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SECURITIES

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

SECURITIES

The amortized cost, gross unrealized gains and losses and estimated fair value of securities at March 31, 2025 and December 31, 2024 are summarized as follows (in thousands):

			March 31, 2025
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Available-for-Sale:
U.S. Government and agency obligations			$	7,965					$	—					$	(409)											$	7,556
Municipal bonds			157,399						255						(31,138)												126,516
Corporate bonds			131,408						97						(5,431)												126,074
Mortgage-backed or related securities			1,966,137						1,440						(282,391)												1,685,186
Asset-backed securities			163,486						176						(49)												163,613
			$	2,426,395					$	1,968					$	(319,418)											$	2,108,945

			March 31, 2025
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations			$	301					$	1					$	(3)					$	299					$	—
Municipal bonds			437,344						1						(70,729)						366,474						(142)
Corporate bonds			2,629						—						(5)						2,474						(150)
Mortgage-backed or related securities			551,814						—						(101,800)						450,014						—
			$	992,088					$	2					$	(172,537)					$	819,261					$	(292)

			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)

Accrued interest receivable on held-to-maturity debt securities was $3.7 million and $4.2 million at March 31, 2025 and December 31, 2024, and was $9.2 million and $9.0 million on available-for-sale debt securities at March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024, 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, 2025
			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			$	—					$	—					$	7,556					$	(409)					$	7,556					$	(409)
Municipal bonds			25,747						(590)						90,702						(30,548)						116,449						(31,138)
Corporate bonds			—						—						100,318						(5,431)						100,318						(5,431)
Mortgage-backed or related securities			1,834						(1)						1,555,146						(282,390)						1,556,980						(282,391)
Asset-backed securities			19,451						(49)						—						—						19,451						(49)
			$	47,032					$	(640)					$	1,753,722					$	(318,778)					$	1,800,754					$	(319,418)

			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)

At March 31, 2025, there were 199 securities—available-for-sale with unrealized losses, compared to 201 at December 31, 2024. Management does not believe that any remaining individual unrealized loss as of March 31, 2025 or December 31, 2024 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. There were no securities—available-for-sale in a nonaccrual status at March 31, 2025 or December 31, 2024.

There were no securities—available-for-sale sold during the three months ended March 31, 2025. The following table presents, for the three months ended March 31, 2024, the gross gains and losses on sales and partial calls of securities available-for-sale (in thousands):

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

The following table presents the amortized cost and estimated fair value of securities at March 31, 2025, 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, 2025
									Available-for-Sale												Held-to-Maturity
															Amortized Cost						Fair Value						Amortized Cost						Fair Value
Maturing within one year															$	31,383					$	31,084					$	3,647					$	3,496
Maturing after one year through five years															126,763						121,054						19,240						18,864
Maturing after five years through ten years															420,099						390,844						31,580						29,101
Maturing after ten years															1,848,150						1,565,963						937,621						767,800
															$	2,426,395					$	2,108,945					$	992,088					$	819,261

The following table presents, as of March 31, 2025, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):

			March 31, 2025
			Carrying Value						Amortized Cost						Fair Value
Purpose or beneficiary:
State and local governments public deposits			$	280,879					$	295,488					$	246,021
Interest rate swap counterparties			956						956						796
Repurchase transaction accounts			212,989						212,989						172,216
Other			2,462						2,462						2,157
Total pledged securities			$	497,286					$	511,895					$	421,190

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, 2025 and December 31, 2024 (in thousands):

			March 31, 2025
			U.S. Government and agency obligations						Municipal bonds						Corporate bonds						Mortgage-backed or related securities						Total
AAA/AA/A			$	—					$	429,493					$	500					$	16,156					$	446,149
Not Rated			301						7,851						2,129						535,658						545,939
			$	301					$	437,344					$	2,629					$	551,814					$	992,088

			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

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The entire disclosure for investments in certain debt and equity securities.

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-Topic 940
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-Publisher FASB
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-Name Regulation S-K (SK)
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-Section 1403
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-Publisher SEC

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