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v3.25.2

Securities (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 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 June 30, 2025 |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 59,254 |  |  | $ | 4 |  |  | $ | (3,516) |  |  | $ | 55,742 |  |  | $ | — |
Corporate debt securities | 22,071 |  |  | 295 |  |  | (278) |  |  | 22,088 |  |  | — |
Asset-backed securities | 140,653 |  |  | 136 |  |  | (50) |  |  | 140,739 |  |  | — |
Mortgage-backed securities (“MBS”): |  |  |  |  |  |  |  |  |
Agency residential | 419,213 |  |  | 902 |  |  | (753) |  |  | 419,362 |  |  | — |
Agency commercial | 108,591 |  |  | — |  |  | (10,961) |  |  | 97,630 |  |  | — |
Total mortgage-backed securities | 527,804 |  |  | 902 |  |  | (11,714) |  |  | 516,992 |  |  | — |
Total debt securities available-for-sale | $ | 749,782 |  |  | $ | 1,337 |  |  | $ | (15,558) |  |  | $ | 735,561 |  |  | $ | — |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |
State and municipal debt obligations | $ | 183,589 |  |  | $ | 150 |  |  | $ | (12,958) |  |  | $ | 170,781 |  |  | $ | (27) |
Corporate debt securities | 55,677 |  |  | 252 |  |  | (625) |  |  | 55,304 |  |  | (588) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Agency residential | 633,637 |  |  | 1,065 |  |  | (55,702) |  |  | 579,000 |  |  | — |
Agency commercial | 79,035 |  |  | 6 |  |  | (5,487) |  |  | 73,554 |  |  | — |
Non-agency commercial | 17,840 |  |  | — |  |  | (389) |  |  | 17,451 |  |  | (194) |
Total mortgage-backed securities | 730,512 |  |  | 1,071 |  |  | (61,578) |  |  | 670,005 |  |  | (194) |
Total debt securities held-to-maturity | $ | 969,778 |  |  | $ | 1,473 |  |  | $ | (75,161) |  |  | $ | 896,090 |  |  | $ | (809) |
Total debt securities | $ | 1,719,560 |  |  | $ | 2,810 |  |  | $ | (90,719) |  |  | $ | 1,631,651 |  |  | $ | (809) |
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) |
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 six months ended June 30, 2025 and 2024 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Allowance for securities credit losses |  |  |  |  |  |  |
Beginning balance | $ | (898) |  |  | $ | (1,058) |  |  | $ | (967) |  |  | $ | (1,133) |
Benefit for credit losses | 89 |  |  | 100 |  |  | 158 |  |  | 175 |
Total ending allowance balance | $ | (809) |  |  | $ | (958) |  |  | $ | (809) |  |  | $ | (958) |
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 June 30, 2025, aggregated by credit quality indicator, are as follows (in thousands):
| Investment Grade |  | Non-Investment Grade/Non-rated |  | Total
As of June 30, 2025 |  |  |  |  |
State and municipal debt obligations | $ | 183,589 |  |  | $ | — |  |  | $ | 183,589 |
Corporate debt securities | 42,723 |  |  | 12,954 |  |  | 55,677 |
Non-agency commercial MBS | 17,840 |  |  | — |  |  | 17,840 |
Total debt securities held-to-maturity | $ | 244,152 |  |  | $ | 12,954 |  |  | $ | 257,106 |
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 June 30, 2025 by contractual maturity are shown below (in thousands):
June 30, 2025 | Amortized Cost |  | Estimated Fair Value
Less than one year | $ | 27,939 |  |  | $ | 27,749 |
Due after one year through five years | 182,411 |  |  | 175,331 |
Due after five years through ten years | 166,697 |  |  | 164,505 |
Due after ten years | 84,197 |  |  | 77,069 |
| $ | 461,244 |  |  | $ | 444,654 |
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 June 30, 2025 and December 31, 2024, 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 June 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 2,429 |  |  | $ | (1) |  |  | $ | 51,067 |  |  | $ | (3,515) |  |  | $ | 53,496 |  |  | $ | (3,516) |
Corporate debt securities | 4,000 |  |  | — |  |  | 4,722 |  |  | (278) |  |  | 8,722 |  |  | (278) |
Asset-backed securities | 42,333 |  |  | (36) |  |  | 5,986 |  |  | (14) |  |  | 48,319 |  |  | (50) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 231,636 |  |  | (753) |  |  | — |  |  | — |  |  | 231,636 |  |  | (753) |
Agency commercial | 493 |  |  | (2) |  |  | 97,137 |  |  | (10,959) |  |  | 97,630 |  |  | (10,961) |
Total MBS | 232,129 |  |  | (755) |  |  | 97,137 |  |  | (10,959) |  |  | 329,266 |  |  | (11,714) |
Total debt securities available-for-sale | 280,891 |  |  | (792) |  |  | 158,912 |  |  | (14,766) |  |  | 439,803 |  |  | (15,558) |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
State and municipal debt obligations | 7,985 |  |  | (31) |  |  | 151,858 |  |  | (12,927) |  |  | 159,843 |  |  | (12,958) |
Corporate debt securities | 2,220 |  |  | (30) |  |  | 23,710 |  |  | (595) |  |  | 25,930 |  |  | (625) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 34,872 |  |  | (552) |  |  | 457,112 |  |  | (55,150) |  |  | 491,984 |  |  | (55,702) |
Agency commercial | 1,727 |  |  | (6) |  |  | 71,004 |  |  | (5,481) |  |  | 72,731 |  |  | (5,487) |
Non-agency commercial | — |  |  | — |  |  | 17,451 |  |  | (389) |  |  | 17,451 |  |  | (389) |
Total MBS | 36,599 |  |  | (558) |  |  | 545,567 |  |  | (61,020) |  |  | 582,166 |  |  | (61,578) |
Total debt securities held-to-maturity | 46,804 |  |  | (619) |  |  | 721,135 |  |  | (74,542) |  |  | 767,939 |  |  | (75,161) |
Total debt securities | $ | 327,695 |  |  | $ | (1,411) |  |  | $ | 880,047 |  |  | $ | (89,308) |  |  | $ | 1,207,742 |  |  | $ | (90,719) |
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) |
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 six months ended June 30, 2025 and 2024 are shown in the table below (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net gain on equity investments | $ | 488 |  |  | $ | 887 |  |  | $ | 693 |  |  | $ | 2,810 |
Less: Net gains recognized on equity investments sold | — |  |  | — |  |  | — |  |  | — |
Unrealized gains recognized on equity investments still held | $ | 488 |  |  | $ | 887 |  |  | $ | 693 |  |  | $ | 2,810 |

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