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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Amortized Cost and Fair Value of Investment Securities

The amortized cost and fair value of investment securities are summarized below (in thousands):

		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
March 31, 2024
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	24,535			$	—			$	2,783			$	21,752
U.S. Treasury Bills			64,698				—				1				64,697
Mortgage-backed securities:
Federal National Mortgage Association			440,860				—				65,445				375,415
Federal Home Loan Mortgage Corporation			393,249				292				64,018				329,523
Government National Mortgage Association			125,796				107				22,057				103,846
Collateralized mortgage obligations:
Federal National Mortgage Association			10,649				—				2,313				8,336
Federal Home Loan Mortgage Corporation			19,413				—				4,229				15,184
Government National Mortgage Association			4,469				142				—				4,611
Privately issued			—				397				—				397
Total mortgage-backed securities			994,436				938				158,062				837,312
Total available for sale securities		$	1,083,669			$	938			$	160,846			$	923,761
Securities held to maturity:
U.S. Government agency and government sponsored enterprises		$	16,551			$	—			$	674			$	15,877
State and political subdivisions			66,405				33				5,638				60,800
Mortgage-backed securities:
Federal National Mortgage Association			5,683				—				572				5,111
Federal Home Loan Mortgage Corporation			7,603				—				1,387				6,216
Government National Mortgage Association			19,736				—				2,071				17,665
Collateralized mortgage obligations:
Federal National Mortgage Association			10,851				—				876				9,975
Federal Home Loan Mortgage Corporation			13,450				—				980				12,470
Government National Mortgage Association			3,438				—				283				3,155
Total mortgage-backed securities			60,761				—				6,169				54,592
Total held to maturity securities			143,717			$	33			$	12,481			$	131,269
Allowance for credit losses – securities			(3	)
Total held to maturity securities, net		$	143,714
December 31, 2023
Securities available for sale:
U.S. Government agencies and government sponsored enterprises		$	24,535			$	—			$	2,724			$	21,811
Mortgage-backed securities:
Federal National Mortgage Association			449,418				—				61,219				388,199
Federal Home Loan Mortgage Corporation			402,399				488				59,665				343,222
Government National Mortgage Association			126,417				252				21,409				105,260
Collateralized mortgage obligations:
Federal National Mortgage Association			10,954				—				2,343				8,611
Federal Home Loan Mortgage Corporation			19,766				—				4,186				15,580
Government National Mortgage Association			4,501				221				—				4,722
Privately issued			—				325				—				325
Total mortgage-backed securities			1,013,455				1,286				148,822				865,919
Total available for sale securities		$	1,037,990			$	1,286			$	151,546			$	887,730

(3.) INVESTMENT SECURITIES (Continued)

		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
December 31, 2023 (continued)
Securities held to maturity:
U.S. Government agencies and government sponsored enterprises		$	16,513			$	—			$	530			$	15,983
State and political subdivisions			68,854				34				5,106				63,782
Mortgage-backed securities:
Federal National Mortgage Association			5,729				—				467				5,262
Federal Home Loan Mortgage Corporation			7,648				—				1,269				6,379
Government National Mortgage Association			20,223				—				1,703				18,520
Collateralized mortgage obligations:
Federal National Mortgage Association			11,432				—				851				10,581
Federal Home Loan Mortgage Corporation			14,196				—				968				13,228
Government National Mortgage Association			3,565				—				270				3,295
Total mortgage-backed securities			62,793				—				5,528				57,265
Total held to maturity securities			148,160			$	34			$	11,164			$	137,030
Allowance for credit losses – securities			(4	)
Total held to maturity securities, net		$	148,156

Scheduled Maturities of Securities Available for Sale and Securities Held to Maturity

The scheduled maturities of securities available for sale and securities held to maturity at March 31, 2024 are shown below (in thousands). Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.

		Amortized				Fair
		Cost				Value
Debt securities available for sale:
Due in one year or less		$	64,727			$	64,726
Due from one to five years			40,836				37,238
Due after five years through ten years			131,967				116,668
Due after ten years			846,139				705,129
Total available for sale securities		$	1,083,669			$	923,761
Debt securities held to maturity:
Due in one year or less		$	25,506			$	25,331
Due from one to five years			28,882				28,036
Due after five years through ten years			29,400				26,387
Due after ten years			59,929				51,515
Total held to maturity securities		$	143,717			$	131,269

Investments Gross Unrealized Losses and Fair Value

Unrealized losses on investment securities for which an allowance for credit losses has not been recorded and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (in thousands):

		Less than 12 months								12 months or longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
		Value				Losses				Value				Losses				Value				Losses
March 31, 2024
Securities available for sale:
U.S. Government agencies and government    sponsored enterprises		$	—			$	—			$	21,752			$	2,783			$	21,752			$	2,783
U.S. Treasury bills			64,697				1				—				—				64,697				1
Mortgage-backed securities:
Federal National Mortgage Association			—				—				375,415				65,445				375,415				65,445
Federal Home Loan Mortgage Corporation			—				—				303,577				64,018				303,577				64,018
Government National Mortgage Association			—				—				85,257				22,057				85,257				22,057
Collateralized mortgage obligations:
Federal National Mortgage Association			—				—				8,336				2,313				8,336				2,313
Federal Home Loan Mortgage Corporation			—				—				15,184				4,229				15,184				4,229
Government National Mortgage Association			—				—				—				—				—				—
Total mortgage-backed securities			—				—				787,769				158,062				787,769				158,062
Total available for sale securities			64,697				1				809,521				160,845				874,218				160,846
Total AFS debt securities with unrealized losses		$	64,697			$	1			$	809,521			$	160,845			$	874,218			$	160,846
December 31, 2023
Securities available for sale:
U.S. Government agencies and government    sponsored enterprises		$	—			$	—			$	21,811			$	2,724			$	21,811			$	2,724
Mortgage-backed securities:
Federal National Mortgage Association			8				—				388,191				61,219				388,199				61,219
Federal Home Loan Mortgage Corporation			—				—				314,854				59,665				314,854				59,665
Government National Mortgage Association			—				—				86,475				21,409				86,475				21,409
Collateralized mortgage obligations:
Federal National Mortgage Association			—				—				8,611				2,343				8,611				2,343
Federal Home Loan Mortgage Corporation			—				—				15,580				4,186				15,580				4,186
Total mortgage-backed securities			8				—				813,711				148,822				813,719				148,822
Total available for sale securities			8				—				835,522				151,546				835,530				151,546
Total AFS debt securities with unrealized losses		$	8			$	—			$	835,522			$	151,546			$	835,530			$	151,546

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

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Tabular disclosure of unrealized gains and losses on investments.

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