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Securities Available for Sale (Tables)

6 Months Ended

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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Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

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