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Investment Securities (Tables)
3 Months Ended 9 Months Ended
Mar. 31, 2024
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]    
Schedule of Amortized, Gross Unrealized Gains and Losses, and Fair Value on Investment Securities, Available for Sale
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.
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:
September 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$14,939 $— $(1,885)$13,054 
Municipal securities70,210 (8,956)61,263 
Residential CMO and MBS(1)
455,633 2,560 (31,145)427,048 
Commercial CMO and MBS(1)
345,751 205 (17,095)328,861 
Corporate obligations11,686 122 (102)11,706 
Other asset-backed securities10,804 51 (8)10,847 
Total$909,023 $2,947 $(59,191)$852,779 
(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.
September 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$151,181 $— $(23,108)$128,073 
Residential CMO and MBS(1)
249,589 333 (9,056)240,866 
Commercial CMO and MBS(1)
318,630 12 (25,885)292,757 
Total$719,400 $345 $(58,049)$661,696 
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
Schedule of Amortized Cost and Fair Value Classified by Contractual Maturity Date on Investment Securities  
The following table presents the amortized cost and fair value of investment securities by contractual maturity at the date indicated. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
September 30, 2024
Securities Available for SaleSecurities Held to Maturity
Amortized CostFair ValueAmortized CostFair Value
(Dollars in thousands)
Due in one year or less$— $— $— $— 
Due after one year through five years6,508 6,320 — — 
Due after five years through ten years36,916 34,635 93,285 81,365 
Due after ten years53,411 45,068 57,896 46,708 
Total investment securities due at a single maturity date96,835 86,023 151,181 128,073 
MBS(1)
812,188 766,756 568,219 533,623 
Total investment securities$909,023 $852,779 $719,400 $661,696 
(1) MBS, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their payment speed.
Schedule of Unrealized Losses on Investment Securities Available for Sale   Unrealized Losses on Investment Securities Available for Sale
The following tables present the gross unrealized losses and fair value of the Company’s investment securities available for sale for which an ACL on investment securities available for sale has not been recorded, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position at the dates indicated:
September 30, 2024
Less than 12 Months12 Months or LongerTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(Dollars in thousands)
U.S. government and agency securities$— $— $13,054 $(1,885)$13,054 $(1,885)
Municipal securities— — 56,744 (8,956)56,744 (8,956)
Residential CMO and MBS(1)
3,150 (5)261,630 (31,140)264,780 (31,145)
Commercial CMO and MBS(1)
4,419 (54)284,072 (17,041)288,491 (17,095)
Corporate obligations3,864 (47)3,945 (55)7,809 (102)
Other asset-backed securities1,617 (7)196 (1)1,813 (8)
Total$13,050 $(113)$619,641 $(59,078)$632,691 $(59,191)
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
December 31, 2023
Less than 12 Months12 Months or LongerTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(Dollars in thousands)
U.S. government and agency securities$— $— $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 $(96,220)
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
Schedule of Realized Gains and Losses on Sale of Investment Securities Available for Sale   Realized Gains and Losses
The following table presents the gross realized gains and losses on the sale of investment securities available for sale determined using the specific identification method for the dates indicated:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
(Dollars in thousands)
Gross realized gains$— $— $— $36 
Gross realized losses(6,945)(1,940)(18,839)(2,262)
Net realized losses$(6,945)$(1,940)$(18,839)$(2,226)
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:
September 30, 2024December 31, 2023
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
(Dollars in thousands)
State and local governments public deposits$232,915 $225,360 $238,060 $224,879 
FRB437,490 391,119 845,098 742,197 
Other securities pledged53,841 49,773 54,636 49,032 
Total$724,246 $666,252 $1,137,794 $1,016,108