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Marketable Securities (Tables)
9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of the portfolio of investment securities available-for-sale
The following table shows the portfolio of marketable securities available-for-sale at September 30, 2023 (in thousands):
Amortized
cost
Gross
unrealized
holding
gains
Gross
unrealized
holding
losses
Fair
value
Debt issued by the U.S government and agencies:
Due after one year through five years$20,000 — (1,750)18,250 
Due after ten years50,166 — (11,890)38,276 
Debt issued by government-sponsored enterprises:
Due after one year through five years45,985 — (7,502)38,483 
Due after five years through ten years434 — (11)423 
Municipal securities:
Due after one year through five years954 (9)948 
Due after five years through ten years21,976 — (3,055)18,921 
Due after ten years62,990 — (14,788)48,202 
Corporate debt issues:
Due after five years through ten years8,464 — (1,000)7,464 
Residential mortgage-backed securities:
Fixed rate pass-through213,849 — (35,305)178,544 
Variable rate pass-through7,501 (169)7,334 
Fixed rate agency CMOs805,086 — (175,985)629,101 
Variable rate agency CMOs24,675 28 (573)24,130 
Total residential mortgage-backed securities1,051,111 30 (212,032)839,109 
Total marketable securities available-for-sale$1,262,080 33 (252,037)1,010,076 
The following table shows the portfolio of marketable securities available-for-sale at December 31, 2022 (in thousands):
Amortized
cost
Gross
unrealized
holding
gains
Gross
unrealized
holding
losses
Fair
value
Debt issued by the U.S. government and agencies:    
Due after one year through five years$20,000 — (1,799)18,201 
Due after ten years53,152 — (10,761)42,391 
Debt issued by government-sponsored enterprises:    
Due after one year through five years993 — (49)944 
Due after five years through ten years45,814 — (7,557)38,257 
Municipal securities:    
Due within one year506 — (1)505 
Due after one year through five years986 21 (13)994 
Due after five years through ten years36,332 — (2,290)34,042 
Due after ten years89,631 (13,414)76,225 
Corporate debt issues:    
Due after five years through ten years13,540 — (562)12,978 
Residential mortgage-backed securities:    
Fixed rate pass-through227,122 35 (31,171)195,986 
Variable rate pass-through8,837 10 (184)8,663 
Fixed rate agency CMOs906,962 — (145,284)761,678 
Variable rate agency CMOs27,853 31 (640)27,244 
Total residential mortgage-backed securities1,170,774 76 (177,279)993,571 
Total marketable securities available-for-sale$1,431,728 105 (213,725)1,218,108 
Schedule of the portfolio of investment securities held-to-maturity
The following table shows the portfolio of marketable securities held-to-maturity at September 30, 2023 (in thousands):
Amortized
cost
Gross
unrealized
holding
gains
Gross
unrealized
holding
losses
Fair
value
Debt issued by government-sponsored enterprises:    
Due after one year through five years$49,471 — (6,830)42,641 
Due after five years through ten years74,986 — (14,901)60,085 
Residential mortgage-backed securities:    
Fixed rate pass-through151,411 — (27,070)124,341 
Variable rate pass-through468 — (8)460 
Fixed rate agency CMOs553,241 — (98,606)454,635 
Variable rate agency CMOs529 — (10)519 
Total residential mortgage-backed securities705,649 — (125,694)579,955 
Total marketable securities held-to-maturity$830,106 — (147,425)682,681 

The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2022 (in thousands): 
Amortized
cost
Gross
unrealized
holding
gains
Gross
unrealized
holding
losses
Fair
value
Debt issued by government-sponsored enterprises:    
Due after one year through five years$29,478 — (3,676)25,802 
Due after five years through ten years94,977 — (18,157)76,820 
Residential mortgage-backed securities:    
Fixed rate pass-through163,196 — (24,684)138,512 
Variable rate pass-through542 — (12)530 
Fixed rate agency CMOs592,527 — (83,325)509,202 
Variable rate agency CMOs529 — (11)518 
Total residential mortgage-backed securities756,794 — (108,032)648,762 
Total marketable securities held-to-maturity$881,249 — (129,865)751,384 
Information regarding the issuers and the carrying values of the entity's mortgage-backed securities
The following table shows the contractual maturity of our residential mortgage-backed securities available-for-sale at September 30, 2023 (in thousands):
Amortized
cost
Fair
value
Residential mortgage-backed securities:  
Due within one year$60 59 
Due after one year through five years25,302 23,185 
Due after five years through ten years27,837 25,424 
Due after ten years997,912 790,441 
Total residential mortgage-backed securities$1,051,111 839,109 

The following table shows the contractual maturity of our residential mortgage-backed securities held-to-maturity at September 30, 2023 (in thousands):
Amortized
cost
Fair
value
Residential mortgage-backed securities:  
Due after one year through five years$20,343 17,291 
Due after five years through ten years20,225 15,484 
Due after ten years665,081 547,180 
Total residential mortgage-backed securities$705,649 579,955 
Schedule of the fair value and gross unrealized losses on investment securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position
The following table shows the fair value of and gross unrealized losses on available for sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at September 30, 2023 (in thousands):
 Less than 12 months12 months or moreTotal
Fair 
value
Unrealized
loss
Fair 
value
Unrealized
loss
Fair 
value
Unrealized
loss
U.S. government-sponsored enterprises$423 (11)197,736 (42,873)198,159 (42,884)
Municipal securities8,412 (526)59,233 (17,326)67,645 (17,852)
Corporate issues— — 7,464 (1,000)7,464 (1,000)
Residential mortgage-backed securities - agency25,649 (1,271)1,390,685 (336,455)1,416,334 (337,726)
Total $34,484 (1,808)1,655,118 (397,654)1,689,602 (399,462)
The following table shows the fair value of and gross unrealized losses on available for sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2022 (in thousands):
 Less than 12 months12 months or moreTotal
Fair 
value
Unrealized
loss
Fair 
value
Unrealized
loss
Fair 
value
Unrealized
loss
U.S. government-sponsored enterprises$1,735 (82)200,679 (41,917)202,414 (41,999)
Corporate debt issues12,979 (562)— — 12,979 (562)
Municipal securities60,676 (4,047)44,493 (11,671)105,169 (15,718)
Residential mortgage-backed securities - agency373,186 (22,796)1,264,042 (262,515)1,637,228 (285,311)
Total $448,576 (27,487)1,509,214 (316,103)1,957,790 (343,590)
Schedule of credit quality of held-to-maturity securities
The following table presents the credit quality of our held-to-maturity securities, based on the latest information available as of September 30, 2023 (in thousands). The credit ratings are sourced from nationally recognized rating agencies, which include Moody’s and S&P, and they are presented based on asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of September 30, 2023.
AA+Total
Held-to-maturity securities (at amortized cost):
  Debt issued by the U.S. government-sponsored enterprises$124,457 124,457 
  Residential mortgage-backed securities705,649 705,649 
Total marketable securities held-to-maturity$830,106 830,106