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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available-for-Sale Securities and Held-to-Maturity Securities | The amortized cost and estimated fair value of the Company's available-for-sale and held-to-maturity securities are summarized as follows:
(dollars in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Estimated Fair Value
June 30, 2023 |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |
U.S. treasury bonds |  | $ | 49,843 |  |  | $ | — |  |  | $ | (3,214) |  |  | $ | — |  |  | $ | 46,629 |
U.S. agency securities |  | 739,585 |  |  | 1 |  |  | (74,170) |  |  | — |  |  | 665,416 |
Residential mortgage-backed securities |  | 877,441 |  |  | 1 |  |  | (112,852) |  |  | — |  |  | 764,590 |
Commercial mortgage-backed securities |  | 54,982 |  |  | — |  |  | (6,013) |  |  | — |  |  | 48,969 |
Municipal bonds |  | 8,871 |  |  | — |  |  | (559) |  |  | — |  |  | 8,312 |
Corporate bonds |  | 2,000 |  |  | — |  |  | (310) |  |  | (17) |  |  | 1,673 |
Total available-for-sale securities |  | $ | 1,732,722 |  |  | $ | 2 |  |  | $ | (197,118) |  |  | $ | (17) |  |  | $ | 1,535,589 |
(dollars in thousands) |  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Estimated Fair Value
June 30, 2023 |  |  |  |  |  |  |  |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 705,256 |  |  | $ | — |  |  | $ | (89,484) |  |  | $ | 615,772 |
Commercial mortgage-backed securities |  | 91,838 |  |  | — |  |  | (13,480) |  |  | 78,358 |
Municipal bonds |  | 127,825 |  |  | — |  |  | (10,705) |  |  | 117,120 |
Corporate bonds |  | 132,272 |  |  | — |  |  | (20,209) |  |  | 112,063 |
Total |  | $ | 1,057,191 |  |  | $ | — |  |  | $ | (133,878) |  |  | $ | 923,313 |
Allowance for credit losses |  | (2,010) |  |  |  |  |  |  |
Total held-to-maturity securities, net of ACL |  | $ | 1,055,181 |  |  |  |  |  |  |
(dollars in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Estimated Fair Value
December 31, 2022 |  |  |  |  |  |  |  |  |  |
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 |
(dollars in thousands) |  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Estimated Fair Value
December 31, 2022 |  |  |  |  |  |  |  |
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 |
Total |  | $ | 1,094,140 |  |  | $ | — |  |  | $ | (125,433) |  |  | $ | 968,707 |
Allowance for credit losses |  | (766) |  |  |  |  |  |  |
Total held-to-maturity securities, net of ACL |  | $ | 1,093,374 |  |  |  |  |  |  |
Schedule of Gross Unrealized Losses and Fair Value by Length of Time that the Individual Available-For-Sale Securities Have Been in a Continuous Unrealized Loss | The following tables summarizes available-for-sale and held-to-maturity securities in an unrealized loss position by length of time:
|  |  |  | Less Than 12 Months |  | 12 Months or Greater |  | Total
(dollars in thousands) |  | Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bonds |  | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 46,629 |  |  | $ | (3,214) |  |  | $ | 46,629 |  |  | $ | (3,214) |
U. S. agency securities |  | 79 |  |  | 495,037 |  |  | (54,665) |  |  | 166,750 |  |  | (19,505) |  |  | 661,787 |  |  | (74,170) |
Residential mortgage-backed securities |  | 158 |  |  | — |  |  | — |  |  | 764,204 |  |  | (112,852) |  |  | 764,204 |  |  | (112,852) |
Commercial mortgage-backed securities |  | 13 |  |  | — |  |  | — |  |  | 48,969 |  |  | (6,013) |  |  | 48,969 |  |  | (6,013) |
Municipal bonds |  | 1 |  |  | — |  |  | — |  |  | 8,312 |  |  | (559) |  |  | 8,312 |  |  | (559) |
Corporate bonds |  | 1 |  |  | — |  |  | — |  |  | 1,673 |  |  | (310) |  |  | 1,673 |  |  | (310) |
Total |  | 254 |  |  | $ | 495,037 |  |  | $ | (54,665) |  |  | $ | 1,036,537 |  |  | $ | (142,453) |  |  | $ | 1,531,574 |  |  | $ | (197,118) |
|  |  |  | Less Than 12 Months |  | 12 Months or Greater |  | Total
(dollars in thousands) |  | Number of Securities |  | Estimated Fair Value |  | Unrecognized Losses |  | Estimated Fair Value |  | Unrecognized Losses |  | Estimated Fair Value |  | Unrecognized Losses
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | 143 |  | $ | — |  |  | $ | — |  |  | $ | 615,772 |  |  | $ | (89,484) |  |  | $ | 615,772 |  |  | $ | (89,484) |
Commercial mortgage-backed securities |  | 16 |  | — |  |  | — |  |  | 78,358 |  |  | (13,480) |  |  | 78,358 |  |  | (13,480) |
Municipal bonds |  | 43 |  | 2,890 |  |  | (16) |  |  | 114,230 |  |  | (10,689) |  |  | 117,120 |  |  | (10,705) |
Corporate bonds |  | 32 |  | 20,888 |  |  | (3,096) |  |  | 91,175 |  |  | (17,113) |  |  | 112,063 |  |  | (20,209) |
Total |  | 234 |  |  | $ | 23,778 |  |  | $ | (3,112) |  |  | $ | 899,535 |  |  | $ | (130,766) |  |  | $ | 923,313 |  |  | $ | (133,878) |
|  |  |  | Less Than 12 Months |  | 12 Months or Greater |  | Total
(dollars in thousands) |  | Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bond |  | 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 |  |  | (117,072) |  |  | 812,691 |  |  | (117,072) |
Commercial mortgage-backed securities |  | 14 |  |  | 471 |  |  | (2) |  |  | 49,742 |  |  | (5,856) |  |  | 50,213 |  |  | (5,858) |
Municipal bonds |  | 1 |  |  | — |  |  | — |  |  | 8,299 |  |  | (658) |  |  | 8,299 |  |  | (658) |
Corporate bonds |  | 1 |  |  | — |  |  | — |  |  | 1,825 |  |  | (175) |  |  | 1,825 |  |  | (175) |
Total |  | 260 |  |  | $ | 495,164 |  |  | $ | (58,439) |  |  | $ | 1,093,919 |  |  | $ | (146,839) |  |  | $ | 1,589,083 |  |  | $ | (205,278) |
|  |  |  | Less Than 12 Months |  | 12 Months or Greater |  | Total
(dollars in thousands) |  | Number of Securities |  | Estimated Fair Value |  | Unrecognized Losses |  | Estimated Fair Value |  | Unrecognized Losses |  | Estimated Fair Value |  | Unrecognized Losses
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
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) |
Total |  | 232 |  |  | $ | 23,881 |  |  | $ | (3,228) |  |  | $ | 932,753 |  |  | $ | (122,205) |  |  | $ | 956,634 |  |  | $ | (125,433) |
Schedule of Amortized Cost and Estimated Fair Value of Investments Available-for-Sale by Contractual Maturity | The amortized cost and estimated fair value of available-for-sale and held-to-maturity securities at June 30, 2023 and December 31, 2022 by contractual maturity are shown in the table below. Contractual maturities for mortgage-backed securities ("MBS") are excluded as they may differ significantly from expected maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | June 30, 2023 |  | December 31, 2022
|  | Amortized |  | Estimated |  | Amortized |  | Estimated
(dollars in thousands) |  | Cost (1) |  | Fair Value |  | Cost |  | Fair Value
Investment securities available-for-sale |  |  |  |  |  |  |  |
U. S. agency securities maturing: |  |  |  |  |  |  |  |
One year or less |  | 549,703 |  |  | 495,038 |  |  | $ | 549,137 |  |  | $ | 490,699 |
After one year through five years |  | 125,808 |  |  | 113,310 |  |  | 111,742 |  |  | 100,297 |
After five years through ten years |  | 51,836 |  |  | 47,266 |  |  | 73,886 |  |  | 68,180 |
After ten years |  | 12,238 |  |  | 9,802 |  |  | 13,012 |  |  | 10,552 |
Residential mortgage-backed securities |  | 877,441 |  |  | 764,590 |  |  | 937,557 |  |  | 820,503 |
Commercial mortgage-backed securities |  | 54,982 |  |  | 48,969 |  |  | 56,071 |  |  | 50,213 |
Municipal bonds maturing: |  |  |  |  |  |  |  |
One year or less |  | — |  |  | — |  |  | 300 |  |  | 300 |
After one year through five years |  | — |  |  | — |  |  | 1,444 |  |  | 1,488 |
After five years through ten years |  | 8,871 |  |  | 8,312 |  |  | 8,956 |  |  | 8,299 |
After ten years |  | — |  |  | — |  |  | — |  |  | — |
Corporate bonds maturing: |  |  |  |  |  |  |  |
One year or less |  | — |  |  | — |  |  | — |  |  | — |
After one year through five years |  | 2,000 |  |  | 1,690 |  |  | 2,000 |  |  | 1,825 |
After five years through ten years |  | — |  |  | — |  |  | — |  |  | — |
U.S. Treasury |  | 49,843 |  |  | 46,629 |  |  | 49,793 |  |  | 46,327 |
Allowance for credit losses |  | — |  |  | (17) |  |  | — |  |  | (17) |
|  | 1,732,722 |  |  | 1,535,589 |  |  | 1,803,898 |  |  | 1,598,666 |
Investment securities held-to-maturity |  |  |  |  |  |  |  |
U. S. agency securities maturing: |  |  |  |  |  |  |  |
One year or less |  | — |  |  | — |  |  | — |  |  | — |
After one year through five years |  | — |  |  | — |  |  | — |  |  | — |
After five years through ten years |  | — |  |  | — |  |  | — |  |  | — |
Residential mortgage-backed securities |  | 705,256 |  |  | 615,772 |  |  | 741,057 |  |  | 652,667 |
Commercial mortgage-backed securities |  | 91,838 |  |  | 78,358 |  |  | 92,557 |  |  | 80,564 |
Municipal bonds maturing: |  |  |  |  |  |  |  |
One year or less |  | 2,907 |  |  | 2,890 |  |  | 3,139 |  |  | 3,110 |
After one year through five years |  | 40,325 |  |  | 37,922 |  |  | 35,579 |  |  | 33,743 |
After five years through ten years |  | 72,368 |  |  | 65,014 |  |  | 77,262 |  |  | 67,945 |
After ten years |  | 12,225 |  |  | 11,294 |  |  | 12,293 |  |  | 11,383 |
Corporate bonds maturing: |  |  |  |  |  |  |  |
One year or less |  | 23,984 |  |  | 20,889 |  |  | 23,954 |  |  | 20,771 |
After one year through five years |  | 91,441 |  |  | 77,941 |  |  | 84,953 |  |  | 77,997 |
After five years through ten years |  | 16,847 |  |  | 13,233 |  |  | 23,346 |  |  | 20,527 |
Allowance for credit losses |  | (2,010) |  |  | — |  |  | (766) |  |  | — |
|  | 1,055,181 |  |  | 923,313 |  |  | 1,093,374 |  |  | 968,707 |
|  | $ | 2,787,903 |  |  | $ | 2,458,902 |  |  | $ | 2,897,272 |  |  | $ | 2,567,373 |
(1)Amortized cost for investment securities held-to-maturity is presented net of the allowance for credit losses on the Consolidated Balance Sheet.

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