Securities (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Debt Securities, Available-for-Sale and Held-to-Maturity |
The amortized cost, estimated fair value, and allowance for securities credit losses of debt securities available-for-sale and held-to-maturity at June 30, 2025 and December 31, 2024 are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Estimated
Fair
Value | | Allowance for Securities Credit Losses | | At June 30, 2025 | | | | | | | | | | | Debt securities available-for-sale: | | | | | | | | | | | U.S. government and agency obligations | $ | 59,254 | | | $ | 4 | | | $ | (3,516) | | | $ | 55,742 | | | $ | — | | | Corporate debt securities | 22,071 | | | 295 | | | (278) | | | 22,088 | | | — | | | Asset-backed securities | 140,653 | | | 136 | | | (50) | | | 140,739 | | | — | | | Mortgage-backed securities (“MBS”): | | | | | | | | | | | Agency residential | 419,213 | | | 902 | | | (753) | | | 419,362 | | | — | | | Agency commercial | 108,591 | | | — | | | (10,961) | | | 97,630 | | | — | | | Total mortgage-backed securities | 527,804 | | | 902 | | | (11,714) | | | 516,992 | | | — | | | Total debt securities available-for-sale | $ | 749,782 | | | $ | 1,337 | | | $ | (15,558) | | | $ | 735,561 | | | $ | — | | | Debt securities held-to-maturity: | | | | | | | | | | | State and municipal debt obligations | $ | 183,589 | | | $ | 150 | | | $ | (12,958) | | | $ | 170,781 | | | $ | (27) | | | Corporate debt securities | 55,677 | | | 252 | | | (625) | | | 55,304 | | | (588) | | | Mortgage-backed securities: | | | | | | | | | | | Agency residential | 633,637 | | | 1,065 | | | (55,702) | | | 579,000 | | | — | | | Agency commercial | 79,035 | | | 6 | | | (5,487) | | | 73,554 | | | — | | | Non-agency commercial | 17,840 | | | — | | | (389) | | | 17,451 | | | (194) | | | Total mortgage-backed securities | 730,512 | | | 1,071 | | | (61,578) | | | 670,005 | | | (194) | | | Total debt securities held-to-maturity | $ | 969,778 | | | $ | 1,473 | | | $ | (75,161) | | | $ | 896,090 | | | $ | (809) | | | Total debt securities | $ | 1,719,560 | | | $ | 2,810 | | | $ | (90,719) | | | $ | 1,631,651 | | | $ | (809) | | | At December 31, 2024 | | | | | | | | | | | Debt securities available-for-sale: | | | | | | | | | | | U.S. government and agency obligations | $ | 62,396 | | | $ | 11 | | | $ | (5,022) | | | $ | 57,385 | | | $ | — | | | Corporate debt securities | 14,042 | | | 43 | | | (762) | | | 13,323 | | | — | | | Asset-backed securities | 197,116 | | | 235 | | | (84) | | | 197,267 | | | — | | | Mortgage-backed securities: | | | | | | | | | | | Agency residential | 465,108 | | | 1,256 | | | (801) | | | 465,563 | | | — | | | Agency commercial | 108,610 | | | — | | | (14,648) | | | 93,962 | | | — | | | Total mortgage-backed securities | 573,718 | | | 1,256 | | | (15,449) | | | 559,525 | | | — | | | Total debt securities available-for-sale | $ | 847,272 | | | $ | 1,545 | | | $ | (21,317) | | | $ | 827,500 | | | $ | — | | | Debt securities held-to-maturity: | | | | | | | | | | | State and municipal debt obligations | $ | 201,369 | | | $ | 199 | | | $ | (13,665) | | | $ | 187,903 | | | $ | (31) | | | Corporate debt securities | 65,350 | | | 775 | | | (1,416) | | | 64,709 | | | (734) | | | Mortgage-backed securities: | | | | | | | | | | | Agency residential | 680,052 | | | 44 | | | (73,110) | | | 606,986 | | | — | | | Agency commercial | 79,925 | | | 1 | | | (5,878) | | | 74,048 | | | — | | | Non-agency commercial | 20,146 | | | — | | | (875) | | | 19,271 | | | (202) | | | Total mortgage-backed securities | 780,123 | | | 45 | | | (79,863) | | | 700,305 | | | (202) | | | Total debt securities held-to-maturity | $ | 1,046,842 | | | $ | 1,019 | | | $ | (94,944) | | | $ | 952,917 | | | $ | (967) | | | Total debt securities | $ | 1,894,114 | | | $ | 2,564 | | | $ | (116,261) | | | $ | 1,780,417 | | | $ | (967) | |
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| Schedule of Allowance for Credit Losses for Debt Securities Held-to-Maturity |
The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the three and six months ended June 30, 2025 and 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Allowance for securities credit losses | | | | | | | | | Beginning balance | $ | (898) | | | $ | (1,058) | | | $ | (967) | | | $ | (1,133) | | | | | | | | | | | Benefit for credit losses | 89 | | | 100 | | | 158 | | | 175 | | | | | | | | | | | | | | | | | | | | | | | | | | | Total ending allowance balance | $ | (809) | | | $ | (958) | | | $ | (809) | | | $ | (958) | |
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| Schedule of Amortized Cost of Debt Securities Held-to-Maturity, Aggregated by Credit Quality Indicator |
Under this approach, the amortized cost of debt securities held-to-maturity at June 30, 2025, aggregated by credit quality indicator, are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | Investment Grade | | Non-Investment Grade/Non-rated | | Total | | As of June 30, 2025 | | | | | | | | | | | | | | | | | | | State and municipal debt obligations | $ | 183,589 | | | $ | — | | | $ | 183,589 | | | Corporate debt securities | 42,723 | | | 12,954 | | | 55,677 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Non-agency commercial MBS | 17,840 | | | — | | | 17,840 | | | | | | | | | Total debt securities held-to-maturity | $ | 244,152 | | | $ | 12,954 | | | $ | 257,106 | |
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| Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity |
The amortized cost and estimated fair value of debt securities at June 30, 2025 by contractual maturity are shown below (in thousands): | | | | | | | | | | | | | June 30, 2025 | Amortized
Cost | | Estimated
Fair Value | | Less than one year | $ | 27,939 | | | $ | 27,749 | | | Due after one year through five years | 182,411 | | | 175,331 | | | Due after five years through ten years | 166,697 | | | 164,505 | | | Due after ten years | 84,197 | | | 77,069 | | | $ | 461,244 | | | $ | 444,654 | |
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| Schedule of Estimated Fair Value and Unrealized Losses for Debt Securities Available-for-Sale and Held-to-Maturity |
The estimated fair value and unrealized losses for debt securities available-for-sale and held-to-maturity at June 30, 2025 and December 31, 2024, segregated by the duration of the unrealized losses, are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or longer | | Total | | | Estimated
Fair
Value | | Unrealized
Losses | | Estimated
Fair
Value | | Unrealized
Losses | | Estimated
Fair
Value | | Unrealized
Losses | | At June 30, 2025 | | | | | | | | | | | | | Debt securities available-for-sale: | | | | | | | | | | | | | U.S. government and agency obligations | $ | 2,429 | | | $ | (1) | | | $ | 51,067 | | | $ | (3,515) | | | $ | 53,496 | | | $ | (3,516) | | | Corporate debt securities | 4,000 | | | — | | | 4,722 | | | (278) | | | 8,722 | | | (278) | | | Asset-backed securities | 42,333 | | | (36) | | | 5,986 | | | (14) | | | 48,319 | | | (50) | | | MBS: | | | | | | | | | | | | | Agency residential | 231,636 | | | (753) | | | — | | | — | | | 231,636 | | | (753) | | | Agency commercial | 493 | | | (2) | | | 97,137 | | | (10,959) | | | 97,630 | | | (10,961) | | | Total MBS | 232,129 | | | (755) | | | 97,137 | | | (10,959) | | | 329,266 | | | (11,714) | | | Total debt securities available-for-sale | 280,891 | | | (792) | | | 158,912 | | | (14,766) | | | 439,803 | | | (15,558) | | | Debt securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | State and municipal debt obligations | 7,985 | | | (31) | | | 151,858 | | | (12,927) | | | 159,843 | | | (12,958) | | | Corporate debt securities | 2,220 | | | (30) | | | 23,710 | | | (595) | | | 25,930 | | | (625) | | | | | | | | | | | | | | | MBS: | | | | | | | | | | | | | Agency residential | 34,872 | | | (552) | | | 457,112 | | | (55,150) | | | 491,984 | | | (55,702) | | | Agency commercial | 1,727 | | | (6) | | | 71,004 | | | (5,481) | | | 72,731 | | | (5,487) | | | Non-agency commercial | — | | | — | | | 17,451 | | | (389) | | | 17,451 | | | (389) | | | Total MBS | 36,599 | | | (558) | | | 545,567 | | | (61,020) | | | 582,166 | | | (61,578) | | | Total debt securities held-to-maturity | 46,804 | | | (619) | | | 721,135 | | | (74,542) | | | 767,939 | | | (75,161) | | | Total debt securities | $ | 327,695 | | | $ | (1,411) | | | $ | 880,047 | | | $ | (89,308) | | | $ | 1,207,742 | | | $ | (90,719) | | | At December 31, 2024 | | | | | | | | | | | | | Debt securities available-for-sale: | | | | | | | | | | | | | U.S. government and agency obligations | $ | 3,221 | | | $ | — | | | $ | 49,538 | | | $ | (5,022) | | | $ | 52,759 | | | $ | (5,022) | | | Corporate debt securities | 4,793 | | | (55) | | | 6,029 | | | (707) | | | 10,822 | | | (762) | | | Asset-backed securities | 31,588 | | | (21) | | | 59,148 | | | (63) | | | 90,736 | | | (84) | | | MBS: | | | | | | | | | | | | | Agency residential | 202,961 | | | (801) | | | — | | | — | | | 202,961 | | | (801) | | | Agency commercial | — | | | — | | | 93,962 | | | (14,648) | | | 93,962 | | | (14,648) | | | Total MBS | 202,961 | | | (801) | | | 93,962 | | | (14,648) | | | 296,923 | | | (15,449) | | | Total debt securities available-for-sale | 242,563 | | | (877) | | | 208,677 | | | (20,440) | | | 451,240 | | | (21,317) | | | Debt securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | State and municipal debt obligations | 7,098 | | | (176) | | | 169,434 | | | (13,489) | | | 176,532 | | | (13,665) | | | Corporate debt securities | 1,247 | | | (219) | | | 25,518 | | | (1,197) | | | 26,765 | | | (1,416) | | | | | | | | | | | | | | | MBS: | | | | | | | | | | | | | Agency residential | 114,557 | | | (1,647) | | | 479,847 | | | (71,463) | | | 594,404 | | | (73,110) | | | Agency commercial | 3,894 | | | (20) | | | 69,912 | | | (5,858) | | | 73,806 | | | (5,878) | | | Non-agency commercial | — | | | — | | | 19,271 | | | (875) | | | 19,271 | | | (875) | | | Total MBS | 118,451 | | | (1,667) | | | 569,030 | | | (78,196) | | | 687,481 | | | (79,863) | | | Total debt securities held-to-maturity | 126,796 | | | (2,062) | | | 763,982 | | | (92,882) | | | 890,778 | | | (94,944) | | | Total debt securities | $ | 369,359 | | | $ | (2,939) | | | $ | 972,659 | | | $ | (113,322) | | | $ | 1,342,018 | | | $ | (116,261) | |
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| Schedule of Realized and Unrealized Gains or Losses on Equity Securities |
The realized and unrealized gains or losses on equity securities for the three and six months ended June 30, 2025 and 2024 are shown in the table below (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Net gain on equity investments | $ | 488 | | | $ | 887 | | | $ | 693 | | | $ | 2,810 | | | Less: Net gains recognized on equity investments sold | — | | | — | | | — | | | — | | | Unrealized gains recognized on equity investments still held | $ | 488 | | | $ | 887 | | | $ | 693 | | | $ | 2,810 | | | | | | | | | |
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