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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Estimated Fair Value of AFS and HTM Securities

The following tables summarize the Company's investment in AFS and HTM securities by major security type:

(dollars in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Estimated Fair Value
December 31, 2024
Investment securities available-for-sale:
U.S. treasury bonds						$	24,988					$	—					$	(212)					$	—					$	24,776
U.S. agency securities						600,277						—						(41,742)						—						558,535
Residential mortgage-backed securities						719,815						36						(94,535)						—						625,316
Commercial mortgage-backed securities						53,248						—						(4,303)						—						48,945
Municipal bonds						8,607						—						(593)						—						8,014
Corporate bonds						2,000						—						(160)						(22)						1,818
Total available-for-sale securities						$	1,408,935					$	36					$	(141,545)					$	(22)					$	1,267,404

(dollars in thousands)						Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses												Estimated Fair Value
December 31, 2024
Investment securities held-to-maturity:
Residential mortgage-backed securities						$	605,904					$	—					$	(85,941)											$	519,963
Commercial mortgage-backed securities						88,575						—						(13,069)												75,506
Municipal bonds						114,060						—						(11,389)												102,671
Corporate bonds						131,414						—						(9,172)												122,242
Total						939,953						$	—					$	(119,571)											$	820,382
Less: allowance for credit losses						(1,306)
Total held-to-maturity securities, net of ACL						$	938,647

(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
Less: allowance for credit losses						(1,956)
Total held-to-maturity securities, net of ACL						$	1,015,737

Schedule of Unrealized Losses and Fair Value by Length of Time

The following tables summarize, by length of time, the Company's AFS securities that have been in a continuous unrealized loss position and HTM securities that have been in a continuous unrecognized loss position:

												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, 2024
Investment securities available-for-sale:
U.S. treasury bonds						1						$	—					$	—					$	24,776					$	(212)					$	24,776					$	(212)
U.S. agency securities						71						2,300						(8)						556,235						(41,734)						558,535						(41,742)
Residential mortgage-backed securities						148						7,530						(128)						616,392						(94,407)						623,922						(94,535)
Commercial mortgage-backed securities						13						—						—						48,945						(4,303)						48,945						(4,303)
Municipal bonds						1						—						—						8,014						(593)						8,014						(593)
Corporate bonds						1						—						—						1,818						(160)						1,818						(160)
Total						235						$	9,830					$	(136)					$	1,256,180					$	(141,409)					$	1,266,010					$	(141,545)

												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, 2024
Investment securities held-to-maturity:
Residential mortgage-backed securities						140						$	—					$	—					$	519,963					$	(85,941)					$	519,963					$	(85,941)
Commercial mortgage-backed securities						16						—						—						75,506						(13,069)						75,506						(13,069)
Municipal bonds						36						4,026						(75)						98,645						(11,314)						102,671						(11,389)
Corporate bonds						30						1,928						(77)						110,280						(9,095)						112,208						(9,172)
Total						222						$	5,954					$	(152)					$	804,394					$	(119,419)					$	810,348					$	(119,571)

												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 AFS by Contractual Maturity

The following table summarizes the Company's investment in AFS securities and HTM securities by contractual maturity. Expected maturities for MBS will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

						December 31, 2024
(dollars in thousands)						Amortized Cost						Estimated Fair Value
Investment securities available-for-sale:
Within one year						$	188,499					$	184,939
One to five years						359,242						331,649
Five to ten years						68,580						59,826
Beyond ten years						19,551						16,751
Residential mortgage-backed securities						719,815						625,316
Commercial mortgage-backed securities						53,248						48,945
Less: allowance for credit losses						—						(22)
Total investment securities available-for-sale						1,408,935						1,267,404
Investment securities held-to-maturity:
Within one year						6,946						6,900
One to five years						64,060						61,728
Five to ten years						105,977						96,087
Beyond ten years						68,491						60,198
Residential mortgage-backed securities:						605,904						519,963
Commercial mortgage-backed securities						88,575						75,506
Less: allowance for credit losses						(1,306)						—
Total investment securities held-to-maturity						938,647						820,382
Total						$	2,347,582					$	2,087,786

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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
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-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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