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Securities (Tables)
 9 Months Ended
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 obligations75,357 4,977 — 80,334 — 
Corporate debt securities27,587 502 (269)27,820 — 
Asset-backed securities129,623 195 (27)129,791 — 
Mortgage-backed securities (“MBS”):
Agency residential874,956 1,139 (4,712)871,383 — 
Agency commercial108,333 — (9,931)98,402 — 
Total mortgage-backed securities983,289 1,139 (14,643)969,785 — 
Total excluding fair value hedge basis adjustment1,272,796 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 securities53,699 148 (1,271)52,576 (798)
Mortgage-backed securities:
Agency residential611,238 1,438 (48,937)563,739 — 
Agency commercial78,304 7 (5,383)72,928 — 
Non-agency commercial9,015 1 (230)8,786 (145)
Total mortgage-backed securities698,557 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 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 $(967)
(1)Refer to Note 8, Derivatives and Hedging Activities for additional information.
Schedule of Allowance for Credit Losses for Debt Securities Held-to-Maturity
The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Allowance for securities credit losses
Beginning balance$(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 GradeNon-Investment Grade/Non-ratedTotal
As of September 30, 2025
State and municipal debt obligations$168,446 $— $168,446 
Corporate debt securities40,072 13,627 53,699 
Non-agency commercial MBS9,015 — 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 years175,115 169,392 
Due after five years through ten years114,508 112,981 
Due after ten years198,931 197,627 
$511,652 $502,892 
(1)The amortized cost of available-for-sale securities excludes the portfolio layer fair value hedge basis adjustments of $341,000 at September 30, 2025.
Schedule of Estimated Fair Value and Unrealized Losses for Debt Securities Available-for-Sale and Held-to-Maturity
The estimated fair value and unrealized losses for debt securities available-for-sale and held-to-maturity at September 30, 2025 and December 31, 2024, segregated by the duration of the unrealized losses, are as follows (in thousands):
 Less than 12 months12 months or longerTotal
 Estimated
Fair
Value
Unrealized
Losses (1)
Estimated
Fair
Value
Unrealized
Losses (1)
Estimated
Fair
Value
Unrealized
Losses (1)
At September 30, 2025
Debt securities available-for-sale:
U.S. government and agency obligations$— $— $52,101 $(3,092)$52,101 $(3,092)
Corporate debt securities2,499 (1)4,731 (268)7,230 (269)
Asset-backed securities26,067 (27)— — 26,067 (27)
MBS:
Agency residential508,559 (4,641)64,646 (71)573,205 (4,712)
Agency commercial493 (1)97,909 (9,930)98,402 (9,931)
Total MBS509,052 (4,642)162,555 (10,001)671,607 (14,643)
Total debt securities available-for-sale537,618 (4,670)219,387 (13,361)757,005 (18,031)
Debt securities held-to-maturity:
State and municipal debt obligations1,486 (5)144,190 (10,215)145,676 (10,220)
Corporate debt securities2,864 (754)18,867 (517)21,731 (1,271)
MBS:
Agency residential2,365 — 463,352 (48,937)465,717 (48,937)
Agency commercial178 — 71,950 (5,383)72,128 (5,383)
Non-agency commercial— — 7,785 (230)7,785 (230)
Total MBS2,543 — 543,087 (54,550)545,630 (54,550)
Total debt securities held-to-maturity6,893 (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 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)
(1)The unrealized losses of available-for-sale securities excludes the portfolio layer fair value hedge basis adjustments of $341,000 at September 30, 2025.
Schedule of Realized and Unrealized Gains or Losses on Equity Securities
The realized and unrealized gains or losses on equity securities for the three and nine months ended September 30, 2025 and 2024 are shown in the table below (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Net (loss) gain on equity investments$(7)$1,420 $686 $4,230 
Less: Net gains recognized on equity investments sold352 — 352 — 
Unrealized (losses) gains recognized on equity investments still held$(359)$1,420 $334 $4,230