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Investment Securities (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2024
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	24,535			$	—			$	2,743			$	21,792
Mortgage-backed securities:
Federal National Mortgage Association			431,188				—				64,624				366,564
Federal Home Loan Mortgage Corporation			383,882				151				63,585				320,448
Government National Mortgage Association			123,508				109				22,689				100,928
Collateralized mortgage obligations:
Federal National Mortgage Association			10,385				—				2,295				8,090
Federal Home Loan Mortgage Corporation			38,505				64				4,228				34,341
Government National Mortgage Association			16,841				234				—				17,075
Privately issued			—				384				—				384
Total mortgage-backed securities			1,004,309				942				157,421				847,830
Other debt securities			2,000				13				—				2,013
Total available for sale securities		$	1,030,844			$	955			$	160,164			$	871,635
Securities held to maturity:
U.S. Government agency and government sponsored enterprises		$	16,588			$	—			$	639			$	15,949
State and political subdivisions			52,811				23				5,531				47,303
Mortgage-backed securities:
Federal National Mortgage Association			5,637				—				630				5,007
Federal Home Loan Mortgage Corporation			7,533				—				1,398				6,135
Government National Mortgage Association			19,335				—				2,216				17,119
Collateralized mortgage obligations:
Federal National Mortgage Association			10,354				—				829				9,525
Federal Home Loan Mortgage Corporation			12,718				—				928				11,790
Government National Mortgage Association			3,298				—				277				3,021
Total mortgage-backed securities			58,875				—				6,278				52,597
Total held to maturity securities			128,274			$	23			$	12,448			$	115,849
Allowance for credit losses – securities			(3	)
Total held to maturity securities, net		$	128,271
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 June 30, 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		$	12			$	12
Due from one to five years			43,722				39,958
Due after five years through ten years			128,801				114,101
Due after ten years			858,309				717,564
Total available for sale securities		$	1,030,844			$	871,635
Debt securities held to maturity:
Due in one year or less		$	20,915			$	20,690
Due from one to five years			19,567				18,992
Due after five years through ten years			28,818				25,867
Due after ten years			58,974				50,300
Total held to maturity securities		$	128,274			$	115,849

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
June 30, 2024
Securities available for sale:
U.S. Government agencies and government sponsored enterprises		$	—			$	—			$	21,792			$	2,743			$	21,792			$	2,743
Mortgage-backed securities:
Federal National Mortgage Association			—				—				366,564				64,624				366,564				64,624
Federal Home Loan Mortgage Corporation			—				—				320,448				63,585				320,448				63,585
Government National Mortgage Association			—				—				100,928				22,689				100,928				22,689
Collateralized mortgage obligations:
Federal National Mortgage Association			—				—				8,090				2,295				8,090				2,295
Federal Home Loan Mortgage Corporation			—				—				34,341				4,228				34,341				4,228
Government National Mortgage Association			—				—				17,075				—				17,075				—
Privately issued			—				—				384				—				384				—
Total mortgage-backed securities			—				—				847,830				157,421				847,830				157,421
Total available for sale securities			—				—				869,622				160,164				869,622				160,164
Other debt securities			—				—				2,013				—				2,013				—
Total AFS debt securities with unrealized losses		$	—			$	—			$	871,635			$	160,164			$	871,635			$	160,164

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