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INVESTMENT SECURITIES | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
INVESTMENT SECURITIES | INVESTMENT SECURITIES Investment Securities Available for Sale Investment securities available for sale at September 30, 2025 and December 31, 2024 were as follows:
| September 30, 2025
(dollars in thousands) | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  |  |  | Fair value
Investment securities available for sale |  |  |  |  |  |  |  |  |
U.S. government sponsored entities and U.S. agency securities | $ | 16,131 |  |  | $ | 21 |  |  | $ | (1,029) |  |  |  |  | $ | 15,123 |
Mortgage-backed securities - agency (1) | 1,123,132 |  |  | 4,248 |  |  | (78,577) |  |  |  |  | 1,048,803 |
Mortgage-backed securities - non-agency | 94,974 |  |  | 1,456 |  |  | (2,570) |  |  |  |  | 93,860 |
Asset-backed student loans | 43,341 |  |  | 46 |  |  | (129) |  |  |  |  | 43,258 |
State and municipal securities | 77,574 |  |  | 289 |  |  | (4,573) |  |  |  |  | 73,290 |
Collateralized loan obligations | 47,809 |  |  | 86 |  |  | (50) |  |  |  |  | 47,845 |
Corporate securities | 59,795 |  |  | 44 |  |  | (3,111) |  |  |  |  | 56,728 |
Total available for sale securities | $ | 1,462,756 |  |  | $ | 6,190 |  |  | $ | (90,039) |  |  |  |  | $ | 1,378,907 |
(1)The amount of fair value hedging adjustment included in the amortized cost amount of the hedged investment securities available-for-sale as of September 30, 2025 was $(3.3) million. See Note 7 - Derivative Instruments for additional information regarding these derivative financial instruments.
| December 31, 2024
(dollars in thousands) | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  |  |  | Fair value
Investment securities available for sale |  |  |  |  |  |  |  |  |
U.S. government sponsored entities and U.S. agency securities | $ | 21,655 |  |  | $ | 25 |  |  | $ | (1,539) |  |  |  |  | $ | 20,141 |
Mortgage-backed securities - agency (1) | 938,513 |  |  | 3,411 |  |  | (94,868) |  |  |  |  | 847,056 |
Mortgage-backed securities - non-agency | 103,051 |  |  | 1,410 |  |  | (3,449) |  |  |  |  | 101,012 |
Asset-backed student loans | 50,007 |  |  | 66 |  |  | (100) |  |  |  |  | 49,973 |
State and municipal securities | 75,597 |  |  | 96 |  |  | (6,632) |  |  |  |  | 69,061 |
Collateralized loan obligations | 40,365 |  |  | 92 |  |  | (7) |  |  |  |  | 40,450 |
Corporate securities | 85,602 |  |  | 42 |  |  | (5,763) |  |  |  |  | 79,881 |
Total available for sale securities | $ | 1,314,790 |  |  | $ | 5,142 |  |  | $ | (112,358) |  |  |  |  | $ | 1,207,574 |
(1)The amount of fair value hedging adjustment included in the amortized cost amount of the hedged investment securities available-for-sale as of December 31, 2024 was $1.9 million. See Note 7 - Derivative Instruments for additional information regarding these derivative financial instruments. Excluding securities issued or backed by U.S. government or its sponsored entities and agencies, there were no investments in securities from one issuer that exceeded 10% of shareholders' equity as of September 30, 2025 and December 31, 2024. The table below shows the amortized cost and fair value of the investment securities portfolio by contractual maturity for all securities other than mortgage-backed securities, at September 30, 2025. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
(dollars in thousands) | Amortized cost |  | Fair value
Investment securities available for sale |  |  |
Within one year | $ | 4,350 |  |  | $ | 4,317 |
After one year through five years | 37,879 |  |  | 35,951 |
After five years through ten years | 89,806 |  |  | 84,325 |
After ten years | 112,615 |  |  | 111,651 |
Mortgage-backed securities | 1,218,106 |  |  | 1,142,663 |
Total available for sale securities | $ | 1,462,756 |  |  | $ | 1,378,907 |
Proceeds and gross realized gains and losses on sales of investment securities available for sale for the three and nine months ended September 30, 2025 and 2024 are summarized as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Investment securities available for sale |  |  |  |  |  |  |  |  |
Proceeds from sales | $ | 103,759 |  |  | $ | 13,049 |  |  | $ | 103,759 |  |  | $ | 58,874 |  |  |
Gross realized gains on sales | 587 |  |  | 113 |  |  | 587 |  |  | 420 |  |  |
Gross realized losses on sales | (573) |  |  | (157) |  |  | (573) |  |  | (616) |  |  |
Unrealized losses and fair values for investment securities available for sale as of September 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized as follows:
| September 30, 2025
| Less than 12 Months |  | 12 Months or more |  | Total
(dollars in thousands) | Fair value |  | Unrealized loss |  | Fair value |  | Unrealized loss |  | Fair value |  | Unrealized loss
Investment securities available for sale |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored entities and U.S. agency securities | $ | 4,979 |  |  | $ | 7 |  |  | $ | 8,979 |  |  | $ | 1,022 |  |  | $ | 13,958 |  |  | $ | 1,029 |
Mortgage-backed securities - agency | 84,803 |  |  | 1,145 |  |  | 539,599 |  |  | 77,432 |  |  | 624,402 |  |  | 78,577 |
Mortgage-backed securities - non-agency | 712 |  |  | 1 |  |  | 22,787 |  |  | 2,569 |  |  | 23,499 |  |  | 2,570 |
Asset-backed student loans | 14,659 |  |  | 36 |  |  | 15,263 |  |  | 93 |  |  | 29,922 |  |  | 129 |
State and municipal securities | 7,336 |  |  | 51 |  |  | 46,740 |  |  | 4,522 |  |  | 54,076 |  |  | 4,573 |
Collateralized loan obligations | 9,957 |  |  | 50 |  |  | — |  |  | — |  |  | 9,957 |  |  | 50 |
Corporate securities | — |  |  | — |  |  | 53,684 |  |  | 3,111 |  |  | 53,684 |  |  | 3,111 |
Total available for sale securities | $ | 122,446 |  |  | $ | 1,290 |  |  | $ | 687,052 |  |  | $ | 88,749 |  |  | $ | 809,498 |  |  | $ | 90,039 |
| December 31, 2024
| Less than 12 Months |  | 12 Months or more |  | Total
(dollars in thousands) | Fair value |  | Unrealized loss |  | Fair value |  | Unrealized loss |  | Fair value |  | Unrealized loss
Investment securities available for sale |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored entities and U.S. agency securities | $ | 4,973 |  |  | $ | 27 |  |  | $ | 8,488 |  |  | $ | 1,512 |  |  | $ | 13,461 |  |  | $ | 1,539 |
Mortgage-backed securities - agency | 300,427 |  |  | 9,735 |  |  | 385,332 |  |  | 85,133 |  |  | 685,759 |  |  | 94,868 |
Mortgage-backed securities - non-agency | 12,433 |  |  | 33 |  |  | 24,153 |  |  | 3,416 |  |  | 36,586 |  |  | 3,449 |
Asset-backed student loans | 17,734 |  |  | 99 |  |  | 2,130 |  |  | 1 |  |  | 19,864 |  |  | 100 |
State and municipal securities | 21,209 |  |  | 365 |  |  | 43,131 |  |  | 6,267 |  |  | 64,340 |  |  | 6,632 |
Collateralized loan obligations | 7,468 |  |  | 7 |  |  | — |  |  | — |  |  | 7,468 |  |  | 7 |
Corporate securities | 23,833 |  |  | 1,910 |  |  | 52,271 |  |  | 3,853 |  |  | 76,104 |  |  | 5,763 |
Total available for sale securities | $ | 388,077 |  |  | $ | 12,176 |  |  | $ | 515,505 |  |  | $ | 100,182 |  |  | $ | 903,582 |  |  | $ | 112,358 |
At September 30, 2025, 253 investment securities available for sale had unrealized losses with aggregate depreciation of 10.01% from their amortized cost basis. For all of the above investment securities, the unrealized losses were generally due to changes in interest rates and other market conditions, and unrealized losses were considered to be temporary as the fair value is expected to recover as the securities approach their respective maturity dates and principal is paid back in full. The Company does not intend to sell and it is likely that the Company will not be required to sell the securities prior to their anticipated recovery.

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