Investment Securities

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investment Securities Available-For-Sale

The following table shows investment securities available-for-sale.


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2025
U.S. Treasury and Federal agencies securities	$	706,387	$	2,644	$	(9,174)	$	699,857
U.S. States and political subdivisions securities	106,537		1,048		(1,905)		105,680
Mortgage-backed securities — Federal agencies	742,140		2,590		(55,652)		689,078
Corporate debt securities	500		2		—		502

Total debt securities available-for-sale	$	1,555,564	$	6,284	$	(66,731)	$	1,495,117

December 31, 2024
U.S. Treasury and Federal agencies securities	$	786,417	$	24	$	(28,692)	$	757,749
U.S. States and political subdivisions securities	86,305		33		(3,706)		82,632
Mortgage-backed securities — Federal agencies	777,962		192		(82,236)		695,918


Total debt securities available-for-sale	$	1,650,684	$	249	$	(114,634)	$	1,536,299

Amortized cost excludes accrued interest receivable which is included in Accrued Income and Other Assets on the Consolidated Statements of Financial Condition. At September 30, 2025, and December 31, 2024, accrued interest receivable on investment securities available-for-sale was $5.33 million and $4.68 million, respectively.

At September 30, 2025, and December 31, 2024, the residential mortgage-backed securities held by the Company consisted primarily of GNMA, FNMA and FHLMC pass-through certificates which are guaranteed by those respective agencies of the United States government (Government Sponsored Enterprise, GSEs).

The Company did not hold any marketable equity securities at September 30, 2025, and December 31, 2024.

The following table shows the contractual maturities of investments in debt securities available-for-sale at September 30, 2025. Expected maturities will differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


(Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	224,596	$	221,779
Due after one year through five years	493,746		488,358
Due after five years through ten years	81,820		82,595
Due after ten years	13,262		13,307
Mortgage-backed securities	742,140		689,078
Total debt securities available-for-sale	$	1,555,564	$	1,495,117

The following table summarizes gross unrealized losses and fair value by investment category and age. At September 30, 2025, the Company’s available-for-sale securities portfolio consisted of 632 securities, 467 of which were in an unrealized loss position.


	Less than 12 Months				12 months or Longer				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
September 30, 2025
U.S. Treasury and Federal agencies securities	$	108,618	$	(500)	$	392,971	$	(8,674)	$	501,589	$	(9,174)
U.S. States and political subdivisions securities	12,156		(121)		33,728		(1,784)		45,884		(1,905)
Mortgage-backed securities - Federal agencies	33,556		(171)		470,737		(55,481)		504,293		(55,652)


Total debt securities available-for-sale	$	154,330	$	(792)	$	897,436	$	(65,939)	$	1,051,766	$	(66,731)

December 31, 2024
U.S. Treasury and Federal agencies securities	$	103,621	$	(1,324)	$	644,614	$	(27,368)	$	748,235	$	(28,692)
U.S. States and political subdivisions securities	37,017		(670)		39,280		(3,036)		76,297		(3,706)
Mortgage-backed securities - Federal agencies	191,779		(3,355)		466,204		(78,881)		657,983		(82,236)


Total debt securities available-for-sale	$	332,417	$	(5,349)	$	1,150,098	$	(109,285)	$	1,482,515	$	(114,634)

The Company does not consider available-for-sale securities with unrealized losses at September 30, 2025, to be experiencing credit losses and recognized no resulting allowance for credit losses. The Company does not intend to sell these investments, and it is more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost basis, which may be the maturity dates of the securities. The unrealized losses occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase.

The following table shows the proceeds from sales of available-for-sale debt securities and the gross realized gains and gross realized losses that have been included in earnings as a result of these sales. Realized gains and losses of all securities are computed using the specific identification cost basis.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands)	2025		2024		2025		2024
Proceeds from sales	$	73,537	$	—	$	99,246	$	—
Gross realized gains	—		—		—		—
Gross realized losses	1,877		—		2,874		—

At September 30, 2025, and December 31, 2024, investment securities available-for-sale with carrying values of $246.18 million and $359.10 million, respectively, were pledged as collateral for security repurchase agreements and for other purposes.