Securities (Tables)

3 Months Ended

Mar. 31, 2024

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)
March 31, 2024	Amortized Cost	Unrealized Gains	Unrealized Losses	ACL	Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government-sponsored enterprises	$250,450	$—	($26,540)	$—	$223,910
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	864,017	158	(139,405)	—	724,770
Individual name issuer trust preferred debt securities	9,404	—	(429)	—	8,975
Corporate bonds	13,186	—	(781)	—	12,405
Total available for sale debt securities	$1,137,057	$158	($167,155)	$—	$970,060

(Dollars in thousands)
December 31, 2023	Amortized Cost	Unrealized Gains	Unrealized Losses	ACL	Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government-sponsored enterprises	$250,450	$15	($24,723)	$—	$225,742
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	879,597	246	(125,887)	—	753,956
Individual name issuer trust preferred debt securities	9,400	—	(607)	—	8,793
Corporate bonds	13,182	—	(1,293)	—	11,889
Total available for sale debt securities	$1,152,629	$261	($152,510)	$—	$1,000,380

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)
March 31, 2024	Amortized Cost	Fair Value
Due in one year or less	$86,697	$72,753
Due after one year to five years	514,848	445,618
Due after five years to ten years	265,420	224,319
Due after ten years	270,092	227,370
Total debt securities	$1,137,057	$970,060

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
March 31, 2024	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses
Obligations of U.S. government-sponsored enterprises	1	$9,959	($41)	21	$213,951	($26,499)	22	$223,910	($26,540)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	6	810	(2)	161	712,684	(139,403)	167	713,494	(139,405)
Individual name issuer trust preferred debt securities	—	—	—	3	8,975	(429)	3	8,975	(429)
Corporate bonds	—	—	—	4	12,405	(781)	4	12,405	(781)
Total	7	$10,769	($43)	189	$948,015	($167,112)	196	$958,784	($167,155)

(Dollars in thousands)	Less than 12 Months			12 Months or Longer			Total
December 31, 2023	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses
Obligations of U.S. government-sponsored enterprises	1	$19,824	($176)	20	$195,903	($24,547)	21	$215,727	($24,723)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	8	43,887	(262)	154	698,115	(125,625)	162	742,002	(125,887)
Individual name issuer trust preferred debt securities	—	—	—	3	8,793	(607)	3	8,793	(607)
Corporate bonds	—	—	—	4	11,889	(1,293)	4	11,889	(1,293)
Total	9	$63,711	($438)	181	$914,700	($152,072)	190	$978,411	($152,510)