XML 35 R28.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Securities (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Summary of Investment Securities Available for Sale | The following is a summary of securities available for sale as of the dates indicated:
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gain |  |  | Loss |  |  | Value |
|  | (in thousands) |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 88,407 |  |  | $ | 21 |  |  | $ | (1,124 | ) |  | $ | 87,304 |
U.S. government agency and sponsored agency obligations: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 489,714 |  |  |  | 226 |  |  |  | (65,267 | ) |  |  | 424,673 |
Mortgage-backed securities - commercial |  |  | 59,603 |  |  |  | — |  |  |  | (12,383 | ) |  |  | 47,220 |
Collateralized mortgage obligations |  |  | 131,756 |  |  |  | 107 |  |  |  | (10,128 | ) |  |  | 121,735 |
Debt securities |  |  | 132,236 |  |  |  | — |  |  |  | (7,420 | ) |  |  | 124,816 |
Total U.S. government agency and sponsored agency obligations |  |  | 813,309 |  |  |  | 333 |  |  |  | (95,198 | ) |  |  | 718,444 |
Municipal bonds-tax exempt |  |  | 76,864 |  |  |  | — |  |  |  | (10,422 | ) |  |  | 66,442 |
Total securities available for sale |  | $ | 978,580 |  |  | $ | 354 |  |  | $ | (106,744 | ) |  | $ | 872,190 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 86,355 |  |  | $ | 173 |  |  | $ | (1,040 | ) |  | $ | 85,488 |
U.S. government agency and sponsored agency obligations: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 504,544 |  |  |  | 481 |  |  |  | (62,697 | ) |  |  | 442,328 |
Mortgage-backed securities - commercial |  |  | 59,973 |  |  |  | — |  |  |  | (11,982 | ) |  |  | 47,991 |
Collateralized mortgage obligations |  |  | 106,823 |  |  |  | 237 |  |  |  | (9,649 | ) |  |  | 97,411 |
Debt securities |  |  | 132,215 |  |  |  | — |  |  |  | (7,590 | ) |  |  | 124,625 |
Total U.S. government agency and sponsored agency obligations |  |  | 803,555 |  |  |  | 718 |  |  |  | (91,918 | ) |  |  | 712,355 |
Municipal bonds-tax exempt |  |  | 77,121 |  |  |  | — |  |  |  | (9,225 | ) |  |  | 67,896 |
Total securities available for sale |  | $ | 967,031 |  |  | $ | 891 |  |  | $ | (102,183 | ) |  | $ | 865,739 |
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity | The amortized cost and estimated fair value of securities as of March 31, 2024 and December 31, 2023, by contractual or expected maturity, are shown below. Collateralized mortgage obligations are included in the table shown below based on their expected maturities. All other securities are included based on their contractual maturities.
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | Available for Sale |  |  | Available for Sale |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
|  | (in thousands) |
Within one year |  | $ | 76,125 |  |  | $ | 75,255 |  |  | $ | 62,521 |  |  | $ | 61,828 |
Over one year through five years |  |  | 156,571 |  |  |  | 148,475 |  |  |  | 169,176 |  |  |  | 160,983 |
Over five years through ten years |  |  | 90,497 |  |  |  | 82,423 |  |  |  | 83,720 |  |  |  | 77,608 |
Over ten years |  |  | 655,387 |  |  |  | 566,037 |  |  |  | 651,614 |  |  |  | 565,320 |
Total |  | $ | 978,580 |  |  | $ | 872,190 |  |  | $ | 967,031 |  |  | $ | 865,739 |
Summary of Debt Securities Available for Sale in an Unrealized Loss Position for Which an Allowance for Credit Losses Has Not Been Recorded | The following table summarizes debt securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded at March 31, 2024 or December 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position:
|  | Holding Period |
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Gross |  |  | Estimated |  |  | Number |  |  | Gross |  |  | Estimated |  |  | Number |  |  | Gross |  |  | Estimated |  |  | Number |
|  | Unrealized |  |  | Fair |  |  | of |  |  | Unrealized |  |  | Fair |  |  | of |  |  | Unrealized |  |  | Fair |  |  | of |
|  | Loss |  |  | Value |  |  | Securities |  |  | Loss |  |  | Value |  |  | Securities |  |  | Loss |  |  | Value |  |  | Securities |
|  | (in thousands, except number of securities) |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | (159 | ) |  | $ | 43,837 |  |  |  | 13 |  |  | $ | (965 | ) |  | $ | 31,489 |  |  |  | 11 |  |  | $ | (1,124 | ) |  | $ | 75,326 |  |  |  | 24 |
U.S. government agency and sponsored agency obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | (88 | ) |  |  | 16,344 |  |  |  | 8 |  |  |  | (65,179 | ) |  |  | 395,536 |  |  |  | 118 |  |  |  | (65,267 | ) |  |  | 411,880 |  |  |  | 126 |
Mortgage-backed securities - commercial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12,383 | ) |  |  | 47,220 |  |  |  | 15 |  |  |  | (12,383 | ) |  |  | 47,220 |  |  |  | 15 |
Collateralized mortgage obligations |  |  | (268 | ) |  |  | 38,790 |  |  |  | 10 |  |  |  | (9,860 | ) |  |  | 63,898 |  |  |  | 25 |  |  |  | (10,128 | ) |  |  | 102,688 |  |  |  | 35 |
Debt securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,420 | ) |  |  | 124,816 |  |  |  | 26 |  |  |  | (7,420 | ) |  |  | 124,816 |  |  |  | 26 |
Total U.S. government agency and sponsored agency obligations |  |  | (356 | ) |  |  | 55,134 |  |  |  | 18 |  |  |  | (94,842 | ) |  |  | 631,470 |  |  |  | 184 |  |  |  | (95,198 | ) |  |  | 686,604 |  |  |  | 202 |
Municipal bonds-tax exempt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,422 | ) |  |  | 66,442 |  |  |  | 19 |  |  |  | (10,422 | ) |  |  | 66,442 |  |  |  | 19 |
Total |  | $ | (515 | ) |  | $ | 98,971 |  |  |  | 31 |  |  | $ | (106,229 | ) |  | $ | 729,401 |  |  |  | 214 |  |  | $ | (106,744 | ) |  | $ | 828,372 |  |  |  | 245 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | (57 | ) |  | $ | 21,024 |  |  |  | 7 |  |  | $ | (983 | ) |  | $ | 32,449 |  |  |  | 11 |  |  | $ | (1,040 | ) |  | $ | 53,473 |  |  |  | 18 |
U.S. government agency and sponsored agency obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | (11 | ) |  |  | 2,324 |  |  |  | 5 |  |  |  | (62,686 | ) |  |  | 411,417 |  |  |  | 118 |  |  |  | (62,697 | ) |  |  | 413,741 |  |  |  | 123 |
Mortgage-backed securities - commercial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (11,982 | ) |  |  | 47,991 |  |  |  | 15 |  |  |  | (11,982 | ) |  |  | 47,991 |  |  |  | 15 |
Collateralized mortgage obligations |  |  | (38 | ) |  |  | 7,074 |  |  |  | 2 |  |  |  | (9,611 | ) |  |  | 63,610 |  |  |  | 24 |  |  |  | (9,649 | ) |  |  | 70,684 |  |  |  | 26 |
Debt securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,590 | ) |  |  | 124,625 |  |  |  | 26 |  |  |  | (7,590 | ) |  |  | 124,625 |  |  |  | 26 |
Total U.S. government agency and sponsored agency obligations |  |  | (49 | ) |  |  | 9,398 |  |  |  | 7 |  |  |  | (91,869 | ) |  |  | 647,643 |  |  |  | 183 |  |  |  | (91,918 | ) |  |  | 657,041 |  |  |  | 190 |
Municipal bonds-tax exempt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,225 | ) |  |  | 67,896 |  |  |  | 19 |  |  |  | (9,225 | ) |  |  | 67,896 |  |  |  | 19 |
Total |  | $ | (106 | ) |  | $ | 30,422 |  |  |  | 14 |  |  | $ | (102,077 | ) |  | $ | 747,988 |  |  |  | 213 |  |  | $ | (102,183 | ) |  | $ | 778,410 |  |  |  | 227 |

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration