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SECURITIES (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

The amortized cost, gross unrealized gains and losses, and estimated fair value of securities at December 31, 2023 and December 31, 2022 are summarized as follows (in thousands):


	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		Fair Value
Trading:


Corporate bonds	$	27,203	$	28,694


	$	27,203	$	28,694


	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)

Schedule of Securities with Continuous Loss Position

, 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)

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):


	For the Year Ended December 31,
		2023		2022		2021
Available-for-Sale:
Gross Gains		$	383	$	522	$	993
Gross Losses		(19,625)		(3,770)		(495)
Balance, end of the period		$	(19,242)	$	(3,248)	$	498

Schedule of Securities by Contractual Maturity Date

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

Schedule of Pledged Securities

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

Debt Securities, Held-to-maturity, Credit Quality Indicator

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

Debt Securities, Held-to-maturity, Allowance for Credit Loss

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