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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Securities Available for Sale | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities as of June 30, 2024 and December 31, 2023 (in thousands):
|  | June 30, 2024
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
U.S. Treasury obligations |  | $ | 358,744 |  |  | 2 |  |  | (23,715) |  |  | 335,031 |
Government-agency obligations |  | 164,690 |  |  | 1,672 |  |  | (160) |  |  | 166,202 |
Mortgage-backed securities |  | 2,032,733 |  |  | 7,058 |  |  | (190,607) |  |  | 1,849,184 |
Asset-backed securities |  | 52,470 |  |  | 807 |  |  | (224) |  |  | 53,053 |
State and municipal obligations |  | 136,407 |  |  | 309 |  |  | (10,158) |  |  | 126,558 |
Corporate obligations |  | 99,474 |  |  | 1,609 |  |  | (4,328) |  |  | 96,755 |
|  | $ | 2,844,518 |  |  | 11,457 |  |  | (229,192) |  |  | 2,626,783 |
|  | December 31, 2023
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
U.S. Treasury obligations |  | $ | 276,618 |  |  | — |  |  | (22,740) |  |  | 253,878 |
Government-agency obligations |  | 26,310 |  |  | 1,188 |  |  | — |  |  | 27,498 |
Mortgage-backed securities |  | 1,462,159 |  |  | 377 |  |  | (176,927) |  |  | 1,285,609 |
Asset-backed securities |  | 31,809 |  |  | 594 |  |  | (168) |  |  | 32,235 |
State and municipal obligations |  | 64,454 |  |  | — |  |  | (7,870) |  |  | 56,584 |
Corporate obligations |  | 40,448 |  |  | — |  |  | (6,140) |  |  | 34,308 |
|  | $ | 1,901,798 |  |  | 2,159 |  |  | (213,845) |  |  | 1,690,112 |
Investment Securities Classified by Contractual Maturity | The amortized cost and fair value of available for sale debt securities as of June 30, 2024, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
|  | June 30, 2024
|  | Amortized cost |  | Fair value
Due in one year or less |  | $ | 56,503 |  |  | 57,494 |
Due after one year through five years |  | 361,811 |  |  | 337,043 |
Due after five years through ten years |  | 115,803 |  |  | 112,705 |
Due after ten years |  | 110,821 |  |  | 102,936 |
|  | $ | 644,938 |  |  | 610,178 |
The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio by contractual maturity, excluding an allowance for credit losses of $15,000, as of June 30, 2024 are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
|  | June 30, 2024
|  | Amortized cost |  | Fair value
Due in one year or less |  | $ | 39,389 |  |  | 39,125 |
Due after one year through five years |  | 180,001 |  |  | 174,525 |
Due after five years through ten years |  | 107,966 |  |  | 100,776 |
Due after ten years |  | 23,188 |  |  | 18,265 |
|  | $ | 350,544 |  |  | 332,691 |
Investment Securities Held to Maturity | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities, excluding allowances for credit losses of $15,000 and $31,000, as of June 30, 2024 and December 31, 2023, respectively (in thousands):
|  | June 30, 2024
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  |  |  | Fair value
Treasury obligations |  | $ | 6,984 |  |  | — |  |  | — |  |  |  |  | 6,984 |
Government-agency obligations |  | 9,998 |  |  | — |  |  | (550) |  |  |  |  | 9,448 |
State and municipal obligations |  | 327,006 |  |  | 694 |  |  | (17,671) |  |  |  |  | 310,029 |
Corporate obligations |  | 6,556 |  |  | — |  |  | (326) |  |  |  |  | 6,230 |
|  | $ | 350,544 |  |  | 694 |  |  | (18,547) |  |  |  |  | 332,691 |
|  | December 31, 2023
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  |  |  | Fair value
Treasury obligations |  | $ | 5,146 |  |  | 1 |  |  | — |  |  |  |  | 5,147 |
Government-agency obligations |  | 11,058 |  |  | — |  |  | (652) |  |  |  |  | 10,406 |
State and municipal obligations |  | 339,816 |  |  | 244 |  |  | (9,700) |  |  |  |  | 330,360 |
Corporate obligations |  | 7,091 |  |  | — |  |  | (403) |  |  |  |  | 6,688 |
|  | $ | 363,111 |  |  | 245 |  |  | (10,755) |  |  |  |  | 352,601 |
Amortized Cost of held To Maturity Debt Securities by Year of Originations and Credit Rating | The following table provides the amortized cost of held to maturity debt securities by credit rating as of June 30, 2024 and December 31, 2023 (in thousands):
|  | June 30, 2024
Total Portfolio |  | AAA |  | AA |  | A |  | BBB |  | Not Rated |  | Total
Treasury obligations |  | $ | 6,984 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,984 |
Government-agency obligations |  | 9,998 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,998 |
State and municipal obligations |  | 45,709 |  |  | 249,553 |  |  | 30,051 |  |  | — |  |  | 1,693 |  |  | 327,006 |
Corporate obligations |  | 502 |  |  | 2,485 |  |  | 3,544 |  |  |  |  | 25 |  |  | 6,556 |
|  | $ | 63,193 |  |  | 252,038 |  |  | 33,595 |  |  | — |  |  | 1,718 |  |  | 350,544 |
|  | December 31, 2023
Total Portfolio |  | AAA |  | AA |  | A |  | BBB |  | Not Rated |  | Total
Treasury obligations |  | $ | 5,146 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,146 |
Government-agency obligations |  | 11,058 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,058 |
State and municipal obligations |  | 43,749 |  |  | 156,438 |  |  | 137,231 |  |  | — |  |  | 2,398 |  |  | 339,816 |
Corporate obligations |  | 504 |  |  | 2,510 |  |  | 4,052 |  |  | — |  |  | 25 |  |  | 7,091 |
|  | $ | 60,457 |  |  | 158,948 |  |  | 141,283 |  |  | — |  |  | 2,423 |  |  | 363,111 |

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