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SECURITIES

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

SECURITIES

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

			December 31, 2024
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Available-for-Sale:
U.S. Government and agency obligations			$	8,492					$	—					$	(559)											$	7,933
Municipal bonds			153,982						453						(30,453)												123,982
Corporate bonds			131,379						100						(6,489)												124,990
Mortgage-backed or related securities			1,995,805						383						(319,340)												1,676,848
Asset-backed securities			170,604						155						(1)												170,758
			$	2,460,262					$	1,091					$	(356,842)											$	2,104,511

			December 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			$	302					$	—					$	(4)					$	298					$	—
Municipal bonds			438,196						36						(62,809)						375,280						(143)
Corporate bonds			2,658						—						(6)						2,498						(154)
Mortgage-backed or related securities			560,705						—						(113,253)						447,452						—
			$	1,001,861					$	36					$	(176,072)					$	825,528					$	(297)

			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)

Accrued interest receivable on held-to-maturity debt securities was $4.2 million and $4.5 million as of December 31, 2024 and 2023, and was $9.0 million and $10.8 million on available-for-sale debt securities at December 31, 2024 and 2023, respectively. Accrued interest receivable on securities is reported in accrued interest receivable on the Consolidated Statements of Financial Condition and is excluded from the calculation of the allowance for credit losses.

At December 31, 2024 and 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):

			December 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			$	—					$	—					$	7,933					$	(559)					$	7,933					$	(559)
Municipal bonds			15,497						(287)						91,156						(30,166)						106,653						(30,453)
Corporate bonds			2,541						(59)						96,763						(6,430)						99,304						(6,489)
Mortgage-backed or related securities			44,749						(524)						1,552,613						(318,816)						1,597,362						(319,340)
Asset-backed securities			20,000						(1)						—						—						20,000						(1)
			$	82,787					$	(871)					$	1,748,465					$	(355,971)					$	1,831,252					$	(356,842)

			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)

At December 31, 2024, there were 201 securities—available-for-sale with unrealized losses, compared to 224 at December 31, 2023.  Management does not believe that any individual unrealized loss as of December 31, 2024 or 2023 resulted from credit loss.  The decline in fair market value of these securities was generally due to changes in interest rates and changes in market-desired spreads subsequent to their purchase.

All securities—trading were transferred to securities—available-for-sale during the fourth quarter of 2023. Net unrealized holding losses of $3.4 million were recognized in 2023.

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

									For the Year Ended December 31,
															2024						2023						2022
Available-for-Sale:
Gross Gains															$	36					$	383					$	522
Gross Losses															(5,529)						(19,625)						(3,770)
Balance, end of the period															$	(5,493)					$	(19,242)					$	(3,248)

There were no securities—available-for-sale in a nonaccrual status at December 31, 2024 and 2023.

The Company did not sell any held-to-maturity securities during the years ended December 31, 2024, 2023 and 2022. There were no securities—held-to-maturity in a nonaccrual status at December 31, 2024 and 2023.

The following table presents the amortized cost and estimated fair value of securities at December 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.

															December 31, 2024
									Available-for-Sale												Held-to-Maturity
															Amortized Cost						Fair Value						Amortized Cost						Fair Value
Maturing within one year															$	23,515					$	23,286					$	3,651					$	3,492
Maturing after one year through five years															135,410						128,115						19,325						18,790
Maturing after five years through 10 years															422,962						388,640						34,010						31,511
Maturing after 10 years															1,878,375						1,564,470						944,875						771,735
															$	2,460,262					$	2,104,511					$	1,001,861					$	825,528

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

			December 31, 2024
			Carrying Value						Amortized Cost						Fair Value
Purpose or beneficiary:
State and local governments public deposits			$	281,954					$	296,238					$	250,692
Interest rate swap counterparties			959						959						769
Repurchase transaction accounts			215,610						215,610						170,700
Other			2,289						2,289						2,094
Total pledged securities			$	500,812					$	515,096					$	424,255

The Company monitors the credit quality of held-to-maturity debt securities using 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 December 31, 2024 and 2023 (in thousands):

			December 31, 2024
			U.S. Government and agency obligations						Municipal bonds						Corporate bonds						Mortgage-backed or related securities						Total
AAA/AA/A			$	—					$	430,158					$	500					$	16,218					$	446,876
Not Rated			302						8,038						2,158						544,487						554,985
			$	302					$	438,196					$	2,658					$	560,705					$	1,001,861

			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

The following tables present the activity in the allowance for credit losses for held-to-maturity debt securities by major type for the year ended December 31, 2024 and 2023 (in thousands):

									For the Year Ended December 31, 2024
									Municipal bonds						Corporate bonds												Total
Allowance for credit losses – securities
Beginning balance									$	157					$	175											$	332
Recapture of provision for credit losses									(14)						(46)												(60)
Recoveries									—						25												25
Ending balance									$	143					$	154											$	297

									For the Year Ended December 31, 2023
									Municipal bonds						Corporate bonds												Total
Allowance for credit losses – securities
Beginning balance									$	183					$	196											$	379
Recapture of provision for credit losses									(26)						(45)												(71)
Recoveries									—						24												24
Ending balance									$	157					$	175											$	332

									For the Year Ended December 31, 2022
									Municipal bonds						Corporate bonds												Total
Allowance for credit losses – securities
Beginning balance									$	203					$	230											$	433
Recapture of provision for credit losses									(20)						(63)												(83)
Recoveries									—						29												29
Ending balance									$	183					$	196											$	379

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- 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
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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-Section 50
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