XML 51 R37.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Securities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost, Estimated Fair Value, and Allowance for Securities Credit Losses 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 December 31, 2024 and 2023 are as follows (in thousands):
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Allowance for Securities Credit Losses
At December 31, 2024 |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 62,396 |  |  | $ | 11 |  |  | $ | (5,022) |  |  | $ | 57,385 |  |  | $ | — |
Corporate debt securities |  | 14,042 |  |  | 43 |  |  | (762) |  |  | 13,323 |  |  | — |
Asset-backed securities |  | 197,116 |  |  | 235 |  |  | (84) |  |  | 197,267 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Agency residential |  | 465,108 |  |  | 1,256 |  |  | (801) |  |  | 465,563 |  |  | — |
Agency commercial |  | 108,610 |  |  | — |  |  | (14,648) |  |  | 93,962 |  |  | — |
Total mortgage-backed securities |  | 573,718 |  |  | 1,256 |  |  | (15,449) |  |  | 559,525 |  |  | — |
Total debt securities available-for-sale |  | $ | 847,272 |  |  | $ | 1,545 |  |  | $ | (21,317) |  |  | $ | 827,500 |  |  | $ | — |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |
State and municipal debt obligations |  | $ | 201,369 |  |  | $ | 199 |  |  | $ | (13,665) |  |  | $ | 187,903 |  |  | $ | (31) |
Corporate debt securities |  | 65,350 |  |  | 775 |  |  | (1,416) |  |  | 64,709 |  |  | (734) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Agency residential |  | 680,052 |  |  | 44 |  |  | (73,110) |  |  | 606,986 |  |  | — |
Agency commercial |  | 79,925 |  |  | 1 |  |  | (5,878) |  |  | 74,048 |  |  | — |
Non-agency commercial |  | 20,146 |  |  | — |  |  | (875) |  |  | 19,271 |  |  | (202) |
Total mortgage-backed securities |  | 780,123 |  |  | 45 |  |  | (79,863) |  |  | 700,305 |  |  | (202) |
Total debt securities held-to-maturity |  | $ | 1,046,842 |  |  | $ | 1,019 |  |  | $ | (94,944) |  |  | $ | 952,917 |  |  | $ | (967) |
Total debt securities |  | $ | 1,894,114 |  |  | $ | 2,564 |  |  | $ | (116,261) |  |  | $ | 1,780,417 |  |  | $ | (967) |
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 and municipal 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 Activity in the 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 years ended December 31, 2024 and 2023 (in thousands):
|  | For the Years Ended,
|  | 2024 |  | 2023
Allowance for securities credit losses |  |  |  |
Beginning balance |  | $ | (1,133) |  |  | $ | (1,128) |
Benefit (provision) for credit losses |  | 166 |  |  | (5) |
Total ending allowance balance |  | $ | (967) |  |  | $ | (1,133) |
Schedule of Amortized Cost of Debt Securities Held-to-Maturity at Aggregated by Credit Quality Indicator | Under this approach, the amortized cost of debt securities held-to-maturity at December 31, 2024, aggregated by credit quality indicator, are as follows (in thousands):
| Investment Grade |  | Non-Investment Grade/Non-rated |  | Total
As of December 31, 2024 |  |  |  |  |
State and municipal debt obligations | $ | 200,533 |  |  | $ | 836 |  |  | $ | 201,369 |
Corporate debt securities | 51,525 |  |  | 13,825 |  |  | 65,350 |
Non-agency commercial MBS | 20,146 |  |  | — |  |  | 20,146 |
Total debt securities held-to-maturity | $ | 272,204 |  |  | $ | 14,661 |  |  | $ | 286,865 |
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 December 31, 2024 by contractual maturity are shown below (in thousands):
At December 31, 2024 |  | Amortized Cost |  | Estimated Fair Value
Less than one year |  | $ | 40,608 |  |  | $ | 40,314 |
Due after one year through five years |  | 175,759 |  |  | 166,437 |
Due after five years through ten years |  | 213,825 |  |  | 209,342 |
Due after ten years |  | 110,081 |  |  | 104,494 |
|  | $ | 540,273 |  |  | $ | 520,587 |
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 December 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 December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 3,221 |  |  | $ | — |  |  | $ | 49,538 |  |  | $ | (5,022) |  |  | $ | 52,759 |  |  | $ | (5,022) |
Corporate debt securities |  | 4,793 |  |  | (55) |  |  | 6,029 |  |  | (707) |  |  | 10,822 |  |  | (762) |
Asset-backed securities |  | 31,588 |  |  | (21) |  |  | 59,148 |  |  | (63) |  |  | 90,736 |  |  | (84) |
MBS: |  |  |  |  |  |  |  |  |  |  |  |
Agency residential |  | 202,961 |  |  | (801) |  |  | — |  |  | — |  |  | 202,961 |  |  | (801) |
Agency commercial |  | — |  |  | — |  |  | 93,962 |  |  | (14,648) |  |  | 93,962 |  |  | (14,648) |
Total MBS |  | 202,961 |  |  | (801) |  |  | 93,962 |  |  | (14,648) |  |  | 296,923 |  |  | (15,449) |
Total debt securities available-for-sale |  | 242,563 |  |  | (877) |  |  | 208,677 |  |  | (20,440) |  |  | 451,240 |  |  | (21,317) |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal debt obligations |  | 7,098 |  |  | (176) |  |  | 169,434 |  |  | (13,489) |  |  | 176,532 |  |  | (13,665) |
Corporate debt securities |  | 1,247 |  |  | (219) |  |  | 25,518 |  |  | (1,197) |  |  | 26,765 |  |  | (1,416) |
MBS: |  |  |  |  |  |  |  |  |  |  |  |
Agency residential |  | 114,557 |  |  | (1,647) |  |  | 479,847 |  |  | (71,463) |  |  | 594,404 |  |  | (73,110) |
Agency commercial |  | 3,894 |  |  | (20) |  |  | 69,912 |  |  | (5,858) |  |  | 73,806 |  |  | (5,878) |
Non-agency commercial |  | — |  |  | — |  |  | 19,271 |  |  | (875) |  |  | 19,271 |  |  | (875) |
Total MBS |  | 118,451 |  |  | (1,667) |  |  | 569,030 |  |  | (78,196) |  |  | 687,481 |  |  | (79,863) |
Total debt securities held-to-maturity |  | 126,796 |  |  | (2,062) |  |  | 763,982 |  |  | (92,882) |  |  | 890,778 |  |  | (94,944) |
Total debt securities |  | $ | 369,359 |  |  | $ | (2,939) |  |  | $ | 972,659 |  |  | $ | (113,322) |  |  | $ | 1,342,018 |  |  | $ | (116,261) |
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 year ended December 31, 2024, 2023 and 2022 are shown in the table below (in thousands):
| For the Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Net gain (loss) on equity investments | $ | 4,225 |  |  | $ | (3,732) |  |  | $ | 9,685 |
Less: Net (losses) gains recognized on equity investments sold | (49) |  |  | (5,462) |  |  | 1,351 |
Unrealized gains recognized on equity investments still held | $ | 4,274 |  |  | $ | 1,730 |  |  | $ | 8,334 |

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for credit loss on investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-13 + Details
Name: | us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of credit quality indicator for investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
Name: | us-gaap_DebtSecuritiesHeldToMaturityCreditQualityIndicatorTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized and unrealized gain (loss) on investment in security. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 + Details
Name: | us-gaap_GainLossOnInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration