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Securities (Tables) | 9 Months Ended
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Sep. 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 September 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 September 30, 2025 |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 56,940 |  |  | $ | 2 |  |  | $ | (3,092) |  |  | $ | 53,850 |  |  | $ | — |
State and municipal debt obligations | 75,357 |  |  | 4,977 |  |  | — |  |  | 80,334 |  |  | — |
Corporate debt securities | 27,587 |  |  | 502 |  |  | (269) |  |  | 27,820 |  |  | — |
Asset-backed securities | 129,623 |  |  | 195 |  |  | (27) |  |  | 129,791 |  |  | — |
Mortgage-backed securities (“MBS”): |  |  |  |  |  |  |  |  |
Agency residential | 874,956 |  |  | 1,139 |  |  | (4,712) |  |  | 871,383 |  |  | — |
Agency commercial | 108,333 |  |  | — |  |  | (9,931) |  |  | 98,402 |  |  | — |
Total mortgage-backed securities | 983,289 |  |  | 1,139 |  |  | (14,643) |  |  | 969,785 |  |  | — |
Total excluding fair value hedge basis adjustment | 1,272,796 |  |  | 6,815 |  |  | (18,031) |  |  | 1,261,580 |  |  | — |
Fair value hedge basis adjustment (1) | (341) |  |  | — |  |  | 341 |  |  | — |  |  | — |
Total debt securities available-for-sale | $ | 1,272,455 |  |  | $ | 6,815 |  |  | $ | (17,690) |  |  | $ | 1,261,580 |  |  | $ | — |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |
State and municipal debt obligations | $ | 168,446 |  |  | $ | 295 |  |  | $ | (10,220) |  |  | $ | 158,521 |  |  | $ | (25) |
Corporate debt securities | 53,699 |  |  | 148 |  |  | (1,271) |  |  | 52,576 |  |  | (798) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Agency residential | 611,238 |  |  | 1,438 |  |  | (48,937) |  |  | 563,739 |  |  | — |
Agency commercial | 78,304 |  |  | 7 |  |  | (5,383) |  |  | 72,928 |  |  | — |
Non-agency commercial | 9,015 |  |  | 1 |  |  | (230) |  |  | 8,786 |  |  | (145) |
Total mortgage-backed securities | 698,557 |  |  | 1,446 |  |  | (54,550) |  |  | 645,453 |  |  | (145) |
Total debt securities held-to-maturity | $ | 920,702 |  |  | $ | 1,889 |  |  | $ | (66,041) |  |  | $ | 856,550 |  |  | $ | (968) |
Total debt securities | $ | 2,193,157 |  |  | $ | 8,704 |  |  | $ | (83,731) |  |  | $ | 2,118,130 |  |  | $ | (968) |
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) |
(1)Refer to Note 8, Derivatives and Hedging Activities for additional information.
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 nine months ended September 30, 2025 and 2024 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Allowance for securities credit losses |  |  |  |  |  |  |
Beginning balance | $ | (809) |  |  | $ | (958) |  |  | $ | (967) |  |  | $ | (1,133) |
(Provision) benefit for credit losses | (159) |  |  | 56 |  |  | (1) |  |  | 231 |
Total ending allowance balance | $ | (968) |  |  | $ | (902) |  |  | $ | (968) |  |  | $ | (902) |
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 September 30, 2025, aggregated by credit quality indicator, are as follows (in thousands):
| Investment Grade |  | Non-Investment Grade/Non-rated |  | Total
As of September 30, 2025 |  |  |  |  |
State and municipal debt obligations | $ | 168,446 |  |  | $ | — |  |  | $ | 168,446 |
Corporate debt securities | 40,072 |  |  | 13,627 |  |  | 53,699 |
Non-agency commercial MBS | 9,015 |  |  | — |  |  | 9,015 |
Total debt securities held-to-maturity | $ | 217,533 |  |  | $ | 13,627 |  |  | $ | 231,160 |
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 September 30, 2025 by contractual maturity are shown below (in thousands):
September 30, 2025 | Amortized Cost (1) |  | Estimated Fair Value
Less than one year | $ | 23,098 |  |  | $ | 22,892 |
Due after one year through five years | 175,115 |  |  | 169,392 |
Due after five years through ten years | 114,508 |  |  | 112,981 |
Due after ten years | 198,931 |  |  | 197,627 |
| $ | 511,652 |  |  | $ | 502,892 |
(1)The amortized cost of available-for-sale securities excludes the portfolio layer fair value hedge basis adjustments of $341,000 at September 30, 2025.
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 September 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 (1) |  | Estimated Fair Value |  | Unrealized Losses (1) |  | Estimated Fair Value |  | Unrealized Losses (1)
At September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | — |  |  | $ | — |  |  | $ | 52,101 |  |  | $ | (3,092) |  |  | $ | 52,101 |  |  | $ | (3,092) |
Corporate debt securities | 2,499 |  |  | (1) |  |  | 4,731 |  |  | (268) |  |  | 7,230 |  |  | (269) |
Asset-backed securities | 26,067 |  |  | (27) |  |  | — |  |  | — |  |  | 26,067 |  |  | (27) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 508,559 |  |  | (4,641) |  |  | 64,646 |  |  | (71) |  |  | 573,205 |  |  | (4,712) |
Agency commercial | 493 |  |  | (1) |  |  | 97,909 |  |  | (9,930) |  |  | 98,402 |  |  | (9,931) |
Total MBS | 509,052 |  |  | (4,642) |  |  | 162,555 |  |  | (10,001) |  |  | 671,607 |  |  | (14,643) |
Total debt securities available-for-sale | 537,618 |  |  | (4,670) |  |  | 219,387 |  |  | (13,361) |  |  | 757,005 |  |  | (18,031) |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
State and municipal debt obligations | 1,486 |  |  | (5) |  |  | 144,190 |  |  | (10,215) |  |  | 145,676 |  |  | (10,220) |
Corporate debt securities | 2,864 |  |  | (754) |  |  | 18,867 |  |  | (517) |  |  | 21,731 |  |  | (1,271) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 2,365 |  |  | — |  |  | 463,352 |  |  | (48,937) |  |  | 465,717 |  |  | (48,937) |
Agency commercial | 178 |  |  | — |  |  | 71,950 |  |  | (5,383) |  |  | 72,128 |  |  | (5,383) |
Non-agency commercial | — |  |  | — |  |  | 7,785 |  |  | (230) |  |  | 7,785 |  |  | (230) |
Total MBS | 2,543 |  |  | — |  |  | 543,087 |  |  | (54,550) |  |  | 545,630 |  |  | (54,550) |
Total debt securities held-to-maturity | 6,893 |  |  | (759) |  |  | 706,144 |  |  | (65,282) |  |  | 713,037 |  |  | (66,041) |
Total debt securities | $ | 544,511 |  |  | $ | (5,429) |  |  | $ | 925,531 |  |  | $ | (78,643) |  |  | $ | 1,470,042 |  |  | $ | (84,072) |
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) |
(1)The unrealized losses of available-for-sale securities excludes the portfolio layer fair value hedge basis adjustments of $341,000 at September 30, 2025.
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 nine months ended September 30, 2025 and 2024 are shown in the table below (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net (loss) gain on equity investments | $ | (7) |  |  | $ | 1,420 |  |  | $ | 686 |  |  | $ | 4,230 |
Less: Net gains recognized on equity investments sold | 352 |  |  | — |  |  | 352 |  |  | — |
Unrealized (losses) gains recognized on equity investments still held | $ | (359) |  |  | $ | 1,420 |  |  | $ | 334 |  |  | $ | 4,230 |

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