v3.25.2
Securities
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
Equity Securities With a Readily Determinable Fair Value
The Company held equity securities with a fair value of $9,980 and $9,781 at June 30, 2025 and December 31, 2024, respectively. The Company did not realize a loss on equity securities with a readily determinable fair value during the three and six months ended June 30, 2025 or 2024. The gross unrealized gain (loss) recognized on equity securities with readily determinable fair values recorded in other noninterest income in the Company’s consolidated statements of income is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands)2025202420252024
Unrealized gain (loss) recognized on equity securities with a readily determinable fair value$31 $(42)$199 $(147)
Equity Securities Without a Readily Determinable Fair Value
The Company held equity securities without a readily determinable fair value and measured at aggregate cost of $10,512 and $12,272 as of June 30, 2025 and December 31, 2024, respectively.
Debt Securities
Debt securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost, related gross unrealized gains and losses, as well as the fair value of AFS and HTM debt securities are as follows:
 June 30, 2025
(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
AFS
Corporate bonds$271,390 $1,920 $12,120 $261,190 
Municipal securities28,100 — 5,003 23,097 
MBS245,360 3,820 11,866 237,314 
CMO571,639 1,498 30,325 542,812 
Asset-backed securities97,433 974 1,772 96,635 
Collateralized loan obligations81,762 18 543 81,237 
 $1,295,684 $8,230 $61,629 $1,242,285 
HTM
MBS$30,149 $— $5,837 $24,312 
CMO32,044 — 3,638 28,406 
Municipal securities114,326 — 14,725 99,601 
$176,519 $— $24,200 $152,319 
 December 31, 2024
(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
AFS
Corporate bonds$271,889 $1,815 $17,184 $256,520 
Municipal securities28,142 — 3,797 24,345 
MBS258,896 2,256 14,822 246,330 
CMO600,709 1,734 41,841 560,602 
Asset-backed securities110,148 563 2,745 107,966 
Collateralized loan obligations98,885 106 242 98,749 
 $1,368,669 $6,474 $80,631 $1,294,512 
HTM
MBS$31,439 $— $6,625 $24,814 
CMO32,892 — 4,920 27,972 
Municipal securities119,695 — 11,921 107,774 
$184,026 $— $23,466 $160,560 
Accrued interest receivable totaled $7,866 and $8,320 on AFS and $1,570 and $1,631 on HTM securities as of June 30, 2025 and December 31, 2024, respectively, and was included in other assets on the accompanying consolidated balance sheets.
At June 30, 2025 and December 31, 2024, securities with a carrying balance of approximately $1,174,629 and $1,236,424, respectively, were pledged as collateral for public fund deposits, borrowings or for other purposes required or permitted by law.
In 2022, the Company transferred AFS debt securities with an aggregate fair value of $117,001 to a classification of HTM debt securities. The transfer from AFS to HTM was recorded at the fair value of the AFS debt securities at the time of transfer. The net unrealized holding gain retained in AOCI for securities transferred from AFS to HTM was $2,094 and $2,437 at June 30, 2025 and December 31, 2024, respectively. The Company did not transfer any debt securities from AFS to HTM during the six months ended June 30, 2025.
The following tables disclose the Company’s debt securities in an unrealized loss position, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position:
 June 30, 2025
 Less Than 12 Months12 Months or MoreTotals
(Dollars in thousands)Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
AFS
Corporate bonds$51,123 $1,510 $134,134 $10,610 $185,257 $12,120 
Municipal securities14,358 1,739 8,739 3,264 23,097 5,003 
MBS8,396 161 71,384 11,705 79,780 11,866 
CMO182,948 2,374 244,295 27,951 427,243 30,325 
Asset-backed securities2,670 12 41,983 1,760 44,653 1,772 
Collateralized loan obligations52,164 394 9,035 149 61,199 543 
 $311,659 $6,190 $509,570 $55,439 $821,229 $61,629 
HTM
MBS$— $— $24,312 $5,837 $24,312 $5,837 
CMO— — 28,406 3,638 28,406 3,638 
Municipal securities75,747 9,994 21,417 4,731 97,164 14,725 
 $75,747 $9,994 $74,135 $14,206 $149,882 $24,200 
 December 31, 2024
(Dollars in thousands)Less Than 12 Months12 Months or MoreTotals
 Fair
Value		Unrealized LossFair
Value		Unrealized LossFair
Value		Unrealized Loss
AFS
Corporate bonds$38,914 $2,329 $174,876 $14,855 $213,790 $17,184 
Municipal securities15,519 594 8,826 3,203 24,345 3,797 
MBS71,889 694 74,131 14,128 146,020 14,822 
CMO168,016 3,383 247,079 38,458 415,095 41,841 
Asset-backed securities71,538 635 13,034 2,110 84,572 2,745 
Collateralized loan obligations40,406 242 — — 40,406 242 
 $406,282 $7,877 $517,946 $72,754 $924,228 $80,631 
HTM
MBS$— $— $24,814 $6,625 $24,814 $6,625 
CMO— — 27,972 4,920 27,972 4,920 
Municipal securities83,738 8,198 22,679 3,723 106,417 11,921 
$83,738 $8,198 $75,465 $15,268 $159,203 $23,466 

Management evaluates AFS debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.
The number of AFS debt securities in an unrealized loss position totaled 127 and 137 at June 30, 2025 and December 31, 2024, respectively. Management does not have the intent to sell any of these debt securities and believes that it is more likely than not that the Company will not have to sell any such debt securities before a recovery of cost. The fair value is expected to recover as the debt securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of June 30, 2025, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore no ACL has been recognized.
The amortized costs and estimated fair values of AFS and HTM debt securities, by contractual maturity, as of the dates indicated, are shown in the table below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. MBS, CMOs, asset-backed securities, and collateralized loan obligations typically are issued with stated principal amounts, and the securities are backed by pools of mortgage loans and other loans that have varying maturities. The terms of MBS, CMOs, asset-backed securities, and collateralized loan obligations thus approximates the terms of the underlying mortgages and loans and can vary significantly due to prepayments. Therefore, these securities are not included in the maturity categories below.
June 30, 2025
AFSHTM
(Dollars in thousands)Amortized CostFair ValueAmortized CostFair Value
Due in one year or less$— $— $— $— 
Due from one year to five years88,789 88,292 2,649 2,625 
Due from five years to ten years171,752 162,263 16,691 16,218 
Due after ten years38,949 33,732 94,986 80,758 
299,490 284,287 114,326 99,601 
MBS and CMO816,999 780,126 62,193 52,718 
Asset-backed securities97,433 96,635 — — 
Collateralized loan obligations81,762 81,237 — — 
$1,295,684 $1,242,285 $176,519 $152,319 
December 31, 2024
AFSHTM
(Dollars in thousands)Amortized CostFair ValueAmortized CostFair Value
Due in one year or less$— $— $3,919 $3,919 
Due from one year to five years69,451 68,737 890 857 
Due from five years to ten years176,147 163,478 19,464 18,857 
Due after ten years54,433 48,650 95,422 84,141 
300,031 280,865 119,695 107,774 
MBS and CMO859,605 806,932 64,331 52,786 
Asset-backed securities110,148 107,966 — — 
Collateralized loan obligations98,885 98,749 — — 
$1,368,669 $1,294,512 $184,026 $160,560 
Proceeds from sales of debt securities AFS and gross gains and losses for the three and six months ended June 30, 2025 and 2024 were as follows:
Three Months ended June 30,Six Months ended June 30,
(Dollars in thousands)2025202420252024
Proceeds from sales $— $— $— $113,794 
Gross realized gains— — — — 
Gross realized losses — — — 6,304 
As of June 30, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders' equity.