Investment Securities (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Investment Securities Classified as Available-for-sale and Held-to-maturity |
The Company’s investments in debt securities are classified as available-for-sale, and are summarized as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Amortized
cost | | Gross
unrealized
gains | | Gross
unrealized
losses | | Fair
value | | U.S. Government agency securities | $ | 23,151 | | | $ | 8 | | | $ | (635) | | | $ | 22,524 | | | Asset-backed securities | 226,817 | | | 145 | | | (393) | | | 226,569 | | | Tax-exempt obligations of states and political subdivisions | 14,612 | | | 72 | | | (48) | | | 14,636 | | | Taxable obligations of states and political subdivisions | 16,677 | | | 49 | | | (55) | | | 16,671 | | | Residential mortgage-backed securities | 433,475 | | | 5,800 | | | (4,362) | | | 434,913 | | | Collateralized mortgage obligation securities | 52,889 | | | — | | | (1,377) | | | 51,512 | | | Commercial mortgage-backed securities | 852,092 | | | 7,339 | | | (11,366) | | | 848,065 | | | $ | 1,619,713 | | | $ | 13,413 | | | $ | (18,236) | | | $ | 1,614,890 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Amortized
cost | | Gross
unrealized
gains | | Gross
unrealized
losses | | Fair
value | | U.S. Government agency securities | $ | 25,503 | | | $ | 63 | | | $ | (457) | | | $ | 25,109 | | | Asset-backed securities | 234,029 | | | 205 | | | (133) | | | 234,101 | | | Tax-exempt obligations of states and political subdivisions | 9,614 | | | 62 | | | (40) | | | 9,636 | | | Taxable obligations of states and political subdivisions | 18,941 | | | 45 | | | (59) | | | 18,927 | | | Residential mortgage-backed securities | 454,837 | | | 13,039 | | | (3,553) | | | 464,323 | | | Collateralized mortgage obligation securities | 58,129 | | | 44 | | | (593) | | | 57,580 | | | Commercial mortgage-backed securities | 856,273 | | | 14,306 | | | (8,505) | | | 862,074 | | | $ | 1,657,326 | | | $ | 27,764 | | | $ | (13,340) | | | $ | 1,671,750 | |
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| Amortized Cost and Fair Value of Investment Securities by Contractual Maturity |
The amortized cost and fair value of the Company’s investment securities at June 30, 2026, by contractual maturity, are shown below (dollars in thousands). Expected maturities may differ from contractual maturities based on the timing of cashflows from the underlying collateral. | | | | | | | | | | | | | Available-for-sale | | Amortized
cost | | Fair
value | | Due before one year | $ | 22,388 | | | $ | 22,293 | | | Due after one year through five years | 305,089 | | | 304,637 | | | Due after five years through ten years | 495,145 | | | 496,867 | | | Due after ten years | 797,091 | | | 791,093 | | | $ | 1,619,713 | | | $ | 1,614,890 | |
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| Schedule of Unrealized Loss on Investments |
The table below indicates the length of time individual securities had been in a continuous unrealized loss position (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | Less than 12 months | | 12 months or longer | | Total | | | Fair Value | | Unrealized losses | | Fair Value | | Unrealized losses | | Fair Value | | Unrealized losses | | | | | | | | | | | | | | | U.S. Government agency securities | | $ | 8,423 | | | $ | (132) | | | $ | 10,304 | | | $ | (503) | | | $ | 18,727 | | | $ | (635) | | | Asset-backed securities | | 107,184 | | | (393) | | | — | | | — | | | 107,184 | | | (393) | | | Tax-exempt obligations of states and political subdivisions | | 6,442 | | | (45) | | | 1,157 | | | (3) | | | 7,599 | | | (48) | | | Taxable obligations of states and political subdivisions | | 980 | | | — | | | 9,212 | | | (55) | | | 10,192 | | | (55) | | | Residential mortgage-backed securities | | 61,524 | | | (622) | | | 27,414 | | | (3,740) | | | 88,938 | | | (4,362) | | | Collateralized mortgage obligation securities | | 40,458 | | | (776) | | | 11,054 | | | (601) | | | 51,512 | | | (1,377) | | | Commercial mortgage-backed securities | | 245,216 | | | (3,490) | | | 104,297 | | | (7,876) | | | 349,513 | | | (11,366) | | | Total unrealized loss position investment securities | | $ | 470,227 | | | $ | (5,458) | | | $ | 163,438 | | | $ | (12,778) | | | $ | 633,665 | | | $ | (18,236) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Less than 12 months | | 12 months or longer | | Total | | | Fair Value | | Unrealized losses | | Fair Value | | Unrealized losses | | Fair Value | | Unrealized losses | | | | | | | | | | | | | | | U.S. Government agency securities | | $ | 2,521 | | | $ | (1) | | | $ | 11,660 | | | $ | (456) | | | $ | 14,181 | | | $ | (457) | | | Asset-backed securities | | 59,024 | | | (133) | | | — | | | — | | | 59,024 | | | (133) | | | Tax-exempt obligations of states and political subdivisions | | 3,456 | | | (33) | | | 1,153 | | | (7) | | | 4,609 | | | (40) | | | Taxable obligations of states and political subdivisions | | — | | | — | | | 14,053 | | | (59) | | | 14,053 | | | (59) | | | Residential mortgage-backed securities | | 18,630 | | | (62) | | | 28,886 | | | (3,491) | | | 47,516 | | | (3,553) | | | Collateralized mortgage obligation securities | | 34,149 | | | (75) | | | 12,721 | | | (518) | | | 46,870 | | | (593) | | | Commercial mortgage-backed securities | | 173,572 | | | (873) | | | 119,778 | | | (7,632) | | | 293,350 | | | (8,505) | | | Total unrealized loss position investment securities | | $ | 291,352 | | | $ | (1,177) | | | $ | 188,251 | | | $ | (12,163) | | | $ | 479,603 | | | $ | (13,340) | |
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