 211 | | | (26) | | | 77,076 | Total Securities Available for Sale | | $ | 817,664 | | $ | 2,245 | | $ | (51,662) | | $ | 768,247 |
|
| Summary of fair value and gross unrealized losses of securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position |
The following tables present the fair value and gross unrealized losses of securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | 12 Months or Greater | | Total | | | Number of | | | | | Unrealized | | | | | Unrealized | | | | | Unrealized | (dollars in thousands, except number of holdings) | | Holdings | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | June 30, 2025 | | | | | | | | | U.S. Treasury Securities | | 2 | | $ | 145,654 | | $ | (10,285) | | $ | — | | $ | — | | $ | 145,654 | | $ | (10,285) | Municipal Bonds | | 200 | | | 11,297 | | | (169) | | | 94,141 | | | (14,415) | | | 105,438 | | | (14,584) | Mortgage-Backed Securities | | 115 | | | 67,115 | | | (375) | | | 113,399 | | | (11,944) | | | 180,514 | | | (12,319) | Corporate Securities | | 78 | | | 10,618 | | | (172) | | | 68,984 | | | (5,114) | | | 79,602 | | | (5,286) | U.S Government Agency Securities | | 25 | | | 600 | | | (4) | | | 2,846 | | | (36) | | | 3,446 | | | (40) | Asset-Backed Securities | | 11 | | | 21,541 | | | (30) | | | 10,214 | | | (21) | | | 31,755 | | | (51) | Total Securities Available for Sale | | 431 | | $ | 256,825 | | $ | (11,035) | | $ | 289,584 | | $ | (31,530) | | $ | 546,409 | | $ | (42,565) |
| | | | | | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | 12 Months or Greater | | Total | | | Number of | | | | | Unrealized | | | | | Unrealized | | | | | Unrealized | (dollars in thousands, except number of holdings) | | Holdings | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | December 31, 2024 | | | | | | | | | U.S. Treasury Securities | | 14 | | $ | 157,091 | | $ | (12,090) | | $ | — | | $ | — | | $ | 157,091 | | $ | (12,090) | Municipal Bonds | | 236 | | | 21,329 | | | (120) | | | 95,774 | | | (17,529) | | | 117,103 | | | (17,649) | Mortgage-Backed Securities | | 168 | | | 47,636 | | | (391) | | | 118,824 | | | (15,434) | | | 166,460 | | | (15,825) | Corporate Securities | | 93 | | | 6,860 | | | (75) | | | 91,666 | | | (5,941) | | | 98,526 | | | (6,016) | U.S Government Agency Securities | | 38 | | | 5,878 | | | (5) | | | 4,071 | | | (51) | | | 9,949 | | | (56) | Asset-Backed Securities | | 7 | | | 5,735 | | | (5) | | | 10,161 | | | (21) | | | 15,896 | | | (26) | Total Securities Available for Sale | | 556 | | $ | 244,529 | | $ | (12,686) | | $ | 320,496 | | $ | (38,976) | | $ | 565,025 | | $ | (51,662) |
|
| Schedule of contractual maturities of debt |
The following table presents a summary of the amortized cost and estimated fair value of debt securities by the lesser of expected call date or contractual maturity as of June 30, 2025. Call date is used when a call of the debt security is expected, as determined by the Company when the security has a market value above its amortized cost. Contractual maturities will differ from expected maturities for mortgage-backed, U.S. government agency securities and asset-backed securities because borrowers may have the right to call or prepay obligations without penalties. | | | | | | | (dollars in thousands) | | Amortized Cost | | Fair Value | June 30, 2025 | | | | | | | Due in One Year or Less | | $ | 37,346 | | $ | 37,918 | Due After One Year Through Five Years | | | 70,323 | | | 68,849 | Due After Five Years Through 10 Years | | | 136,586 | | | 122,739 | Due After 10 Years | | | 175,214 | | | 161,299 | Subtotal | | | 419,469 | | | 390,805 | Mortgage-Backed Securities | | | 280,504 | | | 269,898 | U.S Government Agency Securities | | | 11,086 | | | 11,156 | Asset-Backed Securities | | | 71,991 | | | 72,030 | Totals | | $ | 783,050 | | $ | 743,889 |
|
| Summary of the proceeds from sales of securities available for sale, as well as gross gains and losses |
The following table presents a summary of the proceeds from sales of securities available for sale, as well as gross gains and losses, for the three and six months ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | (dollars in thousands) | | 2025 | | 2024 | | 2025 | | 2024 | Proceeds From Sales of Securities | | $ | 58,503 | | $ | 38,049 | | $ | 59,595 | | $ | 50,833 | Gross Gains on Sales | | | 480 | | | 320 | | | 484 | | | 1,106 | Gross Losses on Sales | | | (6) | | | — | | | (9) | | | (693) |
|