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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025
Securities available for sale:
Mortgage-backed securities:
Federal National Mortgage Association		$	281,907			$	1,295			$	5,425			$	277,777
Federal Home Loan Mortgage Corporation			344,496				1,268				20,092				325,672
Government National Mortgage Association			215,666				284				21,591				194,359
Collateralized mortgage obligations:
Federal National Mortgage Association			14,303				128				1,194				13,237
Federal Home Loan Mortgage Corporation			29,086				307				2,449				26,944
Government National Mortgage Association			73,532				422				110				73,844
Privately issued			—				359				—				359
Total mortgage-backed securities			958,990				4,063				50,861				912,192
Other debt securities			14,645				156				1				14,800
Total available for sale securities		$	973,635			$	4,219			$	50,862			$	926,992
Securities held to maturity:
U.S. Government agency and government sponsored enterprises		$	16,701			$	—			$	295			$	16,406
State and political subdivisions			44,595				25				5,404				39,216
Mortgage-backed securities:
Federal National Mortgage Association			5,074				—				483				4,591
Federal Home Loan Mortgage Corporation			7,336				—				1,211				6,125
Government National Mortgage Association			17,959				—				1,878				16,081
Collateralized mortgage obligations:
Federal National Mortgage Association			7,882				—				542				7,340
Federal Home Loan Mortgage Corporation			10,662				—				578				10,084
Government National Mortgage Association			2,898				—				180				2,718
Total mortgage-backed securities			51,811				—				4,872				46,939
Total held to maturity securities			113,107			$	25			$	10,571			$	102,561
Allowance for credit losses–securities			(2	)
Total held to maturity securities, net		$	113,105
December 31, 2024
Securities available for sale:
Mortgage-backed securities:
Federal National Mortgage Association			287,416				1				9,447				277,970
Federal Home Loan Mortgage Corporation			350,495				206				25,355				325,346
Government National Mortgage Association			216,392				84				23,210				193,266
Collateralized mortgage obligations:
Federal National Mortgage Association			14,720				—				1,320				13,400
Federal Home Loan Mortgage Corporation			20,357				136				2,732				17,761
Government National Mortgage Association			74,677				3				404				74,276
Privately issued			—				365				—				365
Total mortgage-backed securities			964,057				795				62,468				902,384
Other debt securities			8,663				69				11				8,721
Total available for sale securities		$	972,720			$	864			$	62,479			$	911,105

(3.) INVESTMENT SECURITIES (Continued)


		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
December 31, 2024 (continued)
Securities held to maturity:
U.S. Government agencies and government sponsored enterprises		$	16,663			$	—			$	512			$	16,151
State and political subdivisions			45,333				26				5,192				40,167
Mortgage-backed securities:
Federal National Mortgage Association			5,120				—				580				4,540
Federal Home Loan Mortgage Corporation			7,365				—				1,367				5,998
Government National Mortgage Association			18,410				—				2,217				16,193
Collateralized mortgage obligations:
Federal National Mortgage Association			8,777				—				658				8,119
Federal Home Loan Mortgage Corporation			11,309				—				727				10,582
Government National Mortgage Association			3,026				—				220				2,806
Total mortgage-backed securities			54,007				—				5,769				48,238
Total held to maturity securities			116,003			$	26			$	11,473			$	104,556
Allowance for credit losses–securities			(2	)
Total held to maturity securities, net		$	116,001

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, 2025 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		$	3			$	3
Due from one to five years			12				12
Due after five years through ten years			38,404				38,682
Due after ten years			935,216				888,295
Total available for sale securities		$	973,635			$	926,992
Debt securities held to maturity:
Due in one year or less		$	15,777			$	15,760
Due from one to five years			21,531				20,826
Due after five years through ten years			25,659				22,971
Due after ten years			50,140				43,004
Total held to maturity securities		$	113,107			$	102,561

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, 2025
Securities available for sale:
Mortgage-backed securities:
Federal National Mortgage Association		$	51,985			$	70			$	19,869			$	5,355			$	71,854			$	5,425
Federal Home Loan Mortgage Corporation			—				—				76,514				20,092				76,514				20,092
Government National Mortgage Association			69,303				1,774				70,696				19,817				139,999				21,591
Collateralized mortgage obligations:
Federal National Mortgage Association			—				—				3,675				1,194				3,675				1,194
Federal Home Loan Mortgage Corporation			—				—				7,643				2,449				7,643				2,449
Government National Mortgage Association			14,058				110				—				—				14,058				110
Total mortgage-backed securities			135,346				1,954				178,397				48,907				313,743				50,861
Other debt securities			973				1				—				—				973				1
Total AFS debt securities with unrealized losses		$	136,319			$	1,955			$	178,397			$	48,907			$	314,716			$	50,862

December 31, 2024
Securities available for sale:
Mortgage-backed securities:
Federal National Mortgage Association			258,197				3,525				19,732				5,922				277,929				9,447
Federal Home Loan Mortgage Corporation			228,956				2,941				75,647				22,414				304,603				25,355
Government National Mortgage Association			113,772				2,120				69,935				21,090				183,707				23,210
Collateralized mortgage obligations:
Federal National Mortgage Association			9,742				16				3,658				1,304				13,400				1,320
Federal Home Loan Mortgage Corporation			2,411				29				7,655				2,703				10,066				2,732
Government National Mortgage Association			64,493				404												64,493				404
Total mortgage-backed securities			677,571				9,035				176,627				53,433				854,198				62,468
Other debt securities			3,652				11				—				—				3,652				11
Total available for sale securities			681,223				9,046				176,627				53,433				857,850				62,479
Total AFS debt securities with unrealized losses		$	681,223			$	9,046			$	176,627			$	53,433			$	857,850			$	62,479