XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.25.1

Securities | 3 Months Ended
--- | ---
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities The amortized cost, gross unrealized gains and losses and fair value of AFS and HTM securities at March 31, 2025 and December 31, 2024 are summarized as follows:
|  | March 31, 2025
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available-for-Sale Debt Securities |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 26,631 |  |  | $ | 214 |  |  | $ | (422) |  |  | $ | 26,423 |
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities |  | 2,119,865 |  |  | 8,158 |  |  | (165,805) |  |  | 1,962,218 |
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities |  | 249,246 |  |  | 2,500 |  |  | (8,110) |  |  | 243,636 |
Private mortgage-backed securities and collateralized mortgage obligations |  | 124,038 |  |  | 210 |  |  | (7,041) |  |  | 117,207 |
Collateralized loan obligations |  | 265,450 |  |  | 568 |  |  | (639) |  |  | 265,379 |
Obligations of state and political subdivisions |  | 7,140 |  |  | — |  |  | (1,512) |  |  | 5,628 |
Other debt securities |  | 7,389 |  |  | 79 |  |  | — |  |  | 7,468 |
Totals |  | $ | 2,799,759 |  |  | $ | 11,729 |  |  | $ | (183,529) |  |  | $ | 2,627,959 |
Held-to-Maturity Debt Securities |  |  |  |  |  |  |  |
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities |  | $ | 536,529 |  |  | $ | — |  |  | $ | (106,635) |  |  | $ | 429,894 |
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities |  | 88,121 |  |  | — |  |  | (8,264) |  |  | 79,857 |
Totals |  | $ | 624,650 |  |  | $ | — |  |  | $ | (114,899) |  |  | $ | 509,751 |
|  | December 31, 2024
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available-for-Sale Debt Securities |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 28,233 |  |  | $ | 29 |  |  | $ | (522) |  |  | $ | 27,740 |
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities |  | 1,777,274 |  |  | 1,237 |  |  | (190,536) |  |  | 1,587,975 |
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities |  | 206,537 |  |  | 1,195 |  |  | (10,283) |  |  | 197,449 |
Private mortgage-backed securities and collateralized mortgage obligations |  | 129,475 |  |  | 149 |  |  | (8,382) |  |  | 121,242 |
Collateralized loan obligations |  | 278,342 |  |  | 788 |  |  | (166) |  |  | 278,964 |
Obligations of state and political subdivisions |  | 7,139 |  |  | — |  |  | (1,449) |  |  | 5,690 |
Other debt securities |  | 7,389 |  |  | 94 |  |  | — |  |  | 7,483 |
Totals |  | $ | 2,434,389 |  |  | $ | 3,492 |  |  | $ | (211,338) |  |  | $ | 2,226,543 |
Held-to-Maturity Debt Securities |  |  |  |  |  |  |  |
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities |  | $ | 546,444 |  |  | $ | — |  |  | $ | (117,620) |  |  | $ | 428,824 |
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities |  | 88,742 |  |  | — |  |  | (9,972) |  |  | 78,770 |
Totals |  | $ | 635,186 |  |  | $ | — |  |  | $ | (127,592) |  |  | $ | 507,594 |
During the three months ended March 31, 2025, there were no sales of securities. During the three months ended March 31, 2024, debt securities with a fair value of $86.8 million were sold, with gross losses of $3.8 million. Included in “Securities gains (losses), net” are increases of $0.2 million for the three months ended March 31, 2025, and decreases of $0.1 million, for the three months ended March 31, 2024 in the value of investments in mutual funds that invest in CRA-qualified debt securities. At March 31, 2025, debt securities with a fair value of $1.4 billion were pledged primarily as collateral for public deposits and secured borrowings. The amortized cost and fair value of securities HTM and AFS as of March 31, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
|  | Held-to-Maturity |  | Available-for-Sale
(In thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due in less than one year |  | $ | — |  |  | $ | — |  |  | $ | 100 |  |  | $ | 97 |
Due after one year through five years |  | — |  |  | — |  |  | 6,586 |  |  | 6,595 |
Due after five years through ten years |  | — |  |  | — |  |  | 9,697 |  |  | 9,796 |
Due after ten years |  | — |  |  | — |  |  | 17,388 |  |  | 15,563 |
|  | — |  |  | — |  |  | 33,771 |  |  | 32,051 |
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities |  | 536,529 |  |  | 429,894 |  |  | 2,119,865 |  |  | 1,962,218 |
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities |  | 88,121 |  |  | 79,857 |  |  | 249,246 |  |  | 243,636 |
Private mortgage-backed securities and collateralized mortgage obligations |  | — |  |  | — |  |  | 124,038 |  |  | 117,207 |
Collateralized loan obligations |  | — |  |  | — |  |  | 265,450 |  |  | 265,379 |
Other debt securities |  | — |  |  | — |  |  | 7,389 |  |  | 7,468 |
Totals |  | $ | 624,650 |  |  | $ | 509,751 |  |  | $ | 2,799,759 |  |  | $ | 2,627,959 |
The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models, or discounted cash flow analyses, or using observable market data. The tables below indicate the fair value of AFS debt securities with unrealized losses for which no allowance for credit losses has been recorded.
|  | March 31, 2025
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total 1
(In thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 11,817 |  |  | $ | (97) |  |  | $ | 5,404 |  |  | $ | (325) |  |  | $ | 17,221 |  |  | $ | (422) |
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities |  | 546,593 |  |  | (35,096) |  |  | 607,377 |  |  | (130,709) |  |  | 1,153,970 |  |  | (165,805) |
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities |  | 29,937 |  |  | (865) |  |  | 68,150 |  |  | (7,245) |  |  | 98,087 |  |  | (8,110) |
Private mortgage-backed securities and collateralized mortgage obligations |  | 304 |  |  | (6) |  |  | 97,986 |  |  | (7,035) |  |  | 98,290 |  |  | (7,041) |
Collateralized loan obligations |  | 91,511 |  |  | (450) |  |  | 30,396 |  |  | (189) |  |  | 121,907 |  |  | (639) |
Obligations of state and political subdivisions |  | 330 |  |  | (5) |  |  | 5,298 |  |  | (1,507) |  |  | 5,628 |  |  | (1,512) |
Totals |  | $ | 680,492 |  |  | $ | (36,519) |  |  | $ | 814,611 |  |  | $ | (147,010) |  |  | $ | 1,495,103 |  |  | $ | (183,529) |
1 Comprised of 350 individual securities. |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2024
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total 1
(In thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 4,825 |  |  | $ | (13) |  |  | $ | 18,060 |  |  | $ | (509) |  |  | $ | 22,885 |  |  | $ | (522) |
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities |  | 648,967 |  |  | (7,578) |  |  | 739,363 |  |  | (182,958) |  |  | 1,388,330 |  |  | (190,536) |
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities |  | 13,200 |  |  | (222) |  |  | 107,041 |  |  | (10,061) |  |  | 120,241 |  |  | (10,283) |
Private mortgage-backed securities and collateralized mortgage obligations |  | 7,178 |  |  | (16) |  |  | 101,242 |  |  | (8,366) |  |  | 108,420 |  |  | (8,382) |
Collateralized loan obligations |  | 43,410 |  |  | (152) |  |  | 7,596 |  |  | (14) |  |  | 51,006 |  |  | (166) |
Obligations of state and political subdivisions |  | 319 |  |  | (15) |  |  | 5,371 |  |  | (1,434) |  |  | 5,690 |  |  | (1,449) |
Totals |  | $ | 717,899 |  |  | $ | (7,996) |  |  | $ | 978,673 |  |  | $ | (203,342) |  |  | $ | 1,696,572 |  |  | $ | (211,338) |
1 Comprised of 377 individual securities. |  |  |  |  |  |  |  |  |  |  |  |
At March 31, 2025, the Company had unrealized losses of $0.4 million on U.S. Treasury securities and obligations of U.S. government agencies having a fair value of $17.2 million. These securities are either explicitly or implicitly guaranteed by the full faith and credit of the U.S. government. The Company does not expect individual securities issued by the U.S. Treasury, a U.S. agency, or a sponsored U.S. agency to incur future losses of principal. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2025, no allowance for credit losses has been recorded. At March 31, 2025, the Company had unrealized losses of $173.9 million on commercial and residential mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $1.3 billion. These securities are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments and the high credit rating of the portfolio provide a sufficient basis for the current expectation that there is no risk of loss if default were to occur. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2025, no allowance for credit losses has been recorded. At March 31, 2025, the Company had $7.0 million of unrealized losses on private label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $98.3 million. The securities have weighted- average credit support of 22%. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2025, no allowance for credit losses has been recorded. At March 31, 2025, the Company had $0.6 million of unrealized losses in floating rate CLOs having a fair value of $121.9 million. CLOs are special purpose vehicles and those in which the Company has invested are nearly all first-lien, broadly syndicated corporate loans across a diversified band of industries while providing support to senior tranche investors. As of March 31, 2025, all positions held by the Company are in AAA and AA tranches, with weighted-average credit support of 36% and 28%, respectively. The Company evaluates the securities for potential credit losses by modeling expected loan-level defaults, recoveries, and prepayments for each CLO security. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2025, no allowance for credit losses has been recorded. At March 31, 2025, the Company had $1.5 million of unrealized losses on municipal securities having a fair value of $5.6 million. These securities are highly rated issuances of state or local municipalities, all of which are continuing to make timely contractual payments. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. As a result, as of March 31, 2025, no allowance for credit losses has been recorded. All HTM debt securities are issued by government-sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments, and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is no risk of loss if a default were to occur. As a result, as of March 31, 2025, no allowance for credit losses has been recorded. The Company has the intent and ability to hold these securities until maturity. Included in Other Assets at March 31, 2025 and December 31, 2024 is $88.3 million and $77.3 million, respectively, of FHLB and FRB stock stated at par value. The Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of these cost method investment securities. Accrued interest receivable on AFS and HTM debt securities of $10.4 million and $1.0 million, respectively, at March 31, 2025, and $9.2 million and $1.0 million, respectively, at December 31, 2024, is included in Other Assets. Also included in Other Assets are investments in CRA-qualified mutual funds carried at fair value of $13.7 million and $13.5 million at March 31, 2025 and December 31, 2024, respectively.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration