Securities (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Securities |
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Schedule of amortized cost and estimated fair value of securities |
| | | | | | | | | | | | | | | | | | | | Gross | | Gross | | Allowance | | Estimated | | | Amortized | | Unrealized | | Unrealized | | for Credit | | Fair | December 31, 2023 | | Cost | | Gains | | (Losses) | | Losses | | Value | | | | (Dollars in thousands) | Securities available-for-sale: | | | | | | | | | | | | | | | | U.S. Treasury | | $ | 387,990 | | $ | — | | $ | (5,621) | | $ | — | | $ | 382,369 | Agency mortgage-backed securities | | | 64,580 | | | — | | | (4,313) | | | — | | | 60,267 | Total | | $ | 452,570 | | $ | — | | $ | (9,934) | | $ | — | | $ | 442,636 | | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | Estimated | | Allowance | | | Amortized | | Unrecognized | | Unrecognized | | Fair | | for Credit | December 31, 2023 | | Cost | | Gains | | (Losses) | | Value | | Losses | | | | (Dollars in thousands) | Securities held-to-maturity: | | | | | | | | | | | | | | | | Agency mortgage-backed securities | | $ | 618,374 | | $ | 282 | | $ | (86,011) | | $ | 532,645 | | $ | — | Municipals - exempt from Federal tax | | | 32,203 | | | 3 | | | (724) | | | 31,482 | | | (12) | Total | | $ | 650,577 | | $ | 285 | | $ | (86,735) | | $ | 564,127 | | $ | (12) |
| | | | | | | | | | | | | | | | | | | | Gross | | Gross | | Allowance | | Estimated | | | Amortized | | Unrealized | | Unrealized | | for Credit | | Fair | December 31, 2022 | | Cost | | Gains | | (Losses) | | Losses | | Value | | | | (Dollars in thousands) | | | | Securities available-for-sale: | | | | | | | | | | | | | | | | U.S. Treasury | | $ | 428,797 | | $ | — | | $ | (10,323) | | $ | — | | $ | 418,474 | Agency mortgage-backed securities | | | 76,916 | | | — | | | (5,794) | | | — | | | 71,122 | Total | | $ | 505,713 | | $ | — | | $ | (16,117) | | $ | — | | $ | 489,596 | | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | Estimated | | Allowance | | | Amortized | | Unrecognized | | Unrecognized | | Fair | | for Credit | December 31, 2022 | | Cost | | Gains | | (Losses) | | Value | | Losses | | | | (Dollars in thousands) | | | | Securities held-to-maturity: | | | | | | | | | | | | | | | | Agency mortgage-backed securities | | $ | 677,381 | | $ | 235 | | $ | (99,977) | | $ | 577,639 | | $ | — | Municipals - exempt from Federal tax | | | 37,623 | | | 9 | | | (819) | | | 36,813 | | | (14) | Total | | $ | 715,004 | | $ | 244 | | $ | (100,796) | | $ | 614,452 | | $ | (14) |
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Schedule of securities with unrealized losses |
| | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | 12 Months or More | | Total | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | December 31, 2023 | | Value | | (Losses) | | Value | | (Losses) | | Value | | (Losses) | | | | (Dollars in thousands) | Securities available-for-sale: | | | | | | | | | | | | | | | | | | | U.S. Treasury | | $ | 4,926 | | $ | (40) | | $ | 377,443 | | $ | (5,581) | | $ | 382,369 | | $ | (5,621) | Agency mortgage-backed securities | | | — | | | — | | | 60,267 | | | (4,313) | | | 60,267 | | | (4,313) | Total | | $ | 4,926 | | $ | (40) | | $ | 437,710 | | $ | (9,894) | | $ | 442,636 | | $ | (9,934) | | | | | | | | | | | | | | | | | | | | Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | Agency mortgage-backed securities | | $ | — | | $ | — | | $ | 520,615 | | $ | (86,011) | | $ | 520,615 | | $ | (86,011) | Municipals — exempt from Federal tax | | | 9,790 | | | (176) | | | 13,151 | | | (548) | | | 22,941 | | | (724) | Total | | $ | 9,790 | | $ | (176) | | $ | 533,766 | | $ | (86,559) | | $ | 543,556 | | $ | (86,735) |
| | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | 12 Months or More | | Total | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | December 31, 2022 | | Value | | (Losses) | | Value | | (Losses) | | Value | | (Losses) | | | | (Dollars in thousands) | Securities available-for-sale: | | | | | | | | | | | | | | | | | | | U.S. Treasury | | $ | 418,474 | | $ | (10,323) | | $ | — | | $ | — | | $ | 418,474 | | $ | (10,323) | Agency mortgage-backed securities | | | 71,122 | | | (5,794) | | | — | | | — | | | 71,122 | | | (5,794) | Total | | $ | 489,596 | | $ | (16,117) | | $ | — | | $ | — | | $ | 489,596 | | $ | (16,117) | | | | | | | | | | | | | | | | | | | | Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | Agency mortgage-backed securities | | $ | 136,264 | | $ | (12,866) | | $ | 429,257 | | $ | (87,111) | | $ | 565,521 | | $ | (99,977) | Municipals — exempt from Federal tax | | | 31,007 | | | (819) | | | — | | | — | | | 31,007 | | | (819) | Total | | $ | 167,271 | | $ | (13,685) | | $ | 429,257 | | $ | (87,111) | | $ | 596,528 | | $ | (100,796) |
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Schedule of amortized cost and estimated fair values of securities, by contractual maturity |
| | | | | | | | | | Available-for-sale | | | | Amortized | | Estimated | | | | Cost | | Fair Value | | | | | (Dollars in thousands) | | Due three months or less | | $ | 19,953 | | $ | 19,920 | | Due after three months through one year | | | 193,476 | | | 191,662 | | Due after one through five years | | | 174,561 | | | 170,787 | | Agency mortgage-backed securities | | | 64,580 | | | 60,267 | | Total | | $ | 452,570 | | $ | 442,636 | |
| | | | | | | | | | Held-to-maturity | | | | Amortized | | Estimated | | | | Cost (1) | | Fair Value | | | | | (Dollars in thousands) | | Due three months or less | | $ | 400 | | $ | 400 | | Due after three months through one year | | | 665 | | | 665 | | Due after one through five years | | | 7,271 | | | 7,157 | | Due after five through ten years | | | 23,867 | | | 23,260 | | Agency mortgage-backed securities | | | 618,374 | | | 532,645 | | Total | | $ | 650,577 | | $ | 564,127 | | | | | | | | | |
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Schedule of roll-forward by major security type of the allowance for credit losses on debt securities held-to-maturity |
| | | | | Municipals | | | (Dollars in thousands) | Beginning balance January 1, 2023 | $ | 14 | Recapture of credit losses | | (2) | Ending balance December 31, 2023 | $ | 12 |
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