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Investment Securities Available-for-Sale (Tables) | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Schedule of amortized cost and estimated fair value of securities available-for-sale | Amortized cost and estimated fair value of securities available-for-sale and held-to-maturity are summarized as follows:
December 31, 2022 |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for |  | Estimated Fair Value
(dollars in thousands) |  |  |  |  | Credit Losses |
Investment securities available-for-sale: |  |  |  |  |  |  |  |
U.S. treasury bonds |  | $ | 49,793 |  |  | $ | — |  |  | $ | (3,466) |  |  | $ | — |  |  | $ | 46,327 |
U.S. agency securities |  | 747,777 |  |  | — |  |  | (78,049) |  |  | — |  |  | 669,728 |
Residential mortgage-backed securities |  | 937,557 |  |  | 18 |  |  | (117,072) |  |  | — |  |  | 820,503 |
Commercial mortgage-backed securities |  | 56,071 |  |  | — |  |  | (5,858) |  |  | — |  |  | 50,213 |
Municipal bonds |  | 10,700 |  |  | 45 |  |  | (658) |  |  | — |  |  | 10,087 |
Corporate bonds |  | 2,000 |  |  | — |  |  | (175) |  |  | (17) |  |  | 1,808 |
Total available-for-sale securities |  | $ | 1,803,898 |  |  | $ | 63 |  |  | $ | (205,278) |  |  | $ | (17) |  |  | $ | 1,598,666 |
December 31, 2022 |  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  |  |  | Estimated
(dollars in thousands) |  |  |  |  |  | Fair Value
Investment securities held-to-maturity: |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 741,057 |  |  | $ | — |  |  | $ | (88,390) |  |  |  |  | $ | 652,667 |
Commercial mortgage-backed securities |  | 92,557 |  |  | — |  |  | (11,993) |  |  |  |  | 80,564 |
Municipal bonds |  | 128,273 |  |  | — |  |  | (12,092) |  |  |  |  | 116,181 |
Corporate bonds |  | 132,253 |  |  | — |  |  | (12,958) |  |  |  |  | 119,295 |
|  | 1,094,140 |  |  | $ | — |  |  | $ | (125,433) |  |  |  |  | $ | 968,707 |
Allowance for credit losses |  | (766) |  |  |  |  |  |  |  |  |
Total held-to-maturity securities, net of ACL |  | $ | 1,093,374 |  |  |  |  |  |  |  |  |
December 31, 2021 |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for |  | Estimated Fair Value
(dollars in thousands) |  |  |  |  | Credit Losses |
Investment securities available-for-sale: |  |  |  |  |  |  |  |
U.S. treasury bonds |  | $ | 49,693 |  |  | $ | 22 |  |  | $ | (257) |  |  | $ | — |  |  | $ | 49,458 |
U.S. agency securities |  | 629,273 |  |  | 736 |  |  | (7,622) |  |  | — |  |  | 622,387
Residential mortgage-backed securities |  | 1,634,421 |  |  | 4,053 |  |  | (20,447) |  |  | — |  |  | 1,618,027
Commercial mortgage-backed securities |  | 58,352 |  |  | 1,644 |  |  | (350) |  |  | — |  |  | 59,646 |
Municipal bonds |  | 141,916 |  |  | 3,865 |  |  | (347) |  |  | (3) |  |  | 145,431
Corporate bonds |  | 129,012 |  |  | 648 |  |  | (584) |  |  | (617) |  |  | 128,459
|  | $ | 2,642,667 |  |  | $ | 10,968 |  |  | $ | (29,607) |  |  | $ | (620) |  |  | $ | 2,623,408 |
Schedule of unrealized losses and fair value by length of time | Gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in a continuous unrealized loss position as of December 31, 2022 and 2021 are as follows:
Investment securities available-for-sale: |  | Less than 12 Months |  | 12 Months or Greater |  | Total
December 31, 2022 |  | Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
(dollars in thousands) |  |  |  |  |  |  |
U.S. treasury bonds |  | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 46,327 |  |  | $ | (3,466) |  |  | $ | 46,327 |  |  | $ | (3,466) |
U.S. agency securities |  | 85 |  |  | 490,699 |  |  | (58,437) |  |  | 179,029 |  |  | (19,612) |  |  | 669,728 |  |  | (78,049) |
Residential mortgage-backed securities |  | 157 |  |  | 3,994 |  |  | — |  |  | 808,697 |  |  | (117,073) |  |  | 812,691 |  |  | (117,073) |
Commercial mortgage-backed securities |  | 14 |  |  | 471 |  |  | (2) |  |  | 49,742 |  |  | (5,855) |  |  | 50,213 |  |  | (5,857) |
Municipal bonds |  | 1 |  |  | — |  |  | — |  |  | 8,299 |  |  | (658) |  |  | 8,299 |  |  | (658) |
Corporate bonds |  | 1 |  |  | — |  |  | — |  |  | 1,825 |  |  | (175) |  |  | 1,825 |  |  | (175) |
|  | 260 |  | $ | 495,164 |  |  | $ | (58,439) |  |  | $ | 1,093,919 |  |  | $ | (146,839) |  |  | $ | 1,589,083 |  |  | $ | (205,278) |
Investment securities held-to-maturity: |  | Less than 12 Months |  | 12 Months or Greater |  | Total
December 31, 2022 |  | Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
(dollars in thousands) |  |  |  |  |  |  |
Residential mortgage-backed securities |  | 143 |  |  | $ | — |  |  | $ | — |  |  | $ | 652,667 |  |  | $ | (88,390) |  |  | $ | 652,667 |  |  | $ | (88,390) |
Commercial mortgage-backed securities |  | 16 |  |  | — |  |  | — |  |  | 80,564 |  |  | (11,993) |  |  | $ | 80,564 |  |  | (11,993) |
Municipal bonds |  | 43 |  |  | 3,110 |  |  | (45) |  |  | 113,071 |  |  | (12,047) |  |  | $ | 116,181 |  |  | (12,092) |
Corporate bonds |  | 30 |  |  | 20,771 |  |  | (3,183) |  |  | 86,451 |  |  | (9,775) |  |  | $ | 107,222 |  |  | (12,958) |
|  | 232 |  | $ | 23,881 |  |  | $ | (3,228) |  |  | $ | 932,753 |  |  | $ | (122,205) |  |  | $ | 956,634 |  |  | $ | (125,433) |
Investment securities available-for-sale |  |  |  | Less than 12 Months |  | 12 Months or Greater |  | Total
December 31, 2021 |  | Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
(dollars in thousands) |  |  |  |  |  |  |
U.S. treasury bonds |  | 1 |  |  | $ | 24,593 |  |  | $ | (257) |  |  | $ | — |  |  | $ | — |  |  | $ | 24,593 |  |  | $ | (257) |
U.S. agency securities |  | 64 |  |  | 452,966 |  |  | (6,256) |  |  | 68,977 |  |  | (1,366) |  |  | 521,943 |  |  | (7,622) |
Residential mortgage-backed securities |  | 149 |  |  | 1,327,519 |  |  | $ | (16,841) |  |  | 84,500 |  |  | (3,606) |  |  | 1,412,019 |  |  | (20,447) |
Commercial mortgage-backed securities |  | 4 |  |  | — |  |  | — |  |  | 23,561 |  |  | (350) |  |  | 23,561 |  |  | (350) |
Municipal bonds |  | 8 |  |  | 20,181 |  |  | $ | (347) |  |  | — |  |  | — |  |  | 20,181 |  |  | (347) |
Corporate bonds |  | 13 |  |  | 66,051 |  |  | $ | (584) |  |  | — |  |  | $ | — |  |  | 66,051 |  |  | (584) |
|  | 239 |  | $ | 1,891,310 |  |  | $ | (24,285) |  |  | $ | 177,038 |  |  | $ | (5,322) |  |  | $ | 2,068,348 |  |  | $ | (29,607) |
Schedule of amortized cost and estimated fair value of investments available-for-sale by contractual maturity | The amortized cost and estimated fair value of investments available-for-sale at December 31, 2022 and 2021 by contractual maturity are shown in the table below. Expected maturities for residential mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Investment securities available-for-sale: |  | December 31, 2022 |  | December 31, 2021
(dollars in thousands) |  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
U.S. agency securities maturing: |  |  |  |  |  |  |  |
One year or less |  | $ | 549,137 |  |  | $ | 490,699 |  |  | $ | 425,597 |  |  | $ | 421,347 |
After one year through five years |  | 111,742 |  |  | 100,297 |  |  | 141,537 |  |  | 140,785 |
Five years through ten years |  | 73,886 |  |  | 68,180 |  |  | 62,092 |  |  | 60,255 |
After ten years |  | 13,012 |  |  | 10,552 |  |  |  |  |
Residential mortgage-backed securities |  | 937,557 |  |  | 820,503 |  |  | 1,634,468 |  |  | 1,618,027 |
Commercial mortgage-backed securities |  | 56,071 |  |  | 50,213 |  |  | 58,352 |  |  | 59,646 |
Municipal bonds maturing: |  |  |  |  |  |  |  |
One year or less |  | 300 |  |  | 300 |  |  | 4,806 |  |  | 4,861 |
After one year through five years |  | 1,444 |  |  | 1,488 |  |  | 25,457 |  |  | 26,816 |
Five years through ten years |  | 8,956 |  |  | 8,299 |  |  | 97,945 |  |  | 99,960 |
After ten years |  | — |  |  | — |  |  | 13,708 |  |  | 13,797 |
Corporate bonds maturing: |  |  |  |  |  |  |  |
One year or less |  | — |  |  | — |  |  | 18,924 |  |  | 18,991 |
After one year through five years |  | 2,000 |  |  | 1,825 |  |  | 54,630 |  |  | 54,833 |
Five years through ten years |  | — |  |  | — |  |  | 55,458 |  |  | 55,252 |
After ten years |  | — |  |  | — |  |  | — |  |  | — |
U.S. treasury |  | 49,793 |  |  | 46,327 |  |  | 49,693 |  |  | 49,458 |
|  | 1,803,898 |  |  | 1,598,683 |  |  | 2,642,667 |  |  | 2,624,028 |
Allowance for credit losses |  | — |  |  | (17) |  |  | — |  |  | (620) |
|  | $ | 1,803,898 |  |  | $ | 1,598,666 |  |  | $ | 2,642,667 |  |  | $ | 2,623,408 |
Investment securities held-to-maturity: |  | December 31, 2022 |  | December 31, 2021
(dollars in thousands) |  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Residential mortgage-backed securities |  | $ | 741,057 |  |  | $ | 652,667 |  |  | $ | — |  |  | $ | — |
Commercial mortgage-backed securities |  | 92,557 |  |  | 80,564 |  |  |  |  |
Municipal bonds maturing: |  |  |  |  |  |  |  |
One year or less |  | 3,139 |  |  | 3,110 |  |  | — |  |  | — |
After one year through five years |  | 35,579 |  |  | 33,743 |  |  | — |  |  | — |
Five years through ten years |  | 77,262 |  |  | 67,945 |  |  | — |  |  | — |
After ten years |  | 12,293 |  |  | 11,383 |  |  | — |  |  | — |
Corporate bonds maturing: |  |  |  |  |  |  |  |
One year or less |  | 23,954 |  |  | 20,771 |  |  | — |  |  | — |
After one year through five years |  | 84,953 |  |  | 77,997 |  |  | — |  |  | — |
Five years through ten years |  | 23,346 |  |  | 20,527 |  |  | — |  |  | — |
|  | 1,094,140 |  |  | 968,707 |  |  | — |  |  | — |
Allowance for credit losses |  | (766) |  |  | — |  |  | — |  |  | — |
|  | $ | 1,093,374 |  |  | $ | 968,707 |  |  | $ | — |  |  | $ | — |

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