INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Estimated Fair Values of Investments

The amortized cost and estimated fair values of investments available-for-sale and held-to-maturity at December 31 are presented in the following table:


	2024								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	$	84,420	$	—	$	(2,106)	$	82,314	$	101,678	$	—	$	(4,751)	$	96,927
State and municipal	281,837		1		(46,904)		234,934		311,505		1		(43,292)		268,214
Mortgage-backed and asset-backed	888,064		195		(64,724)		823,535		807,636		181		(70,277)		737,540




Total available-for-sale debt securities	$	1,254,321	$	196	$	(113,734)	$	1,140,783	$	1,220,819	$	182	$	(118,320)	$	1,102,681
Held-to-maturity debt securities:


Mortgage-backed and asset-backed	215,747		—		(37,893)		177,854		236,165		—		(35,754)		200,411
Total held-to-maturity debt securities	$	215,747	$	—	$	(37,893)	$	177,854	$	236,165	$	—	$	(35,754)	$	200,411
Total debt securities	$	1,470,068	$	196	$	(151,627)	$	1,318,637	$	1,456,984	$	182	$	(154,074)	$	1,303,092

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

Gross unrealized losses and fair values by length of time that individual available-for-sale securities have been in an unrealized loss position at December 31 are presented in the following tables:


	December 31, 2024
	Number of Securities	Less Than 12 Months				12 Months or More				Total
(Dollars in thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. treasuries and government agencies	7	$	—	$	—	$	82,314	$	2,106	$	82,314	$	2,106
State and municipal	116	2,979		213		226,234		46,691		229,213		46,904
Mortgage-backed and asset-backed	353	223,136		3,491		552,517		61,233		775,653		64,724

Total	476	$	226,115	$	3,704	$	861,065	$	110,030	$	1,087,180	$	113,734


	December 31, 2023
	Number of Securities	Less Than 12 Months				12 Months or More				Total
(Dollars in thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. treasuries and government agencies	10	$	—	$	—	$	96,927	$	4,751	$	96,927	$	4,751
State and municipal	123	4,162		84		262,081		43,208		266,243		43,292
Mortgage-backed and asset-backed	321	22,731		106		691,281		70,171		714,012		70,277
Total	454	$	26,893	$	190	$	1,050,289	$	118,130	$	1,077,182	$	118,320

Estimated Fair Values of Debt Securities by Contractual Maturity

The estimated fair values and amortized costs of available-for-sale and held-to-maturity debt securities by contractual maturity at December 31 are provided in the following table:


	December 31, 2024				December 31, 2023
(In thousands)	Fair Value		Amortized Cost		Fair Value		Amortized Cost
U.S. treasuries and government agencies:
One year or less	$	58,341	$	59,634	$	17,798	$	17,979
One to five years	23,973		24,786		79,129		83,699
Five to ten years	—		—		—		—
After ten years	—		—		—		—
State and municipal:
One year or less	19,285		19,467		22,345		22,793
One to five years	14,447		15,286		33,282		34,288
Five to ten years	56,396		66,696		46,355		54,487
After ten years	144,806		180,388		166,232		199,937
Mortgage-backed and asset-backed:
One year or less	9,493		9,503		20,814		21,111
One to five years	20,937		21,347		29,823		30,666
Five to ten years	273,282		293,839		256,924		280,209
After ten years	519,823		563,375		429,979		475,650










Total available-for-sale debt securities	$	1,140,783	$	1,254,321	$	1,102,681	$	1,220,819


	December 31, 2024				December 31, 2023
(In thousands)	Fair Value		Amortized Cost		Fair Value		Amortized Cost
Held-to-maturity debt securities










Mortgage-backed and asset-backed:
One year or less	—		—		—		—
One to five years	—		—		—		—
Five to ten years	27,357		30,059		31,434		34,458
After ten years	150,497		185,688		168,977		201,707
Total held-to-maturity debt securities	$	177,854	$	215,747	$	200,411	$	236,165

Other Investments

Other investments are presented in the following table:


(In thousands)	2024		2023
Federal Reserve Bank stock, at cost	$	39,346	$	39,125
Federal Home Loan Bank of Atlanta stock, at cost	21,691		35,805
Other	677		677
Total other investments, at cost	$	61,714	$	75,607

Gross Realized Gains and Losses on All Investments

Gross realized gains and losses on all investments for the years ended December 31 are presented in the following table:


(In thousands)	2024		2023		2022
Gross realized gains from sales of investments available-for-sale	$	—	$	—	$	8
Gross realized losses from sales of investments available-for-sale	—		—		(393)
Net gains from calls of investments available-for-sale	—		—		40

Net investment securities losses	$	—	$	—	$	(345)

SANDY SPRING BANCORP INC 10-K