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SECURITIES (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Securities

The amortized cost, gross unrealized gains and losses and estimated fair value of securities at March 31, 2024 and December 31, 2023 are summarized as follows (in thousands):

			March 31, 2024
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Available-for-Sale:
U.S. Government and agency obligations			$	9,569					$	—					$	(676)											$	8,893
Municipal bonds			155,850						600						(29,441)												127,009
Corporate bonds			131,311						120						(11,990)												119,441
Mortgage-backed or related securities			2,108,139						118						(331,872)												1,776,385
Asset-backed securities			213,117						235						(141)												213,211
			$	2,617,986					$	1,073					$	(374,120)											$	2,244,939

			March 31, 2024
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations			$	306					$	—					$	(6)					$	300					$	—
Municipal bonds			451,091						81						(59,467)						391,553						(152)
Corporate bonds			2,749						—						(19)						2,560						(170)
Mortgage-backed or related securities			584,488						—						(109,804)						474,684						—
			$	1,038,634					$	81					$	(169,296)					$	869,097					$	(322)

			December 31, 2023
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Available-for-Sale:
U.S. Government and agency obligations			$	34,929					$	—					$	(740)											$	34,189
Municipal bonds			161,264						832						(29,191)												132,905
Corporate bonds			131,291						—						(12,168)												119,123
Mortgage-backed or related securities			2,179,947						942						(314,175)												1,866,714
Asset-backed securities			222,549						300						(1,997)												220,852
			$	2,729,980					$	2,074					$	(358,271)											$	2,373,783

			December 31, 2023
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations			$	307					$	—					$	(5)					$	302					$	—
Municipal bonds			466,032						687						(53,563)						412,999						(157)
Corporate bonds			2,781						—						(20)						2,586						(175)
Mortgage-backed or related securities			590,267						—						(98,640)						491,627						—
			$	1,059,387					$	687					$	(152,228)					$	907,514					$	(332)

Schedule of Securities with Continuous Loss Position

At March 31, 2024 and December 31, 2023, the gross unrealized losses and the fair value for securities available-for-sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands):

			March 31, 2024
			Less Than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations			$	—					$	—					$	8,893					$	(676)					$	8,893					$	(676)
Municipal bonds			2,913						(62)						102,683						(29,379)						105,596						(29,441)
Corporate bonds			12,186						(160)						107,135						(11,830)						119,321						(11,990)
Mortgage-backed or related securities			110,003						(1,132)						1,630,030						(330,740)						1,740,033						(331,872)
Asset-backed securities			52,387						(113)						71,972						(28)						124,359						(141)
			$	177,489					$	(1,467)					$	1,920,713					$	(372,653)					$	2,098,202					$	(374,120)

			December 31, 2023
			Less Than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations			$	—					$	—					$	34,189					$	(740)					$	34,189					$	(740)
Municipal bonds			6,049						(7)						103,511						(29,184)						109,560						(29,191)
Corporate bonds			15,720						(46)						106,852						(12,122)						122,572						(12,168)
Mortgage-backed or related securities			71,150						(212)						1,712,125						(313,963)						1,783,275						(314,175)
Asset-backed securities			115,162						(1,212)						85,840						(785)						201,002						(1,997)
			$	208,081					$	(1,477)					$	2,042,517					$	(356,794)					$	2,250,598					$	(358,271)

Schedule of Realized Gain (Loss)

The following table presents gross gains and losses on sales and partial calls of securities available-for-sale (in thousands):

			Three Months Ended March 31,
			2024						2023
Available-for-Sale:
Gross Gains			$	36					$	232
Gross Losses			(4,939)						(7,484)
Balance, end of the period			$	(4,903)					$	(7,252)

Schedule of Securities by Contractual Maturity Date

The following table presents the amortized cost and estimated fair value of securities at March 31, 2024, by contractual maturity and does not reflect any required periodic payments (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties.

															March 31, 2024
									Available-for-Sale												Held-to-Maturity
															Amortized Cost						Fair Value						Amortized Cost						Fair Value
Maturing within one year															$	—					$	—					$	3,670					$	3,461
Maturing after one year through five years															97,908						92,601						18,498						18,128
Maturing after five years through ten years															378,531						333,217						21,005						19,880
Maturing after ten years															2,141,547						1,819,121						995,461						827,628
															$	2,617,986					$	2,244,939					$	1,038,634					$	869,097

Schedule of Pledged Securities

The following table presents, as of March 31, 2024, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):

			March 31, 2024
			Carrying Value						Amortized Cost						Fair Value
Purpose or beneficiary:
State and local governments public deposits			$	236,190					$	249,687					$	212,629
Federal Reserve			113,447						113,447						95,027
Interest rate swap counterparties			968						968						795
Repurchase transaction accounts			264,034						264,034						212,319
Other			2,324						2,324						2,115
Total pledged securities			$	616,963					$	630,460					$	522,885

Debt Instrument, Credit Rating

The Company monitors the credit quality of held-to-maturity debt securities through the use of credit ratings which are reviewed and updated quarterly. The Company’s non-rated held-to-maturity debt securities are primarily United States government sponsored enterprise debentures carrying minimal to no credit risk. The non-rated corporate bonds primarily consist of Community Reinvestment Act related bonds secured by loan instruments from low to moderate income borrowers. The remaining non-rated held-to-maturity debt securities balance is comprised of local municipal debt from within the Company’s geographic footprint and is monitored through quarterly or annual financial review. This municipal debt is predominately essential service or unlimited general obligation backed debt. The following tables summarize the amortized cost of held-to-maturity debt securities by credit rating at March 31, 2024 and December 31, 2023 (in thousands):

			March 31, 2024
			U.S. Government and agency obligations						Municipal bonds						Corporate bonds						Mortgage-backed or related securities						Total
AAA/AA/A			$	—					$	442,172					$	500					$	16,399					$	459,071
Not Rated			306						8,919						2,249						568,089						579,563
			$	306					$	451,091					$	2,749					$	584,488					$	1,038,634

			December 31, 2023
			U.S. Government and agency obligations						Municipal bonds						Corporate bonds						Mortgage-backed or related securities						Total
AAA/AA/A			$	—					$	456,999					$	500					$	16,459					$	473,958
Not Rated			307						9,033						2,281						573,808						585,429
			$	307					$	466,032					$	2,781					$	590,267					$	1,059,387

Debt Securities, Available-for-Sale, Allowance for Credit Loss

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