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Investment Securities
 9 Months Ended
Sep. 30, 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 September 30, 2025 and December 31, 2024:  
September 30, 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$656,685 $31 $(3,519)$— $653,197 
Mortgage-backed securities - residential619,439 511 (32,363)— 587,587 
Mortgage-backed securities - commercial 11,201 8 (528)— 10,681 
Municipal securities185,472 480 (20,541)— 165,411 
U.S. Treasury securities7,061 19 — — 7,080 
Corporate securities2,983 17 (5)— 2,995 
Total$1,482,841 $1,066 $(56,956)$— $1,426,951 
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 as the Company has elected to present accrued interest receivable separately on the consolidated balance sheets. As of September 30, 2025 and December 31, 2024, total accrued interest receivable on AFS debt securities was $5,246 and $6,401, respectively.
AFS debt securities pledged at September 30, 2025 and December 31, 2024 had carrying amounts of $818,235 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 both September 30, 2025 and December 31, 2024, there were no trade date receivables related to sales settled after period end. At September 30, 2025, there were $25,036 of trade date payables that related to purchases settled after period end. At December 31, 2024, there were no such trade date payables.
The following tables show gross unrealized losses on AFS debt securities for which an allowance for credit losses has not been recorded at September 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
September 30, 2025
 Less than 12 months12 months or moreTotal
 Fair ValueGross Unrealized Loss Fair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. government agency securities$547,360 $(2,712)$71,347 $(807)$618,707 $(3,519)
Mortgage-backed securities - residential191,440 (1,976)165,468 (30,387)356,908 (32,363)
Mortgage-backed securities - commercial— — 8,795 (528)8,795 (528)
Municipal securities5,050 (25)135,571 (20,516)140,621 (20,541)
Corporate securities— — 995 (5)995 (5)
Total$743,850 $(4,713)$382,176 $(52,243)$1,126,026 $(56,956)
 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 September 30, 2025 and December 31, 2024, the Company’s AFS debt securities portfolio consisted of 322 and 271 individual securities, 214 and 248 of which were in an unrealized loss position, respectively.
The Company has historically not recorded any credit losses in AFS debt securities as 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. Municipal debt securities with market values below amortized cost at September 30, 2025 and December 31, 2024 were reviewed for material credit events and/or rating downgrades with individual credit reviews performed. The issuers of these municipal 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 September 30, 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, no allowance for credit losses was recognized on AFS debt securities as of September 30, 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 September 30, 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.
September 30,December 31,
 2025 2024 
 Available-for-saleAvailable-for-sale
 Amortized costFair ValueAmortized costFair Value
Due in one year or less$205 $203 $849 $847 
Due in one to five years14,433 14,445 4,186 4,600 
Due in five to ten years346,312 342,997 225,954 222,943 
Due in over ten years491,251 471,038 504,560 483,762 
852,201 828,683 735,549 712,152 
Mortgage-backed securities - residential619,439 587,587 927,883 810,999 
Mortgage-backed securities - commercial11,201 10,681 15,965 14,857 
Total AFS debt securities$1,482,841 $1,426,951 $1,679,397 $1,538,008 
Sales and other dispositions of AFS debt securities were as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025 2024 2025 2024 
Proceeds from sales$440 $318,194 $266,894 $526,076 
Proceeds from maturities, prepayments and calls83,204 89,834 217,865 224,070 
Gross realized gains— — 104 90 
Gross realized losses— 40,165 60,637 56,468 
Equity Securities
Equity securities, at fair value
As of September 30, 2025, the Company held $1,450 in marketable equity securities recorded at fair value. There was no such securities as of December 31, 2024.
The change in the fair value of equity securities recorded at fair value resulted in a net gain of $12 for both the three and nine months ended September 30, 2025. There was no such amounts recognized for the three and nine months ended September 30, 2024.
Restricted equity securities, at cost
The table below represents the Company’s restricted equity securities held at cost as of September 30, 2025 and December 31, 2024.
 September 30,December 31,
 20252024
FHLB stock$34,813 $32,749 
First National Banker's Bankshares, Inc. stock1,168 — 
Pacific Coast Banker's Bank stock250 — 
Total restricted equity securities, at cost$36,231 $32,749 
Equity securities without readily determinable market value
The Company held equity securities without a readily determinable market value included in other assets on the consolidated balance sheets with carrying amounts of $28,703 and $23,459 at September 30, 2025 and December 31, 2024, respectively.
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 September 30, 2025 and December 31, 2024, the Company has the ability to exercise significant influence over this entity and therefore accounts for these 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 $18,237 and $19,970 as of September 30, 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.