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Securities (Tables) | 3 Months Ended
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Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Debt Securities, Available-for-Sale and Held-to-Maturity | The amortized cost, estimated fair value, and allowance for securities credit losses of debt securities available-for-sale and held-to-maturity at March 31, 2024 and December 31, 2023 are as follows (in thousands):
| Amortized Cost (1) |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Allowance for Securities Credit Losses
At March 31, 2024 |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 65,818 |  |  | $ | — |  |  | $ | (6,166) |  |  | $ | 59,652 |  |  | $ | — |
Corporate debt securities | 11,831 |  |  | 17 |  |  | (1,178) |  |  | 10,670 |  |  | — |
Asset-backed securities | 289,632 |  |  | 113 |  |  | (1,619) |  |  | 288,126 |  |  | — |
Mortgage-backed securities (“MBS”): |  |  |  |  |  |  |  |  |
Agency residential | 291,759 |  |  | 1,460 |  |  | (12) |  |  | 293,207 |  |  | — |
Agency commercial | 109,352 |  |  | — |  |  | (16,063) |  |  | 93,289 |  |  | — |
Total mortgage-backed securities | 401,111 |  |  | 1,460 |  |  | (16,075) |  |  | 386,496 |  |  | — |
Total debt securities available-for-sale | $ | 768,392 |  |  | $ | 1,590 |  |  | $ | (25,038) |  |  | $ | 744,944 |  |  | $ | — |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |
State and municipal debt obligations | $ | 213,231 |  |  | $ | 188 |  |  | $ | (15,535) |  |  | $ | 197,884 |  |  | $ | (36) |
Corporate debt securities | 66,583 |  |  | 192 |  |  | (3,543) |  |  | 63,232 |  |  | (916) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Agency residential | 747,094 |  |  | 178 |  |  | (75,407) |  |  | 671,865 |  |  | — |
Agency commercial | 82,208 |  |  | 2 |  |  | (4,312) |  |  | 77,898 |  |  | — |
Non-agency commercial | 20,608 |  |  | — |  |  | (1,522) |  |  | 19,086 |  |  | (106) |
Total mortgage-backed securities | 849,910 |  |  | 180 |  |  | (81,241) |  |  | 768,849 |  |  | (106) |
Total debt securities held-to-maturity | $ | 1,129,724 |  |  | $ | 560 |  |  | $ | (100,319) |  |  | $ | 1,029,965 |  |  | $ | (1,058) |
Total debt securities | $ | 1,898,116 |  |  | $ | 2,150 |  |  | $ | (125,357) |  |  | $ | 1,774,909 |  |  | $ | (1,058) |
At December 31, 2023 |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 66,490 |  |  | $ | — |  |  | $ | (5,796) |  |  | $ | 60,694 |  |  | $ | — |
Corporate debt securities | 10,096 |  |  | 11 |  |  | (981) |  |  | 9,126 |  |  | — |
Asset-backed securities | 295,796 |  |  | — |  |  | (4,252) |  |  | 291,544 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Agency residential | 298,107 |  |  | 183 |  |  | (97) |  |  | 298,193 |  |  | — |
Agency commercial | 109,590 |  |  | — |  |  | (15,255) |  |  | 94,335 |  |  | — |
Total mortgage-backed securities | 407,697 |  |  | 183 |  |  | (15,352) |  |  | 392,528 |  |  | — |
Total debt securities available-for-sale | $ | 780,079 |  |  | $ | 194 |  |  | $ | (26,381) |  |  | $ | 753,892 |  |  | $ | — |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |
State, municipal, and sovereign debt obligations | $ | 222,009 |  |  | $ | 251 |  |  | $ | (14,550) |  |  | $ | 207,710 |  |  | $ | (39) |
Corporate debt securities | 69,809 |  |  | 391 |  |  | (3,941) |  |  | 66,259 |  |  | (987) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Agency residential | 765,632 |  |  | 901 |  |  | (70,040) |  |  | 696,493 |  |  | — |
Agency commercial | 82,734 |  |  | 10 |  |  | (3,678) |  |  | 79,066 |  |  | — |
Non-agency commercial | 20,684 |  |  | — |  |  | (1,774) |  |  | 18,910 |  |  | (107) |
Total mortgage-backed securities | 869,050 |  |  | 911 |  |  | (75,492) |  |  | 794,469 |  |  | (107) |
Total debt securities held-to-maturity | $ | 1,160,868 |  |  | $ | 1,553 |  |  | $ | (93,983) |  |  | $ | 1,068,438 |  |  | $ | (1,133) |
Total debt securities | $ | 1,940,947 |  |  | $ | 1,747 |  |  | $ | (120,364) |  |  | $ | 1,822,330 |  |  | $ | (1,133) |
Schedule of Allowance for Credit Losses for Debt Securities Held-to-Maturity | The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the three months ended March 31, 2024 and 2023 (in thousands):
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Allowance for securities credit losses |  |  |  |  |  |  |
Beginning balance | $ | (1,133) |  |  | $ | (1,128) |  |  |  |  |
Benefit for credit losses | 75 |  |  | 85 |  |  |  |  |
Total ending allowance balance | $ | (1,058) |  |  | $ | (1,043) |  |  |  |  |
Schedule of Amortized Cost of Debt Securities Held-to-Maturity, Aggregated by Credit Quality Indicator | Under this approach, the amortized cost of debt securities held-to-maturity at March 31, 2024, aggregated by credit quality indicator, are as follows (in thousands):
| Investment Grade |  | Non-Investment Grade/Non-rated |  | Total
As of March 31, 2024 |  |  |  |  |
State and municipal debt obligations | $ | 213,231 |  |  | $ | — |  |  | $ | 213,231 |
Corporate debt securities | 53,047 |  |  | 13,536 |  |  | 66,583 |
Non-agency commercial MBS | 20,608 |  |  | — |  |  | 20,608 |
Total debt securities held-to-maturity | $ | 286,886 |  |  | $ | 13,536 |  |  | $ | 300,422 |
Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | The amortized cost and estimated fair value of debt securities at March 31, 2024 by contractual maturity are shown below (in thousands):
March 31, 2024 | Amortized Cost |  | Estimated Fair Value
Less than one year | $ | 32,582 |  |  | $ | 32,182 |
Due after one year through five years | 194,788 |  |  | 180,665 |
Due after five years through ten years | 194,267 |  |  | 189,112 |
Due after ten years | 225,458 |  |  | 217,605 |
| $ | 647,095 |  |  | $ | 619,564 |
Schedule of Estimated Fair Value and Unrealized Losses for Debt Securities Available-for-Sale and Held-to-Maturity | The estimated fair value and unrealized losses for debt securities available-for-sale and held-to-maturity at March 31, 2024 and December 31, 2023, segregated by the duration of the unrealized losses, are as follows (in thousands):
| Less than 12 months |  | 12 months or longer |  | Total
| Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
At March 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 5,383 |  |  | $ | (14) |  |  | $ | 54,269 |  |  | $ | (6,152) |  |  | $ | 59,652 |  |  | $ | (6,166) |
Corporate debt securities | 1,432 |  |  | (25) |  |  | 7,496 |  |  | (1,153) |  |  | 8,928 |  |  | (1,178) |
Asset-backed securities | 9,291 |  |  | (9) |  |  | 216,864 |  |  | (1,610) |  |  | 226,155 |  |  | (1,619) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 23,921 |  |  | (12) |  |  | — |  |  | — |  |  | 23,921 |  |  | (12) |
Agency commercial | — |  |  | — |  |  | 93,289 |  |  | (16,063) |  |  | 93,289 |  |  | (16,063) |
Total MBS | 23,921 |  |  | (12) |  |  | 93,289 |  |  | (16,063) |  |  | 117,210 |  |  | (16,075) |
Total debt securities available-for-sale | 40,027 |  |  | (60) |  |  | 371,918 |  |  | (24,978) |  |  | 411,945 |  |  | (25,038) |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
State and municipal debt obligations | 2,675 |  |  | (30) |  |  | 185,307 |  |  | (15,505) |  |  | 187,982 |  |  | (15,535) |
Corporate debt securities | 2,996 |  |  | (568) |  |  | 57,739 |  |  | (2,975) |  |  | 60,735 |  |  | (3,543) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 104,295 |  |  | (1,702) |  |  | 530,150 |  |  | (73,705) |  |  | 634,445 |  |  | (75,407) |
Agency commercial | 19,736 |  |  | (440) |  |  | 57,153 |  |  | (3,872) |  |  | 76,889 |  |  | (4,312) |
Non-agency commercial | — |  |  | — |  |  | 19,086 |  |  | (1,522) |  |  | 19,086 |  |  | (1,522) |
Total MBS | 124,031 |  |  | (2,142) |  |  | 606,389 |  |  | (79,099) |  |  | 730,420 |  |  | (81,241) |
Total debt securities held-to-maturity | 129,702 |  |  | (2,740) |  |  | 849,435 |  |  | (97,579) |  |  | 979,137 |  |  | (100,319) |
Total debt securities | $ | 169,729 |  |  | $ | (2,800) |  |  | $ | 1,221,353 |  |  | $ | (122,557) |  |  | $ | 1,391,082 |  |  | $ | (125,357) |
At December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 833 |  |  | $ | (2) |  |  | $ | 59,861 |  |  | $ | (5,794) |  |  | $ | 60,694 |  |  | $ | (5,796) |
Corporate debt securities | 1,543 |  |  | (165) |  |  | 6,116 |  |  | (816) |  |  | 7,659 |  |  | (981) |
Asset-backed securities | — |  |  | — |  |  | 291,544 |  |  | (4,252) |  |  | 291,544 |  |  | (4,252) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 169,000 |  |  | (97) |  |  | — |  |  | — |  |  | 169,000 |  |  | (97) |
Agency commercial | — |  |  | — |  |  | 94,335 |  |  | (15,255) |  |  | 94,335 |  |  | (15,255) |
Total MBS | 169,000 |  |  | (97) |  |  | 94,335 |  |  | (15,255) |  |  | 263,335 |  |  | (15,352) |
Total debt securities available-for-sale | 171,376 |  |  | (264) |  |  | 451,856 |  |  | (26,117) |  |  | 623,232 |  |  | (26,381) |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
State and municipal debt obligations | 6,671 |  |  | (23) |  |  | 191,511 |  |  | (14,527) |  |  | 198,182 |  |  | (14,550) |
Corporate debt securities | 3,084 |  |  | (473) |  |  | 58,386 |  |  | (3,468) |  |  | 61,470 |  |  | (3,941) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 95,776 |  |  | (693) |  |  | 525,751 |  |  | (69,347) |  |  | 621,527 |  |  | (70,040) |
Agency commercial | 18,902 |  |  | (370) |  |  | 55,051 |  |  | (3,308) |  |  | 73,953 |  |  | (3,678) |
Non-agency commercial | — |  |  | — |  |  | 18,910 |  |  | (1,774) |  |  | 18,910 |  |  | (1,774) |
Total MBS | 114,678 |  |  | (1,063) |  |  | 599,712 |  |  | (74,429) |  |  | 714,390 |  |  | (75,492) |
Total debt securities held-to-maturity | 124,433 |  |  | (1,559) |  |  | 849,609 |  |  | (92,424) |  |  | 974,042 |  |  | (93,983) |
Total debt securities | $ | 295,809 |  |  | $ | (1,823) |  |  | $ | 1,301,465 |  |  | $ | (118,541) |  |  | $ | 1,597,274 |  |  | $ | (120,364) |
Schedule of Realized and Unrealized Gains or Losses on Equity Securities | The realized and unrealized gains or losses on equity securities for the three months ended March 31, 2024 and 2023 are shown in the table below (in thousands):
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Net gain (loss) on equity investments | $ | 1,923 |  |  | $ | (6,801) |  |  |  |  |
Less: Net losses recognized on equity investments sold | — |  |  | (4,608) |  |  |  |  |
Unrealized gains (losses) recognized on equity investments still held | $ | 1,923 |  |  | $ | (2,193) |  |  |  |  |

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