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Investment Securities (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
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:
June 30, 2024
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Investment securities available for sale:
U.S. government and agency securities$14,945 $— $(2,471)$12,474 
Municipal securities82,309 (12,595)69,720 
Residential CMO and MBS(1)
489,451 627 (43,610)446,468 
Commercial CMO and MBS(1)
411,465 113 (32,810)378,768 
Corporate obligations11,672 (297)11,384 
Other asset-backed securities12,369 76 (11)12,434 
Total$1,022,211 $831 $(91,794)$931,248 
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
December 31, 2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
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.
Schedule of Amortized, Gross Unrecognized Gains and Losses, and Fair Value on Investment Securities, Held to Maturity
June 30, 2024
Amortized
Cost
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Fair
Value
(Dollars in thousands)
Investment securities held to maturity:
U.S. government and agency securities$151,146 $— $(29,378)$121,768 
Residential CMO and MBS(1)
256,742 — (18,761)237,981 
Commercial CMO and MBS(1)
319,454 — (37,152)282,302 
Total$727,342 $— $(85,291)$642,051 
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
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.
Schedule of Amortized Cost and Fair Value Classified by Contractual Maturity Date on Investment Securities
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.
June 30, 2024
Securities Available for SaleSecurities Held to Maturity
Amortized CostFair ValueAmortized CostFair Value
(Dollars in thousands)
Due in one year or less$1,918 $1,913 $— $— 
Due after one year through five years9,231 8,648 — — 
Due after five years through ten years36,179 33,125 93,277 77,764 
Due after ten years61,598 49,892 57,869 44,004 
Total investment securities due at a single maturity date108,926 93,578 151,146 121,768 
MBS(1)
913,285 837,670 576,196 520,283 
Total investment securities$1,022,211 $931,248 $727,342 $642,051 
(1) MBS, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their payment speed.
 
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:
June 30, 2024
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$— $— $12,474 $(2,471)$12,474 $(2,471)
Municipal securities3,125 (80)62,284 (12,515)65,409 (12,595)
Residential CMO and MBS(1)
26,652 (32)269,370 (43,578)296,022 (43,610)
Commercial CMO and MBS(1)
5,702 (60)352,855 (32,750)358,557 (32,810)
Corporate obligations4,699 (145)3,848 (152)8,547 (297)
Other asset-backed securities1,722 (10)268 (1)1,990 (11)
Total$41,900 $(327)$701,099 $(91,467)$742,999 $(91,794)
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
December 31, 2023
Less than 12 Months12 Months or LongerTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(Dollars in thousands)
U.S. government and agency securities$— $— $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.
 
Schedule of Realized Gains and Losses on Sale of Investment Securities Available for Sale Realized Gains and Losses
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:
Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
(Dollars in thousands)
Gross realized gains$— $— $— $36 
Gross realized losses(1,921)— (11,894)(322)
Net realized losses$(1,921)$— $(11,894)$(286)
 
Schedule of Amortized Cost and Fair Value of Investment Securities Pledged as Collateral Pledged Securities
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:
June 30, 2024December 31, 2023
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
(Dollars in thousands)
State and local governments public deposits$236,818 $220,885 $238,060 $224,879 
FRB441,429 377,504 845,098 742,197 
Other securities pledged53,884 48,089 54,636 49,032 
Total$732,131 $646,478 $1,137,794 $1,016,108