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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investment Securities

Schedule of amortized cost of investment securities to estimated fair values


		March 31, 2023
		Amortized			Unrealized			Unrealized			Allowance for			Fair
(dollars in thousands)		Cost			Gains			Losses			Credit Losses			Value
Available-for-sale
U.S. Treasury and agencies		$	3,264		$	15		$	(12)		$	—		$	3,267
Mortgage backed securities
Residential agency			691,334			1			(109,716)			—			581,619
Commercial			69,011			—			(6,240)			—			62,771
Asset backed securities			32			—			—			—			32
Corporate bonds			69,499			—			(11,363)			—			58,136
Total available-for-sale investment securities			833,140			16			(127,331)			—			705,825
Held-to-maturity
Obligations of state and political agencies			132,433			—			(14,149)			117			118,284
Mortgage backed securities
Residential agency			181,438			—			(31,848)			106			149,590
Total held-to-maturity investment securities			313,871			—			(45,997)			223			267,874
Total investment securities		$	1,147,011		$	16		$	(173,328)		$	223		$	973,699


		December 31, 2022
		Amortized			Unrealized			Unrealized			Allowance for			Fair
(dollars in thousands)		Cost			Gains			Losses			Credit Losses			Value
Available-for-sale
U.S. Treasury and agencies		$	3,518		$	19		$	(17)			N/A		$	3,520
Mortgage backed securities
Residential agency			705,845			2			(118,168)			N/A			587,679
Commercial			70,669			—			(7,111)			N/A			63,558
Asset backed securities			34			—			—			N/A			34
Corporate bonds			69,501			—			(6,968)			N/A			62,533
Total available-for-sale investment securities			849,567			21			(132,264)			N/A			717,324
Held-to-maturity
Obligations of state and political agencies			137,787			—			(17,736)			N/A			120,051
Mortgage backed securities
Residential agency			184,115			—			(33,254)			N/A			150,861
Total held-to-maturity investment securities			321,902			—			(50,990)			N/A			270,912
Total investment securities		$	1,171,469		$	21		$	(183,254)			N/A		$	988,236

Schedule of investment securities with gross unrealized losses


		March 31, 2023
		Less than 12 Months						Over 12 Months						Total
		Unrealized			Fair			Unrealized			Fair			Unrealized			Fair
(dollars in thousands)		Losses			Value			Losses			Value			Losses			Value
Available-for-sale
U.S. Treasury and agencies		$	(12)		$	427		$	—		$	—		$	(12)		$	427
Mortgage backed securities
Residential agency			(63)			2,575			(109,653)			578,913			(109,716)			581,488
Commercial			(300)			4,941			(5,940)			57,830			(6,240)			62,771
Asset backed securities			—			30			—			2			—			32
Corporate bonds			(2,075)			14,900			(9,288)			43,236			(11,363)			58,136
Total available-for-sale investment securities		$	(2,450)		$	22,873		$	(124,881)		$	679,981		$	(127,331)		$	702,854


		December 31, 2022
		Less than 12 Months						Over 12 Months						Total
		Unrealized			Fair			Unrealized			Fair			Unrealized			Fair
(dollars in thousands)		Losses			Value			Losses			Value			Losses			Value
Available-for-sale
U.S. Treasury and agencies		$	(17)		$	509		$	—		$	—		$	(17)		$	509
Mortgage backed securities
Residential agency			(10,457)			79,693			(107,711)			507,418			(118,168)			587,111
Commercial			(4,835)			50,437			(2,276)			13,120			(7,111)			63,557
Asset backed securities			—			32			—			2			—			34
Corporate bonds			(4,452)			48,048			(2,516)			14,484			(6,968)			62,532
Total available-for-sale investment securities			(19,761)			178,719			(112,503)			535,024			(132,264)			713,743
Held-to-maturity
Obligations of state and political agencies			(3,336)			18,788			(14,400)			98,762			(17,736)			117,550
Mortgage backed securities
Residential agency			—			—			(33,254)			150,861			(33,254)			150,861
Total held-to-maturity investment securities			(3,336)			18,788			(47,654)			249,623			(50,990)			268,411
Total investment securities		$	(23,097)		$	197,507		$	(160,157)		$	784,647		$	(183,254)		$	982,154

Schedule of contractual maturity of amortized cost and estimated fair value


		Held-to-maturity						Available-for-sale
		Carrying			Fair			Amortized			Fair
(dollars in thousands)		Value			Value			Cost			Value
Due within one year or less		$	5,797		$	5,692		$	—		$	—
Due after one year through five years			40,296			37,454			17,549			16,463
Due after five years through ten years			69,945			60,959			78,819			66,742
Due after 10 years			16,395			14,179			45,438			41,001
			132,433			118,284			141,806			124,206
Mortgage-backed securities
Residential agency			181,438			149,590			691,334			581,619
Total investment securities		$	313,871		$	267,874		$	833,140		$	705,825

Schedule of proceeds from the call of held-to-maturity investment securities


		Three months ended
		March 31,
(dollars in thousands)		2023			2022
Proceeds		$	126		$	515
Realized gains			—			—
Realized losses			—			—

Schedule of federal home loan bank


		March 31,			December 31,
(dollars in thousands)		2023			2022
Federal Reserve		$	4,623		$	4,595
FHLB			19,587			19,362