Investment 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 Amortized Cost, Allowance for Credit Losses and Fair Value |
The following tables summarize the amortized cost, allowance for credit losses and fair value of the AFS debt securities and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive loss, net at June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Allowance for credit losses on investments | | Fair Value | | Investment Securities | | | | | | | | | | | | AFS debt securities | | | | | | | | | | | | U.S. government agency securities | | $ | 642,433 | | | $ | 681 | | | $ | (850) | | | $ | — | | | $ | 642,264 | | | Mortgage-backed securities - residential | | 577,970 | | | 64 | | | (36,691) | | | — | | | 541,343 | | | Mortgage-backed securities - commercial | | 9,362 | | | — | | | (610) | | | — | | | 8,752 | | | Municipal securities | | 170,062 | | | 43 | | | (25,877) | | | — | | | 144,228 | | | | | | | | | | | | | | Corporate securities | | 1,000 | | | — | | | (22) | | | — | | | 978 | | | Total | | $ | 1,400,827 | | | $ | 788 | | | $ | (64,050) | | | $ | — | | | $ | 1,337,565 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Allowance for credit losses on investments | | Fair Value | | | | Investment Securities | | | | | | | | | | | | | | AFS debt securities | | | | | | | | | | | | | | U.S. government agency securities | | $ | 564,752 | | | $ | 172 | | | $ | (1,917) | | | $ | — | | | $ | 563,007 | | | | | Mortgage-backed securities - residential | | 927,883 | | | 393 | | | (117,277) | | | — | | | 810,999 | | | | | Mortgage-backed securities - commercial | | 15,965 | | | — | | | (1,108) | | | — | | | 14,857 | | | | | Municipal securities | | 169,498 | | | 20 | | | (21,661) | | | — | | | 147,857 | | | | | U.S. Treasury securities | | 299 | | | — | | | — | | | — | | | 299 | | | | | Corporate securities | | 1,000 | | | — | | | (11) | | | — | | | 989 | | | | | Total | | $ | 1,679,397 | | | $ | 585 | | | $ | (141,974) | | | $ | — | | | $ | 1,538,008 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Schedule of Gross Unrealized Losses |
The following tables show gross unrealized losses on AFS debt securities for which an allowance for credit losses has not been recorded at June 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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | | Less than 12 months | | 12 months or more | | Total | | | | Fair Value | | Gross Unrealized Loss | | Fair Value | | Gross Unrealized Loss | | Fair Value | | Gross Unrealized Loss | | U.S. government agency securities | | $ | 286,027 | | | $ | (655) | | | $ | 29,559 | | | $ | (195) | | | $ | 315,586 | | | $ | (850) | | | Mortgage-backed securities - residential | | 307,687 | | | (3,453) | | | 167,794 | | | (33,238) | | | 475,481 | | | (36,691) | | | Mortgage-backed securities - commercial | | — | | | — | | | 8,752 | | | (610) | | | 8,752 | | | (610) | | | Municipal securities | | 13,341 | | | (333) | | | 126,009 | | | (25,544) | | | 139,350 | | | (25,877) | | | | | | | | | | | | | | | | Corporate securities | | — | | | — | | | 978 | | | (22) | | | 978 | | | (22) | | | Total | | $ | 607,055 | | | $ | (4,441) | | | $ | 333,092 | | | $ | (59,609) | | | $ | 940,147 | | | $ | (64,050) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | Less than 12 months | | 12 months or more | | Total | | | | Fair Value | | Gross Unrealized Loss | | Fair Value | | Gross Unrealized Loss | | Fair Value | | Gross Unrealized Loss | | U.S. government agency securities | | $ | 494,885 | | | $ | (1,908) | | | $ | 714 | | | $ | (9) | | | $ | 495,599 | | | $ | (1,917) | | | Mortgage-backed securities - residential | | 209,078 | | | (8,956) | | | 441,502 | | | (108,321) | | | 650,580 | | | (117,277) | | | Mortgage-backed securities - commercial | | 2,222 | | | (19) | | | 12,635 | | | (1,089) | | | 14,857 | | | (1,108) | | | Municipal securities | | 34,059 | | | (2,376) | | | 110,173 | | | (19,285) | | | 144,232 | | | (21,661) | | | | | | | | | | | | | | | | Corporate securities | | — | | | — | | | 989 | | | (11) | | | 989 | | | (11) | | | Total | | $ | 740,244 | | | $ | (13,259) | | | $ | 566,013 | | | $ | (128,715) | | | $ | 1,306,257 | | | $ | (141,974) | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity |
The amortized cost and fair value of AFS debt securities by contractual maturity as of June 30, 2025 and December 31, 2024 are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, | | December 31, | | | | | | | 2025 | | | 2024 | | | | | Available-for-sale | | Available-for-sale | | | | Amortized cost | | Fair Value | | Amortized cost | | Fair Value | | Due in one year or less | | $ | 200 | | | $ | 200 | | | $ | 849 | | | $ | 847 | | | Due in one to five years | | 6,255 | | | 6,224 | | | 4,186 | | | 4,600 | | | Due in five to ten years | | 298,300 | | | 296,048 | | | 225,954 | | | 222,943 | | | Due in over ten years | | 508,740 | | | 484,998 | | | 504,560 | | | 483,762 | | | | 813,495 | | | 787,470 | | | 735,549 | | | 712,152 | | | Mortgage-backed securities - residential | | 577,970 | | | 541,343 | | | 927,883 | | | 810,999 | | | Mortgage-backed securities - commercial | | 9,362 | | | 8,752 | | | 15,965 | | | 14,857 | | | Total AFS debt securities | | $ | 1,400,827 | | | $ | 1,337,565 | | | $ | 1,679,397 | | | $ | 1,538,008 | |
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| Schedule of Sales and Other Dispositions of Available-for-Sale Securities |
Sales and other dispositions of AFS debt securities were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2025 | | | 2024 | | | 2025 | | | 2024 | | | | | Proceeds from sales | $ | 266,454 | | | $ | — | | | $ | 266,454 | | | $ | 207,882 | | | | | Proceeds from maturities, prepayments and calls | 59,801 | | | 67,609 | | | 134,661 | | | 134,236 | | | | | Gross realized gains | 88 | | | — | | | 104 | | | 90 | | | | | Gross realized losses | 60,637 | | | — | | | 60,637 | | | 16,303 | | | | | | | | | | | | | |
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