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Securities (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
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 March 31, 2024 and December 31, 2023 are as follows (in thousands):
Amortized
Cost (1)
Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value		Allowance for Securities Credit Losses
At March 31, 2024
Debt securities available-for-sale:
U.S. government and agency obligations$65,818 $— $(6,166)$59,652 $— 
Corporate debt securities11,831 17 (1,178)10,670 — 
Asset-backed securities289,632 113 (1,619)288,126 — 
Mortgage-backed securities (“MBS”):
Agency residential291,759 1,460 (12)293,207 — 
Agency commercial109,352 — (16,063)93,289 — 
Total mortgage-backed securities401,111 1,460 (16,075)386,496 — 
Total debt securities available-for-sale$768,392 $1,590 $(25,038)$744,944 $— 
Debt securities held-to-maturity:
State and municipal debt obligations$213,231 $188 $(15,535)$197,884 $(36)
Corporate debt securities66,583 192 (3,543)63,232 (916)
Mortgage-backed securities:
Agency residential747,094 178 (75,407)671,865 — 
Agency commercial82,208 2 (4,312)77,898 — 
Non-agency commercial20,608 — (1,522)19,086 (106)
Total mortgage-backed securities849,910 180 (81,241)768,849 (106)
Total debt securities held-to-maturity$1,129,724 $560 $(100,319)$1,029,965 $(1,058)
Total debt securities$1,898,116 $2,150 $(125,357)$1,774,909 $(1,058)
At December 31, 2023
Debt securities available-for-sale:
U.S. government and agency obligations$66,490 $— $(5,796)$60,694 $— 
Corporate debt securities10,096 11 (981)9,126 — 
Asset-backed securities295,796 — (4,252)291,544 — 
Mortgage-backed securities:
Agency residential298,107 183 (97)298,193 — 
Agency commercial 109,590 — (15,255)94,335 — 
Total mortgage-backed securities407,697 183 (15,352)392,528 — 
Total debt securities available-for-sale$780,079 $194 $(26,381)$753,892 $— 
Debt securities held-to-maturity:
State, municipal, and sovereign debt obligations$222,009 $251 $(14,550)$207,710 $(39)
Corporate debt securities69,809 391 (3,941)66,259 (987)
Mortgage-backed securities:
Agency residential765,632 901 (70,040)696,493 — 
Agency commercial82,734 10 (3,678)79,066 — 
Non-agency commercial20,684 — (1,774)18,910 (107)
Total mortgage-backed securities869,050 911 (75,492)794,469 (107)
Total debt securities held-to-maturity$1,160,868 $1,553 $(93,983)$1,068,438 $(1,133)
Total debt securities$1,940,947 $1,747 $(120,364)$1,822,330 $(1,133)
Schedule of Allowance for Credit Losses for Debt Securities Held-to-Maturity
The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the three months ended March 31, 2024 and 2023 (in thousands):
Three Months Ended March 31,
20242023
Allowance for securities credit losses
Beginning balance$(1,133)$(1,128)
Benefit for credit losses75 85 
Total ending allowance balance$(1,058)$(1,043)
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 March 31, 2024, aggregated by credit quality indicator, are as follows (in thousands):
Investment GradeNon-Investment Grade/Non-ratedTotal
As of March 31, 2024
State and municipal debt obligations$213,231 $— $213,231 
Corporate debt securities53,047 13,536 66,583 
Non-agency commercial MBS20,608 — 20,608 
Total debt securities held-to-maturity$286,886 $13,536 $300,422 
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 March 31, 2024 by contractual maturity are shown below (in thousands):
March 31, 2024Amortized
Cost		Estimated
Fair Value
Less than one year$32,582 $32,182 
Due after one year through five years194,788 180,665 
Due after five years through ten years194,267 189,112 
Due after ten years225,458 217,605 
$647,095 $619,564 
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 March 31, 2024 and December 31, 2023, segregated by the duration of the unrealized losses, are as follows (in thousands):
 Less than 12 months12 months or longerTotal
 Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses
At March 31, 2024
Debt securities available-for-sale:
U.S. government and agency obligations$5,383 $(14)$54,269 $(6,152)$59,652 $(6,166)
Corporate debt securities1,432 (25)7,496 (1,153)8,928 (1,178)
Asset-backed securities9,291 (9)216,864 (1,610)226,155 (1,619)
MBS:
Agency residential23,921 (12)— — 23,921 (12)
Agency commercial— — 93,289 (16,063)93,289 (16,063)
Total MBS23,921 (12)93,289 (16,063)117,210 (16,075)
Total debt securities available-for-sale40,027 (60)371,918 (24,978)411,945 (25,038)
Debt securities held-to-maturity:
State and municipal debt obligations2,675 (30)185,307 (15,505)187,982 (15,535)
Corporate debt securities2,996 (568)57,739 (2,975)60,735 (3,543)
MBS:
Agency residential104,295 (1,702)530,150 (73,705)634,445 (75,407)
Agency commercial19,736 (440)57,153 (3,872)76,889 (4,312)
Non-agency commercial— — 19,086 (1,522)19,086 (1,522)
Total MBS124,031 (2,142)606,389 (79,099)730,420 (81,241)
Total debt securities held-to-maturity129,702 (2,740)849,435 (97,579)979,137 (100,319)
Total debt securities$169,729 $(2,800)$1,221,353 $(122,557)$1,391,082 $(125,357)
At December 31, 2023
Debt securities available-for-sale:
U.S. government and agency obligations$833 $(2)$59,861 $(5,794)$60,694 $(5,796)
Corporate debt securities1,543 (165)6,116 (816)7,659 (981)
Asset-backed securities— — 291,544 (4,252)291,544 (4,252)
MBS:
Agency residential169,000 (97)— — 169,000 (97)
Agency commercial— — 94,335 (15,255)94,335 (15,255)
Total MBS169,000 (97)94,335 (15,255)263,335 (15,352)
Total debt securities available-for-sale171,376 (264)451,856 (26,117)623,232 (26,381)
Debt securities held-to-maturity:
State and municipal debt obligations6,671 (23)191,511 (14,527)198,182 (14,550)
Corporate debt securities3,084 (473)58,386 (3,468)61,470 (3,941)
MBS:
Agency residential95,776 (693)525,751 (69,347)621,527 (70,040)
Agency commercial18,902 (370)55,051 (3,308)73,953 (3,678)
Non-agency commercial— — 18,910 (1,774)18,910 (1,774)
Total MBS114,678 (1,063)599,712 (74,429)714,390 (75,492)
Total debt securities held-to-maturity124,433 (1,559)849,609 (92,424)974,042 (93,983)
Total debt securities$295,809 $(1,823)$1,301,465 $(118,541)$1,597,274 $(120,364)
Schedule of Realized and Unrealized Gains or Losses on Equity Securities
The realized and unrealized gains or losses on equity securities for the three months ended March 31, 2024 and 2023 are shown in the table below (in thousands):
Three Months Ended March 31,
20242023
Net gain (loss) on equity investments$1,923 $(6,801)
Less: Net losses recognized on equity investments sold— (4,608)
Unrealized gains (losses) recognized on equity investments still held$1,923 $(2,193)