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SECURITIES

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

SECURITIES

The amortized cost, gross unrealized gains and losses and estimated fair value of securities at June 30, 2025 and December 31, 2024 are summarized as follows (in thousands):

			June 30, 2025
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Available-for-Sale:
U.S. Government and agency obligations			$	7,617					$	—					$	(385)											$	7,232
Municipal bonds			159,405						114						(33,318)												126,201
Corporate bonds			113,842						2,306						(5,201)												110,947
Mortgage-backed or related securities			1,927,971						1,775						(273,220)												1,656,526
Asset-backed securities			163,496						180						(1)												163,675
			$	2,372,331					$	4,375					$	(312,125)											$	2,064,581

			June 30, 2025
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations			$	300					$	—					$	(3)					$	297					$	—
Municipal bonds			435,022						4						(77,279)						357,592						(155)
Corporate bonds			2,602						—						(2)						2,453						(147)
Mortgage-backed or related securities			543,690						—						(102,194)						441,496						—
			$	981,614					$	4					$	(179,478)					$	801,838					$	(302)

			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 $4.1 million and $4.2 million at June 30, 2025 and December 31, 2024, and was $8.5 million and $9.0 million on available-for-sale debt securities at June 30, 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 June 30, 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):

			June 30, 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			$	—					$	—					$	7,232					$	(385)					$	7,232					$	(385)
Municipal bonds			30,708						(951)						88,814						(32,367)						119,522						(33,318)
Corporate bonds			—						—						78,902						(5,201)						78,902						(5,201)
Mortgage-backed or related securities			999						(12)						1,526,005						(273,208)						1,527,004						(273,220)
Asset-backed securities			20,000						(1)						—						—						20,000						(1)
			$	51,707					$	(964)					$	1,700,953					$	(311,161)					$	1,752,660					$	(312,125)

			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 June 30, 2025, there were 198 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 June 30, 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 June 30, 2025 or December 31, 2024.

There were no securities—available-for-sale sold during the three and six months ended June 30, 2025. The following table presents gross gains and losses on sales and partial calls of securities available-for-sale (in thousands):

			Three months ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
Available-for-Sale:
Gross Gains			$	—					$	—					$	—					$	36
Gross Losses			(3)						(562)						(3)						(5,501)
Balance, end of the period			$	(3)					$	(562)					$	(3)					$	(5,465)

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

															June 30, 2025
									Available-for-Sale												Held-to-Maturity
															Amortized Cost						Fair Value						Amortized Cost						Fair Value
Maturing within one year															$	38,715					$	38,380					$	8,522					$	8,332
Maturing after one year through five years															112,095						107,181						13,032						12,794
Maturing after five years through ten years															412,357						384,609						31,430						29,258
Maturing after ten years															1,809,164						1,534,411						928,630						751,454
															$	2,372,331					$	2,064,581					$	981,614					$	801,838

The following table presents, as of June 30, 2025, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):

			June 30, 2025
			Carrying Value						Amortized Cost						Fair Value
Purpose or beneficiary:
State and local governments public deposits			$	293,108					$	309,141					$	254,409
Interest rate swap counterparties			953						953						797
Repurchase transaction accounts			209,486						209,486						168,825
Other			2,464						2,464						2,188
Total pledged securities			$	506,011					$	522,044					$	426,219

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 June 30, 2025 and December 31, 2024 (in thousands):

			June 30, 2025
			U.S. Government and agency obligations						Municipal bonds						Corporate bonds						Mortgage-backed or related securities						Total
AAA/AA/A			$	—					$	426,018					$	500					$	16,095					$	442,613
Not Rated			300						9,004						2,102						527,595						539,001
			$	300					$	435,022					$	2,602					$	543,690					$	981,614

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

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