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Investment Securities
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment securities
The following tables summarize the amortized cost, allowance for credit losses and fair value of the AFS debt securities and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive loss, net at December 31, 2024 and 2023:  
December 31, 2024
 Amortized cost Gross unrealized gains Gross unrealized losses Allowance for credit losses on investments Fair Value
Investment Securities    
AFS debt securities  
U.S. government agency securities$564,752 $172 $(1,917)$— $563,007 
Mortgage-backed securities - residential927,883 393 (117,277)— 810,999 
Mortgage-backed securities - commercial 15,965 — (1,108)— 14,857 
Municipal securities169,498 20 (21,661)— 147,857 
U.S. Treasury securities299 — — — 299 
Corporate securities1,000 — (11)— 989 
Total$1,679,397 $585 $(141,974)$— $1,538,008 
December 31, 2023
 Amortized costGross unrealized gains Gross unrealized losses Allowance for credit losses on investmentsFair Value
Investment Securities    
AFS debt securities    
U.S. government agency securities$204,663 $470 $(1,177)$— $203,956 
Mortgage-backed securities - residential1,057,389 — (160,418)— 896,971 
Mortgage-backed securities - commercial18,186 — (1,225)— 16,961 
Municipal securities263,312 370 (21,419)— 242,263 
U.S. Treasury securities111,729 — (3,233)— 108,496 
Corporate securities3,500 — (174)— 3,326 
Total$1,658,779 $840 $(187,646)$— $1,471,973 
The components of amortized cost for AFS debt securities on the consolidated balance sheets exclude accrued interest receivable since the Company elected to present accrued interest receivable separately on the consolidated balance sheets. As of December 31, 2024 and 2023, total accrued interest receivable on AFS debt securities was $6,401 and $7,212, respectively.
AFS debt securities pledged at December 31, 2024 and 2023 had carrying amounts of $937,043 and $929,546, respectively, and were pledged to secure a Federal Reserve line of credit, public deposits and repurchase agreements. Additionally at December 31, 2023, AFS debt securities were pledged to secure Bank Term Funding Program borrowings.
Within AFS debt securities, there were no aggregate holdings of any single issuer, other than U.S. Government sponsored enterprises, in an amount greater than 10% of shareholders’ equity during any period presented.
AFS debt securities transactions are recorded as of the trade date. At December 31, 2024 and 2023, there were no trade date receivables nor payables that related to sales or purchases settled after period end.
The following tables show gross unrealized losses on AFS debt securities for which an allowance for credit losses has not been recorded at December 31, 2024 and 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
December 31, 2024
 Less than 12 months12 months or moreTotal
 Fair ValueGross Unrealized Loss Fair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. government agency securities$494,885 $(1,908)$714 $(9)$495,599 $(1,917)
Mortgage-backed securities - residential209,078 (8,956)441,502 (108,321)650,580 (117,277)
Mortgage-backed securities - commercial2,222 (19)12,635 (1,089)14,857 (1,108)
Municipal securities34,059 (2,376)110,173 (19,285)144,232 (21,661)
Corporate securities— — 989 (11)989 (11)
Total$740,244 $(13,259)$566,013 $(128,715)$1,306,257 $(141,974)
 December 31, 2023
 Less than 12 months12 months or moreTotal
 Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. government agency securities$25,923 $(21)$14,040 $(1,156)$39,963 $(1,177)
Mortgage-backed securities - residential— — 896,971 (160,418)896,971 (160,418)
Mortgage-backed securities - commercial— — 16,961 (1,225)16,961 (1,225)
Municipal securities14,480 (148)188,669 (21,271)203,149 (21,419)
U.S. Treasury securities— — 108,496 (3,233)108,496 (3,233)
Corporate securities— — 3,326 (174)3,326 (174)
Total$40,403 $(169)$1,228,463 $(187,477)$1,268,866 $(187,646)
As of December 31, 2024 and 2023, the Company’s AFS debt securities portfolio consisted of 271 and 439 individual securities, 248 and 370 of which were in an unrealized loss position, respectively.
The majority of the investment portfolio was either government guaranteed, an issuance of a government sponsored entity or highly rated by major credit rating agencies, and the Company has historically not recorded any credit losses associated with these investments. Municipal debt securities with market values below amortized cost at December 31, 2024 were reviewed for material credit events and/or rating downgrades with individual credit reviews performed. The issuers of these AFS debt securities continue to make timely principal and interest payments under the contractual terms of the securities and the issuers will continue to be observed as a part of the Company’s ongoing credit monitoring. As such, as of December 31, 2024 and 2023, it was determined that all AFS debt securities that experienced a decline in fair value below amortized cost basis were due to noncredit-related factors. Further, it is not likely that the Company will be required to sell these securities before recovery of their amortized cost basis. Therefore, there was no allowance for credit losses recognized on AFS debt securities as of December 31, 2024 or December 31, 2023. Periodically, AFS debt securities may be sold, or the composition of the portfolio realigned to improve yields, quality or marketability, or to implement changes in investment or asset/liability strategy, including maintaining collateral requirements and raising funds for liquidity purposes or preparing for anticipated changes in market interest rates.
The amortized cost and fair value of AFS debt securities by contractual maturity as of December 31, 2024 and 2023 are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
December 31,
 2024 2023 
 Available-for-saleAvailable-for-sale
 Amortized costFair ValueAmortized costFair Value
Due in one year or less$849 $847 $64,776 $64,279 
Due in one to five years4,186 4,600 75,996 71,801 
Due in five to ten years225,954 222,943 51,162 49,630 
Due in over ten years504,560 483,762 391,270 372,331 
735,549 712,152 583,204 558,041 
Mortgage-backed securities - residential927,883 810,999 1,057,389 896,971 
Mortgage-backed securities - commercial15,965 14,857 18,186 16,961 
Total AFS debt securities$1,679,397 $1,538,008 $1,658,779 $1,471,973 
Sales and other dispositions of AFS debt securities were as follows:
 Years Ended December 31,
 2024 2023 2022
Proceeds from sales$526,441 $100,463 $1,218 
Proceeds from maturities, prepayments and calls299,814 128,206 204,748 
Gross realized gains90 45 4 
Gross realized losses56,468 14,119 3 
Equity Securities
The Company has equity securities without a readily determinable market value included in other assets on the consolidated balance sheets with carrying amounts of $23,459 and $25,191 at December 31, 2024 and 2023, respectively. Additionally, the Company had $32,749 and $34,190 of FHLB stock carried at cost at December 31, 2024 and 2023, respectively, included separately from the other equity securities discussed above.
Equity method investment
The Company holds equity securities of a privately held entity which originates manufactured housing loans through utilization of its proprietary developed technology. During the year ended December 31, 2024, the Company acquired additional equity securities in this privately held entity and, as a result, the Company determined it has the ability to exercise significant influence over the privately held entity. Accordingly, the Company's investment was accounted for under the equity method of accounting as of December 31, 2024. The investment was initially recorded at cost and was adjusted to reflect the Company’s proportionate share of profit or loss of the investee. This investment is included in other assets on the consolidated balance sheets with a carrying amount of $19,970 as of December 31, 2024. As a result of the investment, the Company has a basis difference of $17,103 which is being accounted for as equity method goodwill.
As of December 31, 2023, this investment was accounted for as an equity investment without a readily determinable market value and included in other assets on the consolidated balance sheets with a carrying value of $10,000.