Investment Securities (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Investment Securities |
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| Schedule of amortized cost and fair value of securities |
| | | | | | | | | | | | | | | | | | | | | | | | | | | 2023 | | 2022 | | | Amortized | | Unrealized | | Unrealized | | Fair | | Amortized | | Unrealized | | Unrealized | | Fair | (dollars in thousands) | | Cost | | Gains | | Losses | | Value | | Cost | | Gains | | Losses | | Value | U.S. Treasury and government agency debt securities | | $ | 33,169 | | $ | — | | $ | (666) | | $ | 32,503 | | $ | 163,309 | | $ | — | | $ | (12,327) | | $ | 150,982 | Government-sponsored enterprises debt securities | | | 20,000 | | | — | | | (408) | | | 19,592 | | | 45,000 | | | — | | | (699) | | | 44,301 | Mortgage-backed securities: | | | | | | | | | | | | | | | | | | | | | | | | | Residential - Government agency | | | 11,303 | | | — | | | (1,121) | | | 10,182 | | | 66,792 | | | — | | | (7,069) | | | 59,723 | Residential - Government-sponsored enterprises | | | 895,421 | | | — | | | (112,124) | | | 783,297 | | | 1,317,718 | | | — | | | (157,263) | | | 1,160,455 | Commercial - Government agency | | | 268,944 | | | — | | | (50,270) | | | 218,674 | | | 282,700 | | | — | | | (44,847) | | | 237,853 | Commercial - Government-sponsored enterprises | | | 93,459 | | | — | | | (7,028) | | | 86,431 | | | 130,612 | | | — | | | (11,039) | | | 119,573 | Commercial - Non-agency | | | 21,964 | | | — | | | (281) | | | 21,683 | | | 21,964 | | | — | | | (493) | | | 21,471 | Collateralized mortgage obligations: | | | | | | | | | | | | | | | | | | | | | | | | | Government agency | | | 538,718 | | | — | | | (67,568) | | | 471,150 | | | 738,524 | | | — | | | (85,202) | | | 653,322 | Government-sponsored enterprises | | | 425,826 | | | — | | | (61,856) | | | 363,970 | | | 533,103 | | | — | | | (70,971) | | | 462,132 | Collateralized loan obligations | | | 249,871 | | | 43 | | | (2,060) | | | 247,854 | | | 249,877 | | | 50 | | | (8,606) | | | 241,321 | Total available-for-sale securities | | $ | 2,558,675 | | $ | 43 | | $ | (303,382) | | $ | 2,255,336 | | $ | 3,549,599 | | $ | 50 | | $ | (398,516) | | $ | 3,151,133 | | | | | | | | | | | | | | | | | | | | | | | | | | Government agency debt securities | | $ | 52,051 | | $ | — | | $ | (4,497) | | $ | 47,554 | | $ | 54,318 | | $ | — | | $ | (5,674) | | $ | 48,644 | Mortgage-backed securities: | | | | | | | | | | | | | | | | | | | | | | | | | Residential - Government agency | | | 43,885 | | | — | | | (5,189) | | | 38,696 | | | 46,302 | | | — | | | (6,294) | | | 40,008 | Residential - Government-sponsored enterprises | | | 99,379 | | | — | | | (11,013) | | | 88,366 | | | 106,534 | | | — | | | (12,978) | | | 93,556 | Commercial - Government agency | | | 30,795 | | | — | | | (7,017) | | | 23,778 | | | 30,544 | | | — | | | (5,229) | | | 25,315 | Commercial - Government-sponsored enterprises | | | 1,129,738 | | | 195 | | | (130,757) | | | 999,176 | | | 1,150,449 | | | — | | | (138,451) | | | 1,011,998 | Collateralized mortgage obligations: | | | | | | | | | | | | | | | | | | | | | | | | | Government agency | | | 989,130 | | | — | | | (109,471) | | | 879,659 | | | 1,080,492 | | | — | | | (122,378) | | | 958,114 | Government-sponsored enterprises | | | 1,642,274 | | | — | | | (193,897) | | | 1,448,377 | | | 1,798,178 | | | — | | | (207,045) | | | 1,591,133 | Debt securities issued by states and political subdivisions | | | 54,197 | | | — | | | (4,947) | | | 49,250 | | | 53,822 | | | — | | | (7,768) | | | 46,054 | Total held-to-maturity securities | | $ | 4,041,449 | | $ | 195 | | $ | (466,788) | | $ | 3,574,856 | | $ | 4,320,639 | | $ | — | | $ | (505,817) | | $ | 3,814,822 |
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| Schedule of amortized cost and fair value of debt securities by contractual maturity |
| | | | | | | | | December 31, 2023 | | | Amortized | | Fair | (dollars in thousands) | | Cost | | Value | Available-for-sale securities | | | | | | | Due in one year or less | | $ | 25,071 | | $ | 24,742 | Due after one year through five years | | | 37,373 | | | 36,527 | Due after five years through ten years | | | 97,695 | | | 96,879 | Due after ten years | | | 164,865 | | | 163,484 | | | | 325,004 | | | 321,632 | | | | | | | | Mortgage-backed securities: | | | | | | | Residential - Government agency | | | 11,303 | | | 10,182 | Residential - Government-sponsored enterprises | | | 895,421 | | | 783,297 | Commercial - Government agency | | | 268,944 | | | 218,674 | Commercial - Government-sponsored enterprises | | | 93,459 | | | 86,431 | Total mortgage-backed securities | | | 1,269,127 | | | 1,098,584 | Collateralized mortgage obligations: | | | | | | | Government agency | | | 538,718 | | | 471,150 | Government-sponsored enterprises | | | 425,826 | | | 363,970 | Total collateralized mortgage obligations | | | 964,544 | | | 835,120 | Total available-for-sale securities | | $ | 2,558,675 | | $ | 2,255,336 | | | | | | | | Held-to-maturity securities | | | | | | | Due in one year or less | | $ | — | | $ | — | Due after one year through five years | | | — | | | — | Due after five years through ten years | | | 22,082 | | | 20,318 | Due after ten years | | | 84,166 | | | 76,486 | | | | 106,248 | | | 96,804 | | | | | | | | Mortgage-backed securities: | | | | | | | Residential - Government agency | | | 43,885 | | | 38,696 | Residential - Government-sponsored enterprises | | | 99,379 | | | 88,366 | Commercial - Government agency | | | 30,795 | | | 23,778 | Commercial - Government-sponsored enterprises | | | 1,129,738 | | | 999,176 | Total mortgage-backed securities | | | 1,303,797 | | | 1,150,016 | Collateralized mortgage obligations: | | | | | | | Government agency | | | 989,130 | | | 879,659 | Government-sponsored enterprises | | | 1,642,274 | | | 1,448,377 | Total collateralized mortgage obligations | | | 2,631,404 | | | 2,328,036 | Total held-to-maturity securities | | $ | 4,041,449 | | $ | 3,574,856 |
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| Schedule of gross unrealized losses and fair values of securities in a continuous loss position |
| | | | | | | | | | | | | | | | | | | | | Time in Continuous Loss as of December 31, 2023 | | | Less Than 12 Months | | 12 Months or More | | Total | | | Unrealized | | | | | Unrealized | | | | | Unrealized | | | | (dollars in thousands) | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | U.S. Treasury and government agency debt securities | | $ | — | | $ | — | | $ | (666) | | $ | 32,503 | | $ | (666) | | $ | 32,503 | Government-sponsored enterprises debt securities | | | — | | | — | | | (408) | | | 19,592 | | | (408) | | | 19,592 | Mortgage-backed securities: | | | | | | | | | | | | | | | | | | | Residential - Government agency | | | — | | | — | | | (1,121) | | | 10,182 | | | (1,121) | | | 10,182 | Residential - Government-sponsored enterprises | | | — | | | — | | | (112,124) | | | 783,297 | | | (112,124) | | | 783,297 | Commercial - Government agency | | | — | | | — | | | (50,270) | | | 218,674 | | | (50,270) | | | 218,674 | Commercial - Government-sponsored enterprises | | | — | | | — | | | (7,028) | | | 86,431 | | | (7,028) | | | 86,431 | Commercial - Non-agency | | | — | | | — | | | (281) | | | 21,683 | | | (281) | | | 21,683 | Collateralized mortgage obligations: | | | | | | | | | | | | | | | | | | | Government agency | | | — | | | — | | | (67,568) | | | 471,150 | | | (67,568) | | | 471,150 | Government-sponsored enterprises | | | — | | | — | | | (61,856) | | | 363,970 | | | (61,856) | | | 363,970 | Collateralized loan obligations | | | (564) | | | 63,667 | | | (1,496) | | | 163,126 | | | (2,060) | | | 226,793 | Total available-for-sale securities with unrealized losses | | $ | (564) | | $ | 63,667 | | $ | (302,818) | | $ | 2,170,608 | | $ | (303,382) | | $ | 2,234,275 |
| | | | | | | | | | | | | | | | | | | | | Time in Continuous Loss as of December 31, 2022 | | | Less Than 12 Months | | 12 Months or More | | Total | | | Unrealized | | | | | Unrealized | | | | | Unrealized | | | | (dollars in thousands) | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | U.S. Treasury and government agency debt securities | | $ | (2,962) | | $ | 83,870 | | $ | (9,365) | | $ | 67,112 | | $ | (12,327) | | $ | 150,982 | Government-sponsored enterprises debt securities | | | (699) | | | 44,301 | | | — | | | — | | | (699) | | | 44,301 | Mortgage-backed securities: | | | | | | | | | | | | | | | | | | | Residential - Government agency | | | (7,069) | | | 59,723 | | | — | | | — | | | (7,069) | | | 59,723 | Residential - Government-sponsored enterprises | | | (73,954) | | | 645,338 | | | (83,309) | | | 515,117 | | | (157,263) | | | 1,160,455 | Commercial - Government agency | | | (15,852) | | | 108,842 | | | (28,995) | | | 129,011 | | | (44,847) | | | 237,853 | Commercial - Government-sponsored enterprises | | | (7,348) | | | 94,657 | | | (3,691) | | | 24,916 | | | (11,039) | | | 119,573 | Commercial - Non-agency | | | (493) | | | 21,471 | | | — | | | — | | | (493) | | | 21,471 | Collateralized mortgage obligations: | | | | | | | | | | | | | | | | | | | Government agency | | | (74,797) | | | 596,907 | | | (10,405) | | | 56,415 | | | (85,202) | | | 653,322 | Government-sponsored enterprises | | | (21,916) | | | 198,108 | | | (49,055) | | | 264,024 | | | (70,971) | | | 462,132 | Collateralized loan obligations | | | (8,606) | | | 170,042 | | | — | | | — | | | (8,606) | | | 170,042 | Total available-for-sale securities with unrealized losses | | $ | (213,696) | | $ | 2,023,259 | | $ | (184,820) | | $ | 1,056,595 | | $ | (398,516) | | $ | 3,079,854 |
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