v3.25.2
INVESTMENT SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities Classified as Available for Sale
Investment securities available for sale at March 31, 2025 and December 31, 2024 were as follows:
March 31, 2025
(dollars in thousands)Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
Investment securities available for sale
U.S. Treasury securities$1,000 $— $— $1,000 
U.S. government sponsored entities and U.S. agency securities
26,350 34 (1,284)25,100 
Mortgage-backed securities - agency (1)
1,088,322 2,102 (84,085)1,006,339 
Mortgage-backed securities - non-agency96,787 1,428 (3,027)95,188 
Asset-backed student loans47,675 38 (312)47,401 
State and municipal securities75,176 246 (6,311)69,111 
Collateralized loan obligations39,155 86 (29)39,212 
Corporate securities85,555 191 (4,896)80,850 
Total available for sale securities$1,460,020 $4,125 $(99,944)$1,364,201 
(1)The amount of fair value hedging adjustment included in the amortized cost amount of the hedged investment securities available-for-sale as of March 31, 2025 was $(1.6 million). See Note 7 - Derivative Instruments for additional information regarding these derivative financial instruments.

December 31, 2024
(dollars in thousands)Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
Investment securities available for sale
U.S. government sponsored entities and U.S. agency securities$21,655 $25 $(1,539)$20,141 
Mortgage-backed securities - agency (1)
938,513 3,411 (94,868)847,056 
Mortgage-backed securities - non-agency103,051 1,410 (3,449)101,012 
Asset-backed student loans50,007 66 (100)49,973 
State and municipal securities75,597 96 (6,632)69,061 
Collateralized loan obligations40,365 92 (7)40,450 
Corporate securities85,602 42 (5,763)79,881 
Total available for sale securities$1,314,790 $5,142 $(112,358)$1,207,574 
(1)The amount of fair value hedging adjustment included in the amortized cost amount of the hedged investment securities available-for-sale as of December 31, 2024 was $1.9 million. See Note 7 - Derivative Instruments for additional information regarding these derivative financial instruments.
Schedule of Debt Securities, Available-for-sale
The table below shows the amortized cost and fair value of the investment securities portfolio by contractual maturity for all securities other than mortgage-backed securities, at March 31, 2025. Expected maturities may differ from contractual
maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
(dollars in thousands)Amortized
cost		Fair
value
Investment securities available for sale
Within one year$5,686 $5,635 
After one year through five years60,338 57,238 
After five years through ten years105,919 98,427 
After ten years102,968 101,374 
Mortgage-backed securities1,185,109 1,101,527 
Total available for sale securities$1,460,020 $1,364,201 
    
There were no sales of investment securities available for sale for the three months ended March 31, 2025 and 2024.
Schedule of Unrealized Losses and Fair Values for Investment Securities
Unrealized losses and fair values for investment securities available for sale as of March 31, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized as follows:
March 31, 2025
Less than 12 Months12 Months or moreTotal
(dollars in thousands)Fair
value		Unrealized
loss		Fair
value		Unrealized
loss		Fair
value		Unrealized
loss
Investment securities available for sale
U.S. government sponsored entities and U.S. agency securities$4,993 $7 $8,723 $1,277 $13,716 $1,284 
Mortgage-backed securities - agency219,370 5,332 408,080 78,753 627,450 84,085 
Mortgage-backed securities - non-agency4,749 10 23,876 3,017 28,625 3,027 
Asset-backed student loans14,455 200 15,004 112 29,459 312 
State and municipal securities5,492 124 42,978 6,187 48,470 6,311 
Collateralized loan obligations8,701 9 3,275 20 11,976 29 
Corporate securities— — 74,923 4,896 74,923 4,896 
Total available for sale securities$257,760 $5,682 $576,859 $94,262 $834,619 $99,944 
December 31, 2024
Less than 12 Months12 Months or moreTotal
(dollars in thousands)Fair
value		Unrealized
loss		Fair
value		Unrealized
loss		Fair
value		Unrealized
loss
Investment securities available for sale
U.S. government sponsored entities and U.S. agency securities$4,973 $27 $8,488 $1,512 $13,461 $1,539 
Mortgage-backed securities - agency300,427 9,735 385,332 85,133 685,759 94,868 
Mortgage-backed securities - non-agency12,433 33 24,153 3,416 36,586 3,449 
Asset-backed student loans17,734 99 2,130 1 19,864 100 
State and municipal securities21,209 365 43,131 6,267 64,340 6,632 
Collateralized loan obligations7,468 7 — — 7,468 7 
Corporate securities23,833 1,910 52,271 3,853 76,104 5,763 
Total available for sale securities$388,077 $12,176 $515,505 $100,182 $903,582 $112,358