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v3.23.2

Securities Available for Sale (Tables) | 6 Months Ended
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Jun. 30, 2023
Debt Securities, Available-for-Sale [Abstract] |
Summary of Securities Available for Sale | The following is a summary of investment securities as of the dates indicated:
| June 30, 2023 |  | December 31, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (Dollars in thousands)
Debt securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 3,994 |  |  | $ | — |  |  | $ | (90) |  |  |  |  | $ | 3,904 |  |  | $ | 3,990 |  |  | $ | — |  |  | $ | (104) |  |  | $ | 3,886 |
U.S. Government agency and U.S. Government sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency securities | 4,000 |  |  | — |  |  | (163) |  |  |  |  | 3,837 |  |  | 4,000 |  |  | — |  |  | (133) |  |  | 3,867 |
Collateralized mortgage obligations | 904,848 |  |  | — |  |  | (153,108) |  |  |  |  | 751,740 |  |  | 947,541 |  |  | — |  |  | (153,842) |  |  | 793,699 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential | 522,145 |  |  | — |  |  | (86,997) |  |  |  |  | 435,148 |  |  | 544,084 |  |  | — |  |  | (90,907) |  |  | 453,177 |
Commercial | 407,972 |  |  | — |  |  | (55,121) |  |  |  |  | 352,851 |  |  | 417,241 |  |  | — |  |  | (48,954) |  |  | 368,287 |
Asset-backed securities | 153,536 |  |  | — |  |  | (3,794) |  |  |  |  | 149,742 |  |  | 153,539 |  |  | — |  |  | (5,935) |  |  | 147,604 |
Corporate securities | 23,326 |  |  | — |  |  | (4,754) |  |  |  |  | 18,572 |  |  | 23,351 |  |  | — |  |  | (4,494) |  |  | 18,857 |
Municipal securities | 213,913 |  |  | 1,082 |  |  | (14,203) |  |  |  |  | 200,792 |  |  | 195,675 |  |  | 790 |  |  | (13,713) |  |  | 182,752 |
Total investment securities available for sale | $ | 2,233,734 |  |  | $ | 1,082 |  |  | $ | (318,230) |  |  |  |  | $ | 1,916,586 |  |  | $ | 2,289,421 |  |  | $ | 790 |  |  | $ | (318,082) |  |  | $ | 1,972,129 |
Debt securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency and U.S. Government sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential | $ | 154,963 |  |  | $ | — |  |  | $ | (6,919) |  |  |  |  | $ | 148,044 |  |  | $ | 157,881 |  |  | $ | — |  |  | $ | (7,041) |  |  | $ | 150,840 |
Commercial | 114,797 |  |  | — |  |  | (7,497) |  |  |  |  | 107,300 |  |  | 113,185 |  |  | 1 |  |  | (5,619) |  |  | 107,567 |
Total investment securities held to maturity | $ | 269,760 |  |  | $ | — |  |  | $ | (14,416) |  |  |  |  | $ | 255,344 |  |  | $ | 271,066 |  |  | $ | 1 |  |  | $ | (12,660) |  |  | $ | 258,407 |
Interest Income | The following table presents a breakdown of interest income recorded for investment securities that are taxable and nontaxable.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (Dollars in thousands)
Interest income on investment securities |  |  |  |  |  |  |
Taxable | $ | 14,466 |  |  | $ | 11,997 |  |  | $ | 28,512 |  |  | $ | 23,397 |
Nontaxable | 1,068 |  |  | 311 |  |  | 2,147 |  |  | 567 |
Total | $ | 15,534 |  |  | $ | 12,308 |  |  | $ | 30,659 |  |  | $ | 23,964 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of investment securities at June 30, 2023, by contractual maturity, are presented in the table below. Collateralized mortgage obligations, mortgage-backed securities, and asset-backed securities are presented by final maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties.
| Available for Sale |  | Held to Maturity
| Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
| (Dollars in thousands)
Debt securities: |  |  |  |  |  |  |
Due within one year | $ | 4,984 |  |  | $ | 4,885 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 147,521 |  |  | 136,859 |  |  | 26,641 |  |  | 25,589 |
Due after five years through ten years | 108,760 |  |  | 97,284 |  |  | 8,546 |  |  | 8,120 |
Due after ten years | 1,972,469 |  |  | 1,677,558 |  |  | 234,573 |  |  | 221,635 |
Total | $ | 2,233,734 |  |  | $ | 1,916,586 |  |  | $ | 269,760 |  |  | $ | 255,344 |
Schedule of Gross Unrealized Losses and Estimated Fair Values of Investments | The following tables show the Company’s investments’ gross unrealized losses and estimated fair values, aggregated by investment category and the length of time that the individual securities have been in a continuous unrealized loss position as of the dates indicated. The length of time that the individual securities have been in a continuous unrealized loss position is not a factor in determining credit impairment with the adoption of current expected credit losses (“CECL”).
|  | June 30, 2023
|  | Less than 12 months |  | 12 months or longer |  | Total
Description of Securities AFS |  | Number of Securities |  | Fair Value |  | Gross Unrealized Losses |  | Number of Securities |  | Fair Value |  | Gross Unrealized Losses |  | Number of Securities |  | Fair Value |  | Gross Unrealized Losses
|  | (Dollars in thousands)
U.S. Treasury securities |  | — |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 3,904 |  |  | $ | (90) |  |  | 1 |  |  | $ | 3,904 |  |  | $ | (90) |
U.S. Government agency and U.S. Government sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency securities |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 3,837 |  |  | (163) |  |  | 1 |  |  | 3,837 |  |  | (163) |
Collateralized mortgage obligations |  | 6 |  |  | 14,563 |  |  | (1,078) |  |  | 112 |  |  | 737,177 |  |  | (152,030) |  |  | 118 |  |  | 751,740 |  |  | (153,108) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | 2 |  |  | 5,062 |  |  | (266) |  |  | 63 |  |  | 430,086 |  |  | (86,731) |  |  | 65 |  |  | 435,148 |  |  | (86,997) |
Commercial |  | 8 |  |  | 48,910 |  |  | (2,633) |  |  | 48 |  |  | 303,941 |  |  | (52,488) |  |  | 56 |  |  | 352,851 |  |  | (55,121) |
Asset-backed securities |  | — |  |  | — |  |  | — |  |  | 18 |  |  | 149,742 |  |  | (3,794) |  |  | 18 |  |  | 149,742 |  |  | (3,794) |
Corporate securities |  | — |  |  | — |  |  | — |  |  | 6 |  |  | 18,572 |  |  | (4,754) |  |  | 6 |  |  | 18,572 |  |  | (4,754) |
Municipal securities |  | 29 |  |  | 73,327 |  |  | (1,148) |  |  | 38 |  |  | 82,766 |  |  | (13,055) |  |  | 67 |  |  | 156,093 |  |  | (14,203) |
Total |  | 45 |  |  | $ | 141,862 |  |  | $ | (5,125) |  |  | 287 |  |  | $ | 1,730,025 |  |  | $ | (313,105) |  |  | 332 |  |  | $ | 1,871,887 |  |  | $ | (318,230) |
|  | December 31, 2022
|  | Less than 12 months |  | 12 months or longer |  | Total
Description of Securities AFS |  | Number of Securities |  | Fair Value |  | Gross Unrealized Losses |  | Number of Securities |  | Fair Value |  | Gross Unrealized Losses |  | Number of Securities |  | Fair Value |  | Gross Unrealized Losses
|  | (Dollars in thousands)
U.S. Treasury securities |  | 1 |  |  | $ | 3,886 |  |  | $ | (104) |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 3,886 |  |  | $ | (104) |
U.S. Government agency and U.S. Government sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency securities |  | 1 |  |  | 3,867 |  |  | (133) |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 3,867 |  |  | (133) |
Collateralized mortgage obligations |  | 61 |  |  | 150,419 |  |  | (14,888) |  |  | 59 |  |  | 643,280 |  |  | (138,954) |  |  | 120 |  |  | 793,699 |  |  | (153,842) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | 23 |  |  | 55,645 |  |  | (5,616) |  |  | 42 |  |  | 397,532 |  |  | (85,291) |  |  | 65 |  |  | 453,177 |  |  | (90,907) |
Commercial |  | 29 |  |  | 172,963 |  |  | (12,156) |  |  | 26 |  |  | 195,324 |  |  | (36,798) |  |  | 55 |  |  | 368,287 |  |  | (48,954) |
Asset-backed securities |  | 3 |  |  | 21,836 |  |  | (716) |  |  | 15 |  |  | 125,768 |  |  | (5,219) |  |  | 18 |  |  | 147,604 |  |  | (5,935) |
Corporate securities |  | 1 |  |  | 3,401 |  |  | (600) |  |  | 5 |  |  | 15,456 |  |  | (3,894) |  |  | 6 |  |  | 18,857 |  |  | (4,494) |
Municipal securities |  | 31 |  |  | 76,942 |  |  | (3,207) |  |  | 32 |  |  | 65,730 |  |  | (10,506) |  |  | 63 |  |  | 142,672 |  |  | (13,713) |
Total |  | 150 |  |  | $ | 488,959 |  |  | $ | (37,420) |  |  | 179 |  |  | $ | 1,443,090 |  |  | $ | (280,662) |  |  | 329 |  |  | $ | 1,932,049 |  |  | $ | (318,082) |

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