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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Reconciliation of Available-for-Sale Securities
The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's available for sale securities are as follows:
 March 31, 2024
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. Treasury and U.S. government agencies$324,367 $92 $(19,570)$— $304,889 
Mortgage-backed securities, residential314,413 12 (36,346)— 278,079 
Collateralized mortgage obligations, residential146,080 — (13,874)— 132,206 
Mortgage-backed securities, multifamily851 — (184)— 667 
Collateralized mortgage obligations, multifamily45,806 — (4,033)— 41,773 
Asset-backed securities41,313 (412)— 40,909 
Obligations of states and political subdivisions19,013 — (605)— 18,408 
Corporate bonds112,490 (15,393)— 97,098 
Total$1,004,333 $113 $(90,417)$— $914,029 
 December 31, 2023
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. Treasury and U.S. government agencies$339,364 $99 $(19,694)$— $319,769 
Mortgage-backed securities, residential320,947 16 (34,546)— 286,417 
Collateralized mortgage obligations, residential150,726 — (13,656)— 137,070 
Mortgage-backed securities, multifamily856 — (180)— 676 
Collateralized mortgage obligations, multifamily46,541 — (4,045)— 42,496 
Asset-backed securities44,561 — (868)— 43,693 
Obligations of states and political subdivisions19,699 — (571)— 19,128 
Corporate bonds112,544 — (15,511)— 97,033 
Total$1,035,238 $115 $(89,071)$— $946,282 
Reconciliation of Held-to-Maturity Securities
The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's held to maturity investment securities are as follows:
 March 31, 2024
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. government agencies$10,270 $$(499)$— $9,777 
Mortgage-backed securities, residential326,731 (57,889)— 268,847 
Collateralized mortgage obligations, residential12,079 — (2,878)— 9,201 
Mortgage-backed securities, multifamily4,126 — (677)— 3,449 
Obligations of states and political subdivisions471,047 25 (82,520)(25)388,527 
Corporate bonds3,000 — (823)(121)2,056 
Total$827,253 $36 $(145,286)$(146)$681,857 
 December 31, 2023
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. government agencies$10,406 $$(499)$— $9,914 
Mortgage-backed securities, residential332,509 82 (52,165)— 280,426 
Collateralized mortgage obligations, residential12,243 — (2,796)— 9,447 
Mortgage-backed securities, multifamily4,145 — (651)— 3,494 
Obligations of states and political subdivisions474,220 43 (77,379)(25)396,859 
Corporate bonds3,000 — (456)(121)2,423 
Total$836,523 $132 $(133,946)$(146)$702,563 
Summary of Investment Securities by Stated Maturity
The following table lists contractual maturities of investment securities classified as available for sale and held to maturity as of March 31, 2024. Mortgage-backed and asset-backed securities are not shown by maturity because expected maturities may differ from contractual maturities due to underlying loan prepayments of the issuer. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 Available for SaleHeld to Maturity
(in thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in one year or less$151,972 $148,067 $25,668 $25,508 
Due after one year through five years143,867 132,305 32,891 30,830 
Due after five years through ten years106,678 92,296 111,040 94,807 
Due after ten years53,353 47,727 314,718 249,215 
455,870 420,395 484,317 400,360 
Mortgage-backed and asset-backed securities548,463 493,634 342,936 281,497 
Total$1,004,333 $914,029 $827,253 $681,857 
Reconciliation of Available-for-Sale and Held-to-Maturity Securities in Continuous Unrealized Loss Position
The following tables indicate the length of time individual securities have been in a continuous unrealized loss position for the periods presented:
March 31, 2024Less Than 12 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Number of
Securities
Fair ValueUnrealized
Losses
Available for Sale
U.S. Treasury and U.S. government agencies
$3,515 $$290,930 $19,563 57 $294,445 $19,570 
Mortgage-backed securities, residential212 276,555 36,345 130 276,767 36,346 
Collateralized mortgage obligations, residential— — 132,206 13,874 100 132,206 13,874 
Mortgage-backed securities, multifamily— — 667 184 667 184 
Collateralized mortgage obligations, multifamily— — 41,773 4,033 18 41,773 4,033 
Asset-backed securities
1,532 — 32,814 412 14 34,346 412 
Obligations of states and political subdivisions
2,288 15,570 599 39 17,858 605 
Corporate bonds— — 94,097 15,393 45 94,097 15,393 
Total$7,547 $14 $884,612 $90,403 404 $892,159 $90,417 
Held to Maturity
U.S. government agencies$— $— $8,913 $499 $8,913 $499 
Mortgage-backed securities, residential5,208 263,239 57,881 184 268,447 57,889 
Collateralized mortgage obligations, residential— — 9,201 2,878 10 9,201 2,878 
Mortgage-backed securities, multifamily— — 3,449 677 3,449 677 
Obligations of states and political subdivisions
4,193 16 371,272 82,504 337 375,465 82,520 
Corporate bonds— — 2,177 823 2,177 823 
Total$9,401 $24 $658,251 $145,262 538 $667,652 $145,286 
December 31, 2023Less Than 12 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Number of
Securities
Fair ValueUnrealized
Losses
Available for Sale
U.S. Treasury and U.S. government agencies
$2,587 $— $308,315 $19,694 59 $310,902 $19,694 
Mortgage-backed securities, residential10 — 284,803 34,546 129 284,813 34,546 
Collateralized mortgage obligations, residential— — 137,070 13,656 100 137,070 13,656 
Mortgage-backed securities, multifamily— — 676 180 676 180 
Collateralized mortgage obligations, multifamily— — 42,496 4,045 20 42,496 4,045 
Asset-backed securities
2,694 25 40,999 843 16 43,693 868 
Obligations of states and political subdivisions
270 — 16,353 571 36 16,623 571 
Corporate bonds— — 97,033 15,511 46 97,033 15,511 
Total$5,561 $25 $927,745 $89,046 407 $933,306 $89,071 
Held to Maturity
U.S. government agencies$— $— $8,956 $499 $8,956 $499 
Mortgage-backed securities, residential285 274,528 52,163 183 274,813 52,165 
Collateralized mortgage obligations, residential— — 9,447 2,796 11 9,447 2,796 
Mortgage-backed securities, multifamily— — 3,494 651 3,494 651 
Obligations of states and political subdivisions
3,691 380,787 77,377 341 384,478 77,379 
Corporate bonds— — 2,544 456 2,544 456 
Total$3,976 $$679,756 $133,942 542 $683,732 $133,946 
Debt Securities, Held-to-maturity, Credit Quality Indicator
The tables below indicate the credit profile of the Company's held to maturity investment securities at amortized cost:
March 31, 2024 AAA  AA  A BB Not Rated  Total
(in thousands)
U.S. government agencies$10,270 $— $— $— $— $10,270 
Mortgage-backed securities, residential326,731 — — — — 326,731 
Collateralized mortgage obligations, residential12,079 — — — — 12,079 
Mortgage-backed securities, multifamily4,126 — — — — 4,126 
Obligations of states and political subdivisions151,638 306,444 — — 12,965 471,047 
Corporate bonds— — — 3,000 — 3,000 
Total$504,844 $306,444 $— $3,000 $12,965 $827,253 
December 31, 2023 AAA  AA  A  BB Not Rated  Total
(in thousands)
U.S. government agencies$10,406 $— $— $— $— $10,406 
Mortgage-backed securities, residential332,509 — — — — 332,509 
Collateralized mortgage obligations, residential12,243 — — — — 12,243 
Mortgage-backed securities, multifamily4,145 — — — — 4,145 
Obligations of states and political subdivisions152,167 309,788 — — 12,265 474,220 
Corporate bonds— — — 3,000 — 3,000 
Total$511,470 $309,788 $— $3,000 $12,265 $836,523