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INVESTMENTS
 3 Months Ended
Mar. 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 the dates indicated are presented in the following table:
 March 31, 2024December 31, 2023
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Available-for-sale debt securities:
U.S. treasuries and government agencies$96,866 $— $(4,630)$92,236 $101,678 $— $(4,751)$96,927 
State and municipal310,502 — (46,516)263,986 311,505 1 (43,292)268,214 
Mortgage-backed and asset-backed819,214 83 (74,778)744,519 807,636 181 (70,277)737,540 
Total available-for-sale debt securities$1,226,582 $83 $(125,924)$1,100,741 $1,220,819 $182 $(118,320)$1,102,681 
Held-to-maturity debt securities:
Mortgage-backed and asset-backed231,354 — (38,556)192,798 236,165 — (35,754)200,411 
Total held-to-maturity debt securities$231,354 $— $(38,556)$192,798 $236,165 $— $(35,754)$200,411 
Total debt securities$1,457,936 $83 $(164,480)$1,293,539 $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 March 31, 2024 are due to changes in interest rates and not credit-related events. As such, no allowance for credit losses is required at March 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 securities portfolio at March 31, 2024 is composed entirely of either the most senior tranches of GNMA, FNMA or FHLMC collateralized mortgage obligations ($451.9 million), GNMA, FNMA or FHLMC mortgage-backed securities ($557.9 million) or SBA asset-backed securities ($40.8 million).
 
Gross unrealized losses and fair value by length of time that the individual available-for-sale debt securities have been in an unrealized loss position at the dates indicated are presented in the following table:
 March 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 agencies9 $— $— $92,236 $4,630 $92,236 $4,630 
State and municipal123 3,789 48 258,977 46,468 262,766 46,516 
Mortgage-backed and asset-backed332 55,845 436 664,980 74,342 720,825 74,778 
Total464 $59,634 $484 $1,016,193 $125,440 $1,075,827 $125,924 

 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 securities into the four maturity groupings reflected in the following tables 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 are provided in the following tables:

March 31, 2024December 31, 2023
(In thousands)Fair ValueAmortized CostFair ValueAmortized Cost
Available-for-sale debt securities
U.S. treasuries and government agencies:
One year or less$12,922 $12,988 $17,798 $17,979 
One to five years79,314 83,878 79,129 83,699 
Five to ten years— — — — 
After ten years— — — — 
State and municipal:
One year or less28,318 28,739 22,345 22,793 
One to five years28,586 29,770 33,282 34,288 
Five to ten years48,992 57,965 46,355 54,487 
After ten years158,090 194,028 166,232 199,937 
Mortgage-backed and asset-backed:
One year or less26,396 26,704 20,814 21,111 
One to five years27,290 28,067 29,823 30,666 
Five to ten years267,178 292,078 256,924 280,209 
After ten years423,655 472,365 429,979 475,650 
Total available-for-sale debt securities$1,100,741 $1,226,582 $1,102,681 $1,220,819 

March 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 years30,070 33,326 31,434 34,458 
After ten years162,728 198,028 168,977 201,707 
Total held-to-maturity debt securities$192,798 $231,354 $200,411 $236,165 

At March 31, 2024 and December 31, 2023, available-for-sale and held-to-maturity debt securities with a book value of $489.0 million and $729.0 million, respectively, were pledged and designated as collateral for certain government deposits, public and trust funds, securities sold under repurchase agreements and other purposes as required or permitted by law. The outstanding balance of no single issuer, except for U.S. Agencies securities, exceeded ten percent of stockholders' equity at March 31, 2024 and December 31, 2023.
 

Other investments
Other investments are presented in the following table:
(In thousands)March 31, 2024December 31, 2023
Federal Reserve Bank stock, at cost$39,152 $39,125 
Federal Home Loan Bank of Atlanta stock, at cost33,566 35,805 
Other677 677 
Total other investments, at cost$73,395 $75,607