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Investment Securities
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024:  
March 31, 2025
 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$604,416 $417 $(1,891)$— $602,942 
Mortgage-backed securities - residential917,760 147 (101,351)— 816,556 
Mortgage-backed securities - commercial 15,724 — (896)— 14,828 
Municipal securities169,993 26 (24,623)— 145,396 
Corporate securities1,000 — (2)— 998 
Total$1,708,893 $590 $(128,763)$— $1,580,720 
December 31, 2024
 Amortized costGross unrealized gains Gross unrealized losses Allowance for credit losses on investmentsFair 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 - commercial15,965 — (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 
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 March 31, 2025 and December 31, 2024, total accrued interest receivable on AFS debt securities was $5,208 and $6,401, respectively.
AFS debt securities pledged at March 31, 2025 and December 31, 2024 had carrying amounts of $877,603 and $937,043, respectively, and were pledged to secure public deposits and repurchase agreements.
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 March 31, 2025 and December 31, 2024, 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 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:
March 31, 2025
 Less than 12 months12 months or moreTotal
 Fair ValueGross Unrealized Loss Fair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. government agency securities$463,989 $(1,603)$30,129 $(288)$494,118 $(1,891)
Mortgage-backed securities - residential206,838 (3,976)441,419 (97,375)648,257 (101,351)
Mortgage-backed securities - commercial2,216 (12)12,612 (884)14,828 (896)
Municipal securities33,641 (2,951)107,585 (21,672)141,226 (24,623)
Corporate securities— — 998 (2)998 (2)
Total$706,684 $(8,542)$592,743 $(120,221)$1,299,427 $(128,763)
 December 31, 2024
 Less than 12 months12 months or moreTotal
 Fair ValueGross Unrealized LossFair 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)
As of March 31, 2025 and December 31, 2024, the Company’s AFS debt securities portfolio consisted of 277 and 271 individual securities, 251 and 248 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 March 31, 2025 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 March 31, 2025 and December 31, 2024, 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 March 31, 2025 or December 31, 2024. 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 March 31, 2025 and December 31, 2024 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.
March 31,December 31,
 2025 2024 
 Available-for-saleAvailable-for-sale
 Amortized costFair ValueAmortized costFair Value
Due in one year or less$305 $304 $849 $847 
Due in one to five years5,267 5,207 4,186 4,600 
Due in five to ten years247,933 245,040 225,954 222,943 
Due in over ten years521,904 498,785 504,560 483,762 
775,409 749,336 735,549 712,152 
Mortgage-backed securities - residential917,760 816,556 927,883 810,999 
Mortgage-backed securities - commercial15,724 14,828 15,965 14,857 
Total AFS debt securities$1,708,893 $1,580,720 $1,679,397 $1,538,008 
Sales and other dispositions of AFS debt securities were as follows:
 Three Months Ended March 31,
 2025 2024 
Proceeds from sales$— $207,882 
Proceeds from maturities, prepayments and calls74,860 66,627 
Gross realized gains16 90 
Gross realized losses— 16,303 
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 $23,923 and $23,459 at March 31, 2025 and December 31, 2024, respectively. Additionally, the Company had $32,234 and $32,749 of FHLB stock carried at cost at March 31, 2025 and December 31, 2024, 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 technology. As of March 31, 2025 and December 31, 2024, the Company has the ability to exercise significant influence over this entity and therefore accounts for the equity securities under the equity method. Under this method, the carrying value of the investment is adjusted to reflect the Company’s proportionate share of the investee's profit or loss. This investment is reported in other assets on the consolidated balance sheets with carrying amounts of $19,475 and $19,970 as of March 31, 2025 and December 31, 2024, respectively. The Company's investment includes a basis difference of $17,103, which is accounted for as equity method goodwill.