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Investment Securities (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2025
Securities available for sale:
Mortgage-backed securities:
Federal National Mortgage Association		$	275,474			$	1,922			$	5,238			$	272,158
Federal Home Loan Mortgage Corporation			294,771				1,113				19,381				276,503
Government National Mortgage Association			271,801				—				22,520				249,281
Collateralized mortgage obligations:
Federal National Mortgage Association			13,680				174				1,142				12,712
Federal Home Loan Mortgage Corporation			16,809				125				2,338				14,596
Government National Mortgage Association			71,497				580				87				71,990
Total mortgage-backed securities			944,032				3,914				50,706				897,240
Other debt securities			18,653				256				—				18,909
Total available for sale securities		$	962,685			$	4,170			$	50,706			$	916,149
Securities held to maturity:
U.S. Government agency and government sponsored enterprises		$	6,738			$	—			$	187			$	6,551
State and political subdivisions			36,084				31				5,779				30,336
Mortgage-backed securities:
Federal National Mortgage Association			4,981				—				460				4,521
Federal Home Loan Mortgage Corporation			7,283				—				1,162				6,121
Government National Mortgage Association			17,192				—				1,863				15,329
Collateralized mortgage obligations:
Federal National Mortgage Association			7,089				—				473				6,616
Federal Home Loan Mortgage Corporation			10,003				—				501				9,502
Government National Mortgage Association			2,751				—				172				2,579
Total mortgage-backed securities			49,299				—				4,631				44,668
Total held to maturity securities			92,121			$	31			$	10,597			$	81,555
Allowance for credit losses–securities			(2	)
Total held to maturity securities, net		$	92,119

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 June 30, 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		$	—			$	—
Due from one to five years			11				11
Due after five years through ten years			42,452				42,910
Due after ten years			920,222				873,228
Total available for sale securities		$	962,685			$	916,149
Debt securities held to maturity:
Due in one year or less		$	8,335			$	8,335
Due from one to five years			9,783				9,219
Due after five years through ten years			25,202				22,770
Due after ten years			48,801				41,231
Total held to maturity securities		$	92,121			$	81,555

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, 2025
Securities available for sale:
Mortgage-backed securities:
Federal National Mortgage Association		$	27,873			$	19			$	19,558			$	5,219			$	47,431			$	5,238
Federal Home Loan Mortgage Corporation			—				—				67,972				19,381				67,972				19,381
Government National Mortgage Association			178,974				3,279				70,295				19,241				249,269				22,520
Collateralized mortgage obligations:
Federal National Mortgage Association			—				—				3,622				1,142				3,622				1,142
Federal Home Loan Mortgage Corporation			—				—				7,512				2,338				7,512				2,338
Government National Mortgage Association			29,515				87				—				—				29,515				87
Total mortgage-backed securities			236,362				3,385				168,959				47,321				405,321				50,706
Total AFS debt securities with unrealized losses		$	236,362			$	3,385			$	168,959			$	47,321			$	405,321			$	50,706

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

Sales of Securities Available for Sale

The proceeds and related gain or loss on sales of securities available for sale for the three and six months ended June 30, 2025 and 2024 was as follows:


		Three months ended June 30,								Six months ended June 30,
		2025				2024				2025				2024
Proceeds from sales		$	64,955			$	—			$	64,955			$	—
Gross realized gains			608				—				608				—
Gross realized losses			(605	)			—				(605	)			—