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Investment Securities (Tables)

9 Months Ended

Sep. 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
September 30, 2024
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	24,535			$	—			$	1,947			$	22,588
Mortgage-backed securities:
Federal National Mortgage Association			421,611				4				49,964				371,651
Federal Home Loan Mortgage Corporation			374,630				549				50,573				324,606
Government National Mortgage Association			120,796				221				19,415				101,602
Collateralized mortgage obligations:
Federal National Mortgage Association			10,131				—				1,927				8,204
Federal Home Loan Mortgage Corporation			37,123				562				3,607				34,078
Government National Mortgage Association			14,367				631				—				14,998
Privately issued			—				382				—				382
Total mortgage-backed securities			978,658				2,349				125,486				855,521
Other debt securities			8,656				51				—				8,707
Total available for sale securities		$	1,011,849			$	2,400			$	127,433			$	886,816
Securities held to maturity:
U.S. Government agency and government sponsored enterprises		$	16,626			$	—			$	213			$	16,413
State and political subdivisions			48,472				17				4,284				44,205
Mortgage-backed securities:
Federal National Mortgage Association			5,284				—				379				4,905
Federal Home Loan Mortgage Corporation			7,407				—				1,086				6,321
Government National Mortgage Association			18,810				—				1,440				17,370
Collateralized mortgage obligations:
Federal National Mortgage Association			9,556				—				538				9,018
Federal Home Loan Mortgage Corporation			11,971				—				561				11,410
Government National Mortgage Association			3,156				—				185				2,971
Total mortgage-backed securities			56,184				—				4,189				51,995
Total held to maturity securities			121,282			$	17			$	8,686			$	112,613
Allowance for credit losses – securities			(3	)
Total held to maturity securities, net		$	121,279
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 September 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		$	16			$	16
Due from one to five years			91,628				85,664
Due after five years through ten years			87,217				80,109
Due after ten years			832,988				721,027
Total available for sale securities		$	1,011,849			$	886,816
Debt securities held to maturity:
Due in one year or less		$	18,896			$	18,771
Due from one to five years			21,975				21,257
Due after five years through ten years			22,940				21,487
Due after ten years			57,471				51,098
Total held to maturity securities		$	121,282			$	112,613

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
September 30, 2024
Securities available for sale:
U.S. Government agencies and government sponsored enterprises		$	—			$	—			$	22,588			$	1,947			$	22,588			$	1,947
Mortgage-backed securities:
Federal National Mortgage Association			—				—				371,447				49,964				371,447				49,964
Federal Home Loan Mortgage Corporation			—				—				301,234				50,573				301,234				50,573
Government National Mortgage Association			15				—				86,117				19,415				86,132				19,415
Collateralized mortgage obligations:
Federal National Mortgage Association			—				—				8,204				1,927				8,204				1,927
Federal Home Loan Mortgage Corporation			—				—				15,010				3,607				15,010				3,607
Total mortgage-backed securities			15				—				782,012				125,486				782,027				125,486
Total available for sale securities			15				—				804,600				127,433				804,615				127,433
Other debt securities			—				—				—				—				—				—
Total AFS debt securities with unrealized losses		$	15			$	—			$	804,600			$	127,433			$	804,615			$	127,433

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