
	September 30, 2024
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Debt Securities
U.S. Treasury securities and obligations of U.S. government agencies	$	30,542	$	375	$	(335)	$	30,582
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,558,076		8,560		(158,627)		1,408,009
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	299,975		3,860		(11,586)		292,249
Private mortgage-backed securities and collateralized mortgage obligations	136,038		288		(7,028)		129,298
Collateralized loan obligations	286,042		648		(158)		286,532
Obligations of state and political subdivisions	7,137		9		(1,216)		5,930
Other debt securities	7,389		66		—		7,455
Totals	$	2,325,199	$	13,806	$	(178,950)	$	2,160,055
Held-to-Maturity Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	557,119	$	—	$	(99,722)	$	457,397
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	88,931		—		(7,843)		81,088
Totals	$	646,050	$	—	$	(107,565)	$	538,485


	December 31, 2023
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Debt Securities
U.S. Treasury securities and obligations of U.S. government agencies	$	37,718	$	205	$	(478)	$	37,445
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,152,753		780		(184,152)		969,381
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	385,013		2,824		(19,565)		368,272
Private mortgage-backed securities and collateralized mortgage obligations	135,878		36		(10,911)		125,003
Collateralized loan obligations	300,855		11		(1,411)		299,455
Obligations of state and political subdivisions	10,486		—		(1,096)		9,390
Other debt securities	26,599		576		(101)		27,074
Totals	$	2,049,302	$	4,432	$	(217,714)	$	1,836,020
Held-to-Maturity Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	590,676	$	—	$	(111,746)	$	478,930
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	89,637		—		(10,208)		79,429


Totals	$	680,313	$	—	$	(121,954)	$	558,359

nine months ended September 30, 2024, debt securities with a fair value of $104.4 million were sold, with gross losses of $4.0 million. During the nine months ended September 30, 2023, debt securities with a fair value of $22.1 million obtained in the acquisition of Professional Holding Corp. (“Professional”) were sold. No gain or loss was recognized on the sale. There were $8.4 million in other sales of securities during the nine months ended September 30, 2023, with gross gains of $24 thousand and gross losses of $19 thousand. Included in “Securities gains (losses), net” are increases of $0.5 million and $0.3 million, respectively, for the three and nine months ended September 30, 2024, and decreases of $0.4 million and $0.5 million, respectively, for the three and nine months ended September 30, 2023 in the value of investments in mutual funds that invest in Community Reinvestment Act (“CRA”)-qualified debt securities.

The amortized cost and fair value of securities HTM and AFS as of September 30, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.


	Held-to-Maturity				Available-for-Sale
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	—	$	—	$	999	$	999
Due after one year through five years	—		—		6,163		6,187
Due after five years through ten years	—		—		8,373		8,413
Due after ten years	—		—		22,144		20,913
	—		—		37,679		36,512

Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	557,119		457,397		1,558,076		1,408,009
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	88,931		81,088		299,975		292,249
Private mortgage-backed securities and collateralized mortgage obligations	—		—		136,038		129,298
Collateralized loan obligations	—		—		286,042		286,532
Other debt securities	—		—		7,389		7,455
Totals	$	646,050	$	538,485	$	2,325,199	$	2,160,055

The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models, or discounted cash flow analyses, or using observable market data. The tables below indicate the fair value of AFS debt securities with unrealized losses for which no allowance for credit losses has been recorded.


	September 30, 2024
	Less Than 12 Months				12 Months or Longer				Total1
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government agencies	$	372	$	(1)	$	20,513	$	(334)	$	20,885	$	(335)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	103,020		(449)		828,586		(158,178)		931,606		(158,627)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	—		—		198,386		(11,586)		198,386		(11,586)
Private mortgage-backed securities and collateralized mortgage obligations	—		—		106,748		(7,028)		106,748		(7,028)
Collateralized loan obligations	53,893		(139)		7,723		(19)		61,616		(158)
Obligations of state and political subdivisions	—		—		5,588		(1,216)		5,588		(1,216)

Totals	$	157,285	$	(589)	$	1,167,544	$	(178,361)	$	1,324,829	$	(178,950)
1Comprised of 350 individual securities.


	December 31, 2023
	Less Than 12 Months				12 Months or Longer				Total1
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government agencies	$	24,933	$	(143)	$	3,594	$	(335)	$	28,527	$	(478)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	91,867		(9,320)		826,324		(174,832)		918,191		(184,152)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	24,251		(1,270)		262,666		(18,295)		286,917		(19,565)
Private mortgage-backed securities and collateralized mortgage obligations	3,945		(69)		119,475		(10,842)		123,420		(10,911)
Collateralized loan obligations	60,087		(223)		232,545		(1,188)		292,632		(1,411)
Obligations of state and political subdivisions	326		(2)		9,064		(1,094)		9,390		(1,096)
Other debt securities	10,579		(101)		—		—		10,579		(101)
Totals	$	215,988	$	(11,128)	$	1,453,668	$	(206,586)	$	1,669,656	$	(217,714)
1Comprised of 504 individual securities.

At September 30, 2024, the Company had unrealized losses of $0.3 million on U.S. Treasury securities and obligations of U.S. government agencies having a fair value of $20.9 million. These securities are either explicitly or implicitly guaranteed by the full faith and credit of the U.S. government. The Company does not expect individual securities issued by the U.S. Treasury, a U.S. agency, or a sponsored U.S. agency to incur future losses of principal. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at September 30, 2024, no allowance for credit losses has been recorded.

At September 30, 2024, the Company had unrealized losses of $170.2 million on commercial and residential mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $1.1 billion. These securities are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments and the high credit rating of the portfolio provide a sufficient basis for the current expectation that there is no risk of loss if default were to occur. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in

At September 30, 2024, the Company had $7.0 million of unrealized losses on private label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $106.7 million. The securities have weighted average credit support of 22%. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at September 30, 2024, no allowance for credit losses has been recorded.

At September 30, 2024, the Company had $0.2 million of unrealized losses in floating rate collateralized loan obligations (“CLOs”) having a fair value of $61.6 million. CLOs are special purpose vehicles and those in which the Company has invested are nearly all first-lien, broadly syndicated corporate loans across a diversified band of industries while providing support to senior tranche investors. As of September 30, 2024, all positions held by the Company are in AAA and AA tranches, with weighted average credit support of 38% and 30%, respectively. The Company evaluates the securities for potential credit losses by modeling expected loan-level defaults, recoveries, and prepayments for each CLO security. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at September 30, 2024, no allowance for credit losses has been recorded.

At September 30, 2024, the Company had $1.2 million of unrealized losses on municipal securities having a fair value of $5.6 million. These securities are highly rated issuances of state or local municipalities, all of which are continuing to make timely contractual payments. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. As a result, as of September 30, 2024, no allowance for credit losses has been recorded.

All HTM debt securities are issued by government-sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments, and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is no risk of loss if a default were to occur. As a result, as of September 30, 2024, no allowance for credit losses has been recorded. The Company has the intent and ability to hold these securities until maturity.

Included in Other Assets at September 30, 2024 and December 31, 2023 is $77.2 million and $67.7 million, respectively, of FHLB and Federal Reserve Bank (“FRB”) stock stated at par value. The Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of these cost method investment securities. Accrued interest receivable on AFS and HTM debt securities of $8.4 million and $1.1 million, respectively, at September 30, 2024, and $7.9 million and $1.1 million, respectively, at December 31, 2023, is included in Other Assets. Also included in Other Assets are investments in CRA-qualified mutual funds carried at fair value of $13.9 million and $13.6 million at September 30, 2024 and December 31, 2023, respectively.

At December 31, 2023, the Company held 11,330 shares of Visa Class B stock. During the nine months ended September 30, 2024, the Company sold all of its Visa Class B stock, receiving net proceeds of $4.1 million. The ownership of Visa stock was related to prior ownership in Visa’s network while Visa operated as a cooperative, and was recorded on the Company’s financial records at a zero basis.