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Securities
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
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 securities14,042 43 (762)13,323 — 
Asset-backed securities197,116 235 (84)197,267 — 
Mortgage-backed securities:
Agency residential465,108 1,256 (801)465,563 — 
Agency commercial 108,610 — (14,648)93,962 — 
Total mortgage-backed securities573,718 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 securities65,350 775 (1,416)64,709 (734)
Mortgage-backed securities:
Agency residential680,052 44 (73,110)606,986 — 
Agency commercial79,925 1 (5,878)74,048 — 
Non-agency commercial20,146 — (875)19,271 (202)
Total mortgage-backed securities780,123 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 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 commercial109,590 — (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 $(1,133)
The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the years ended December 31, 2024 and 2023 (in thousands):
For the Years Ended,
20242023
Allowance for securities credit losses
Beginning balance$(1,133)$(1,128)
Benefit (provision) for credit losses166 (5)
Total ending allowance balance$(967)$(1,133)
The Company monitors the credit quality of debt securities held-to-maturity on a quarterly basis through the use of internal credit analysis supplemented by external credit ratings. Credit ratings of BBB- or Baa3 or higher are considered investment grade. Where multiple ratings are available, the Company considers the lowest rating when determining the allowance for securities credit losses. 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 GradeNon-Investment Grade/Non-ratedTotal
As of December 31, 2024
State and municipal debt obligations$200,533 $836 $201,369 
Corporate debt securities51,525 13,825 65,350 
Non-agency commercial MBS20,146 — 20,146 
Total debt securities held-to-maturity$272,204 $14,661 $286,865 
There were $156,000, $697,000 and $108,000 of realized losses on sale of debt securities available-for-sale for the years ended December 31, 2024, 2023 and 2022 respectively. The realized losses on debt securities is presented within Other under Total other income of the Consolidated Statements of Income.
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, 2024Amortized
Cost		Estimated
Fair Value
Less than one year$40,608 $40,314 
Due after one year through five years175,759 166,437 
Due after five years through ten years213,825 209,342 
Due after ten years110,081 104,494 
$540,273 $520,587 
Actual maturities may differ from contractual maturities in instances where issuers have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2024, corporate debt securities, state and municipal obligations, and asset-backed securities with an amortized cost of $78.8 million, $56.1 million, and $197.1 million, respectively, and an estimated fair value of $77.5 million, $54.8 million, and $197.3 million, respectively, were callable prior to the maturity date. Mortgage-backed securities are excluded from the above table since their effective lives are expected to be shorter than the contractual maturity date due to principal prepayments.
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 Months12 Months or LongerTotal
 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 securities4,793 (55)6,029 (707)10,822 (762)
Asset-backed securities31,588 (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 MBS202,961 (801)93,962 (14,648)296,923 (15,449)
Total debt securities available-for-sale242,563 (877)208,677 (20,440)451,240 (21,317)
Debt securities held-to-maturity:
State and municipal debt obligations7,098 (176)169,434 (13,489)176,532 (13,665)
Corporate debt securities1,247 (219)25,518 (1,197)26,765 (1,416)
MBS:
Agency residential114,557 (1,647)479,847 (71,463)594,404 (73,110)
Agency commercial3,894 (20)69,912 (5,858)73,806 (5,878)
Non-agency commercial— — 19,271 (875)19,271 (875)
Total MBS118,451 (1,667)569,030 (78,196)687,481 (79,863)
Total debt securities held-to-maturity126,796 (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 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)

The Company concluded that no debt securities were impaired at December 31, 2024 based on consideration of several factors. The Company noted that each issuer made all the contractually due payments when required. There were no defaults on principal or interest payments, and no interest payments were deferred. Based on management’s analysis of each individual
security, the issuers appear to have the ability to meet debt service requirements over the life of the security. Furthermore, the net unrealized losses were primarily due to changes in the general credit and interest rate environment and not credit quality. Additionally, the Company has not utilized securities sales as a source of liquidity and the Company’s liquidity plans include adequate sources of liquidity outside securities sales.
Equity Investments
At December 31, 2024 and 2023, the Company held equity investments of $84.1 million and $100.2 million, respectively. The equity investments are primarily comprised of select financial services institutions’ preferred stocks, investments in other financial institutions and funds.
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,
202420232022
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