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Investment Securities (Tables)

6 Months Ended

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

X

- 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
-SubTopic 10
-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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