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SECURITIES (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023 are summarized as follows (in thousands):

			September 30, 2024
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Available-for-Sale:
U.S. Government and agency obligations			$	8,897					$	—					$	(412)											$	8,485
Municipal bonds			154,029						1,266						(25,159)												130,136
Corporate bonds			131,354						—						(8,073)												123,281
Mortgage-backed or related securities			2,030,089						1,872						(255,764)												1,776,197
Asset-backed securities			199,599						242						(1)												199,840
			$	2,523,968					$	3,380					$	(289,409)											$	2,237,939

			September 30, 2024
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations			$	304					$	1					$	(4)					$	301					$	—
Municipal bonds			443,074						126						(49,814)						393,238						(148)
Corporate bonds			2,689						—						(8)						2,522						(159)
Mortgage-backed or related securities			568,143						—						(84,926)						483,217						—
			$	1,014,210					$	127					$	(134,752)					$	879,278					$	(307)

			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 September 30, 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):

			September 30, 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			$	—					$	—					$	8,485					$	(412)					$	8,485					$	(412)
Municipal bonds			—						—						96,234						(25,159)						96,234						(25,159)
Corporate bonds			12,227						(178)						111,053						(7,895)						123,280						(8,073)
Mortgage-backed or related securities			—						—						1,647,906						(255,764)						1,647,906						(255,764)
Asset-backed securities			20,000						(1)						—						—						20,000						(1)
			$	32,227					$	(179)					$	1,863,678					$	(289,230)					$	1,895,905					$	(289,409)

			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 September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Available-for-Sale:
Gross Gains			$	—					$	—					$	37					$	377
Gross Losses			—						(2,657)						(5,502)						(14,813)
Balance, end of the period			$	—					$	(2,657)					$	(5,465)					$	(14,436)

Schedule of Securities by Contractual Maturity Date

The following table presents the amortized cost and estimated fair value of securities at September 30, 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.

															September 30, 2024
									Available-for-Sale												Held-to-Maturity
															Amortized Cost						Fair Value						Amortized Cost						Fair Value
Maturing within one year															$	6,144					$	6,059					$	5,511					$	5,310
Maturing after one year through five years															124,382						120,485						15,271						15,186
Maturing after five years through ten years															437,813						405,679						29,559						28,651
Maturing after ten years															1,955,629						1,705,716						963,869						830,131
															$	2,523,968					$	2,237,939					$	1,014,210					$	879,278

Schedule of Pledged Securities

The following table presents, as of September 30, 2024, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):

			September 30, 2024
			Carrying Value						Amortized Cost						Fair Value
Purpose or beneficiary:
State and local governments public deposits			$	276,380					$	288,392					$	252,146
Interest rate swap counterparties			962						962						827
Repurchase transaction accounts			218,747						218,747						184,864
Other			2,301						2,301						2,173
Total pledged securities			$	498,390					$	510,402					$	440,010

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 September 30, 2024 and December 31, 2023 (in thousands):

			September 30, 2024
			U.S. Government and agency obligations						Municipal bonds						Corporate bonds						Mortgage-backed or related securities						Total
AAA/AA/A			$	—					$	434,476					$	500					$	16,280					$	451,256
Not Rated			304						8,598						2,189						551,863						562,954
			$	304					$	443,074					$	2,689					$	568,143					$	1,014,210

			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

The following tables present the activity in the allowance for credit losses for securities available-for-sale by major type for the three and nine months ended September 30, 2023 (in thousands).

			For the Three Months Ended September 30, 2023
			U.S. Government and agency obligations						Municipal bonds						Corporate bonds						Mortgage-backed or related securities						Total
Allowance for credit losses – securities available-for-sale
Beginning balance			$	—					$	—					$	2,000					$	—					$	2,000
Recapture of provision for credit losses			—						—						(1,250)						—						(1,250)
Ending balance			$	—					$	—					$	750					$	—					$	750
			For the Nine Months Ended September 30, 2023
			U.S. Government and agency obligations						Municipal bonds						Corporate bonds						Mortgage-backed or related securities						Total
Allowance for credit losses – securities available-for-sale
Beginning balance			$	—					$	—					$	—					$	—					$	—
Provision for credit losses			—						—						750						—						750
Ending balance			$	—					$	—					$	750					$	—					$	750

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