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 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 $(1,133)
Schedule of Activity in the Allowance for Credit Losses for Debt Securities Held-to-Maturity
The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the years ended December 31, 2024 and 2023 (in thousands):
For the Years Ended,
20242023
Allowance for securities credit losses
Beginning balance$(1,133)$(1,128)
Benefit (provision) for credit losses166 (5)
Total ending allowance balance$(967)$(1,133)
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 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 
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, 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 
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 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)
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,
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