v3.25.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Securities Available for Sale
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities as of March 31, 2025 and December 31, 2024 (in thousands):
March 31, 2025
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
U.S. Treasury obligations$330,547 339 (14,574)316,312 
Government-agency obligations48,309 1,187 (167)49,329 
Mortgage-backed securities2,399,880 8,690 (152,732)2,255,838 
Asset-backed securities45,974 619 (207)46,386 
State and municipal obligations125,239 437 (10,279)115,397 
Corporate obligations93,229 4,877 (2,583)95,523 
$3,043,178 16,149 (180,542)2,878,785 
December 31, 2024
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
U.S. Treasury obligations$348,621 317 (18,340)330,598 
Government-agency obligations105,965 1,461 (191)107,235 
Mortgage-backed securities2,243,725 4,982 (186,548)2,062,159 
Asset-backed securities47,203 645 (285)47,563 
State and municipal obligations126,766 243 (10,092)116,917 
Corporate obligations103,415 3,958 (2,930)104,443 
$2,975,695 11,606 (218,386)2,768,915 
Schedule of Investment Securities Classified by Contractual Maturity
The amortized cost and fair value of available for sale debt securities as of March 31, 2025, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
March 31, 2025
Amortized
cost		Fair
value
Due in one year or less$67,891 67,545 
Due after one year through five years303,663 290,043 
Due after five years through ten years111,816 111,182 
Due after ten years70,591 63,419 
$553,961 532,189 
The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio as of March 31, 2025 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
March 31, 2025
Amortized
cost		Fair
value
Due in one year or less$48,529 48,232 
Due after one year through five years160,896 158,405 
Due after five years through ten years87,360 81,152 
Due after ten years17,237 13,401 
$314,022 301,190 
Schedule of Investment Securities Held to Maturity
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities as of March 31, 2025 and December 31, 2024 (in thousands):
March 31, 2025
Amortized
cost		Gross
unrealized
gains 		Gross
unrealized
losses 		Fair
value
Government-agency obligations$9,999 — (198)9,801 
State and municipal obligations297,966 14 (12,540)285,440 
Corporate obligations6,057 — (108)5,949 
$314,022 14 (12,846)301,190 
December 31, 2024
Amortized
cost		Gross
unrealized
gains 		Gross
unrealized
losses 		Fair
value
Government-agency obligations$9,999 — (292)9,707 
State and municipal obligations311,118 689 (14,133)297,674 
Corporate obligations6,520 — (168)6,352 
$327,637 689 (14,593)313,733 
Schedule of Amortized Cost of held To Maturity Debt Securities by Year of Originations and Credit Rating The following table provides the amortized cost of held to maturity debt securities by credit rating as of March 31, 2025 and December 31, 2024 (in thousands):
March 31, 2025
Total PortfolioAAAAAABBBNot RatedTotal
Government-agency obligations9,999 — — — — 9,999 
State and municipal obligations44,785 223,348 24,938 — 4,895 297,966 
Corporate obligations500 2,005 3,527 — 25 6,057 
$55,284 225,353 28,465 — 4,920 314,022 
December 31, 2024
Total PortfolioAAAAAABBBNot RatedTotal
Government-agency obligations$9,999 — — — — 9,999 
State and municipal obligations44,821 234,212 28,735 — 3,350 311,118 
Corporate obligations501 2,013 3,981 — 25 6,520 
$55,321 236,225 32,716 — 3,375 327,637