Securities Available for Sale and Held to Maturity (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Estimated Fair Value of Available for Sale and Held to Maturity Securities

The following tables are a summary of the amortized cost and estimated fair value of securities available for sale and held to maturity at March 31, 2025 and December 31, 2024 ($ in thousands):

	Securities Available for Sale									Securities Held to Maturity
March 31, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Treasury securities	$	210,580	$	1,883	$	—		$	212,463	$	30,033	$	—	$	(120	)	$	29,913
U.S. Government agency    obligations		50,622		106		(1,403	)		49,325		—		—		—			—
Mortgage-backed securities
Residential mortgage pass-    through securities
Guaranteed by GNMA		30,546		8		(2,446	)		28,108		15,726		—		(609	)		15,117
Issued by FNMA and    FHLMC		1,088,798		17,147		(15,808	)		1,090,137		411,454		166		(15,842	)		395,778
Other residential mortgage-    backed securities
Issued or guaranteed by    FNMA, FHLMC or    GNMA		—		—		—			—		116,969		—		(6,335	)		110,634
Commercial mortgage-backed    securities
Issued or guaranteed by    FNMA, FHLMC or    GNMA		351,320		6,635		(526	)		357,429		740,871		50		(32,465	)		708,456
Total	$	1,731,866	$	25,779	$	(20,183	)	$	1,737,462	$	1,315,053	$	216	$	(55,371	)	$	1,259,898

	Securities Available for Sale									Securities Held to Maturity
December 31, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Treasury Securities	$	203,524	$	548	$	(1,403	)	$	202,669	$	29,842	$	1	$	(522	)	$	29,321
U.S. Government agency    obligations		41,194		—		(2,387	)		38,807		—		—		—			—
Mortgage-backed securities
Residential mortgage pass-    through securities
Guaranteed by GNMA		31,365		3		(2,957	)		28,411		16,218		—		(844	)		15,374
Issued by FNMA and    FHLMC		1,091,122		1,610		(22,194	)		1,070,538		423,372		94		(23,853	)		399,613
Other residential mortgage-    backed securities
Issued or guaranteed by    FNMA, FHLMC or    GNMA		—		—		—			—		123,685		—		(8,004	)		115,681
Commercial mortgage-backed    securities
Issued or guaranteed by    FNMA, FHLMC or    GNMA		352,332		827		(1,050	)		352,109		742,268		3		(43,153	)		699,118
Total	$	1,719,537	$	2,988	$	(29,991	)	$	1,692,534	$	1,335,385	$	98	$	(76,376	)	$	1,259,107

Securities with Gross Unrealized Losses, Segregated by Length of Impairment

The tables below include securities with gross unrealized losses for which an allowance for credit losses has not been recorded segregated by length of impairment at March 31, 2025 and December 31, 2024 ($ in thousands):

	Less than 12 Months					12 Months or More					Total
March 31, 2025	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	29,913	$	(120	)	$	—	$	—		$	29,913	$	(120	)
U.S. Government agency obligations		42,002		(1,403	)		—		—			42,002		(1,403	)
Mortgage-backed securities
Residential mortgage pass-through    securities
Guaranteed by GNMA		10,303		(80	)		31,360		(2,975	)		41,663		(3,055	)
Issued by FNMA and FHLMC		321,990		(5,135	)		231,605		(26,515	)		553,595		(31,650	)
Other residential mortgage-backed    securities
Issued or guaranteed by FNMA,    FHLMC or GNMA		—		—			110,634		(6,335	)		110,634		(6,335	)
Commercial mortgage-backed securities
Issued or guaranteed by FNMA,    FHLMC or GNMA		3,151		(24	)		775,518		(32,967	)		778,669		(32,991	)
Total	$	407,359	$	(6,762	)	$	1,149,117	$	(68,792	)	$	1,556,476	$	(75,554	)
December 31, 2024
U.S. Treasury Securities	$	123,277	$	(1,925	)	$	—	$	—		$	123,277	$	(1,925	)
U.S. Government agency obligations		38,807		(2,387	)		—		—			38,807		(2,387	)
Mortgage-backed securities
Residential mortgage pass-through    securities
Guaranteed by GNMA		15,802		(293	)		27,803		(3,508	)		43,605		(3,801	)
Issued by FNMA and FHLMC		981,747		(13,848	)		237,487		(32,199	)		1,219,234		(46,047	)
Other residential mortgage-backed    securities
Issued or guaranteed by FNMA,    FHLMC or GNMA		—		—			115,681		(8,004	)		115,681		(8,004	)
Commercial mortgage-backed securities
Issued or guaranteed by FNMA,    FHLMC or GNMA		164,971		(536	)		767,566		(43,667	)		932,537		(44,203	)
Total	$	1,324,604	$	(18,989	)	$	1,148,537	$	(87,378	)	$	2,473,141	$	(106,367	)

Contractual Maturities of Available for Sale and Held to Maturity Securities

The amortized cost and estimated fair value of securities available for sale and held to maturity at March 31, 2025, by contractual maturity, are shown below ($ in thousands). 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.

	Securities Available for Sale				Securities Held to Maturity
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	32,876	$	32,994	$	—	$	—
Due after one year through five years		62,454		63,109		30,033		29,913
Due after five years through ten years		165,872		165,685		—		—
		261,202		261,788		30,033		29,913
Mortgage-backed securities		1,470,664		1,475,674		1,285,020		1,229,985
Total	$	1,731,866	$	1,737,462	$	1,315,053	$	1,259,898