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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Schedule of Amortized, Gross Unrealized Gains and Losses, and Fair Value on Investment Securities, Available for Sale
The following tables present the amortized cost and fair value of investment securities, and the corresponding amounts of gross unrealized and unrecognized gains and losses including the corresponding amounts of gross unrealized gains and losses on investment securities available for sale recognized in AOCI, at the dates indicated:
March 31, 2025
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Investment securities available for sale:
U.S. government and agency securities$13,276 $— $(1,840)$11,436 
Municipal securities59,926 (9,210)50,725 
Residential CMO and MBS(1)
388,423 1,415 (32,978)356,860 
Commercial CMO and MBS(1)
289,140 191 (13,491)275,840 
Corporate obligations11,714 200 (84)11,830 
Other asset-backed securities9,607 60 (16)9,651 
Total$772,086 $1,875 $(57,619)$716,342 
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
December 31, 2024
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Investment securities available for sale:
U.S. government and agency securities$14,934 $— $(2,390)$12,544 
Municipal securities61,169 12 (10,239)50,942 
Residential CMO and MBS(1)
407,520 711 (38,900)369,331 
Commercial CMO and MBS(1)
330,249 134 (20,642)309,741 
Corporate obligations11,700 181 (111)11,770 
Other asset-backed securities10,020 47 (1)10,066 
Total$835,592 $1,085 $(72,283)$764,394 
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
Schedule of Amortized, Gross Unrecognized Gains and Losses, and Fair Value on Investment Securities, Held to Maturity
March 31, 2025
Amortized
Cost
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Fair
Value
(Dollars in thousands)
Investment securities held to maturity:
U.S. government and agency securities$151,246 $— $(25,086)$126,160 
Residential CMO and MBS(1)
239,351 — (13,374)225,977 
Commercial CMO and MBS(1)
306,964 28 (26,481)280,511 
Total$697,561 $28 $(64,941)$632,648 
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
December 31, 2024
Amortized
Cost
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Fair
Value
(Dollars in thousands)
Investment securities held to maturity:
U.S. government and agency securities$151,216 $— $(28,874)$122,342 
Residential CMO and MBS(1)
244,309 — (18,563)225,746 
Commercial CMO and MBS(1)
307,760 27 (32,423)275,364 
Total$703,285 $27 $(79,860)$623,452 
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
Schedule of Amortized Cost and Fair Value Classified by Contractual Maturity Date on Investment Securities
The following table presents the amortized cost and fair value of investment securities by contractual maturity at the date indicated. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
March 31, 2025
Securities Available for SaleSecurities Held to Maturity
Amortized CostFair ValueAmortized CostFair Value
(Dollars in thousands)
Due in one year or less$500 $501 $— $— 
Due after one year through five years5,941 5,701 — — 
Due after five years through ten years35,179 33,160 101,537 87,367 
Due after ten years43,296 34,629 49,709 38,793 
Total investment securities due at a single maturity date84,916 73,991 151,246 126,160 
MBS(1)
687,170 642,351 546,315 506,488 
Total investment securities$772,086 $716,342 $697,561 $632,648 
(1) MBS, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their payment speed.
 
Schedule of Unrealized Losses on Investment Securities Available for Sale Unrealized Losses on Investment Securities Available for Sale
The following tables present the gross unrealized losses and fair value of the Company’s investment securities available for sale for which an ACL on investment securities available for sale has not been recorded, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position at the dates indicated:
March 31, 2025
Less than 12 Months12 Months or LongerTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(Dollars in thousands)
U.S. government and agency securities$— $— $11,436 $(1,840)$11,436 $(1,840)
Municipal securities1,321 (1)44,950 (9,209)46,271 (9,210)
Residential CMO and MBS(1)
3,762 (72)230,122 (32,906)233,884 (32,978)
Commercial CMO and MBS(1)
33,314 (19)202,732 (13,472)236,046 (13,491)
Corporate obligations— — 3,916 (84)3,916 (84)
Other asset-backed securities3,039 (16)— — 3,039 (16)
Total$41,436 $(108)$493,156 $(57,511)$534,592 $(57,619)
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
December 31, 2024
Less than 12 Months12 Months or LongerTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(Dollars in thousands)
U.S. government and agency securities$— $— $12,544 $(2,390)$12,544 $(2,390)
Municipal securities— — 45,157 (10,239)45,157 (10,239)
Residential CMO and MBS(1)
25,126 (321)232,903 (38,579)258,029 (38,900)
Commercial CMO and MBS(1)
17,772 (86)270,897 (20,556)288,669 (20,642)
Corporate obligations— — 3,890 (111)3,890 (111)
Other asset-backed securities1,568 (1)— — 1,568 (1)
Total$44,466 $(408)$565,391 $(71,875)$609,857 $(72,283)
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
 
Schedule of Realized Gains and Losses on Sale of Investment Securities Available for Sale Realized Gains and Losses
The following table presents the gross realized gains and losses on the sale of investment securities available for sale determined using the specific identification method for the dates indicated:
Three Months Ended
March 31,
20252024
(Dollars in thousands)
Gross realized gains$— $— 
Gross realized losses(3,887)(9,973)
Net realized losses$(3,887)$(9,973)
 
Schedule of Amortized Cost and Fair Value of Investment Securities Pledged as Collateral Pledged Securities
The following table summarizes the amortized cost and fair value of investment securities that were pledged as collateral for the following obligations at the dates indicated:
March 31, 2025December 31, 2024
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
(Dollars in thousands)
State and local governments public deposits$233,028 $221,087 $236,047 $220,104 
FRB431,657 380,856 434,534 373,410 
Other securities pledged53,174 48,915 53,296 48,169 
Total$717,859 $650,858 $723,877 $641,683