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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Estimated Fair Value of Securities Available-for-Sale

The following tables summarize the Company's investment securities available-for-sale and held-to-maturity by major security type:

(dollars in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Estimated Fair Value
December 31, 2023
Investment securities available-for-sale:
U.S. treasury bonds						$	49,894					$	—					$	(1,993)					$	—					$	47,901
U.S. agency securities						729,090						—						(57,693)						—						671,397
Residential mortgage-backed securities						823,992						45						(96,684)						—						727,353
Commercial mortgage-backed securities						54,557						—						(4,993)						—						49,564
Municipal bonds						8,783						—						(293)						—						8,490
Corporate bonds						2,000						—						(300)						(17)						1,683
Total						$	1,668,316					$	45					$	(161,956)					$	(17)					$	1,506,388

(dollars in thousands)						Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses												Estimated Fair Value
December 31, 2023
Investment securities held-to-maturity:
Residential mortgage-backed securities						$	670,043					$	—					$	(79,980)											$	590,063
Commercial mortgage-backed securities						90,227						—						(12,867)												77,360
Municipal bonds						125,114						5						(8,540)												116,579
Corporate bonds						132,309						—						(14,729)												117,580
Total						1,017,693						$	5					$	(116,116)											$	901,582
Less: allowance for credit losses						(1,956)
Total amortized cost, net of allowance for credit losses						$	1,015,737

(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						$	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
Less: allowance for credit losses						(766)
Total amortized cost, net of allowance for credit losses						$	1,093,374

Schedule of Unrealized Losses and Fair Value by Length of Time

The following tables summarize, by length of time, the Company's investment securities available-for-sale that have been in a continuous unrealized loss position and investment securities held-to-maturity that have been in a continuous unrecognized loss position:

												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, 2023
Investment securities available-for-sale:
U.S. treasury bonds						2						$	—					$	—					$	47,901					$	(1,993)					$	47,901					$	(1,993)
U.S. agency securities						78						3,084						(4)						668,313						(57,689)						671,397						(57,693)
Residential mortgage-backed securities						149						—						—						718,042						(96,684)						718,042						(96,684)
Commercial mortgage-backed securities						13						—						—						49,564						(4,993)						49,564						(4,993)
Municipal bonds						1						—						—						8,490						(293)						8,490						(293)
Corporate bonds						1						—						—						1,683						(300)						1,683						(300)
Total						244						$	3,084					$	(4)					$	1,493,993					$	(161,952)					$	1,497,077					$	(161,956)

												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, 2023
Investment securities held-to-maturity:
Residential mortgage-backed securities						142						$	—					$	—					$	590,063					$	(79,980)					$	590,063					$	(79,980)
Commercial mortgage-backed securities						16						—						—						77,360						(12,867)						77,360						(12,867)
Municipal bonds						40						—						—						113,031						(8,540)						113,031						(8,540)
Corporate bonds						30						—						—						105,523						(14,729)						105,523						(14,729)
Total						228						$	—					$	—					$	885,977					$	(116,116)					$	885,977					$	(116,116)

												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 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						(117,072)						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 following table summarizes the Company's investment securities available-for-sale and investment securities held-to-maturity by contractual maturity. Expected maturities for MBS will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

						December 31, 2023
(dollars in thousands)						Amortized Cost						Estimated Fair Value
Investment securities available-for-sale:
Within one year						$	141,266					$	137,159
One to five years						491,268						454,697
Five to ten years						136,583						119,582
Beyond ten years						20,650						18,050
Residential mortgage-backed securities						823,992						727,353
Commercial mortgage-backed securities						54,557						49,564
Less: allowance for credit losses						—						(17)
Total investment securities available-for-sale						1,668,316						1,506,388
Investment securities held-to-maturity:
Within one year						4,307						4,258
One to five years						56,444						54,589
Five to ten years						121,107						105,719
Beyond ten years						75,565						69,593
Residential mortgage-backed securities:						670,043						590,063
Commercial mortgage-backed securities						90,227						77,360
Less: allowance for credit losses						(1,956)						—
Total investment securities held-to-maturity						1,015,737						901,582
Total						$	2,684,053					$	2,407,970

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- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-4

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