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Securities (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 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 June 30, 2024 |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 60,575 |  |  | $ | — |  |  | $ | (6,019) |  |  | $ | 54,556 |  |  | $ | — |
Corporate debt securities | 15,950 |  |  | 44 |  |  | (922) |  |  | 15,072 |  |  | — |
Asset-backed securities | 276,036 |  |  | 372 |  |  | (302) |  |  | 276,106 |  |  | — |
Mortgage-backed securities (“MBS”): |  |  |  |  |  |  |  |  |
Agency residential | 280,357 |  |  | 2,233 |  |  | — |  |  | 282,590 |  |  | — |
Agency commercial | 109,115 |  |  | — |  |  | (15,955) |  |  | 93,160 |  |  | — |
Total mortgage-backed securities | 389,472 |  |  | 2,233 |  |  | (15,955) |  |  | 375,750 |  |  | — |
Total debt securities available-for-sale | $ | 742,033 |  |  | $ | 2,649 |  |  | $ | (23,198) |  |  | $ | 721,484 |  |  | $ | — |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |
State and municipal debt obligations | $ | 210,758 |  |  | $ | 152 |  |  | $ | (16,505) |  |  | $ | 194,405 |  |  | $ | (34) |
Corporate debt securities | 66,646 |  |  | 200 |  |  | (2,489) |  |  | 64,357 |  |  | (818) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Agency residential | 727,463 |  |  | 16 |  |  | (77,345) |  |  | 650,134 |  |  | — |
Agency commercial | 81,403 |  |  | 1 |  |  | (5,443) |  |  | 75,961 |  |  | — |
Non-agency commercial | 20,531 |  |  | — |  |  | (1,538) |  |  | 18,993 |  |  | (106) |
Total mortgage-backed securities | 829,397 |  |  | 17 |  |  | (84,326) |  |  | 745,088 |  |  | (106) |
Total debt securities held-to-maturity | $ | 1,106,801 |  |  | $ | 369 |  |  | $ | (103,320) |  |  | $ | 1,003,850 |  |  | $ | (958) |
Total debt securities | $ | 1,848,834 |  |  | $ | 3,018 |  |  | $ | (126,518) |  |  | $ | 1,725,334 |  |  | $ | (958) |
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 and six months ended June 30, 2024 and 2023 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Allowance for securities credit losses |  |  |  |  |  |  |
Beginning balance | $ | (1,058) |  |  | $ | (1,043) |  |  | $ | (1,133) |  |  | $ | (1,128) |
Benefit for credit losses | 100 |  |  | 79 |  |  | 175 |  |  | 164 |
Total ending allowance balance | $ | (958) |  |  | $ | (964) |  |  | $ | (958) |  |  | $ | (964) |
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 June 30, 2024, aggregated by credit quality indicator, are as follows (in thousands):
| Investment Grade |  | Non-Investment Grade/Non-rated |  | Total
As of June 30, 2024 |  |  |  |  |
State and municipal debt obligations | $ | 210,758 |  |  | $ | — |  |  | $ | 210,758 |
Corporate debt securities | 52,690 |  |  | 13,957 |  |  | 66,647 |
Non-agency commercial MBS | 20,531 |  |  | — |  |  | 20,531 |
Total debt securities held-to-maturity | $ | 283,979 |  |  | $ | 13,957 |  |  | $ | 297,936 |
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 June 30, 2024 by contractual maturity are shown below (in thousands):
June 30, 2024 | Amortized Cost |  | Estimated Fair Value
Less than one year | $ | 30,305 |  |  | $ | 30,002 |
Due after one year through five years | 193,525 |  |  | 180,221 |
Due after five years through ten years | 207,294 |  |  | 202,709 |
Due after ten years | 198,842 |  |  | 191,564 |
| $ | 629,966 |  |  | $ | 604,496 |
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 June 30, 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 June 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 5,284 |  |  | $ | (25) |  |  | $ | 49,272 |  |  | $ | (5,994) |  |  | $ | 54,556 |  |  | $ | (6,019) |
Corporate debt securities | 938 |  |  | (17) |  |  | 5,817 |  |  | (905) |  |  | 6,755 |  |  | (922) |
Asset-backed securities | 5,972 |  |  | (28) |  |  | 130,230 |  |  | (274) |  |  | 136,202 |  |  | (302) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency commercial | — |  |  | — |  |  | 93,160 |  |  | (15,955) |  |  | 93,160 |  |  | (15,955) |
Total MBS | — |  |  | — |  |  | 93,160 |  |  | (15,955) |  |  | 93,160 |  |  | (15,955) |
Total debt securities available-for-sale | 12,194 |  |  | (70) |  |  | 278,479 |  |  | (23,128) |  |  | 290,673 |  |  | (23,198) |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
State and municipal debt obligations | 5,622 |  |  | (40) |  |  | 179,893 |  |  | (16,465) |  |  | 185,515 |  |  | (16,505) |
Corporate debt securities | 3,572 |  |  | — |  |  | 57,446 |  |  | (2,489) |  |  | 61,018 |  |  | (2,489) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 66,646 |  |  | (510) |  |  | 574,088 |  |  | (76,835) |  |  | 640,734 |  |  | (77,345) |
Agency commercial | 8,929 |  |  | (54) |  |  | 66,670 |  |  | (5,389) |  |  | 75,599 |  |  | (5,443) |
Non-agency commercial | — |  |  | — |  |  | 18,993 |  |  | (1,538) |  |  | 18,993 |  |  | (1,538) |
Total MBS | 75,575 |  |  | (564) |  |  | 659,751 |  |  | (83,762) |  |  | 735,326 |  |  | (84,326) |
Total debt securities held-to-maturity | 84,769 |  |  | (604) |  |  | 897,090 |  |  | (102,716) |  |  | 981,859 |  |  | (103,320) |
Total debt securities | $ | 96,963 |  |  | $ | (674) |  |  | $ | 1,175,569 |  |  | $ | (125,844) |  |  | $ | 1,272,532 |  |  | $ | (126,518) |
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 and six months ended June 30, 2024 and 2023 are shown in the table below (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net gain (loss) on equity investments | $ | 887 |  |  | $ | (559) |  |  | $ | 2,810 |  |  | $ | (7,360) |
Less: Net losses recognized on equity investments sold | — |  |  | (854) |  |  | — |  |  | (5,462) |
Unrealized gains (losses) recognized on equity investments still held | $ | 887 |  |  | $ | 295 |  |  | $ | 2,810 |  |  | $ | (1,898) |

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