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Investment Securities (Tables)

9 Months Ended

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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- 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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