v3.25.2
Investment Securities (Tables)
6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
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 June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
U.S. Treasury obligations$331,283 263 (12,101)319,445 
Government-agency obligations39,483 1,128 (50)40,561 
Mortgage-backed securities2,537,641 12,708 (140,824)2,409,525 
Asset-backed securities44,855 429 (353)44,931 
State and municipal obligations119,730 467 (10,602)109,595 
Corporate obligations93,496 4,779 (2,536)95,739 
$3,166,488 19,774 (166,466)3,019,796 
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 
Investment Securities Classified by Contractual Maturity
The amortized cost and fair value of available for sale debt securities as of June 30, 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.
June 30, 2025
Amortized
cost
Fair
value
Due in one year or less$107,849 106,282 
Due after one year through five years258,931 248,809 
Due after five years through ten years110,734 110,382 
Due after ten years66,995 59,307 
$544,509 524,780 
The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio as of June 30, 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.
June 30, 2025
Amortized
cost
Fair
value
Due in one year or less$50,292 50,125 
Due after one year through five years158,612 157,107 
Due after five years through ten years83,208 78,181 
Due after ten years16,612 13,045 
$308,724 298,458 
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, excluding allowances for credit losses of $20,000 and $14,000, as of June 30, 2025 and December 31, 2024, respectively (in thousands):
June 30, 2025
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Government-agency obligations$8,399 — (115)8,284 
State and municipal obligations296,727 32 (10,120)286,639 
Corporate obligations3,598 — (63)3,535 
$308,724 32 (10,298)298,458 
December 31, 2024
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Government-agency obligations9,999 — (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 
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 June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025
Total PortfolioAAAAAABBBNot RatedTotal
Government-agency obligations$8,399 — — — — 8,399 
State and municipal obligations45,144 219,904 21,601 — 10,078 296,727 
Corporate obligations— 575 3,023 — 3,598 
$53,543 220,479 24,624 — 10,078 308,724 
December 31, 2024
Total PortfolioAAAAAABBBNot RatedTotal
Government-agency obligations9,999 — — — — 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