XML 39 R28.htm IDEA: XBRL DOCUMENT v3.25.3
INVESTMENT SECURITIES (Tables)
9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities Classified as 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-agency94,974 1,456 (2,570)93,860 
Asset-backed student loans43,341 46 (129)43,258 
State and municipal securities77,574 289 (4,573)73,290 
Collateralized loan obligations47,809 86 (50)47,845 
Corporate securities59,795 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-agency103,051 1,410 (3,449)101,012 
Asset-backed student loans50,007 66 (100)49,973 
State and municipal securities75,597 96 (6,632)69,061 
Collateralized loan obligations40,365 92 (7)40,450 
Corporate securities85,602 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.
Schedule of Debt Securities, Available-for-sale
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 years37,879 35,951 
After five years through ten years89,806 84,325 
After ten years112,615 111,651 
Mortgage-backed securities1,218,106 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)2025202420252024
Investment securities available for sale
Proceeds from sales$103,759 $13,049 $103,759 $58,874 
Gross realized gains on sales587 113 587 420 
Gross realized losses on sales(573)(157)(573)(616)
Schedule of Unrealized Losses and Fair Values for Investment Securities
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 Months12 Months or moreTotal
(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 $$8,979 $1,022 $13,958 $1,029 
Mortgage-backed securities - agency84,803 1,145 539,599 77,432 624,402 78,577 
Mortgage-backed securities - non-agency712 22,787 2,569 23,499 2,570 
Asset-backed student loans14,659 36 15,263 93 29,922 129 
State and municipal securities7,336 51 46,740 4,522 54,076 4,573 
Collateralized loan obligations9,957 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 Months12 Months or moreTotal
(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 - agency300,427 9,735 385,332 85,133 685,759 94,868 
Mortgage-backed securities - non-agency12,433 33 24,153 3,416 36,586 3,449 
Asset-backed student loans17,734 99 2,130 19,864 100 
State and municipal securities21,209 365 43,131 6,267 64,340 6,632 
Collateralized loan obligations7,468 — — 7,468 
Corporate securities23,833 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