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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investment Securities

Schedule of amortized cost and fair value of securities


		2024												2023
		Amortized			Unrealized			Unrealized			Fair			Amortized			Unrealized			Unrealized			Fair
(dollars in thousands)		Cost			Gains			Losses			Value			Cost			Gains			Losses			Value
U.S. Treasury and government agency debt securities		$	8,170		$	—		$	(23)		$	8,147		$	33,169		$	—		$	(666)		$	32,503
Government-sponsored enterprises debt securities			—			—			—			—			20,000			—			(408)			19,592
Mortgage-backed securities:
Residential - Government agency			37,473			—			(1,614)			35,859			11,303			—			(1,121)			10,182
Residential - Government-sponsored enterprises			840,836			—			(102,723)			738,113			895,421			—			(112,124)			783,297
Commercial - Government agency			249,348			—			(53,223)			196,125			268,944			—			(50,270)			218,674
Commercial - Government-sponsored enterprises			48,015			—			(3,107)			44,908			93,459			—			(7,028)			86,431
Commercial - Non-agency			22,000			83			—			22,083			21,964			—			(281)			21,683
Collateralized mortgage obligations:
Government agency			452,038			—			(54,914)			397,124			538,718			—			(67,568)			471,150
Government-sponsored enterprises			359,416			—			(48,734)			310,682			425,826			—			(61,856)			363,970
Collateralized loan obligations			173,152			323			—			173,475			249,871			43			(2,060)			247,854
Total available-for-sale securities		$	2,190,448		$	406		$	(264,338)		$	1,926,516		$	2,558,675		$	43		$	(303,382)		$	2,255,336

Government agency debt securities		$	49,267		$	—		$	(5,398)		$	43,869		$	52,051		$	—		$	(4,497)		$	47,554
Mortgage-backed securities:
Residential - Government agency			40,888			—			(6,579)			34,309			43,885			—			(5,189)			38,696
Residential - Government-sponsored enterprises			92,573			—			(14,854)			77,719			99,379			—			(11,013)			88,366
Commercial - Government agency			31,009			—			(8,666)			22,343			30,795			—			(7,017)			23,778
Commercial - Government-sponsored enterprises			1,114,549			201			(149,244)			965,506			1,129,738			195			(130,757)			999,176
Collateralized mortgage obligations:
Government agency			907,565			—			(126,020)			781,545			989,130			—			(109,471)			879,659
Government-sponsored enterprises			1,500,212			—			(210,721)			1,289,491			1,642,274			—			(193,897)			1,448,377
Debt securities issued by states and political subdivisions			54,587			—			(6,860)			47,727			54,197			—			(4,947)			49,250
Total held-to-maturity securities		$	3,790,650		$	201		$	(528,342)		$	3,262,509		$	4,041,449		$	195		$	(466,788)		$	3,574,856

Schedule of amortized cost and fair value of debt securities by contractual maturity


		December 31, 2024
		Amortized			Fair
(dollars in thousands)		Cost			Value
Available-for-sale securities
Due in one year or less		$	8,170		$	8,147
Due after one year through five years			9,275			9,296
Due after five years through ten years			146,351			146,596
Due after ten years			39,526			39,666
			203,322			203,705

Mortgage-backed securities:
Residential - Government agency			37,473			35,859
Residential - Government-sponsored enterprises			840,836			738,113
Commercial - Government agency			249,348			196,125
Commercial - Government-sponsored enterprises			48,015			44,908
Total mortgage-backed securities			1,175,672			1,015,005
Collateralized mortgage obligations:
Government agency			452,038			397,124
Government-sponsored enterprises			359,416			310,682
Total collateralized mortgage obligations			811,454			707,806
Total available-for-sale securities		$	2,190,448		$	1,926,516

Held-to-maturity securities
Due in one year or less		$	—		$	—
Due after one year through five years			—			—
Due after five years through ten years			52,531			47,264
Due after ten years			51,323			44,332
			103,854			91,596

Mortgage-backed securities:
Residential - Government agency			40,888			34,309
Residential - Government-sponsored enterprises			92,573			77,719
Commercial - Government agency			31,009			22,343
Commercial - Government-sponsored enterprises			1,114,549			965,506
Total mortgage-backed securities			1,279,019			1,099,877
Collateralized mortgage obligations:
Government agency			907,565			781,545
Government-sponsored enterprises			1,500,212			1,289,491
Total collateralized mortgage obligations			2,407,777			2,071,036
Total held-to-maturity securities		$	3,790,650		$	3,262,509

Schedule of gross unrealized losses and fair values of securities in a continuous loss position

Time in Continuous Loss as of December 31, 2024

Less Than 12 Months

12 Months or More

Total

Unrealized

Unrealized

Unrealized

(dollars in thousands)

Losses

Fair Value

Losses

Fair Value

Losses

Fair Value

U.S. Treasury and government agency debt securities

$

—

$

—

$

(23)

$

8,147

$

(23)

$

8,147

Mortgage-backed securities:

Residential - Government agency

(154)

27,127

(1,460)

8,732

(1,614)

35,859

Residential - Government-sponsored enterprises

(2,997)

116,084

(99,726)

622,029

(102,723)

738,113

Commercial - Government agency

—

—

(53,223)

196,125

(53,223)

196,125

Commercial - Government-sponsored enterprises

—

—

(3,107)

44,908

(3,107)

44,908

Collateralized mortgage obligations:

Government agency

(712)

76,968

(54,202)

310,171

(54,914)

387,139

Government-sponsored enterprises

(912)

57,509

(47,822)

253,173

(48,734)

310,682

Total available-for-sale securities with unrealized losses

$

(4,775)

$

277,688

$

(259,563)

$

1,443,285

$

(264,338)

$

1,720,973


		Time in Continuous Loss as of December 31, 2023
		Less Than 12 Months						12 Months or More						Total
		Unrealized						Unrealized						Unrealized
(dollars in thousands)		Losses			Fair Value			Losses			Fair Value			Losses			Fair Value
U.S. Treasury and government agency debt securities		$	—		$	—		$	(666)		$	32,503		$	(666)		$	32,503
Government-sponsored enterprises debt securities			—			—			(408)			19,592			(408)			19,592
Mortgage-backed securities:
Residential - Government agency			—			—			(1,121)			10,182			(1,121)			10,182
Residential - Government-sponsored enterprises			—			—			(112,124)			783,297			(112,124)			783,297
Commercial - Government agency			—			—			(50,270)			218,674			(50,270)			218,674
Commercial - Government-sponsored enterprises			—			—			(7,028)			86,431			(7,028)			86,431
Commercial - Non-agency			—			—			(281)			21,683			(281)			21,683
Collateralized mortgage obligations:
Government agency			—			—			(67,568)			471,150			(67,568)			471,150
Government-sponsored enterprises			—			—			(61,856)			363,970			(61,856)			363,970
Collateralized loan obligations			(564)			63,667			(1,496)			163,126			(2,060)			226,793
Total available-for-sale securities with unrealized losses		$	(564)		$	63,667		$	(302,818)		$	2,170,608		$	(303,382)		$	2,234,275