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Investment Securities (Tables) | 9 Months Ended
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Sep. 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
September 30, 2024 |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |
U.S. treasury bonds |  | $ | 49,970 |  |  | $ | — |  |  | $ | (567) |  |  | $ | — |  |  | $ | 49,403 |
U.S. agency securities |  | 690,699 |  |  | — |  |  | (37,422) |  |  | — |  |  | 653,277 |
Residential mortgage-backed securities |  | 745,006 |  |  | 125 |  |  | (75,086) |  |  | — |  |  | 670,045 |
Commercial mortgage-backed securities |  | 53,711 |  |  | — |  |  | (3,495) |  |  | — |  |  | 50,216 |
Municipal bonds |  | 8,652 |  |  | — |  |  | (385) |  |  | — |  |  | 8,267 |
Corporate bonds |  | 2,000 |  |  | — |  |  | (185) |  |  | (17) |  |  | 1,798 |
Total available-for-sale securities |  | $ | 1,550,038 |  |  | $ | 125 |  |  | $ | (117,140) |  |  | $ | (17) |  |  | $ | 1,433,006 |
(dollars in thousands) |  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Estimated Fair Value
September 30, 2024 |  |  |  |  |  |  |  |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 621,203 |  |  | $ | — |  |  | $ | (66,264) |  |  | $ | 554,939 |
Commercial mortgage-backed securities |  | 89,269 |  |  | — |  |  | (10,008) |  |  | 79,261 |
Municipal bonds |  | 120,307 |  |  | — |  |  | (8,024) |  |  | 112,283 |
Corporate bonds |  | 132,383 |  |  | — |  |  | (10,441) |  |  | 121,942 |
Total |  | $ | 963,162 |  |  | $ | — |  |  | $ | (94,737) |  |  | $ | 868,425 |
Allowance for credit losses |  | (1,237) |  |  |  |  |  |  |
Total held-to-maturity securities, net of ACL |  | $ | 961,925 |  |  |  |  |  |  |
(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
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bonds |  | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,403 |  |  | $ | (567) |  |  | $ | 49,403 |  |  | $ | (567) |
U. S. agency securities |  | 76 |  |  | 2,498 |  |  | (3) |  |  | 650,779 |  |  | (37,419) |  |  | 653,277 |  |  | (37,422) |
Residential mortgage-backed securities |  | 146 |  |  | — |  |  | — |  |  | 660,627 |  |  | (75,086) |  |  | 660,627 |  |  | (75,086) |
Commercial mortgage-backed securities |  | 13 |  |  | — |  |  | — |  |  | 50,216 |  |  | (3,495) |  |  | 50,216 |  |  | (3,495) |
Municipal bonds |  | 1 |  |  | — |  |  | — |  |  | 8,267 |  |  | (385) |  |  | 8,267 |  |  | (385) |
Corporate bonds |  | 1 |  |  | — |  |  | — |  |  | 1,797 |  |  | (185) |  |  | 1,797 |  |  | (185) |
Total |  | 239 |  |  | $ | 2,498 |  |  | $ | (3) |  |  | $ | 1,421,089 |  |  | $ | (117,137) |  |  | $ | 1,423,587 |  |  | $ | (117,140) |
|  |  |  | 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
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | 141 |  | $ | — |  |  | $ | — |  |  | $ | 554,939 |  |  | $ | (66,264) |  |  | $ | 554,939 |  |  | $ | (66,264) |
Commercial mortgage-backed securities |  | 16 |  | — |  |  | — |  |  | 79,261 |  |  | (10,008) |  |  | 79,261 |  |  | (10,008) |
Municipal bonds |  | 38 |  | 3,503 |  |  | (23) |  |  | 107,779 |  |  | (8,001) |  |  | 111,282 |  |  | (8,024) |
Corporate bonds |  | 30 |  | — |  |  | — |  |  | 109,899 |  |  | (10,441) |  |  | 109,899 |  |  | (10,441) |
Total |  | 225 |  |  | $ | 3,503 |  |  | $ | (23) |  |  | $ | 851,878 |  |  | $ | (94,714) |  |  | $ | 855,381 |  |  | $ | (94,737) |
|  |  |  | 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.
|  | September 30, 2024
(dollars in thousands) |  | Amortized Cost |  | Estimated Fair Value
Investment securities available-for-sale: |  |  |  |
Within one year |  | $ | 226,404 |  |  | $ | 223,552 |
One to five years |  | 419,569 |  |  | 394,901 |
Five to ten years |  | 85,553 |  |  | 76,816 |
Beyond ten years |  | 19,795 |  |  | 17,493 |
Residential mortgage-backed securities |  | 745,006 |  |  | 670,045 |
Commercial mortgage-backed securities |  | 53,711 |  |  | 50,216 |
Less: allowance for credit losses |  | — |  |  | (17) |
Total investment securities available-for-sale |  | 1,550,038 |  |  | 1,433,006 |
Investment securities held-to-maturity: |  |  |  |
Within one year |  | 7,699 |  |  | 7,636 |
One to five years |  | 57,804 |  |  | 56,704 |
Five to ten years |  | 118,626 |  |  | 107,212 |
Beyond ten years |  | 68,561 |  |  | 62,673 |
Residential mortgage-backed securities: |  | 621,203 |  |  | 554,939 |
Commercial mortgage-backed securities |  | 89,269 |  |  | 79,261 |
Less: allowance for credit losses |  | (1,237) |  |  | — |
Total investment securities held-to-maturity |  | 961,925 |  |  | 868,425 |
Total |  | $ | 2,511,963 |  |  | $ | 2,301,431 |

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