Debt Securities Available-for-Sale (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Mortgage-Backed Securities and Other Securities Available-for-Sale

The following is a comparative summary of mortgage-backed securities and other debt securities available-for-sale at September 30, 2025, and December 31, 2024 (in thousands):

	September 30, 2025
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		gains		losses		value
U.S. Government agency securities	$	607	$	—	$	(51)	$	556
Mortgage-backed securities:
Pass-through certificates:
Government sponsored enterprises ("GSEs")	356,703		2,164		(12,330)		346,537
Real estate mortgage investment conduits ("REMICs"):
GSE	950,993		6,977		(4,612)		953,358
Total mortgage-backed securities	1,307,696		9,141		(16,942)		1,299,895
Other debt securities:
Municipal bonds	484		—		—		484
Corporate bonds	30,106		229		(366)		29,969
Total other debt securities	30,590		229		(366)		30,453
Total debt securities available-for-sale	$	1,338,893	$	9,370	$	(17,359)	$	1,330,904

	December 31, 2024
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		gains		losses		value
U.S. Government agency securities	$	75,734	$	—	$	(386)	$	75,348
Mortgage-backed securities:
Pass-through certificates:
GSE	282,704		—		(21,028)		261,676
REMICs:
GSE	734,086		1,231		(7,974)		727,343
Total mortgage-backed securities	1,016,790		1,231		(29,002)		989,019
Other debt securities:
Municipal bonds	684		1		—		685
Corporate bonds	36,569		134		(938)		35,765
Total other debt securities	37,253		135		(938)		36,450
Total debt securities available-for-sale	$	1,129,777	$	1,366	$	(30,326)	$	1,100,817

Schedule of Expected Maturity Distribution of Debt Securities Available-for-Sale, Other Than Mortgage-Backed Securities

The following is a summary of the expected maturity distribution of debt securities available-for-sale, other than mortgage-backed securities, at September 30, 2025 (in thousands):

Available-for-sale	Amortized cost		Estimated fair value
Due in one year or less	$	4,287	$	4,300
Due after one year through five years	18,910		18,674
Due after five years through ten years	8,000		8,035
	$	31,197	$	31,009

Schedule of Gross Unrealized Losses on Mortgage-Backed Securities

Gross unrealized losses on mortgage-backed securities and other debt securities available-for-sale, and the estimated fair value of the related securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2025, and December 31, 2024, were as follows (in thousands):

	September 30, 2025
	Less than 12 months				12 months or more				Total
	Unrealized		Estimated		Unrealized		Estimated		Unrealized		Estimated
	losses		fair value		losses		fair value		losses		fair value
U.S. Government agency securities	$	—	$	—	$	(51)	$	556	$	(51)	$	556
Mortgage-backed securities:
Pass-through certificates:
GSE	—		1,301		(12,330)		205,028		(12,330)		206,329
REMICs:
GSE	(20)		33,283		(4,592)		129,123		(4,612)		162,406
Other debt securities:
Municipal bonds	—		483		—		—		—		483
Corporate bonds	—		—		(366)		18,637		(366)		18,637
Total	$	(20)	$	35,067	$	(17,339)	$	353,344	$	(17,359)	$	388,411

	December 31, 2024
	Less than 12 months				12 months or more				Total
	Unrealized		Estimated		Unrealized		Estimated		Unrealized		Estimated
	losses		fair value		losses		fair value		losses		fair value
U.S. Government agency securities	$	—	$	—	$	(386)	$	75,348	$	(386)	$	75,348
Mortgage-backed securities:
Pass-through certificates:
GSE	(125)		7,329		(20,903)		254,163		(21,028)		261,492
REMICs:
GSE	(285)		105,412		(7,689)		164,262		(7,974)		269,674
Other debt securities:
Corporate bonds	—		—		(938)		18,066		(938)		18,066
Total	$	(410)	$	112,741	$	(29,916)	$	511,839	$	(30,326)	$	624,580

Gross unrealized losses on mortgage-backed securities held-to-maturity, and the estimated fair value of the related securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2025, and December 31, 2024, were as follows (in thousands):

	September 30, 2025
	Less than 12 months				12 months or more				Total
	Unrealized		Estimated		Unrealized		Estimated		Unrealized		Estimated
	losses		fair value		losses		fair value		losses		fair value
Mortgage-backed securities:
Pass-through certificates:
GSE	$	—	$	—	$	(334)	$	5,930	$	(334)	$	5,930
Total	$	—	$	—	$	(334)	$	5,930	$	(334)	$	5,930

	December 31, 2024
	Less than 12 months				12 months or more				Total
	Unrealized		Estimated		Unrealized		Estimated		Unrealized		Estimated
	losses		fair value		losses		fair value		losses		fair value
Mortgage-backed securities:
Pass-through certificates:
GSE	$	—	$	—	$	(557)	$	5,974	$	(557)	$	5,974
Total	$	—	$	—	$	(557)	$	5,974	$	(557)	$	5,974