SECURITIES (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| SECURITIES |
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| Summary of AFS Securities Portfolio |
The following table provides a summary of the Company’s securities AFS portfolio as of: | | | | | | | | | | | | | | | | | | Amortized | | Gross Unrealized | | Allowance for | | Estimated | (dollars in thousands) | | Cost | | Gains | | Losses | | Credit Losses | | Fair Value | September 30, 2025: | | | | | | | | | | | | | | | | Collateralized mortgage obligations | | $ | 510,862 | | $ | 110 | | $ | (1,317) | | $ | — | | $ | 509,655 | Agency mortgage-backed securities | | | 865,015 | | | 7,140 | | | (204) | | | — | | | 871,951 | Municipal bonds | | | 47,218 | | | 1 | | | (1,317) | | | — | | | 45,902 | SBA securities | | | 7,381 | | | 2 | | | (83) | | | — | | | 7,300 | Beneficial interests in FHLMC securitization | | | 673 | | | — | | | — | | | (68) | | | 605 | Corporate bonds | | | 124,728 | | | 10 | | | (5,445) | | | (566) | | | 118,727 | U.S. Treasury | | | 999 | | | 8 | | | (8) | | | — | | | 999 | Total | | $ | 1,556,876 | | $ | 7,271 | | $ | (8,374) | | $ | (634) | | $ | 1,555,139 | | | | | | | | | | | | | | | | | December 31, 2024: | | | | | | | | | | | | | | | | Collateralized mortgage obligations | | $ | 11,121 | | $ | — | | $ | (1,279) | | $ | — | | $ | 9,842 | Agency mortgage-backed securities | | | 1,126,861 | | | 2,308 | | | (7,543) | | | — | | | 1,121,626 | Municipal bonds | | | 48,921 | | | — | | | (3,386) | | | — | | | 45,535 | SBA securities | | | 9,236 | | | 2 | | | (93) | | | — | | | 9,145 | Beneficial interests in FHLMC securitization | | | 4,619 | | | — | | | — | | | (3,377) | | | 1,242 | Corporate bonds | | | 133,767 | | | — | | | (7,193) | | | (757) | | | 125,817 | U.S. Treasury | | | 700 | | | — | | | (22) | | | — | | | 678 | Total | | $ | 1,335,225 | | $ | 2,310 | | $ | (19,516) | | $ | (4,134) | | $ | 1,313,885 |
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| Summary of HTM Securities Portfolio |
| | | | | | | | | | | | | | | | | | Amortized | | Gross Unrecognized | | Allowance for | | Estimated | (dollars in thousands) | | Cost | | Gains | | Losses | | Credit Losses | | Fair Value | September 30, 2025: | | | | | | | | | | | | | | | | Agency mortgage-backed securities | | $ | 647,619 | | $ | — | | $ | (50,325) | | $ | — | | $ | 597,294 | Total | | $ | 647,619 | | $ | — | | $ | (50,325) | | $ | — | | $ | 597,294 | | | | | | | | | | | | | | | | | December 31, 2024: | | | | | | | | | | | | | | | | Agency mortgage-backed securities | | $ | 712,105 | | $ | — | | $ | (75,265) | | $ | — | | $ | 636,840 | Total | | $ | 712,105 | | $ | — | | $ | (75,265) | | $ | — | | $ | 636,840 |
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| Schedule of Securities in a Continuous Unrealized Loss Position Aggregated by Investment Category and Length of Time |
The tables below indicate the gross unrealized losses and fair values of our securities AFS portfolio, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. | | | | | | | | | | | | | | | | | | | | | Securities with Unrealized Loss at September 30, 2025 | | | Less than 12 months | | 12 months or more | | Total | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | (dollars in thousands) | | Value | | Loss | | Value | | Loss | | Value | | Loss | Collateralized mortgage obligations | | $ | 354,507 | | $ | (304) | | $ | 6,597 | | $ | (1,013) | | $ | 361,104 | | $ | (1,317) | Agency mortgage-backed securities | | | — | | | — | | | 3,639 | | | (204) | | | 3,639 | | | (204) | Municipal bonds | | | 1,374 | | | (7) | | | 32,217 | | | (1,310) | | | 33,591 | | | (1,317) | SBA securities | | | 632 | | | (2) | | | 6,176 | | | (81) | | | 6,808 | | | (83) | Corporate bonds | | | — | | | — | | | 97,783 | | | (5,445) | | | 97,783 | | | (5,445) | U.S. Treasury | | | — | | | — | | | 492 | | | (8) | | | 492 | | | (8) | Total | | $ | 356,513 | | $ | (313) | | $ | 146,904 | | $ | (8,061) | | $ | 503,417 | | $ | (8,374) |
| | | | | | | | | | | | | | | | | | | | | Securities with Unrealized Loss at December 31, 2024 | | | Less than 12 months | | 12 months or more | | Total | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | (dollars in thousands) | | Value | | Loss | | Value | | Loss | | Value | | Loss | Collateralized mortgage obligations | | $ | 2,874 | | $ | (51) | | $ | 6,968 | | $ | (1,228) | | $ | 9,842 | | $ | (1,279) | Agency mortgage-backed securities | | | 719,329 | | | (7,218) | | | 4,280 | | | (325) | | | 723,609 | | | (7,543) | Municipal bonds | | | 2,129 | | | (101) | | | 43,405 | | | (3,285) | | | 45,534 | | | (3,386) | SBA securities | | | 614 | | | (1) | | | 7,739 | | | (92) | | | 8,353 | | | (93) | Corporate bonds | | | 14,242 | | | (758) | | | 112,333 | | | (6,435) | | | 126,575 | | | (7,193) | U.S. Treasury | | | — | | | — | | | 678 | | | (22) | | | 678 | | | (22) | Total | | $ | 739,188 | | $ | (8,129) | | $ | 175,403 | | $ | (11,387) | | $ | 914,591 | | $ | (19,516) |
| | | | | | | | | | | | | | | | | | | | | Securities with Unrecognized Loss at September 30, 2025 | | | Less than 12 months | | 12 months or more | | Total | | | Fair | | Unrecognized | | Fair | | Unrecognized | | Fair | | Unrecognized | (dollars in thousands) | | Value | | Loss | | Value | | Loss | | Value | | Loss | Agency mortgage-backed securities | | $ | — | | $ | — | | $ | 597,294 | | $ | (50,325) | | $ | 597,294 | | $ | (50,325) | Total | | $ | — | | $ | — | | $ | 597,294 | | $ | (50,325) | | $ | 597,294 | | $ | (50,325) |
| | | | | | | | | | | | | | | | | | | | | Securities with Unrecognized Loss at December 31, 2024 | | | Less than 12 months | | 12 months or more | | Total | | | Fair | | Unrecognized | | Fair | | Unrecognized | | Fair | | Unrecognized | (dollars in thousands) | | Value | | Loss | | Value | | Loss | | Value | | Loss | Agency mortgage-backed securities | | $ | 15,440 | | $ | (61) | | $ | 621,400 | | $ | (75,204) | | $ | 636,840 | | $ | (75,265) | Total | | $ | 15,440 | | $ | (61) | | $ | 621,400 | | $ | (75,204) | | $ | 636,840 | | $ | (75,265) |
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| Summary of Allowance For Credit Losses - Securities AFS |
| | | | | | | | | | | | | | | | | | | Beginning | | | Provision (Reversal) | | | | | | | | | Ending | (dollars in thousands) | | | Balance | | | for Credit Losses | | | Charge-offs | | | Recoveries | | | Balance | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2025: | | | | | | | | | | | | | | | | Beneficial interests in FHLMC securitization | | $ | — | | $ | 68 | | $ | — | | $ | — | | $ | 68 | Corporate bonds | | | 651 | | | (85) | | | — | | | — | | | 566 | Total | | $ | 651 | | $ | (17) | | $ | — | | $ | — | | $ | 634 | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2025: | | | | | | | | | | | | | | | | Beneficial interests in FHLMC securitization | | $ | 3,377 | | $ | 52 | | $ | (3,361) | | $ | — | | $ | 68 | Corporate bonds | | | 757 | | | (191) | | | — | | | — | | | 566 | Total | | $ | 4,134 | | $ | (139) | | $ | (3,361) | | $ | — | | $ | 634 | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2024: | | | | | | | | | | | | | | | | Beneficial interests in FHLMC securitization | | $ | 6,502 | | $ | (24) | | $ | — | | $ | — | | $ | 6,478 | Corporate bonds | | | 840 | | | (19) | | | — | | | — | | | 821 | Total | | $ | 7,342 | | $ | (43) | | $ | — | | $ | — | | $ | 7,299 | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2024: | | | | | | | | | | | | | | | | Beneficial interests in FHLMC securitization | | $ | 6,818 | | $ | (340) | | $ | — | | $ | — | | $ | 6,478 | Corporate bonds | | | 1,402 | | | (581) | | | — | | | — | | | 821 | Total | | $ | 8,220 | | $ | (921) | | $ | — | | $ | — | | $ | 7,299 |
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| Schedule Maturities of Securities AFS by Contractual Maturity |
The amortized cost and fair value of investment securities AFS by contractual maturity were as follows for the periods indicated: | | | | | | | | | | | | | | | | | | | 1 Year or | | More than 1 Year | | More than 5 Years | | More than | | | | | (dollars in thousands) | | Less | | through 5 Years | | through 10 Years | | 10 Years | | Total | | September 30, 2025 | | | | | | | | | | | | | | | | | Amortized Cost: | | | | | | | | | | | | | | | | | Collateralized mortgage obligations | | $ | — | | $ | 157 | | $ | 387 | | $ | 510,318 | | $ | 510,862 | | Agency mortgage-backed securities | | | — | | | 2,319 | | | — | | | 862,696 | | | 865,015 | | Municipal bonds | | | 1,152 | | | 22,821 | | | 22,151 | | | 1,094 | | | 47,218 | | SBA securities | | | — | | | 433 | | | 104 | | | 6,844 | | | 7,381 | | Beneficial interests in FHLMC securitization | | | — | | | 673 | | | — | | | — | | | 673 | | Corporate bonds | | | — | | | 58,474 | | | 61,254 | | | 5,000 | | | 124,728 | | U.S. Treasury | | | 500 | | | 499 | | | — | | | — | | | 999 | | Total | | $ | 1,652 | | $ | 85,376 | | $ | 83,896 | | $ | 1,385,952 | | $ | 1,556,876 | | Weighted average yield | | | 2.07 | % | | 5.41 | % | | 3.16 | % | | 5.34 | % | | 5.22 | % | Estimated Fair Value: | | | | | | | | | | | | | | | | | Collateralized mortgage obligations | | $ | — | | $ | 150 | | $ | 368 | | $ | 509,137 | | $ | 509,655 | | Agency mortgage-backed securities | | | — | | | 2,280 | | | — | | | 869,671 | | | 871,951 | | Municipal bonds | | | 1,152 | | | 22,520 | | | 21,336 | | | 894 | | | 45,902 | | SBA securities | | | — | | | 432 | | | 104 | | | 6,764 | | | 7,300 | | Beneficial interests in FHLMC securitization | | | — | | | 673 | | | — | | | — | | | 673 | | Corporate bonds | | | — | | | 57,345 | | | 57,899 | | | 4,049 | | | 119,293 | | U.S. Treasury | | | 492 | | | 507 | | | — | | | — | | | 999 | | Total | | $ | 1,644 | | $ | 83,907 | | $ | 79,707 | | $ | 1,390,515 | | $ | 1,555,773 | |
| | | | | | | | | | | | | | | | | | | 1 Year or | | More than 1 Year | | More than 5 Years | | More than | | | | | (dollars in thousands) | | Less | | through 5 Years | | through 10 Years | | 10 Years | | Total | | December 31, 2024 | | | | | | | | | | | | | | | | | Amortized Cost: | | | | | | | | | | | | | | | | | Collateralized mortgage obligations | | $ | — | | $ | 276 | | $ | 154 | | $ | 10,691 | | $ | 11,121 | | Agency mortgage-backed securities | | | 48 | | | 2,992 | | | — | | | 1,123,821 | | | 1,126,861 | | Municipal bonds | | | 2,594 | | | 14,874 | | | 29,218 | | | 2,235 | | | 48,921 | | SBA securities | | | — | | | 418 | | | 388 | | | 8,430 | | | 9,236 | | Beneficial interests in FHLMC securitization | | | — | | | 4,619 | | | — | | | — | | | 4,619 | | Corporate bonds | | | — | | | 61,961 | | | 66,282 | | | 5,524 | | | 133,767 | | U.S. Treasury | | | 200 | | | 500 | | | — | | | — | | | 700 | | Total | | $ | 2,842 | | $ | 85,640 | | $ | 96,042 | | $ | 1,150,701 | | $ | 1,335,225 | | Weighted average yield | | | 1.99 | % | | 5.83 | % | | 3.01 | % | | 5.50 | % | | 5.34 | % | Estimated Fair Value: | | | | | | | | | | | | | | | | | Collateralized mortgage obligations | | $ | — | | $ | 256 | | $ | 150 | | $ | 9,436 | | $ | 9,842 | | Agency mortgage-backed securities | | | 47 | | | 2,882 | | | — | | | 1,118,697 | | | 1,121,626 | | Municipal bonds | | | 2,573 | | | 14,120 | | | 27,065 | | | 1,777 | | | 45,535 | | SBA securities | | | — | | | 416 | | | 388 | | | 8,341 | | | 9,145 | | Beneficial interests in FHLMC securitization | | | — | | | 4,619 | | | — | | | — | | | 4,619 | | Corporate bonds | | | — | | | 60,318 | | | 61,889 | | | 4,367 | | | 126,574 | | U.S. Treasury | | | 200 | | | 478 | | | — | | | — | | | 678 | | Total | | $ | 2,820 | | $ | 83,089 | | $ | 89,492 | | $ | 1,142,618 | | $ | 1,318,019 | |
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| Schedule of Maturities of Securities HTM |
| | | | | | | | | | | | | | | | | | | 1 Year or | | More than 1 Year | | More than 5 Years | | More than | | | | | (dollars in thousands) | | Less | | through 5 Years | | through 10 Years | | 10 Years | | Total | | September 30, 2025 | | | | | | | | | | | | | | | | | Amortized Cost: | | | | | | | | | | | | | | | | | Agency mortgage-backed securities | | $ | — | | $ | 5,430 | | $ | 8,279 | | $ | 633,910 | | $ | 647,619 | | Total | | $ | — | | $ | 5,430 | | $ | 8,279 | | $ | 633,910 | | $ | 647,619 | | Weighted average yield | | | — | % | | 1.09 | % | | 1.65 | % | | 2.46 | % | | 2.44 | % | | | | | | | | | | | | | | | | | | Estimated Fair Value: | | | | | | | | | | | | | | | | | Agency mortgage-backed securities | | $ | — | | $ | 5,201 | | $ | 7,700 | | $ | 584,393 | | $ | 597,294 | | Total | | $ | — | | $ | 5,201 | | $ | 7,700 | | $ | 584,393 | | $ | 597,294 | |
| | | | | | | | | | | | | | | | | | | 1 Year or | | More than 1 Year | | More than 5 Years | | More than | | | | | (dollars in thousands) | | Less | | through 5 Years | | through 10 Years | | 10 Years | | Total | | December 31, 2024 | | | | | | | | | | | | | | | | | Amortized Cost: | | | | | | | | | | | | | | | | | Agency mortgage-backed securities | | $ | — | | $ | 4,542 | | $ | 8,900 | | $ | 698,663 | | $ | 712,105 | | Total | | $ | — | | $ | 4,542 | | $ | 8,900 | | $ | 698,663 | | $ | 712,105 | | Weighted average yield | | | — | % | | 0.99 | % | | 1.58 | % | | 2.24 | % | | 2.22 | % | | | | | | | | | | | | | | | | | | Estimated Fair Value: | | | | | | | | | | | | | | | | | Agency mortgage-backed securities | | $ | — | | $ | 4,287 | | $ | 8,128 | | $ | 624,425 | | $ | 636,840 | | Total | | $ | — | | $ | 4,287 | | $ | 8,128 | | $ | 624,425 | | $ | 636,840 | |
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