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Securities (Tables)
 9 Months Ended
Sep. 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 September 30, 2024 and December 31, 2023 are as follows (in thousands):
Amortized
Cost 		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value		Allowance for Securities Credit Losses
At September 30, 2024
Debt securities available-for-sale:
U.S. government and agency obligations$60,860 $12 $(4,179)$56,693 $— 
Corporate debt securities15,967 38 (795)15,210 — 
Asset-backed securities251,986 294 (147)252,133 — 
Mortgage-backed securities (“MBS”):
Agency residential489,515 1,427 (195)490,747 — 
Agency commercial108,865 — (11,895)96,970 — 
Total mortgage-backed securities598,380 1,427 (12,090)587,717 — 
Total debt securities available-for-sale$927,193 $1,771 $(17,211)$911,753 $— 
Debt securities held-to-maturity:
State and municipal debt obligations$203,822 $296 $(10,668)$193,450 $(34)
Corporate debt securities66,721 508 (1,378)65,851 (763)
Mortgage-backed securities:
Agency residential703,899 2,299 (54,907)651,291 — 
Agency commercial81,137 10 (3,435)77,712 — 
Non-agency commercial20,454 — (977)19,477 (105)
Total mortgage-backed securities805,490 2,309 (59,319)748,480 (105)
Total debt securities held-to-maturity$1,076,033 $3,113 $(71,365)$1,007,781 $(902)
Total debt securities$2,003,226 $4,884 $(88,576)$1,919,534 $(902)
At December 31, 2023
Debt securities available-for-sale:
U.S. government and agency obligations$66,490 $— $(5,796)$60,694 $— 
Corporate debt securities10,096 11 (981)9,126 — 
Asset-backed securities295,796 — (4,252)291,544 — 
Mortgage-backed securities:
Agency residential298,107 183 (97)298,193 — 
Agency commercial 109,590 — (15,255)94,335 — 
Total mortgage-backed securities407,697 183 (15,352)392,528 — 
Total debt securities available-for-sale$780,079 $194 $(26,381)$753,892 $— 
Debt securities held-to-maturity:
State and municipal debt obligations$222,009 $251 $(14,550)$207,710 $(39)
Corporate debt securities69,809 391 (3,941)66,259 (987)
Mortgage-backed securities:
Agency residential765,632 901 (70,040)696,493 — 
Agency commercial82,734 10 (3,678)79,066 — 
Non-agency commercial20,684 — (1,774)18,910 (107)
Total mortgage-backed securities869,050 911 (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 $(1,133)
Schedule of Allowance for Credit Losses for Debt Securities Held-to-Maturity
The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the three and nine months ended September 30, 2024 and 2023 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Allowance for securities credit losses
Beginning balance$(958)$(964)$(1,133)$(1,128)
Benefit for credit losses56 32 231 196 
Total ending allowance balance$(902)$(932)$(902)$(932)
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 September 30, 2024, aggregated by credit quality indicator, are as follows (in thousands):
Investment GradeNon-Investment Grade/Non-ratedTotal
As of September 30, 2024
State and municipal debt obligations$202,983 $839 $203,822 
Corporate debt securities52,730 13,991 66,721 
Non-agency commercial MBS20,454 — 20,454 
Total debt securities held-to-maturity$276,167 $14,830 $290,997 
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 September 30, 2024 by contractual maturity are shown below (in thousands):
September 30, 2024Amortized
Cost		Estimated
Fair Value
Less than one year$32,613 $32,323 
Due after one year through five years188,400 179,988 
Due after five years through ten years223,941 220,655 
Due after ten years154,402 150,371 
$599,356 $583,337 
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 September 30, 2024 and December 31, 2023, segregated by the duration of the unrealized losses, are as follows (in thousands):
 Less than 12 months12 months or longerTotal
 Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses
At September 30, 2024
Debt securities available-for-sale:
U.S. government and agency obligations$2,103 $(6)$50,871 $(4,173)$52,974 $(4,179)
Corporate debt securities4,788 (54)5,988 (741)10,776 (795)
Asset-backed securities42,325 (40)89,004 (107)131,329 (147)
MBS:
Agency residential143,284 (195)— — 143,284 (195)
Agency commercial— — 96,970 (11,895)96,970 (11,895)
Total MBS143,284 (195)96,970 (11,895)240,254 (12,090)
Total debt securities available-for-sale192,500 (295)242,833 (16,916)435,333 (17,211)
Debt securities held-to-maturity:
State and municipal debt obligations5,041 (361)175,161 (10,307)180,202 (10,668)
Corporate debt securities— — 38,713 (1,378)38,713 (1,378)
MBS:
Agency residential— — 514,518 (54,907)514,518 (54,907)
Agency commercial1,276 (10)73,251 (3,425)74,527 (3,435)
Non-agency commercial— — 19,477 (977)19,477 (977)
Total MBS1,276 (10)607,246 (59,309)608,522 (59,319)
Total debt securities held-to-maturity6,317 (371)821,120 (70,994)827,437 (71,365)
Total debt securities$198,817 $(666)$1,063,953 $(87,910)$1,262,770 $(88,576)
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 securities1,543 (165)6,116 (816)7,659 (981)
Asset-backed securities— — 291,544 (4,252)291,544 (4,252)
MBS:
Agency residential169,000 (97)— — 169,000 (97)
Agency commercial— — 94,335 (15,255)94,335 (15,255)
Total MBS169,000 (97)94,335 (15,255)263,335 (15,352)
Total debt securities available-for-sale171,376 (264)451,856 (26,117)623,232 (26,381)
Debt securities held-to-maturity:
State and municipal debt obligations6,671 (23)191,511 (14,527)198,182 (14,550)
Corporate debt securities3,084 (473)58,386 (3,468)61,470 (3,941)
MBS:
Agency residential95,776 (693)525,751 (69,347)621,527 (70,040)
Agency commercial18,902 (370)55,051 (3,308)73,953 (3,678)
Non-agency commercial— — 18,910 (1,774)18,910 (1,774)
Total MBS114,678 (1,063)599,712 (74,429)714,390 (75,492)
Total debt securities held-to-maturity124,433 (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 nine months ended September 30, 2024 and 2023 are shown in the table below (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net gain (loss) on equity investments$1,420 $1,452 $4,230 $(5,908)
Less: Net losses recognized on equity investments sold— — — (5,462)
Unrealized gains (losses) recognized on equity investments still held$1,420 $1,452 $4,230 $(446)