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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of AFS and HTM securities | The amortized cost and estimated fair value of the Company's AFS and HTM 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, 2024 |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |
U.S. treasury bonds |  | $ | 49,944 |  |  | $ | — |  |  | $ | (1,223) |  |  | $ | — |  |  | $ | 48,721 |
U.S. agency securities |  | 696,652 |  |  | — |  |  | (55,685) |  |  | — |  |  | 640,967 |
Residential mortgage-backed securities |  | 773,275 |  |  | 30 |  |  | (101,099) |  |  | — |  |  | 672,206 |
Commercial mortgage-backed securities |  | 53,868 |  |  | — |  |  | (5,021) |  |  | — |  |  | 48,847 |
Municipal bonds |  | 8,696 |  |  | — |  |  | (514) |  |  | — |  |  | 8,182 |
Corporate bonds |  | 2,000 |  |  | — |  |  | (288) |  |  | (17) |  |  | 1,695 |
Total available-for-sale securities |  | $ | 1,584,435 |  |  | $ | 30 |  |  | $ | (163,830) |  |  | $ | (17) |  |  | $ | 1,420,618 |
(dollars in thousands) |  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Estimated Fair Value
June 30, 2024 |  |  |  |  |  |  |  |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 638,039 |  |  | $ | — |  |  | $ | (89,274) |  |  | $ | 548,765 |
Commercial mortgage-backed securities |  | 89,674 |  |  | — |  |  | (13,058) |  |  | 76,616 |
Municipal bonds |  | 124,895 |  |  | — |  |  | (11,259) |  |  | 113,636 |
Corporate bonds |  | 132,359 |  |  | — |  |  | (15,101) |  |  | 117,258 |
Total |  | $ | 984,967 |  |  | $ | — |  |  | $ | (128,692) |  |  | $ | 856,275 |
Allowance for credit losses |  | (2,012) |  |  |  |  |  |  |
Total held-to-maturity securities, net of ACL |  | $ | 982,955 |  |  |  |  |  |  |
(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 FV Gross Unrealized Losses by Length of Time that the Individual AFS and HTM Securities Have Been in a Continuous Unrealized Loss | The following tables summarize AFS and HTM 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, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bonds |  | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 48,721 |  |  | $ | (1,223) |  |  | $ | 48,721 |  |  | $ | (1,223) |
U. S. agency securities |  | 76 |  |  | 2,747 |  |  | — |  |  | 638,220 |  |  | (55,685) |  |  | 640,967 |  |  | (55,685) |
Residential mortgage-backed securities |  | 151 |  |  | 9,560 |  |  | (112) |  |  | 662,646 |  |  | (100,987) |  |  | 672,206 |  |  | (101,099) |
Commercial mortgage-backed securities |  | 13 |  |  | — |  |  | — |  |  | 48,847 |  |  | (5,021) |  |  | 48,847 |  |  | (5,021) |
Municipal bonds |  | 1 |  |  | — |  |  | — |  |  | 8,182 |  |  | (514) |  |  | 8,182 |  |  | (514) |
Corporate bonds |  | 1 |  |  | — |  |  | — |  |  | 1,695 |  |  | (288) |  |  | 1,695 |  |  | (288) |
Total |  | 244 |  |  | $ | 12,307 |  |  | $ | (112) |  |  | $ | 1,408,311 |  |  | $ | (163,718) |  |  | $ | 1,420,618 |  |  | $ | (163,830) |
|  |  |  | 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, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | 142 |  | $ | — |  |  | $ | — |  |  | $ | 548,765 |  |  | $ | (89,274) |  |  | $ | 548,765 |  |  | $ | (89,274) |
Commercial mortgage-backed securities |  | 16 |  | — |  |  | — |  |  | 76,616 |  |  | (13,058) |  |  | 76,616 |  |  | (13,058) |
Municipal bonds |  | 42 |  | 3,433 |  |  | (99) |  |  | 110,203 |  |  | (11,160) |  |  | 113,636 |  |  | (11,259) |
Corporate bonds |  | 30 |  | — |  |  | — |  |  | 105,210 |  |  | (15,101) |  |  | 105,210 |  |  | (15,101) |
Total |  | 230 |  |  | $ | 3,433 |  |  | $ | (99) |  |  | $ | 840,794 |  |  | $ | (128,593) |  |  | $ | 844,227 |  |  | $ | (128,692) |
|  |  |  | 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 FV of Investments AFS by Contractual Maturity | The following table summarizes the Company's investment in AFS securities and HTM securities 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.
|  | June 30, 2024
(dollars in thousands) |  | Amortized Cost |  | Estimated Fair Value
Investment securities available-for-sale: |  |  |  |
Within one year |  | $ | 188,270 |  |  | $ | 183,757 |
One to five years |  | 436,685 |  |  | 401,318 |
Five to ten years |  | 112,249 |  |  | 97,283 |
Beyond ten years |  | 20,088 |  |  | 17,224 |
Residential mortgage-backed securities |  | 773,275 |  |  | 672,206 |
Commercial mortgage-backed securities |  | 53,868 |  |  | 48,847 |
Less: allowance for credit losses |  | — |  |  | (17) |
Total investment securities available-for-sale |  | 1,584,435 |  |  | 1,420,618 |
Investment securities held-to-maturity: |  |  |  |
Within one year |  | 4,259 |  |  | 4,251 |
One to five years |  | 61,728 |  |  | 59,329 |
Five to ten years |  | 122,637 |  |  | 106,494 |
Beyond ten years |  | 68,630 |  |  | 60,820 |
Residential mortgage-backed securities: |  | 638,039 |  |  | 548,765 |
Commercial mortgage-backed securities |  | 89,674 |  |  | 76,616 |
Less: allowance for credit losses |  | (2,012) |  |  | — |
Total investment securities held-to-maturity |  | 982,955 |  |  | 856,275 |
Total |  | $ | 2,567,390 |  |  | $ | 2,276,893 |

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