
	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Available-for-Sale:
U.S. Government and agency obligations	$	34,929	$	—	$	(740)	$	—	$	34,189
Municipal bonds	161,264		832		(29,191)		—		132,905
Corporate bonds	131,291		—		(12,168)		—		119,123
Mortgage-backed or related securities	2,179,947		942		(314,175)		—		1,866,714
Asset-backed securities	222,549		300		(1,997)		—		220,852

	$	2,729,980	$	2,074	$	(358,271)	$	—	$	2,373,783


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations	$	307	$	—	$	(5)	$	302	$	—
Municipal bonds	466,032		687		(53,563)		412,999		(157)
Corporate bonds	2,781		—		(20)		2,586		(175)
Mortgage-backed or related securities	590,267		—		(98,640)		491,627		—
	$	1,059,387	$	687	$	(152,228)	$	907,514	$	(332)


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Available-for-Sale:
U.S. Government and agency obligations	$	56,344	$	8	$	(1,244)	$	—	$	55,108
Municipal bonds	301,449		530		(40,770)		—		261,209
Corporate bonds	133,334		—		(11,481)		—		121,853
Mortgage-backed or related securities	2,505,172		885		(366,721)		—		2,139,336
Asset-backed securities	222,478		40		(10,993)		—		211,525

	$	3,218,777	$	1,463	$	(431,209)	$	—	$	2,789,031


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations	$	312	$	—	$	(7)	$	305	$	—
Municipal bonds	503,117		109		(70,907)		432,319		(183)
Corporate bonds	2,961		—		(16)		2,945		(196)
Mortgage-backed or related securities	611,577		—		(104,966)		506,611		—
	$	1,117,967	$	109	$	(175,896)	$	942,180	$	(379)

Accrued interest receivable on held-to-maturity debt securities was $4.5 million and $4.8 million as of December 31, 2023 and December 31, 2022, and was $10.8 million and $12.4 million on available-for-sale debt securities at December 31, 2023 and December 31, 2022, respectively. Accrued interest receivable on securities is reported in accrued interest receivable on the Consolidated Statements of Financial Condition and is excluded from the calculation of the allowance for credit losses.

At December 31, 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):


	December 31, 2023
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations	$	—	$	—	$	34,189	$	(740)	$	34,189	$	(740)
Municipal bonds	6,049		(7)		103,511		(29,184)		109,560		(29,191)
Corporate bonds	15,720		(46)		106,852		(12,122)		122,572		(12,168)
Mortgage-backed or related securities	71,150		(212)		1,712,125		(313,963)		1,783,275		(314,175)
Asset-backed securities	115,162		(1,212)		85,840		(785)		201,002		(1,997)

	$	208,081	$	(1,477)	$	2,042,517	$	(356,794)	$	2,250,598	$	(358,271)


	December 31, 2022
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized 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)

At December 31, 2023, there were 224 securities—available-for-sale with unrealized losses, compared to 298 at December 31, 2022. Management does not believe that any individual unrealized loss as of December 31, 2023 or December 31, 2022 resulted from credit loss. The decline in fair market value of these securities was generally due to changes in interest rates and changes in market-desired spreads subsequent to their purchase.

There were no sales of securities—trading for the years ended December 31, 2023, 2022 or 2021. There were no securities—trading in a nonaccrual status at December 31, 2023 or December 31, 2022. Net unrealized holding losses of $3.4 million were recognized in 2023 and net unrealized holding gains of $1.7 million were recognized in 2022. All securities—trading were transferred to securities—available-for-sale during the fourth quarter of 2023.

The Company did not sell any held-to-maturity securities and had no partial calls of securities during the years ended December 31, 2023 and December 31, 2022. The Company sold one held-to-maturity security with a resulting net gain of $3,000 and had partial calls of securities that resulted in a net loss of $65,000 for the year ended December 31, 2021. There were no securities—held-to-maturity in a nonaccrual status at December 31, 2023 and 2022.

During the years ended December 31, 2023 and December 31, 2022, the Company sold no equity securities. During the year ended December 31, 2021, the Company sold a $4.8 million equity security with a resulting net gain of $46,000.

The following table presents the amortized cost and estimated fair value of securities at December 31, 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.


		December 31, 2023
	Available-for-Sale			Held-to-Maturity
		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturing within one year		$	—	$	—	$	6,685	$	6,446
Maturing after one year through five years		162,723		152,661		18,546		18,245
Maturing after five years through 10 years		370,064		327,355		22,220		21,240
Maturing after 10 years		2,197,193		1,893,767		1,011,936		861,583

		$	2,729,980	$	2,373,783	$	1,059,387	$	907,514

The following table presents, as of December 31, 2023, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):


	December 31, 2023
	Carrying Value		Amortized Cost		Fair Value
Purpose or beneficiary:
State and local governments public deposits	$	250,855	$	263,496	$	230,490
Federal Reserve	115,007		115,007		98,259
Interest rate swap counterparties	971		971		813
Repurchase transaction accounts	266,648		266,648		220,926
Other	2,335		2,335		2,156
Total pledged securities	$	635,816	$	648,457	$	552,644

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 December 31, 2023 and December 31, 2022 (in thousands):


	December 31, 2023
	U.S. Government and agency obligations		Municipal bonds		Corporate bonds		Mortgage-backed or related securities		Total
AAA/AA/A	$	—	$	456,999	$	500	$	16,459	$	473,958

Not Rated	307		9,033		2,281		573,808		585,429


	$	307	$	466,032	$	2,781	$	590,267	$	1,059,387


	December 31, 2022
	U.S. Government and agency obligations		Municipal bonds		Corporate bonds		Mortgage-backed or related securities		Total
AAA/AA/A	$	—	$	492,105	$	500	$	16,681	$	509,286

Not Rated	312		11,012		2,461		594,896		608,681
	$	312	$	503,117	$	2,961	$	611,577	$	1,117,967

The following tables present the activity in the allowance for credit losses for held-to-maturity debt securities by major type for the year ended December 31, 2023 and December 31, 2022 (in thousands):


	For the Year Ended December 31, 2023
	U.S. Government and agency obligations		Municipal bonds		Corporate bonds		Mortgage-backed or related securities		Total
Allowance for credit losses – securities
Beginning balance	$	—	$	183	$	196	$	—	$	379
Recapture of provision for credit losses	—		(26)		(45)		—		(71)

Recoveries	—		—		24		—		24
Ending balance	$	—	$	157	$	175	$	—	$	332


	For the Year Ended December 31, 2022
	U.S. Government and agency obligations		Municipal bonds		Corporate bonds		Mortgage-backed or related securities		Total
Allowance for credit losses – securities
Beginning balance	$	—	$	203	$	230	$	—	$	433
Recapture of provision for credit losses	—		(20)		(63)		—		(83)

Recoveries	—		—		29		—		29
Ending balance	$	—	$	183	$	196	$	—	$	379


	For the Year Ended December 31, 2021
	U.S. Government and agency obligations		Municipal bonds		Corporate bonds		Mortgage-backed or related securities		Total
Allowance for credit losses – securities
Beginning balance	$	—	$	59	$	35	$	—	$	94
Provision for credit losses	—		144		445		—		589
Securities charged-off	—		—		(250)		—		(250)

Ending balance	$	—	$	203	$	230	$	—	$	433