The Company held equity securities with a fair value of $9,949 and $9,781 at March 31, 2025 and December 31, 2024, respectively. The Company did not realize a loss on equity securities with a readily determinable fair value during the three months ended March 31, 2025 or 2024. The gross unrealized gain (loss) recognized on equity securities with readily determinable fair values recorded in other noninterest income in the Company’s consolidated statements of income is as follows:

The Company held equity securities without a readily determinable fair value and measured at aggregate cost of $10,512 and $12,272 as of March 31, 2025 and December 31, 2024, respectively.

Debt securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost, related gross unrealized gains and losses, ACL and the fair value of AFS and HTM debt securities are as follows:


	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		ACL		Fair Value
AFS

Corporate bonds	$	282,068	$	1,872	$	12,683	$	—	$	271,257
Municipal securities	28,121		—		4,268		—		23,853
MBS	252,334		3,916		12,069		—		244,181
CMO	587,585		3,696		30,452		—		560,829
Asset-backed securities	104,116		1,135		2,164		—		103,087
Collateralized loan obligations	81,802		11		660		—		81,153
	$	1,336,026	$	10,630	$	62,296	$	—	$	1,284,360

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		ACL		Fair Value
HTM
MBS	$	30,713	$	—	$	6,043	$	—	$	24,670
CMO	32,575		—		4,014		—		28,561
Municipal securities	115,509		—		13,876		—		101,633
	$	178,797	$	—	$	23,933	$	—	$	154,864


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		ACL		Fair Value
AFS

Corporate bonds	$	271,889	$	1,815	$	17,184	$	—	$	256,520
Municipal securities	28,142		—		3,797		—		24,345
MBS	258,896		2,256		14,822		—		246,330
CMO	600,709		1,734		41,841		—		560,602
Asset-backed securities	110,148		563		2,745		—		107,966
Collateralized loan obligations	98,885		106		242		—		98,749
	$	1,368,669	$	6,474	$	80,631	$	—	$	1,294,512

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		ACL		Fair Value
HTM
MBS	$	31,439	$	—	$	6,625	$	—	$	24,814
CMO	32,892		—		4,920		—		27,972
Municipal securities	119,695		—		11,921		—		107,774
	$	184,026	$	—	$	23,466	$	—	$	160,560

MBS are commercial MBS, secured by commercial properties, and residential MBS, generally secured by single-family residential properties. All MBS included in the table above were issued by U.S. government agencies or corporations.

In 2022, the Company elected to transfer 25 AFS debt securities with an aggregate fair value of $117,001 to a classification of HTM debt securities. The transfer from AFS to HTM was recorded at the fair value of the AFS debt securities at the time of transfer. The net unrealized holding gain retained in AOCI for securities transferred from AFS to HTM was $2,269 and $2,437 at March 31, 2025 and December 31, 2024, respectively. The Company did not transfer any debt securities from AFS to HTM during the three months ended March 31, 2025.

The following tables disclose the Company’s debt securities in an unrealized loss position, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position:


	March 31, 2025
	Less Than 12 Months				12 Months or More				Totals
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
AFS

Corporate bonds	$	48,223	$	1,498	$	162,474	$	11,185	$	210,697	$	12,683
Municipal securities	14,837		1,268		9,016		3,000		23,853		4,268
MBS	8,589		149		73,932		11,920		82,521		12,069
CMO	87,725		710		249,394		29,742		337,119		30,452
Asset-backed securities	14,301		30		45,422		2,134		59,723		2,164
Collateralized loan obligations	63,061		520		9,052		140		72,113		660
	$	236,736	$	4,175	$	549,290	$	58,121	$	786,026	$	62,296

HTM
MBS	$	—	$	—	$	24,670	$	6,043	$	24,670	$	6,043
CMO	—		—		28,561		4,014		28,561		4,014
Municipal securities	77,649		9,426		21,826		4,450		99,475		13,876
	$	77,649	$	9,426	$	75,057	$	14,507	$	152,706	$	23,933


	December 31, 2024
	Less Than 12 Months				12 Months or More				Totals
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
AFS

Corporate bonds	$	38,914	$	2,329	$	174,876	$	14,855	$	213,790	$	17,184
Municipal securities	15,519		594		8,826		3,203		24,345		3,797
MBS	71,889		694		74,131		14,128		146,020		14,822
CMO	168,016		3,383		247,079		38,458		415,095		41,841
Asset-backed securities	71,538		635		13,034		2,110		84,572		2,745
Collateralized loan obligations	40,406		242		—		—		40,406		242
	$	406,282	$	7,877	$	517,946	$	72,754	$	924,228	$	80,631

HTM
MBS	$	—	$	—	$	24,814	$	6,625	$	24,814	$	6,625
CMO	—		—		27,972		4,920		27,972		4,920
Municipal securities	83,738		8,198		22,679		3,723		106,417		11,921
	$	83,738	$	8,198	$	75,465	$	15,268	$	159,203	$	23,466

Management evaluates AFS debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

The number of AFS debt securities in an unrealized loss position totaled 128 and 137 at March 31, 2025 and December 31, 2024, respectively. Management does not have the intent to sell any of these debt securities and believes that it is more likely than not that the Company will not have to sell any such debt securities before a recovery of cost. The fair value is expected to recover as the debt securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of March 31, 2025, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore no ACL has been recognized.

The amortized costs and estimated fair values of AFS and HTM debt securities, by contractual maturity, as of the dates indicated, are shown in the table below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. MBS, CMOs, asset-backed securities, and collateralized loan obligations typically are issued with stated principal amounts, and the securities are backed by pools of mortgage loans and other loans that have varying maturities. The terms of MBS, CMOs, asset-backed securities, and collateralized loan obligations thus approximates the terms of the underlying mortgages and loans and can vary significantly due to prepayments. Therefore, these securities are not included in the maturity categories below.


	March 31, 2025
	AFS				HTM
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	—	$	—	$	—	$	—
Due from one year to five years	79,619		79,865		2,443		2,405
Due from five years to ten years	161,760		152,512		17,861		17,251
Due after ten years	68,810		62,733		95,205		81,977
	310,189		295,110		115,509		101,633
MBS and CMO	839,919		805,010		63,288		53,231
Asset-backed securities	104,116		103,087		—		—
Collateralized loan obligations	81,802		81,153		—		—
	$	1,336,026	$	1,284,360	$	178,797	$	154,864


	December 31, 2024
	AFS				HTM
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	—	$	—	$	3,919	$	3,919
Due from one year to five years	69,451		68,737		890		857
Due from five years to ten years	176,147		163,478		19,464		18,857
Due after ten years	54,433		48,650		95,422		84,141
	300,031		280,865		119,695		107,774
MBS and CMO	859,605		806,932		64,331		52,786
Asset-backed securities	110,148		107,966		—		—
Collateralized loan obligations	98,885		98,749		—		—
	$	1,368,669	$	1,294,512	$	184,026	$	160,560