| Summary of Investment Securities Available for Sale |
The following is a summary of securities available for sale as of the dates indicated:
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Gross |
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|
Gross |
|
|
Estimated |
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|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
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|
Fair |
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|
|
Cost |
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|
Gain |
|
|
Loss |
|
|
Value |
|
|
|
(in thousands) |
|
September 30, 2026 |
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|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
$ |
226,273 |
|
|
$ |
— |
|
|
$ |
(1,222 |
) |
|
$ |
225,051 |
|
U.S. government agency and sponsored agency obligations: |
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|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities - residential |
|
|
384,273 |
|
|
|
8 |
|
|
|
(50,734 |
) |
|
|
333,547 |
|
Mortgage-backed securities - commercial |
|
|
78,566 |
|
|
|
— |
|
|
|
(14,752 |
) |
|
|
63,814 |
|
Collateralized mortgage obligations |
|
|
159,907 |
|
|
|
46 |
|
|
|
(8,894 |
) |
|
|
151,059 |
|
Other U.S. government agency obligations |
|
|
34,567 |
|
|
|
— |
|
|
|
(484 |
) |
|
|
34,083 |
|
Total U.S. government agency and sponsored agency obligations |
|
|
657,313 |
|
|
|
54 |
|
|
|
(74,864 |
) |
|
|
582,503 |
|
Municipal bonds-tax exempt |
|
|
74,242 |
|
|
|
|
|
|
(12,297 |
) |
|
|
61,945 |
|
Total securities available for sale |
|
$ |
957,828 |
|
|
$ |
54 |
|
|
$ |
(88,383 |
) |
|
$ |
869,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
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|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
$ |
128,569 |
|
|
$ |
298 |
|
|
$ |
(157 |
) |
|
$ |
128,710 |
|
U.S. government agency and sponsored agency obligations: |
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|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities - residential |
|
|
411,223 |
|
|
|
926 |
|
|
|
(38,741 |
) |
|
|
373,408 |
|
Mortgage-backed securities - commercial |
|
|
71,751 |
|
|
|
116 |
|
|
|
(11,295 |
) |
|
|
60,572 |
|
Collateralized mortgage obligations |
|
|
188,120 |
|
|
|
1,768 |
|
|
|
(5,933 |
) |
|
|
183,955 |
|
Other U.S. government agency obligations |
|
|
67,059 |
|
|
|
— |
|
|
|
(1,105 |
) |
|
|
65,954 |
|
Total U.S. government agency and sponsored agency obligations |
|
|
738,153 |
|
|
|
2,810 |
|
|
|
(57,074 |
) |
|
|
683,889 |
|
Municipal bonds-tax exempt |
|
|
75,038 |
|
|
|
— |
|
|
|
(7,013 |
) |
|
|
68,025 |
|
Total securities available for sale |
|
$ |
941,760 |
|
|
$ |
3,108 |
|
|
$ |
(64,244 |
) |
|
$ |
880,624 |
|
|
| 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 September 30, 2026 and December 31, 2025, 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. Mortgage-backed securities included in the table below may be repaid before their contractual maturities.
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|
September 30, 2026 |
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|
December 31, 2025 |
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|
|
Available for Sale |
|
|
Available for Sale |
|
|
|
Amortized |
|
|
Estimated |
|
|
Amortized |
|
|
Estimated |
|
|
|
Cost |
|
|
Fair Value |
|
|
Cost |
|
|
Fair Value |
|
|
|
(in thousands) |
|
Within one year |
|
$ |
150,885 |
|
|
$ |
150,221 |
|
|
$ |
159,050 |
|
|
$ |
158,399 |
|
Over one year through five years |
|
|
128,761 |
|
|
|
126,730 |
|
|
|
65,994 |
|
|
|
64,919 |
|
Over five years through ten years |
|
|
296,223 |
|
|
|
255,644 |
|
|
|
234,306 |
|
|
|
213,596 |
|
Over ten years |
|
|
381,959 |
|
|
|
336,904 |
|
|
|
482,410 |
|
|
|
443,710 |
|
Total |
|
$ |
957,828 |
|
|
$ |
869,499 |
|
|
$ |
941,760 |
|
|
$ |
880,624 |
|
|
| 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 September 30, 2026 or December 31, 2025, aggregated by major security type and length of time in a continuous unrealized loss position:
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Holding Period |
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Less than 12 Months |
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12 Months or More |
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Total |
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|
Gross |
|
|
Estimated |
|
|
Number |
|
|
Gross |
|
|
Estimated |
|
|
Number |
|
|
Gross |
|
|
Estimated |
|
|
Number |
|
|
|
Unrealized |
|
|
Fair |
|
|
of |
|
|
Unrealized |
|
|
Fair |
|
|
of |
|
|
Unrealized |
|
|
Fair |
|
|
of |
|
|
|
Loss |
|
|
Value |
|
|
Securities |
|
|
Loss |
|
|
Value |
|
|
Securities |
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|
Loss |
|
|
Value |
|
|
Securities |
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|
|
(in thousands, except number of securities) |
|
September 30, 2026 |
|
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|
U.S. Treasury securities |
|
$ |
(1,205 |
) |
|
$ |
221,567 |
|
|
|
39 |
|
|
$ |
(17 |
) |
|
$ |
3,484 |
|
|
|
1 |
|
|
$ |
(1,222 |
) |
|
$ |
225,051 |
|
|
|
40 |
|
U.S. government agency and sponsored agency obligations: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities - residential |
|
|
(2,389 |
) |
|
|
55,019 |
|
|
|
20 |
|
|
|
(48,345 |
) |
|
|
275,194 |
|
|
|
115 |
|
|
|
(50,734 |
) |
|
|
330,213 |
|
|
|
135 |
|
Mortgage-backed securities - commercial |
|
|
(940 |
) |
|
|
18,343 |
|
|
|
6 |
|
|
|
(13,812 |
) |
|
|
45,471 |
|
|
|
14 |
|
|
|
(14,752 |
) |
|
|
63,814 |
|
|
|
20 |
|
Collateralized mortgage obligations |
|
|
(1,923 |
) |
|
|
106,199 |
|
|
|
38 |
|
|
|
(6,971 |
) |
|
|
38,652 |
|
|
|
21 |
|
|
|
(8,894 |
) |
|
|
144,851 |
|
|
|
59 |
|
Other U.S. government agency obligations |
|
|
(165 |
) |
|
|
9,836 |
|
|
|
2 |
|
|
|
(319 |
) |
|
|
24,247 |
|
|
|
5 |
|
|
|
(484 |
) |
|
|
34,083 |
|
|
|
7 |
|
Total U.S. government agency and sponsored agency obligations |
|
|
(5,417 |
) |
|
|
189,397 |
|
|
|
66 |
|
|
|
(69,447 |
) |
|
|
383,564 |
|
|
|
155 |
|
|
|
(74,864 |
) |
|
|
572,961 |
|
|
|
221 |
|
Municipal bonds-tax exempt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12,297 |
) |
|
|
61,945 |
|
|
|
19 |
|
|
|
(12,297 |
) |
|
|
61,945 |
|
|
|
19 |
|
Total |
|
$ |
(6,622 |
) |
|
$ |
410,964 |
|
|
|
105 |
|
|
$ |
(81,761 |
) |
|
$ |
448,993 |
|
|
|
175 |
|
|
$ |
(88,383 |
) |
|
$ |
859,957 |
|
|
|
280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
$ |
— |
|
|
$ |
4,999 |
|
|
|
1 |
|
|
$ |
(157 |
) |
|
$ |
10,351 |
|
|
|
3 |
|
|
$ |
(157 |
) |
|
$ |
15,350 |
|
|
|
4 |
|
U.S. government agency and sponsored agency obligations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities - residential |
|
|
(46 |
) |
|
|
4,629 |
|
|
|
2 |
|
|
|
(38,695 |
) |
|
|
322,912 |
|
|
|
114 |
|
|
|
(38,741 |
) |
|
|
327,541 |
|
|
|
116 |
|
Mortgage-backed securities - commercial |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,295 |
) |
|
|
54,316 |
|
|
|
16 |
|
|
|
(11,295 |
) |
|
|
54,316 |
|
|
|
16 |
|
Collateralized mortgage obligations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,933 |
) |
|
|
50,264 |
|
|
|
24 |
|
|
|
(5,933 |
) |
|
|
50,264 |
|
|
|
24 |
|
Other U.S. government agency obligations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,105 |
) |
|
|
65,954 |
|
|
|
13 |
|
|
|
(1,105 |
) |
|
|
65,954 |
|
|
|
13 |
|
Total U.S. government agency and sponsored agency obligations |
|
|
(46 |
) |
|
|
4,629 |
|
|
|
2 |
|
|
|
(57,028 |
) |
|
|
493,446 |
|
|
|
167 |
|
|
|
(57,074 |
) |
|
|
498,075 |
|
|
|
169 |
|
Municipal bonds-tax exempt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,013 |
) |
|
|
68,025 |
|
|
|
19 |
|
|
|
(7,013 |
) |
|
|
68,025 |
|
|
|
19 |
|
Total |
|
$ |
(46 |
) |
|
$ |
9,628 |
|
|
|
3 |
|
|
$ |
(64,198 |
) |
|
$ |
571,822 |
|
|
|
189 |
|
|
$ |
(64,244 |
) |
|
$ |
581,450 |
|
|
|
192 |
|
|