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Securities (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 are as follows (in thousands):
Amortized
Cost 		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value		Allowance for Securities Credit Losses
At March 31, 2025
Debt securities available-for-sale:
U.S. government and agency obligations$60,957 $7 $(4,066)$56,898 $— 
Corporate debt securities17,058 227 (339)16,946 — 
Asset-backed securities134,266 61 (64)134,263 — 
Mortgage-backed securities (“MBS”):
Agency residential441,549 956 (925)441,580 — 
Agency commercial108,849 3 (12,371)96,481 — 
Total mortgage-backed securities550,398 959 (13,296)538,061 — 
Total debt securities available-for-sale$762,679 $1,254 $(17,765)$746,168 $— 
Debt securities held-to-maturity:
State and municipal debt obligations$189,349 $189 $(14,172)$175,366 $(29)
Corporate debt securities60,520 421 (843)60,098 (675)
Mortgage-backed securities:
Agency residential657,881 699 (60,872)597,708 — 
Agency commercial79,514 2 (5,172)74,344 — 
Non-agency commercial19,110 — (551)18,559 (194)
Total mortgage-backed securities756,505 701 (66,595)690,611 (194)
Total debt securities held-to-maturity$1,006,374 $1,311 $(81,610)$926,075 $(898)
Total debt securities$1,769,053 $2,565 $(99,375)$1,672,243 $(898)
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 $(967)
Schedule of Allowance for Credit Losses for Debt Securities Held-to-Maturity
The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the three months ended March 31, 2025 and 2024 (in thousands):
Three Months Ended March 31,
20252024
Allowance for securities credit losses
Beginning balance$(967)$(1,133)
Benefit for credit losses69 75 
Total ending allowance balance$(898)$(1,058)
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 March 31, 2025, aggregated by credit quality indicator, are as follows (in thousands):
Investment GradeNon-Investment Grade/Non-ratedTotal
As of March 31, 2025
State and municipal debt obligations$188,522 $827 $189,349 
Corporate debt securities46,665 13,855 60,520 
Non-agency commercial MBS19,110 — 19,110 
Total debt securities held-to-maturity$254,297 $14,682 $268,979 
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 March 31, 2025 by contractual maturity are shown below (in thousands):
March 31, 2025Amortized
Cost		Estimated
Fair Value
Less than one year$30,960 $30,696 
Due after one year through five years186,445 177,921 
Due after five years through ten years159,028 156,274 
Due after ten years85,717 78,680 
$462,150 $443,571 
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 March 31, 2025 and December 31, 2024, 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 March 31, 2025
Debt securities available-for-sale:
U.S. government and agency obligations$2,475 $(1)$50,506 $(4,065)$52,981 $(4,066)
Corporate debt securities— — 4,661 (339)4,661 (339)
Asset-backed securities64,053 (64)5,000 — 69,053 (64)
MBS:
Agency residential225,682 (925)— — 225,682 (925)
Agency commercial— — 95,982 (12,371)95,982 (12,371)
Total MBS225,682 (925)95,982 (12,371)321,664 (13,296)
Total debt securities available-for-sale292,210 (990)156,149 (16,775)448,359 (17,765)
Debt securities held-to-maturity:
State and municipal debt obligations9,974 (401)154,209 (13,771)164,183 (14,172)
Corporate debt securities550 (2)20,877 (841)21,427 (843)
MBS:
Agency residential43,499 (605)473,453 (60,267)516,952 (60,872)
Agency commercial2,029 (7)71,478 (5,165)73,507 (5,172)
Non-agency commercial— — 18,559 (551)18,559 (551)
Total MBS45,528 (612)563,490 (65,983)609,018 (66,595)
Total debt securities held-to-maturity56,052 (1,015)738,576 (80,595)794,628 (81,610)
Total debt securities$348,262 $(2,005)$894,725 $(97,370)$1,242,987 $(99,375)
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 residential202,961 (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)
Schedule of Realized and Unrealized Gains or Losses on Equity Securities
The realized and unrealized gains or losses on equity securities for the three months ended March 31, 2025 and 2024 are shown in the table below (in thousands):
Three Months Ended March 31,
20252024
Net gain on equity investments$205 $1,923 
Less: Net losses recognized on equity investments sold— — 
Unrealized gains recognized on equity investments still held$205 $1,923