Quarterly report pursuant to Section 13 or 15(d)

Securities (Tables)

v3.24.1.u1
Securities (Tables)
3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Summary of Investment Securities Available for Sale

The following is a summary of securities available for sale as of the dates indicated:

 

 

 

 

 

 

Gross

 

 

Gross

 

 

Estimated

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gain

 

 

Loss

 

 

Value

 

 

 

(in thousands)

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

88,407

 

 

$

21

 

 

$

(1,124

)

 

$

87,304

 

U.S. government agency and sponsored agency obligations:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities - residential

 

 

489,714

 

 

 

226

 

 

 

(65,267

)

 

 

424,673

 

Mortgage-backed securities - commercial

 

 

59,603

 

 

 

 

 

 

(12,383

)

 

 

47,220

 

Collateralized mortgage obligations

 

 

131,756

 

 

 

107

 

 

 

(10,128

)

 

 

121,735

 

Debt securities

 

 

132,236

 

 

 

 

 

 

(7,420

)

 

 

124,816

 

Total U.S. government agency and sponsored agency obligations

 

 

813,309

 

 

 

333

 

 

 

(95,198

)

 

 

718,444

 

Municipal bonds-tax exempt

 

 

76,864

 

 

 

 

 

 

(10,422

)

 

 

66,442

 

Total securities available for sale

 

$

978,580

 

 

$

354

 

 

$

(106,744

)

 

$

872,190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

86,355

 

 

$

173

 

 

$

(1,040

)

 

$

85,488

 

U.S. government agency and sponsored agency obligations:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities - residential

 

 

504,544

 

 

 

481

 

 

 

(62,697

)

 

 

442,328

 

Mortgage-backed securities - commercial

 

 

59,973

 

 

 

 

 

 

(11,982

)

 

 

47,991

 

Collateralized mortgage obligations

 

 

106,823

 

 

 

237

 

 

 

(9,649

)

 

 

97,411

 

Debt securities

 

 

132,215

 

 

 

 

 

 

(7,590

)

 

 

124,625

 

Total U.S. government agency and sponsored agency obligations

 

 

803,555

 

 

 

718

 

 

 

(91,918

)

 

 

712,355

 

Municipal bonds-tax exempt

 

 

77,121

 

 

 

 

 

 

(9,225

)

 

 

67,896

 

Total securities available for sale

 

$

967,031

 

 

$

891

 

 

$

(102,183

)

 

$

865,739

 

Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity

The amortized cost and estimated fair value of securities as of March 31, 2024 and December 31, 2023, by contractual or expected maturity, are shown below. Collateralized mortgage obligations are included in the table shown below based on their expected maturities. All other securities are included based on their contractual maturities.

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

Available for Sale

 

 

Available for Sale

 

 

 

Amortized

 

 

Estimated

 

 

Amortized

 

 

Estimated

 

 

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

 

 

(in thousands)

 

Within one year

 

$

76,125

 

 

$

75,255

 

 

$

62,521

 

 

$

61,828

 

Over one year through five years

 

 

156,571

 

 

 

148,475

 

 

 

169,176

 

 

 

160,983

 

Over five years through ten years

 

 

90,497

 

 

 

82,423

 

 

 

83,720

 

 

 

77,608

 

Over ten years

 

 

655,387

 

 

 

566,037

 

 

 

651,614

 

 

 

565,320

 

Total

 

$

978,580

 

 

$

872,190

 

 

$

967,031

 

 

$

865,739

 

 

Summary of Debt Securities Available for Sale in an Unrealized Loss Position for Which an Allowance for Credit Losses Has Not Been Recorded

The following table summarizes debt securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded at March 31, 2024 or December 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position:

 

 

 

Holding Period

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Gross

 

 

Estimated

 

 

Number

 

 

Gross

 

 

Estimated

 

 

Number

 

 

Gross

 

 

Estimated

 

 

Number

 

 

 

Unrealized

 

 

Fair

 

 

of

 

 

Unrealized

 

 

Fair

 

 

of

 

 

Unrealized

 

 

Fair

 

 

of

 

 

 

Loss

 

 

Value

 

 

Securities

 

 

Loss

 

 

Value

 

 

Securities

 

 

Loss

 

 

Value

 

 

Securities

 

 

 

(in thousands, except number of securities)

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

(159

)

 

$

43,837

 

 

 

13

 

 

$

(965

)

 

$

31,489

 

 

 

11

 

 

$

(1,124

)

 

$

75,326

 

 

 

24

 

U.S. government agency and sponsored agency obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities - residential

 

 

(88

)

 

 

16,344

 

 

 

8

 

 

 

(65,179

)

 

 

395,536

 

 

 

118

 

 

 

(65,267

)

 

 

411,880

 

 

 

126

 

Mortgage-backed securities - commercial

 

 

 

 

 

 

 

 

 

 

 

(12,383

)

 

 

47,220

 

 

 

15

 

 

 

(12,383

)

 

 

47,220

 

 

 

15

 

Collateralized mortgage obligations

 

 

(268

)

 

 

38,790

 

 

 

10

 

 

 

(9,860

)

 

 

63,898

 

 

 

25

 

 

 

(10,128

)

 

 

102,688

 

 

 

35

 

Debt securities

 

 

 

 

 

 

 

 

 

 

 

(7,420

)

 

 

124,816

 

 

 

26

 

 

 

(7,420

)

 

 

124,816

 

 

 

26

 

Total U.S. government agency and sponsored agency obligations

 

 

(356

)

 

 

55,134

 

 

 

18

 

 

 

(94,842

)

 

 

631,470

 

 

 

184

 

 

 

(95,198

)

 

 

686,604

 

 

 

202

 

Municipal bonds-tax exempt

 

 

 

 

 

 

 

 

 

 

 

(10,422

)

 

 

66,442

 

 

 

19

 

 

 

(10,422

)

 

 

66,442

 

 

 

19

 

Total

 

$

(515

)

 

$

98,971

 

 

 

31

 

 

$

(106,229

)

 

$

729,401

 

 

 

214

 

 

$

(106,744

)

 

$

828,372

 

 

 

245

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

(57

)

 

$

21,024

 

 

 

7

 

 

$

(983

)

 

$

32,449

 

 

 

11

 

 

$

(1,040

)

 

$

53,473

 

 

 

18

 

U.S. government agency and sponsored agency obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities - residential

 

 

(11

)

 

 

2,324

 

 

 

5

 

 

 

(62,686

)

 

 

411,417

 

 

 

118

 

 

 

(62,697

)

 

 

413,741

 

 

 

123

 

Mortgage-backed securities - commercial

 

 

 

 

 

 

 

 

 

 

 

(11,982

)

 

 

47,991

 

 

 

15

 

 

 

(11,982

)

 

 

47,991

 

 

 

15

 

Collateralized mortgage obligations

 

 

(38

)

 

 

7,074

 

 

 

2

 

 

 

(9,611

)

 

 

63,610

 

 

 

24

 

 

 

(9,649

)

 

 

70,684

 

 

 

26

 

Debt securities

 

 

 

 

 

 

 

 

 

 

 

(7,590

)

 

 

124,625

 

 

 

26

 

 

 

(7,590

)

 

 

124,625

 

 

 

26

 

Total U.S. government agency and sponsored agency obligations

 

 

(49

)

 

 

9,398

 

 

 

7

 

 

 

(91,869

)

 

 

647,643

 

 

 

183

 

 

 

(91,918

)

 

 

657,041

 

 

 

190

 

Municipal bonds-tax exempt

 

 

 

 

 

 

 

 

 

 

 

(9,225

)

 

 

67,896

 

 

 

19

 

 

 

(9,225

)

 

 

67,896

 

 

 

19

 

Total

 

$

(106

)

 

$

30,422

 

 

 

14

 

 

$

(102,077

)

 

$

747,988

 

 

 

213

 

 

$

(102,183

)

 

$

778,410

 

 

 

227