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Investment Securities (Tables)

9 Months Ended

Sep. 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
September 30, 2025
Securities available for sale:
Mortgage-backed securities:
Federal National Mortgage Association		$	274,642			$	4,623			$	4,851			$	274,414
Federal Home Loan Mortgage Corporation			266,560				3,376				17,666				252,270
Government National Mortgage Association			270,740				7				22,499				248,248
Collateralized mortgage obligations:
Federal National Mortgage Association			27,729				204				1,012				26,921
Federal Home Loan Mortgage Corporation			16,220				136				2,192				14,164
Government National Mortgage Association			69,925				910				—				70,835
Total mortgage-backed securities			925,816				9,256				48,220				886,852
Other debt securities			36,641				316				217				36,740
Total available for sale securities		$	962,457			$	9,572			$	48,437			$	923,592
Securities held to maturity:
U.S. Government agency and government sponsored enterprises		$	6,776			$	—			$	163			$	6,613
State and political subdivisions			33,792				39				4,915				28,916
Mortgage-backed securities:
Federal National Mortgage Association			4,809				—				377				4,432
Federal Home Loan Mortgage Corporation			7,251				—				1,073				6,178
Government National Mortgage Association			16,677				—				1,637				15,040
Collateralized mortgage obligations:
Federal National Mortgage Association			6,315				—				415				5,900
Federal Home Loan Mortgage Corporation			9,388				—				454				8,934
Government National Mortgage Association			2,619				—				155				2,464
Total mortgage-backed securities			47,059				—				4,111				42,948
Total held to maturity securities			87,627			$	39			$	9,189			$	78,477
Allowance for credit losses–securities			(2	)
Total held to maturity securities, net		$	87,625

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 September 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			9				9
Due after five years through ten years			60,485				60,871
Due after ten years			901,963				862,712
Total available for sale securities		$	962,457			$	923,592
Debt securities held to maturity:
Due in one year or less		$	7,128			$	7,130
Due from one to five years			14,869				14,250
Due after five years through ten years			17,924				15,869
Due after ten years			47,706				41,228
Total held to maturity securities		$	87,627			$	78,477

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, 2025
Securities available for sale:
Mortgage-backed securities:
Federal National Mortgage Association		$	—			$	—			$	19,438			$	4,851			$	19,438			$	4,851
Federal Home Loan Mortgage Corporation			—				—				67,826				17,666				67,826				17,666
Government National Mortgage Association			131,658				2,467				107,980				20,032				239,638				22,499
Collateralized mortgage obligations:
Federal National Mortgage Association			—				—				3,635				1,012				3,635				1,012
Federal Home Loan Mortgage Corporation			—				—				7,370				2,192				7,370				2,192
Government National Mortgage Association			—				—				—				—				—				—
Total mortgage-backed securities			131,658				2,467				206,249				45,753				337,907				48,220
Other debt securities			17,275				217				—				—				17,275				217
Total AFS debt securities with unrealized losses		$	148,933			$	2,684			$	206,249			$	45,753			$	355,182			$	48,437

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 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 AFS securities for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):


		Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
Proceeds from sales		$	29,186			$	—			$	94,142			$	—
Gross realized gains			703				—				1,311				—
Gross realized losses			—				—				(605	)			—