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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2024
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
March 31, 2024 |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |
U.S. treasury bonds |  | $ | 49,919 |  |  | $ | — |  |  | $ | (1,686) |  |  | $ | — |  |  | $ | 48,233 |
U.S. agency securities |  | 698,189 |  |  | — |  |  | (58,863) |  |  | — |  |  | 639,326 |
Residential mortgage-backed securities |  | 800,793 |  |  | 23 |  |  | (102,266) |  |  | — |  |  | 698,550 |
Commercial mortgage-backed securities |  | 54,018 |  |  | — |  |  | (5,080) |  |  | — |  |  | 48,938 |
Municipal bonds |  | 8,740 |  |  | — |  |  | (434) |  |  | — |  |  | 8,306 |
Corporate bonds |  | 2,000 |  |  | — |  |  | (302) |  |  | (17) |  |  | 1,681 |
Total available-for-sale securities |  | $ | 1,613,659 |  |  | $ | 23 |  |  | $ | (168,631) |  |  | $ | (17) |  |  | $ | 1,445,034 |
(dollars in thousands) |  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Estimated Fair Value
March 31, 2024 |  |  |  |  |  |  |  |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 655,388 |  |  | $ | — |  |  | $ | (87,348) |  |  | $ | 568,040 |
Commercial mortgage-backed securities |  | 89,966 |  |  | — |  |  | (13,000) |  |  | 76,966 |
Municipal bonds |  | 125,003 |  |  | — |  |  | (9,789) |  |  | 115,214 |
Corporate bonds |  | 132,332 |  |  | — |  |  | (14,393) |  |  | 117,939 |
Total |  | $ | 1,002,689 |  |  | $ | — |  |  | $ | (124,530) |  |  | $ | 878,159 |
Allowance for credit losses |  | (1,957) |  |  |  |  |  |  |
Total held-to-maturity securities, net of ACL |  | $ | 1,000,732 |  |  |  |  |  |  |
(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 available-for-sale securities |  | $ | 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 |
Allowance for credit losses |  | (1,956) |  |  |  |  |  |  |
Total held-to-maturity securities, net of ACL |  | $ | 1,015,737 |  |  |  |  |  |  |
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 summarize 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
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bonds |  | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 48,233 |  |  | $ | (1,686) |  |  | $ | 48,233 |  |  | $ | (1,686) |
U. S. agency securities |  | 76 |  |  | 2,904 |  |  | (5) |  |  | 636,422 |  |  | (58,858) |  |  | 639,326 |  |  | (58,863) |
Residential mortgage-backed securities |  | 151 |  |  | 8,180 |  |  | (60) |  |  | 688,525 |  |  | (102,206) |  |  | 696,705 |  |  | (102,266) |
Commercial mortgage-backed securities |  | 13 |  |  | — |  |  | — |  |  | 48,938 |  |  | (5,080) |  |  | 48,938 |  |  | (5,080) |
Municipal bonds |  | 1 |  |  | — |  |  | — |  |  | 8,306 |  |  | (434) |  |  | 8,306 |  |  | (434) |
Corporate bonds |  | 1 |  |  | — |  |  | — |  |  | 1,681 |  |  | (302) |  |  | 1,681 |  |  | (302) |
Total |  | 244 |  |  | $ | 11,084 |  |  | $ | (65) |  |  | $ | 1,432,105 |  |  | $ | (168,566) |  |  | $ | 1,443,189 |  |  | $ | (168,631) |
|  |  |  | 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
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | 142 |  | $ | — |  |  | $ | — |  |  | $ | 568,040 |  |  | $ | (87,348) |  |  | $ | 568,040 |  |  | $ | (87,348) |
Commercial mortgage-backed securities |  | 16 |  | — |  |  | — |  |  | 76,966 |  |  | (13,000) |  |  | 76,966 |  |  | (13,000) |
Municipal bonds |  | 42 |  | 3,474 |  |  | (63) |  |  | 111,740 |  |  | (9,726) |  |  | 115,214 |  |  | (9,789) |
Corporate bonds |  | 30 |  | — |  |  | — |  |  | 105,887 |  |  | (14,393) |  |  | 105,887 |  |  | (14,393) |
Total |  | 230 |  |  | $ | 3,474 |  |  | $ | (63) |  |  | $ | 862,633 |  |  | $ | (124,467) |  |  | $ | 866,107 |  |  | $ | (124,530) |
|  |  |  | 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) |
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 mortgage-backed securities ("MBS") will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | March 31, 2024
(dollars in thousands) |  | Amortized Cost |  | Estimated Fair Value
Investment securities available-for-sale: |  |  |  |
Within one year |  | $ | 139,224 |  |  | $ | 135,426 |
One to five years |  | 486,394 |  |  | 446,955 |
Five to ten years |  | 112,838 |  |  | 97,570 |
Beyond ten years |  | 20,392 |  |  | 17,612 |
Residential mortgage-backed securities |  | 800,793 |  |  | 698,550 |
Commercial mortgage-backed securities |  | 54,018 |  |  | 48,938 |
Less: allowance for credit losses |  | — |  |  | (17) |
Total investment securities available-for-sale |  | 1,613,659 |  |  | 1,445,034 |
Investment securities held-to-maturity: |  |  |  |
Within one year |  | 4,282 |  |  | 4,247 |
One to five years |  | 61,707 |  |  | 59,309 |
Five to ten years |  | 117,237 |  |  | 102,274 |
Beyond ten years |  | 74,109 |  |  | 67,323 |
Residential mortgage-backed securities: |  | 655,388 |  |  | 568,040 |
Commercial mortgage-backed securities |  | 89,966 |  |  | 76,966 |
Less: allowance for credit losses |  | (1,957) |  |  | — |
Total investment securities held-to-maturity |  | 1,000,732 |  |  | 878,159 |
Total |  | $ | 2,614,391 |  |  | $ | 2,323,193 |

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