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.


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________________________________ 
FORM 10-Q
___________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number:1-9047
___________________________________________________
Independent Bank Corp.
(Exact name of registrant as specified in its charter)
 ___________________________________________________
MA04-2870273
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
Office Address:2036 Washington Street,Hanover,MA02339
Mailing Address:288 Union Street,Rockland,MA02370
(Address of principal executive offices, including zip code)
(781) 878-6100
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each ClassTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par value per shareINDBThe Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x    No  o


Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
Large Accelerated FilerxAccelerated Filer
Non-accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)YesNo
As of May 6, 2024, there were 42,465,754 shares of the issuer’s common stock outstanding, par value $0.01 per share.





Table of Contents
 PAGE
Notes to Consolidated Financial Statements - March 31, 2024
3

4

PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements

INDEPENDENT BANK CORP.
CONSOLIDATED BALANCE SHEETS
(Unaudited—Dollars in thousands)
 
March 31
2024
December 31
2023
Assets
Cash and due from banks$165,331 $178,861 
Interest-earning deposits with banks55,985 45,469 
Securities
Trading4,759 4,987 
Equity22,858 22,510 
Available for sale (amortized cost $1,402,389 and $1,459,862)
1,272,831 1,334,256 
Held to maturity (fair value $1,383,621 and $1,417,608)
1,545,267 1,569,107 
Total securities2,845,715 2,930,860 
Loans held for sale (at fair value)11,340 6,368 
Loans
Commercial and industrial1,580,041 1,579,986 
Commercial real estate8,108,836 8,041,508 
Commercial construction828,900 849,586 
Small business261,690 251,956 
Residential real estate2,420,705 2,424,754 
Home equity - first position507,356 518,706 
Home equity - subordinate positions593,230 578,920 
Other consumer29,836 32,654 
   Total loans14,330,594 14,278,070 
Less: allowance for credit losses(146,948)(142,222)
Net loans14,183,646 14,135,848 
Federal Home Loan Bank stock46,304 43,557 
Bank premises and equipment, net192,563 193,049 
Goodwill985,072 985,072 
Other intangible assets16,626 18,190 
Cash surrender value of life insurance policies298,352 297,387 
Other assets 523,679 512,712 
Total assets$19,324,613 $19,347,373 
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing demand deposits$4,469,820 $4,567,083 
Savings and interest checking accounts5,196,195 5,298,913 
Money market2,944,221 2,818,072 
Time certificates of deposit2,432,985 2,181,479 
Total deposits15,043,221 14,865,547 
Borrowings
Federal Home Loan Bank borrowings962,535 1,105,541 
Junior subordinated debentures (less unamortized debt issuance costs of $30 and $30)
62,858 62,858 
5

Subordinated debentures (less unamortized debt issuance costs of $20)
— 49,980 
Total borrowings1,025,393 1,218,379 
Other liabilities371,791 368,196 
Total liabilities16,440,405 16,452,122 
Commitments and contingencies  
Stockholders' equity
Preferred stock, $0.01 par value, authorized: 1,000,000 shares, outstanding: none
  
Common stock, $0.01 par value, authorized: 75,000,000 shares,
issued and outstanding: 42,452,457 shares at March 31, 2024 and 42,873,187 shares at December 31, 2023 (includes 215,412 and 162,812 shares of unvested participating restricted stock awards, respectively)
422 427 
Value of shares held in rabbi trust at cost: 82,042 shares at March 31, 2024 and 80,222 shares at December 31, 2023
(3,403)(3,298)
Deferred compensation and other retirement benefit obligations3,403 3,298 
Additional paid in capital1,902,063 1,932,163 
Retained earnings1,101,061 1,077,488 
Accumulated other comprehensive loss, net of tax(119,338)(114,827)
Total stockholders’ equity2,884,208 2,895,251 
Total liabilities and stockholders' equity$19,324,613 $19,347,373 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

6


INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited—Dollars in thousands, except per share data)
Three Months Ended
March 31
 20242023
Interest income
Interest and fees on loans$193,226 $170,926 
Taxable interest and dividends on securities14,231 15,309 
Nontaxable interest and dividends on securities1 1 
Interest on loans held for sale104 34 
Interest on federal funds sold and short-term investments483 665 
Total interest and dividend income208,045 186,935 
Interest expense
Interest on deposits54,320 22,675 
Interest on borrowings16,286 5,262 
Total interest expense70,606 27,937 
Net interest income137,439 158,998 
Provision for credit losses5,000 7,250 
Net interest income after provision for credit losses132,439 151,748 
Noninterest income
Deposit account fees6,228 5,916 
Interchange and ATM fees4,452 4,184 
Investment management and advisory9,941 9,779 
Mortgage banking income796 308 
Increase in cash surrender value of life insurance policies1,928 1,854 
Gain on life insurance benefits263 11 
Loan level derivative income80 408 
Other noninterest income6,255 5,782 
Total noninterest income29,943 28,242 
Noninterest expenses
Salaries and employee benefits57,174 56,975 
Occupancy and equipment expenses13,467 12,822 
Data processing and facilities management2,483 2,527 
Consulting expense1,428 2,077 
Software and subscriptions4,094 2,949 
Debit card expense2,478 2,171 
Amortization of intangible assets1,563 1,815 
FDIC assessment2,982 2,610 
Other noninterest expenses14,218 14,715 
Total noninterest expenses99,887 98,661 
Income before income taxes62,495 81,329 
Provision for income taxes14,725 20,082 
Net income$47,770 $61,247 
Basic earnings per share$1.12 $1.36 
Diluted earnings per share$1.12 $1.36 
Weighted average common shares (basic)42,553,714 45,004,100 
Common share equivalents12,876 19,564 
Weighted average common shares (diluted)42,566,590 45,023,664 
Cash dividends declared per common share$0.57 $0.55 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
7


INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited—Dollars in thousands)
 
 Three Months Ended
March 31
 20242023
Net income$47,770 $61,247 
Other comprehensive (loss) income, net of tax
Net change in fair value of securities available for sale(3,008)17,068 
Net change in fair value of cash flow hedges(1,488)10,163 
Net change in other comprehensive income for defined benefit postretirement plans(15)(92)
Total other comprehensive (loss) income(4,511)27,139 
Total comprehensive income $43,259 $88,386 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

8

INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Three Months Ended March 31, 2024 and 2023
(Unaudited—Dollars in thousands, except per share data)

Common Stock OutstandingCommon StockValue of Shares Held in Rabbi 
Trust at Cost
Deferred Compensation ObligationAdditional Paid in CapitalRetained EarningsAccumulated Other
Comprehensive Income (Loss)
Total
Balance December 31, 202342,873,187$427 $(3,298)$3,298 $1,932,163 $1,077,488 $(114,827)$2,895,251 
Net income— — — — — 47,770 — 47,770 
Other comprehensive loss— — — — — — (4,511)(4,511)
Common dividend declared ($0.57 per share)
— — — — — (24,197)— (24,197)
Stock based compensation— — — — 1,300 — — 1,300 
Restricted stock awards issued, net of awards surrendered101,245 — — — (766)— — (766)
Shares issued under direct stock purchase plan10,291 — — — 658 — — 658 
Shares repurchased under share repurchase program (1)(532,266)(5)— — (31,292)— — (31,297)
Deferred compensation and other retirement benefit obligations— — (105)105 — — —  
Balance March 31, 202442,452,457 $422 $(3,403)$3,403 $1,902,063 $1,101,061 $(119,338)$2,884,208 
Balance December 31, 202245,641,238 $455 $(3,227)$3,227 $2,114,888 $934,442 $(163,084)$2,886,701 
Net income— — — — — 61,247 — 61,247 
Other comprehensive income— — — — — — 27,139 27,139 
Common dividend declared ($0.55 per share)
— — — — — (24,351)— (24,351)
Proceeds from exercise of stock options, net of cash paid1,666  — — 80 — — 80 
Stock based compensation— — — — 1,672 — — 1,672 
Restricted stock awards issued, net of awards surrendered81,075  — — (1,110)— — (1,110)
Shares issued under direct stock purchase plan7,881  — — 642 — — 642 
Shares repurchased under share repurchase program (1)(1,617,033)(16)— — (121,095)— — (121,111)
Deferred compensation and other retirement benefit obligations— — (59)59 — — —  
Balance March 31, 202344,114,827 $439 $(3,286)$3,286 $1,995,077 $971,338 $(135,945)$2,830,909 
(1)     Inclusive of $278,000 and $1.2 million impact of excise tax attributable to shares repurchased under the share repurchase program during the three months ended March 31, 2024 and March 31, 2023, respectively.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
9

INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited—Dollars in thousands)
 
 Three Months Ended
March 31
20242023
Cash flow from operating activities
Net income$47,770 $61,247 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization10,289 9,633 
Change in unamortized net loan costs and fees(270)(529)
Accretion of acquired loans(147)(305)
Provision for credit losses5,000 7,250 
Deferred income tax expense2,584 644 
Net gain on equity securities(609)(368)
Net loss on bank premises and equipment12 79 
Realized gain on sale leaseback transaction (145)
Stock based compensation1,300 1,672 
Increase in cash surrender value of life insurance policies(1,928)(1,854)
Gain on life insurance benefits(263)(11)
Operating lease payments(3,447)(3,432)
Operating lease termination payments(389) 
Change in fair value on loans held for sale(70)17 
Net change in:
Trading assets228 (581)
Loans held for sale(4,902)1,656 
Other assets(1,025)17,337 
Other liabilities(2,988)(40,844)
Total adjustments3,375 (9,781)
Net cash provided by operating activities51,145 51,466 
Cash flows provided by (used in) investing activities
Purchases of equity securities(165)(136)
Proceeds from maturities and principal repayments of securities available for sale57,399 15,694 
Proceeds from maturities and principal repayments of securities held to maturity24,861 27,877 
Net purchases of Federal Home Loan Bank stock(2,747)(35,085)
Investments in low income housing projects(6,519)(13,669)
Purchases of life insurance policies(91)(91)
Net increase in loans(52,381)(18,981)
Purchases of bank premises and equipment(4,464)(4,219)
Proceeds from the sale of bank premises and equipment22 52 
Net cash provided by (used in) investing activities15,915 (28,558)
Cash flows (used in) provided by financing activities
Net increase in time deposits251,465 259,590 
Net decrease in other deposits(73,832)(866,445)
Net (repayments of) advances from Federal Home Loan Bank borrowings(143,000)879,000 
Repayments of subordinated debentures(50,000) 
Net proceeds from exercise of stock options 80 
10

Restricted stock awards issued, net of awards surrendered(792)(1,110)
Proceeds from shares issued under direct stock purchase plan651 642 
Payments for shares repurchased under share repurchase program(30,986)(119,951)
Common dividends paid(23,580)(25,103)
Net cash (used in) provided by financing activities(70,074)126,703 
Net (decrease) increase in cash and cash equivalents(3,014)149,611 
Cash and cash equivalents at beginning of year224,330 352,933 
Cash and cash equivalents at end of period$221,316 $502,544 
Supplemental schedule of noncash investing and financing activities
Net increase in capital commitments relating to low income housing project investments$8,308 $564 
Recognition of operating lease at commencement and/or at extension$1,434 $2,642 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
11

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - BASIS OF PRESENTATION
Independent Bank Corp. (the “Company”) is a state chartered, federally registered bank holding company, incorporated in 1985. The Company is the sole stockholder of Rockland Trust Company (“Rockland Trust” or the “Bank”), a Massachusetts trust company chartered in 1907.
All material intercompany balances and transactions have been eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the current year’s presentation.
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, primarily consisting of normal recurring adjustments, have been included. Results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or any other interim period.
For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the "2023 Form 10-K").

NOTE 2 - SECURITIES
    
Trading Securities
The Company had trading securities of $4.8 million and $5.0 million as of March 31, 2024 and December 31, 2023, respectively. These securities are held in a rabbi trust and will be used for future payments associated with the Company’s non-qualified 401(k) Restoration Plan and Non-qualified Deferred Compensation Plan.
Equity Securities
The Company had equity securities of $22.9 million and $22.5 million as of March 31, 2024 and December 31, 2023, respectively. These securities consist primarily of mutual funds held in a rabbi trust and will be used for future payments associated with the Company’s supplemental executive retirement plans.
12

The following table represents a summary of the gains and losses recognized within non-interest income and non-interest expense within the consolidated statements of income that relate to equity securities for the periods indicated:
Three Months Ended
March 31
20242023
Dollars in thousands
Net gains recognized during the period on equity securities$609 $368 
Less: net gains recognized during the period on equity securities sold during the period435 1 
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date$174 $367 
Available for Sale Securities
The following table summarizes the amortized cost, allowance for credit losses, and fair value of available for sale securities and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) at the dates indicated:
 March 31, 2024December 31, 2023
 Amortized
Cost
Gross
Unrealized
Gains
Gross Unrealized
Losses
Allowance for credit lossesFair
Value
Amortized
Cost
Gross
Unrealized
Gains
Gross Unrealized
Losses
Allowance for credit lossesFair
Value
 (Dollars in thousands)
U.S. government agency securities$230,013 $ $(24,337)$ $205,676 $230,198 $— $(23,060)$ $207,138 
U.S. treasury securities774,714  (55,876) 718,838 824,597 — (55,495) 769,102 
Agency mortgage-backed securities309,560 25 (38,980) 270,605 314,269 24 (37,246) 277,047 
Agency collateralized mortgage obligations34,644  (2,556) 32,088 35,713 6 (2,530) 33,189 
State, county, and municipal securities195  (4) 191 195 — (5) 190 
Pooled trust preferred securities issued by banks and insurers 1,180  (144) 1,036 1,188  (170) 1,018 
Small business administration pooled securities52,083  (7,686) 44,397 53,702  (7,130) 46,572 
Total available for sale securities$1,402,389 $25 $(129,583)$ $1,272,831 $1,459,862 $30 $(125,636)$ $1,334,256 

Excluded from the table above is accrued interest on available for sale securities of $3.8 million and $3.4 million at March 31, 2024 and December 31, 2023, respectively, which is included within other assets on the consolidated balance sheets. Additionally, the Company did not record any write-offs of accrued interest income on available for sale securities during the three months ended March 31, 2024 and 2023. Furthermore, no securities held by the Company were delinquent on contractual payments nor were any securities placed on non-accrual status at March 31, 2024 and December 31, 2023.

When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. The Company had no sales of securities available for sale during three months ended March 31, 2024 and 2023, and therefore no gains or losses were realized during the periods presented.
13

The following tables show the gross unrealized losses and fair value of the Company’s available for sale securities in an unrealized loss position as of the dates indicated. These available for sale securities are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position:
 March 31, 2024
  Less than 12 months12 months or longerTotal
 # of 
holdings
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
 (Dollars in thousands)
U.S. government agency securities9 $ $ $205,676 $(24,337)$205,676 $(24,337)
U.S. treasury securities16   718,838 (55,876)718,838 (55,876)
Agency mortgage-backed securities125 857 (8)267,985 (38,972)268,842 (38,980)
Agency collateralized mortgage obligations12 1,075 (11)31,013 (2,545)32,088 (2,556)
State, county, and municipal securities1 191 (4)  191 (4)
Pooled trust preferred securities issued by banks and insurers1   1,036 (144)1,036 (144)
Small business administration pooled securities8   44,397 (7,686)44,397 (7,686)
Total 172 $2,123 $(23)$1,268,945 $(129,560)$1,271,068 $(129,583)
December 31, 2023
Less than 12 months12 months or longerTotal
# of 
holdings
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(Dollars in thousands)
U.S. government agency securities9 $ $— $207,138 $(23,060)$207,138 $(23,060)
U.S. treasury securities17  — 769,102 (55,495)769,102 (55,495)
Agency mortgage-backed securities115 1,091 (11)273,447 (37,235)274,538 (37,246)
Agency collateralized mortgage obligations12 339 (2)31,682 (2,528)32,021 (2,530)
State, county, and municipal securities1 190 (5)  190 (5)
Pooled trust preferred securities issued by banks and insurers1   1,018 (170)1,018 (170)
Small business administration pooled securities8   46,572 (7,130)46,572 (7,130)
Total 163 $1,620 $(18)$1,328,959 $(125,618)$1,330,579 $(125,636)
The Company does not intend to sell these investments and has determined, based upon available evidence, that it is more likely than not that the Company will not be required to sell each security before the recovery of its amortized cost basis. In addition, management does not believe that any of the securities are impaired due to reasons of credit quality. As a result, the Company did not recognize a provision for credit losses on these investments during the three months ended March 31, 2024 and 2023. The Company made this determination by reviewing various qualitative and quantitative factors regarding each investment category, such as current market conditions, extent and nature of changes in fair value, issuer rating changes and trends, volatility of earnings, and current analysts’ evaluations.
As a result of the Company’s review of these qualitative and quantitative factors, the causes of the impairments listed in the table above by category were as follows at March 31, 2024:
U.S. Government Agency Securities, U.S. Treasury Securities, Agency Mortgage-Backed Securities, Agency Collateralized Mortgage Obligations and Small Business Administration Pooled Securities: These portfolios have contractual terms that generally do not permit the issuer to settle the securities at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality. Additionally, these securities are implicitly guaranteed by the U.S. Government or one of its agencies.
State, County and Municipal Securities: This portfolio has contractual terms that generally do not permit the issuer
14

to settle the securities at a price less than the current par value of the investment. The decline in market value of
these securities is attributable to changes in interest rates and not credit quality.
Pooled Trust Preferred Securities: This portfolio consists of one security which is performing. The unrealized loss on this security is attributable to the illiquid nature of the trust preferred market in the current economic and regulatory environment. Management evaluates collateral credit and instrument structure, including current and expected deferral and default rates and timing. In addition, discount rates are determined by evaluating comparable spreads observed currently in the market for similar instruments.

Held to Maturity Securities
The following table summarizes the amortized cost, fair value and allowance for credit losses of held to maturity securities and the corresponding amounts of gross unrealized gains and losses recognized at the dates indicated:
 March 31, 2024December 31, 2023
 Amortized
Cost
Gross
Unrealized
Gains
Gross Unrealized
Losses
Allowance for credit lossesFair
Value
Amortized
Cost
Gross
Unrealized
Gains
Gross Unrealized
Losses
Allowance for credit lossesFair
Value
 (Dollars in thousands)
U.S. government agency securities$29,086 $ $(843)$ $28,243 $29,521 $ $(1,113)$ $28,408 
U.S. treasury securities100,732  (9,922) 90,810 100,712 — (9,177) 91,535 
Agency mortgage-backed securities819,912 61 (71,372) 748,601 829,431 175 (65,878) 763,728 
Agency collateralized mortgage obligations465,016  (71,758) 393,258 477,517 — (69,606) 407,911 
Single issuer trust preferred securities issued by banks1,500  (128) 1,372 1,500  (127) 1,373 
Small business administration pooled securities129,021  (7,684) 121,337 130,426 384 (6,157) 124,653 
Total held to maturity securities$1,545,267 $61 $(161,707)$ $1,383,621 $1,569,107 $559 $(152,058)$ $1,417,608 
Substantially all held to maturity securities held by the Company are guaranteed by the U.S. federal government or other government sponsored agencies and have a long history of no credit losses. As a result, management has determined these securities to have a zero loss expectation and therefore the Company did not record a provision for estimated credit losses on any held to maturity securities during the three months ended March 31, 2024 and 2023. Excluded from the table above is accrued interest on held to maturity securities of $4.5 million and $4.3 million at March 31, 2024 and December 31, 2023, respectively, which is included within other assets on the consolidated balance sheets. Additionally, the Company did not record any write-offs of accrued interest income on held to maturity securities during the three months ended March 31, 2024 and 2023. Furthermore, no securities held by the Company were delinquent on contractual payments nor were any securities placed on non-accrual status at March 31, 2024 and December 31, 2023.

When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. The Company had no sales of held to maturity securities during the three months ended March 31, 2024 and 2023, and therefore no gains or losses were realized for such periods.

The Company monitors the credit quality of held to maturity securities through the use of credit ratings. Credit ratings are monitored by the Company on at least a quarterly basis. As of March 31, 2024, all held to maturity securities held by the Company were rated investment grade or higher.
15

The actual maturities of certain available for sale or held to maturity securities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. A schedule of the contractual maturities of securities available for sale and securities held to maturity at March 31, 2024 is presented below:
Due in one year or lessDue after one year to five yearsDue after five to ten yearsDue after ten yearsTotal
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
(Dollars in thousands)
Available for sale securities
U.S. government agency securities$ $ $199,221 $178,800 $30,792 $26,876 $ $ $230,013 $205,676 
U.S. treasury securities197,408 192,434 577,306 526,404     774,714 718,838 
Agency mortgage-backed securities1 1 140,616 125,614 43,861