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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]    
Schedule of Amortized, Gross Unrealized Gains and Losses, and Fair Value on Investment Securities, Available for Sale
The following tables present the amortized cost and fair value of investment securities and the corresponding amounts of gross unrealized and unrecognized gains and losses, including the corresponding amounts of gross unrealized gains and losses on investment securities available for sale recognized in AOCI, at the dates indicated:
December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
(Dollars in thousands)
Investment securities available for sale:
U.S. government and agency securities$16,047 $— $(2,297)$13,750 
Municipal securities92,231 (12,715)79,525 
Residential CMO and MBS(1)
555,518 2,656 (46,125)512,049 
Commercial CMO and MBS(1)
538,910 88 (34,740)504,258 
Corporate obligations7,745 (134)7,613 
Other asset-backed securities17,336 31 (209)17,158 
Total$1,227,787 $2,786 $(96,220)$1,134,353 
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
The following table presents the amortized cost and fair value of investment securities by contractual maturity at the date indicated. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
December 31, 2023
Securities Available for SaleSecurities Held to Maturity
Amortized CostFair ValueAmortized CostFair Value
(Dollars in thousands)
Due in one year or less$3,792 $3,744 $— $— 
Due after one year through five years2,602 2,557 — — 
Due after five years through ten years39,711 36,331 93,260 78,570 
Due after ten years69,918 58,256 57,815 44,804 
Total investment securities due at a single maturity date116,023 100,888 151,075 123,374 
MBS(1)
1,111,764 1,033,465 588,367 539,076 
Total investment securities$1,227,787 $1,134,353 $739,442 $662,450 
(1) MBS, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their payment speed.
December 31, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Investment securities available for sale:
U.S. government and agency securities$68,912 $— $(5,053)$63,859 
Municipal securities171,087 172 (18,233)153,026 
Residential CMO and MBS(1)
479,473 — (55,087)424,386 
Commercial CMO and MBS(1)
714,136 19 (49,734)664,421 
Corporate obligations4,000 — (166)3,834 
Other asset-backed securities22,425 14 (522)21,917 
Total$1,460,033 $205 $(128,795)$1,331,443 
(1) U.S. government agency and government-sponsored enterprise CMO and MBS
Schedule of Amortized, Gross Unrecognized Gains and Losses, and Fair Value on Investment Securities, Held to Maturity
December 31, 2023
Amortized
Cost
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Fair
Value
(Dollars in thousands)
Investment securities held to maturity:
U.S. government and agency securities$151,075 $— $(27,701)$123,374 
Residential CMO and MBS(1)
267,204 — (14,101)253,103 
Commercial CMO and MBS(1)
321,163 — (35,190)285,973 
Total$739,442 $— $(76,992)$662,450 
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
December 31, 2022
Amortized
Cost
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Fair
Value
(Dollars in thousands)
Investment securities held to maturity:
U.S. government and agency securities$150,936 $— $(33,585)$117,351 
Residential CMO and MBS(1)
290,318 — (17,440)272,878 
Commercial CMO and MBS(1)
325,142 — (41,937)283,205 
Total$766,396 $— $(92,962)$673,434 
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
Schedule of Unrealized Losses on Investment Securities Available for Sale Unrealized Losses on Investment Securities Available for Sale
The following tables present the gross unrealized losses and fair value of the Company’s investment securities available for sale for which an ACL on investment securities available for sale has not been recorded, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position at the dates indicated:
December 31, 2023
Less than 12 Months12 Months or LongerTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(Dollars in thousands)
U.S. government and agency securities$— $— $13,750 $(2,297)$13,750 $(2,297)
Municipal securities3,548 (18)71,458 (12,697)75,006 (12,715)
Residential CMO and MBS(1)
— — 358,316 (46,125)358,316 (46,125)
Commercial CMO and MBS(1)
37,899 (228)448,197 (34,512)486,096 (34,740)
Corporate obligations911 (20)3,887 (114)4,798 (134)
Other asset-backed securities4,338 (22)7,291 (187)11,629 (209)
Total$46,696 $(288)$902,899 $(95,932)$949,595 $(96,220)
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
December 31, 2022
Less than 12 Months12 Months or LongerTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(Dollars in thousands)
U.S. government and agency securities$51,900 $(2,031)$11,959 $(3,022)$63,859 $(5,053)
Municipal securities$82,580 $(5,585)$40,945 $(12,648)123,525 (18,233)
Residential CMO and MBS(1)
217,949 (14,770)206,437 (40,317)424,386 (55,087)
Commercial CMO and MBS(1)
473,580 (16,971)181,692 (32,763)655,272 (49,734)
Corporate obligations3,834 (166)— — 3,834 (166)
Other asset-backed securities16,489 (510)721 (12)17,210 (522)
Total$846,332 $(40,033)$441,754 $(88,762)$1,288,086 $(128,795)
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
 
Schedule of Realized Gains and Losses on Sale of Investment Securities Available for Sale
The following table presents the gross realized gains and losses on the sale of investment securities available for sale determined using the specific identification method for the dates indicated:
Year ended December 31,
202320222021
(Dollars in thousands)
Gross realized gains$36 $$29 
Gross realized losses(12,267)(260)— 
Net realized gains/(losses)$(12,231)$(256)$29 
 
Schedule of Amortized Cost and Fair Value of Investment Securities Pledged as Collateral
The following table summarizes the amortized cost and fair value of investment securities that were pledged as collateral for the following obligations at the dates indicated:
December 31, 2023December 31, 2022
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
(Dollars in thousands)
State and local governments public deposits$238,060 $224,879 $156,784 $137,931 
FRB845,098 742,197 60,660 49,506 
Securities sold under agreement to repurchase— — 63,685 55,836 
Other securities pledged54,636 49,032 54,910 48,358 
Total$1,137,794 $1,016,108 $336,039 $291,631