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SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Securities
The amortized cost, gross unrealized gains and losses and estimated fair value of securities at September 30, 2023 and December 31, 2022 are summarized as follows (in thousands):
 September 30, 2023
 Amortized CostFair Value
Trading:
Corporate bonds$27,203 $25,268 
$27,203 $25,268 
 September 30, 2023
 Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
Available-for-Sale:
U.S. Government and agency obligations$35,342 $— $(1,015)$— $34,327 
Municipal bonds166,902 — (43,304)— 123,598 
Corporate bonds106,015 — (14,247)(750)91,018 
Mortgage-backed or related securities2,244,179 — (424,727)— 1,819,452 
Asset-backed securities222,534 207 (3,143)— 219,598 
 $2,774,972 $207 $(486,436)$(750)$2,287,993 
 September 30, 2023
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAllowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations$308 $— $(8)$300 $— 
Municipal bonds491,152 12 (95,444)395,551 (169)
Corporate bonds2,813 — (27)2,606 (180)
Mortgage-backed or related securities588,232 — (133,036)455,196 — 
$1,082,505 $12 $(228,515)$853,653 $(349)
December 31, 2022
Amortized CostFair Value
Trading:
Corporate bonds$27,203 $28,694 
$27,203 $28,694 

December 31, 2022
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Available-for-Sale:
U.S. Government and agency obligations$56,344 $8 $(1,244)$55,108 
Municipal bonds301,449 530 (40,770)261,209 
Corporate bonds133,334 — (11,481)121,853 
Mortgage-backed or related securities2,505,172 885 (366,721)2,139,336 
Asset-backed securities222,478 40 (10,993)211,525 
$3,218,777 $1,463 $(431,209)$2,789,031 

December 31, 2022
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAllowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations$312 $— $(7)$305 $— 
Municipal bonds503,117 109 (70,907)432,319 (183)
Corporate bonds2,961 — (16)2,945 (196)
Mortgage-backed or related securities611,577 — (104,966)506,611 — 
$1,117,967 $109 $(175,896)$942,180 $(379)
Schedule of Securities with Continuous Loss Position
At September 30, 2023 and December 31, 2022, the gross unrealized losses and the fair value for securities available-for-sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands):
September 30, 2023
Less Than 12 Months12 Months or MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available-for-Sale:
U.S. Government and agency obligations
$— $— $34,327 $(1,015)$34,327 $(1,015)
Municipal bonds
24,409 (2,095)99,189 (41,209)123,598 (43,304)
Corporate bonds
5,715 (264)88,682 (13,983)94,397 (14,247)
Mortgage-backed or related securities
178,325 (4,816)1,641,125 (419,911)1,819,450 (424,727)
Asset-backed securities
114,512 (1,863)85,345 (1,280)199,857 (3,143)
$322,961 $(9,038)$1,948,668 $(477,398)$2,271,629 $(486,436)
December 31, 2022
Less Than 12 Months12 Months or MoreTotal
Fair Value Unrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available-for-Sale:
U.S. Government and agency obligations
$33,407 $(882)$16,732 $(362)$50,139 $(1,244)
Municipal bonds
188,920 (25,592)33,907 (15,178)222,827 (40,770)
Corporate bonds
108,187 (9,547)13,066 (1,934)121,253 (11,481)
Mortgage-backed or related securities
930,566 (90,537)1,159,110 (276,184)2,089,676 (366,721)
Asset-backed securities
201,437 (10,993)— — 201,437 (10,993)
$1,462,517 $(137,551)$1,222,815 $(293,658)$2,685,332 $(431,209)
Schedule of Realized Gain (Loss)
The following table presents gross gains and losses on sales and partial calls of securities available-for-sale (in thousands):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202220232022
Available-for-Sale:
Gross Gains$— $6 $377 $522 
Gross Losses(2,657)— (14,813)(49)
Balance, end of the period$(2,657)$6 $(14,436)$473 
Schedule of Securities by Contractual Maturity Date
The following table presents the amortized cost and estimated fair value of securities at September 30, 2023, by contractual maturity and does not reflect any required periodic payments (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties.
 September 30, 2023
TradingAvailable-for-SaleHeld-to-Maturity
 Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Maturing within one year$— $— $— $— $17,239 $16,820 
Maturing after one year through five years— — 169,465 151,453 19,702 18,871 
Maturing after five years through ten years— — 385,977 334,298 25,857 24,234 
Maturing after ten years27,203 25,268 2,219,530 1,802,242 1,019,707 793,728 
 $27,203 $25,268 $2,774,972 $2,287,993 $1,082,505 $853,653 
Schedule of Pledged Securities
The following table presents, as of September 30, 2023, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):
September 30, 2023
Carrying ValueAmortized CostFair Value
Purpose or beneficiary:
State and local governments public deposits$251,566 $268,603 $214,868 
Federal Reserve116,703 116,704 93,257 
Interest rate swap counterparties974 974 755 
Repurchase transaction accounts269,808 269,808 206,692 
Other 2,347 2,347 2,077 
Total pledged securities$641,398 $658,436 $517,649 
Debt Instrument, Credit Rating
The Company monitors the credit quality of held-to-maturity debt securities through the use of credit ratings which are reviewed and updated quarterly. The Company’s non-rated held-to-maturity debt securities are primarily United States government sponsored enterprise debentures carrying minimal to no credit risk. The non-rated corporate bonds primarily consist of Community Reinvestment Act related bonds secured by loan instruments from low to moderate income borrowers. The remaining non-rated held-to-maturity debt securities balance is comprised of local municipal debt from within the Company’s geographic footprint and is monitored through quarterly or annual financial review. This municipal debt is predominately essential service or unlimited general obligation backed debt. The following tables summarize the amortized cost of held-to-maturity debt securities by credit rating at September 30, 2023 and December 31, 2022 (in thousands):
September 30, 2023
U.S. Government and agency obligationsMunicipal bondsCorporate bondsMortgage-backed or related securitiesTotal
AAA/AA/A$— $481,496 $500 $16,518 $498,514 
Not Rated308 9,656 2,313 571,714 583,991 
$308 $491,152 $2,813 $588,232 $1,082,505 

December 31, 2022
U.S. Government and agency obligationsMunicipal bondsCorporate bondsMortgage-backed or related securitiesTotal
AAA/AA/A$— $492,105 $500 $16,681 $509,286 
Not Rated312 11,012 2,461 594,896 608,681 
$312 $503,117 $2,961 $611,577 $1,117,967 
Debt Securities, Available-for-Sale, Allowance for Credit Loss
The following tables present the activity in the allowance for credit losses for securities available-for-sale by major type for the three and nine months ended September 30, 2023 (in thousands). We had no allowance for credit losses for securities available-for-sale during three and nine months ended September 30, 2022.
For the Three Months Ended September 30, 2023
U.S. Government and agency obligationsMunicipal bondsCorporate bondsMortgage-backed or related securitiesTotal
Allowance for credit losses – securities available-for-sale
Beginning balance$— $— $2,000 $— $2,000 
(Recapture) provision for credit losses— — (1,250)— (1,250)
Ending balance$— $— $750 $— $750 
For the Nine Months Ended September 30, 2023
U.S. Government and agency obligationsMunicipal bondsCorporate bondsMortgage-backed or related securitiesTotal
Allowance for credit losses – securities available-for-sale
Beginning balance$— $— $— $— $— 
Provision for credit losses— — 750 — 750 
Ending balance$— $— $750 $— $750