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Investment Securities (Tables)
 6 Months Ended
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 obligations164,690 1,672 (160)166,202 
Mortgage-backed securities2,032,733 7,058 (190,607)1,849,184 
Asset-backed securities52,470 807 (224)53,053 
State and municipal obligations136,407 309 (10,158)126,558 
Corporate obligations99,474 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 obligations26,310 1,188 — 27,498 
Mortgage-backed securities1,462,159 377 (176,927)1,285,609 
Asset-backed securities31,809 594 (168)32,235 
State and municipal obligations64,454 — (7,870)56,584 
Corporate obligations40,448 — (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 years361,811 337,043 
Due after five years through ten years115,803 112,705 
Due after ten years110,821 102,936 
$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 years180,001 174,525 
Due after five years through ten years107,966 100,776 
Due after ten years23,188 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 obligations9,998 — (550)9,448 
State and municipal obligations327,006 694 (17,671)310,029 
Corporate obligations6,556 — (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 obligations11,058 — (652)10,406 
State and municipal obligations339,816 244 (9,700)330,360 
Corporate obligations7,091 — (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 PortfolioAAAAAABBBNot RatedTotal
Treasury obligations$6,984 — — — — 6,984 
Government-agency obligations9,998 — — — — 9,998 
State and municipal obligations45,709 249,553 30,051 — 1,693 327,006 
Corporate obligations502 2,485 3,544 25 6,556 
$63,193 252,038 33,595 — 1,718 350,544 
December 31, 2023
Total PortfolioAAAAAABBBNot RatedTotal
Treasury obligations$5,146 — — — — 5,146 
Government-agency obligations11,058 — — — — 11,058 
State and municipal obligations43,749 156,438 137,231 — 2,398 339,816 
Corporate obligations504 2,510 4,052 — 25 7,091 
$60,457 158,948 141,283 — 2,423 363,111