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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment in AFS and HTM Securities

The table below summarizes the Company's investment in AFS securities by major security type.

						As of June 30, 2025
(dollars in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Estimated Fair Value
U.S. agency securities						$	515,001					$	—					$	(26,233)					$	—					$	488,768
Residential mortgage-backed securities						670,486						52						(70,382)						—						600,156
Commercial mortgage-backed securities						75,175						—						(3,312)						—						71,863
Municipal bonds						8,517						—						(672)						—						7,845
Corporate bonds						2,000						—						(143)						—						1,857
Total available-for-sale securities						$	1,271,179					$	52					$	(100,742)					$	—					$	1,170,489
						As of December 31, 2024
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

The table below summarizes the Company's investment in HTM securities by major security type.

						As of June 30, 2025
(dollars in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Residential mortgage-backed securities						$	575,668					$	—					$	(70,717)					$	504,951
Commercial mortgage-backed securities						87,025						—						(10,382)						76,643
Municipal bonds						113,945						—						(10,529)						103,416
Corporate bonds						121,446						7						(7,327)						114,126
Total						898,084						$	7					$	(98,955)					$	799,136
Less: allowance for credit losses						(1,229)
Total held-to-maturity securities, net of ACL						$	896,855
						As of December 31, 2024
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

Schedule of Continuous Unrealized Loss on AFS and HTM Securities

The table below summarizes, 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
As of June 30, 2025
Investment securities available-for-sale:
U.S. agency securities						64						$	—					$	—					$	488,768					$	(26,233)					$	488,768					$	(26,233)
Residential mortgage-backed securities						146						6,004						(15)						589,751						(70,367)						595,755						(70,382)
Commercial mortgage-backed securities						13						28,057						(140)						43,806						(3,172)						71,863						(3,312)
Municipal bonds						1						—						—						7,845						(672)						7,845						(672)
Corporate bonds						1						—						—						1,857						(143)						1,857						(143)
Total						225						$	34,061					$	(155)					$	1,132,027					$	(100,587)					$	1,166,088					$	(100,742)
Investment securities held-to-maturity:
Residential mortgage-backed securities						137						$	—					$	—					$	504,949					$	(70,717)					$	504,949					$	(70,717)
Commercial mortgage-backed securities						15						—						—						71,844						(10,382)						71,844						(10,382)
Municipal bonds						33						—						—						95,466						(10,529)						95,466						(10,529)
Corporate bonds						29						1,942						(62)						111,184						(7,265)						113,126						(7,327)
Total						214						$	1,942					$	(62)					$	783,443					$	(98,893)					$	785,385					$	(98,955)

												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
As of 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)
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)

Schedule of Investment in AFS Securities and HTM Securities by Contractual Maturity

The table below 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.

						As of June 30, 2025
(dollars in thousands)						Amortized Cost						Estimated Fair Value
Investment securities available-for-sale:
Within one year						$	132,348					$	131,057
One to five years						309,296						292,354
Five to ten years						64,840						58,623
Beyond ten years						19,034						16,436
Residential mortgage-backed securities						670,486						600,156
Commercial mortgage-backed securities						75,175						71,863
Less: allowance for credit losses						—						—
Total investment securities available-for-sale						1,271,179						1,170,489
Investment securities held-to-maturity:
Within one year						6,950						6,950
One to five years						70,009						68,381
Five to ten years						106,476						96,479
Beyond ten years						51,956						45,732
Residential mortgage-backed securities:						575,668						504,951
Commercial mortgage-backed securities						87,025						76,643
Less: allowance for credit losses						(1,229)						—
Total investment securities held-to-maturity						896,855						799,136
Total						$	2,168,034					$	1,969,625

Schedule of Information About the Sales and Calls of our Investment Securities

The table below displays information about the sales and calls of our investment securities.

						For the Three Months Ended June 30,												For the Six Months Ended June 30,
(dollars in thousands)						2025						2024						2025						2024
Proceeds from sales and calls						$	62,909					$	50					$	112,961					$	27,102
Gross realized gains from sales and calls						3						3						8						7
Gross realized losses from sales and calls						1,857						—						1,858						—

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
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-Name Accounting Standards Codification
-Section 55
-Paragraph 8
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-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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-Section 50
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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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