Investment Securities (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Available-for-Sale Securities and Held-to-Maturity Securities |
The amortized cost and estimated fair value of the Company's available-for-sale and held-to-maturity securities are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in thousands) | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Allowance for Credit Losses | | Estimated Fair Value | | March 31, 2024 | | | | | | | | | | | | Investment securities available-for-sale: | | | | | | | | | | | | U.S. treasury bonds | | $ | 49,919 | | | $ | — | | | $ | (1,686) | | | $ | — | | | $ | 48,233 | | | U.S. agency securities | | 698,189 | | | — | | | (58,863) | | | — | | | 639,326 | | | Residential mortgage-backed securities | | 800,793 | | | 23 | | | (102,266) | | | — | | | 698,550 | | | Commercial mortgage-backed securities | | 54,018 | | | — | | | (5,080) | | | — | | | 48,938 | | | Municipal bonds | | 8,740 | | | — | | | (434) | | | — | | | 8,306 | | | Corporate bonds | | 2,000 | | | — | | | (302) | | | (17) | | | 1,681 | | | | | | | | | | | | | | Total available-for-sale securities | | $ | 1,613,659 | | | $ | 23 | | | $ | (168,631) | | | $ | (17) | | | $ | 1,445,034 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in thousands) | | Amortized Cost | | Gross Unrecognized Gains | | Gross Unrecognized Losses | | Estimated Fair Value | | March 31, 2024 | | | | | | | | | | Investment securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Residential mortgage-backed securities | | $ | 655,388 | | | $ | — | | | $ | (87,348) | | | $ | 568,040 | | | Commercial mortgage-backed securities | | 89,966 | | | — | | | (13,000) | | | 76,966 | | | Municipal bonds | | 125,003 | | | — | | | (9,789) | | | 115,214 | | | Corporate bonds | | 132,332 | | | — | | | (14,393) | | | 117,939 | | | | | | | | | | | | Total | | $ | 1,002,689 | | | $ | — | | | $ | (124,530) | | | $ | 878,159 | | | Allowance for credit losses | | (1,957) | | | | | | | | | Total held-to-maturity securities, net of ACL | | $ | 1,000,732 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (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 | | | | | | | |
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| Schedule of Gross Unrealized Losses and Fair Value by Length of Time that the Individual Available-For-Sale Securities Have Been in a Continuous Unrealized Loss |
The following tables summarize available-for-sale and held-to-maturity 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 | | March 31, 2024 | | | | | | | | | | | | | | | | Investment securities available-for-sale: | | | | | | | | | | | | | | | | U.S. treasury bonds | | 2 | | | $ | — | | | $ | — | | | $ | 48,233 | | | $ | (1,686) | | | $ | 48,233 | | | $ | (1,686) | | | U. S. agency securities | | 76 | | | 2,904 | | | (5) | | | 636,422 | | | (58,858) | | | 639,326 | | | (58,863) | | | Residential mortgage-backed securities | | 151 | | | 8,180 | | | (60) | | | 688,525 | | | (102,206) | | | 696,705 | | | (102,266) | | | Commercial mortgage-backed securities | | 13 | | | — | | | — | | | 48,938 | | | (5,080) | | | 48,938 | | | (5,080) | | | Municipal bonds | | 1 | | | — | | | — | | | 8,306 | | | (434) | | | 8,306 | | | (434) | | | Corporate bonds | | 1 | | | — | | | — | | | 1,681 | | | (302) | | | 1,681 | | | (302) | | | Total | | 244 | | | $ | 11,084 | | | $ | (65) | | | $ | 1,432,105 | | | $ | (168,566) | | | $ | 1,443,189 | | | $ | (168,631) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | March 31, 2024 | | | | | | | | | | | | | | | | Investment securities held-to-maturity: | | | | | | | | | | | | | | | | Residential mortgage-backed securities | | 142 | | $ | — | | | $ | — | | | $ | 568,040 | | | $ | (87,348) | | | $ | 568,040 | | | $ | (87,348) | | | Commercial mortgage-backed securities | | 16 | | — | | | — | | | 76,966 | | | (13,000) | | | 76,966 | | | (13,000) | | | Municipal bonds | | 42 | | 3,474 | | | (63) | | | 111,740 | | | (9,726) | | | 115,214 | | | (9,789) | | | Corporate bonds | | 30 | | — | | | — | | | 105,887 | | | (14,393) | | | 105,887 | | | (14,393) | | | Total | | 230 | | | $ | 3,474 | | | $ | (63) | | | $ | 862,633 | | | $ | (124,467) | | | $ | 866,107 | | | $ | (124,530) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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) | |
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| Schedule of Amortized Cost and Estimated Fair Value of Investments Available-for-Sale by Contractual Maturity |
The following table summarizes the Company's investment securities available-for-sale and investment securities held-to-maturity 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. | | | | | | | | | | | | | | | | | March 31, 2024 | | (dollars in thousands) | | Amortized Cost | | Estimated Fair Value | | Investment securities available-for-sale: | | | | | | Within one year | | $ | 139,224 | | | $ | 135,426 | | | One to five years | | 486,394 | | | 446,955 | | | Five to ten years | | 112,838 | | | 97,570 | | | Beyond ten years | | 20,392 | | | 17,612 | | | Residential mortgage-backed securities | | 800,793 | | | 698,550 | | | Commercial mortgage-backed securities | | 54,018 | | | 48,938 | | | | | | | | Less: allowance for credit losses | | — | | | (17) | | | Total investment securities available-for-sale | | 1,613,659 | | | 1,445,034 | | | | | | | | Investment securities held-to-maturity: | | | | | | Within one year | | 4,282 | | | 4,247 | | | One to five years | | 61,707 | | | 59,309 | | | Five to ten years | | 117,237 | | | 102,274 | | | Beyond ten years | | 74,109 | | | 67,323 | | | Residential mortgage-backed securities: | | 655,388 | | | 568,040 | | | Commercial mortgage-backed securities | | 89,966 | | | 76,966 | | | | | | | | Less: allowance for credit losses | | (1,957) | | | — | | | Total investment securities held-to-maturity | | 1,000,732 | | | 878,159 | | | Total | | $ | 2,614,391 | | | $ | 2,323,193 | |
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