Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

The following tables present the amortized cost, gross unrealized holding gains, gross unrealized holding losses, ACL on securities and fair value of securities by major security type and class of security:

(Dollars in thousands)
September 30, 2023	Amortized Cost	Unrealized Gains	Unrealized Losses	ACL	Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government-sponsored enterprises	$250,950	$—	($34,388)	$—	$216,562
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	896,579	16	(174,896)	—	721,699
Individual name issuer trust preferred debt securities	9,397	—	(632)	—	8,765
Corporate bonds	13,179	—	(1,215)	—	11,964
Total available for sale debt securities	$1,170,105	$16	($211,131)	$—	$958,990

(Dollars in thousands)
December 31, 2022	Amortized Cost	Unrealized Gains	Unrealized Losses	ACL	Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government-sponsored enterprises	$231,203	$1	($31,622)	$—	$199,582
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	912,581	269	(138,748)	—	774,102
Individual name issuer trust preferred debt securities	9,387	—	(627)	—	8,760
Corporate bonds	13,169	—	(1,685)	—	11,484
Total available for sale debt securities	$1,166,340	$270	($172,682)	$—	$993,928

Securities by Contractual Maturity

The schedule of maturities of available for sale debt securities is presented below. Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments.  All other debt securities are included based on contractual maturities.  Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations with or without call or prepayment penalties.

(Dollars in thousands)
September 30, 2023	Amortized Cost	Fair Value
Due in one year or less	$103,283	$83,196
Due after one year to five years	509,654	422,408
Due after five years to ten years	312,960	255,998
Due after ten years	244,208	197,388
Total debt securities	$1,170,105	$958,990

Securities in a Continuous Unrealized Loss Position

The following tables summarize available for sale debt securities in an unrealized loss position, for which an ACL on securities has not been recorded, segregated by length of time that the securities have been in a continuous unrealized loss position:

(Dollars in thousands)	Less than 12 Months			12 Months or Longer			Total
September 30, 2023	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses
Obligations of U.S. government-sponsored enterprises	2	$29,326	($674)	21	$187,236	($33,715)	23	$216,562	($34,389)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	30	61,703	(2,968)	154	658,490	(171,927)	184	720,193	(174,895)
Individual name issuer trust preferred debt securities	—	—	—	3	8,765	(632)	3	8,765	(632)
Corporate bonds	—	—	—	4	11,964	(1,215)	4	11,964	(1,215)
Total	32	$91,029	($3,642)	182	$866,455	($207,489)	214	$957,484	($211,131)

(Dollars in thousands)	Less than 12 Months			12 Months or Longer			Total
December 31, 2022	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses
Obligations of U.S. government-sponsored enterprises	4	$20,115	($638)	18	$169,466	($30,984)	22	$189,581	($31,622)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	95	288,777	(24,960)	66	471,355	(113,788)	161	760,132	(138,748)
Individual name issuer trust preferred debt securities	—	—	—	3	8,760	(627)	3	8,760	(627)
Corporate bonds	—	—	—	4	11,484	(1,685)	4	11,484	(1,685)
Total	99	$308,892	($25,598)	91	$661,065	($147,084)	190	$969,957	($172,682)