Investment Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Activity in the ACL on held-to maturity securities

The following table summarizes the activity in the ACL on HTM securities.

(Dollars in thousands)	Three Months Ended December 31, 2023		Twelve Months Ended December 31, 2023
Balance, beginning of period	$	126	$	—
Other debt securities, provision for credit losses	(32)		94
Balance, end of period	$	94	$	94

Schedule of Available-for-Sale Securities Reconciliation

The following table provides information on the amortized cost and estimated fair values of investment securities at December 31, 2023 and December 31, 2022.

(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale securities:
December 31, 2023
U.S. Treasury and government agencies	$	23,472	$	5	$	3,002	$	20,475
Mortgage-backed securities	91,280		5		7,258		84,027
Other debt securities	6,080		59		120		6,019
Total	$	120,832	$	69	$	10,380	$	110,521
December 31, 2022
U.S. Treasury and government agencies	$	21,798	$	5	$	3,625	$	18,178
Mortgage-backed securities	72,183		2		8,666		63,519
Other debt securities	2,018		—		128		1,890
Total	$	95,999	$	7	$	12,419	$	83,587

Schedule of Held-to-Maturity

The Company sold virtually all of the AFS securities portfolio acquired from TCFC immediately after the legal merger with the proceeds of $434.2 million, and recognized gross losses of $2.2 million from the sale of securities.

(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Held-to-maturity securities:
December 31, 2023
U.S. Treasury and government agencies	$	143,442	$	—	$	10,377	$	133,065
Mortgage-backed securities	357,870		—		43,864		314,006
Obligations of states and political subdivisions	1,470		57		19		1,508
Other debt securities	10,500		—		1,249		9,251
Total	$	513,282	$	57	$	55,509	$	457,830
December 31, 2022
U.S. Treasury and government agencies	$	148,097	$	—	$	13,601	$	134,496
Mortgage-backed securities	398,884		—		50,464		348,420
Obligations of states and political subdivisions	1,474		35		28		1,481
Other debt securities	11,000		—		770		10,230
Total	$	559,455	$	35	$	64,863	$	494,627

Debt Securities, Held-to-Maturity, Credit Quality Indicator

The following table shows the amortized cost of HTM securities based on their lowest publicly available credit rating as of December 31, 2023.

	December 31, 2023
	Investment Grade
(Dollars in thousands)	Aaa		Aa1		A3		Baa1		Baa2		NR		Total
U.S. Treasury and government agencies	$	140,761	$	—	$	—	$	—	$	—	$	2,681	$	143,442
Mortgage-backed securities	357,870		—		—		—		—		—		357,870
Obligations of states and political subdivisions	—		1,470		—		—		—		—		1,470
Other debt securities	—		—		4,000		4,000		500		2,000		10,500
Total held-to-maturity securities	$	498,631	$	1,470	$	4,000	$	4,000	$	500	$	4,681	$	513,282

Available-For-Sale Securities and Held-to-Maturity, Continuous Unrealized Loss Position, Fair Value

The following table provides information about gross unrealized losses and fair value by length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2023 and December 31, 2022.

	Less than 12 Months				More than 12 Months				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2023
Available-for-sale securities:
U.S. Treasury and government agencies	$	74	$	—	$	17,750	$	3,002	$	17,824	$	3,002
Mortgage-backed securities	24,405		150		52,864		7,108		77,269		7,258
Other debt securities	—		—		1,890		120		1,890		120
Total	$	24,479	$	150	$	72,504	$	10,230	$	96,983	$	10,380

	Less than 12 Months				More than 12 Months				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2022
Available-for-sale securities:
U.S. Treasury and government agencies	$	1,165	$	4	$	16,585	$	3,588	$	17,750	$	3,592
Mortgage-backed securities	29,125		2,409		34,167		6,290		63,292		8,699
Other debt securities	$	1,890	$	128	$	—	$	—	$	1,890	$	128
Total	$	32,180	$	2,541	$	50,752	$	9,878	$	82,932	$	12,419
Held-to-maturity securities:
U.S. Treasury and government agencies	$	67,332	$	2,786	$	67,163	$	10,815	$	134,495	$	13,601
Mortgage-backed securities	148,771		9,402		199,649		41,062		348,420		50,464
Obligations of states and political subdivisions	780		28		—		—		780		28
Other debt securities	8,091		409		2,139		361		10,230		770
Total	$	224,974	$	12,625	$	268,951	$	52,238	$	493,925	$	64,863

Schedule of Securities Debt Maturities

The following table provides information on the amortized cost and estimated fair values of investment securities by maturity date at December 31, 2023.

	Available for sale				Held to maturity
(Dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	2,447	$	2,449	$	7,000	$	6,927
Due after one year through five years	16,491		15,439		119,768		113,227
Due after five years through ten years	29,257		26,436		50,538		45,833
Due after ten years	72,637		66,197		335,976		291,843
Total	$	120,832	$	110,521	$	513,282	$	457,830

Amortized Cost and Estimated Fair Values of Securities

The following table sets forth the amortized cost and estimated fair values of securities which have been pledged as collateral for obligations to federal, state and local government agencies, and other purposes as required or permitted by law, or sold under agreements to repurchase at December 31, 2023 and 2022.

	2023				2022
(Dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Pledged available-for-sale securities	$	62,290	$	54,489	$	83,288	$	72,108
Pledged held-to-maturity securities	185,876		167,649		19,158		16,305