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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
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 CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesEstimated Fair Value
September 30, 2023
Investment securities available-for-sale:
U.S. treasury bonds$49,868 $— $(2,818)$— $47,050 
U.S. agency securities736,078 1 (79,802)— 656,277 
Residential mortgage-backed securities848,555 — (134,407)— 714,148 
Commercial mortgage-backed securities54,904 — (6,900)— 48,004 
Municipal bonds8,828 — (1,026)— 7,802 
Corporate bonds2,000 — (319)(17)1,664 
Total available-for-sale securities$1,700,233 $1 $(225,272)$(17)$1,474,945 
(dollars in thousands)Amortized CostGross Unrecognized GainsGross Unrecognized LossesEstimated Fair Value
September 30, 2023
Investment securities held-to-maturity:
Residential mortgage-backed securities$685,648 $— $(109,590)$576,058 
Commercial mortgage-backed securities91,337 — (16,805)74,532 
Municipal bonds125,224 2,828 (19,533)108,519 
Corporate bonds132,286 — (18,685)113,601 
Total$1,034,495 $2,828 $(164,613)$872,710 
Allowance for credit losses(2,010)
Total held-to-maturity securities, net of ACL$1,032,485 
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesEstimated Fair Value
December 31, 2022
Investment securities available-for-sale:
U.S. treasury bonds$49,793 $— $(3,466)$— $46,327 
U.S. agency securities747,777 — (78,049)— 669,728 
Residential mortgage-backed securities937,557 18 (117,072)— 820,503 
Commercial mortgage-backed securities56,071 — (5,858)— 50,213 
Municipal bonds10,700 45 (658)— 10,087 
Corporate bonds2,000 — (175)(17)1,808 
Total available-for-sale securities$1,803,898 $63 $(205,278)$(17)$1,598,666 
(dollars in thousands)Amortized CostGross Unrecognized GainsGross Unrecognized LossesEstimated Fair Value
December 31, 2022
Investment securities held-to-maturity:
Residential mortgage-backed securities$741,057 $— $(88,390)$652,667 
Commercial mortgage-backed securities92,557 — (11,993)80,564 
Municipal bonds128,273 — (12,092)116,181 
Corporate bonds132,253 — (12,958)119,295 
Total$1,094,140 $— $(125,433)$968,707 
Allowance for credit losses(766)
Total held-to-maturity securities, net of ACL$1,093,374 
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 summarizes available-for-sale and held-to-maturity securities in an unrealized loss position by length of time:
Less Than 12 Months12 Months or GreaterTotal
(dollars in thousands)Number of SecuritiesEstimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized Losses
September 30, 2023
Investment securities available-for-sale:
U.S. treasury bonds2 $— $— $47,050 $(2,818)$47,050 $(2,818)
U. S. agency securities78 485,494 (59,495)167,358 (20,307)652,852 (79,802)
Residential mortgage-backed securities156 8 — 714,068 (134,407)714,076 (134,407)
Commercial mortgage-backed securities13 — — 48,004 (6,900)48,004 (6,900)
Municipal bonds1 — — 7,802 (1,026)7,802 (1,026)
Corporate bonds1 — — 1,664 (319)1,664 (319)
Total 251 $485,502 $(59,495)$985,946 $(165,777)$1,471,448 $(225,272)
Less Than 12 Months12 Months or GreaterTotal
(dollars in thousands)Number of SecuritiesEstimated Fair ValueUnrecognized LossesEstimated Fair ValueUnrecognized LossesEstimated Fair ValueUnrecognized Losses
September 30, 2023
Investment securities held-to-maturity:
Residential mortgage-backed securities143$— $— $576,058 $(109,590)$576,058 $(109,590)
Commercial mortgage-backed securities16— — 74,532 (16,805)74,532 (16,805)
Municipal bonds415,866 (162)97,879 (19,371)103,745 (19,533)
Corporate bonds3023,577 (3,434)77,964 (15,251)101,541 (18,685)
Total230 $29,443 $(3,596)$826,433 $(161,017)$855,876 $(164,613)
Less Than 12 Months12 Months or GreaterTotal
(dollars in thousands)Number of SecuritiesEstimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized Losses
December 31, 2022
Investment securities available-for-sale:
U.S. treasury bond2 $— $— $46,327 $(3,466)$46,327 $(3,466)
U. S. agency securities85 490,699 (58,437)179,029 (19,612)669,728 (78,049)
Residential mortgage-backed securities157 3,994 — 808,697 (117,072)812,691 (117,072)
Commercial mortgage-backed securities14 471 (2)49,742 (5,856)50,213 (5,858)
Municipal bonds1 — — 8,299 (658)8,299 (658)
Corporate bonds1 — — 1,825 (175)1,825 (175)
Total260 $495,164 $(58,439)$1,093,919 $(146,839)$1,589,083 $(205,278)
Less Than 12 Months12 Months or GreaterTotal
(dollars in thousands)Number of SecuritiesEstimated Fair ValueUnrecognized LossesEstimated Fair ValueUnrecognized LossesEstimated Fair ValueUnrecognized Losses
December 31, 2022
Investment securities held-to-maturity:
Residential mortgage-backed securities143 $— $— $652,667 $(88,390)$652,667 $(88,390)
Commercial mortgage-backed securities16 — — 80,564 (11,993)80,564 (11,993)
Municipal bonds43 3,110 (45)113,071 (12,047)116,181 (12,092)
Corporate bonds30 20,771 (3,183)86,451 (9,775)107,222 (12,958)
Total232 $23,881 $(3,228)$932,753 $(122,205)$956,634 $(125,433)
Schedule of Amortized Cost and Estimated Fair Value of Investments Available-for-Sale by Contractual Maturity
The amortized cost and estimated fair value of available-for-sale and held-to-maturity securities at September 30, 2023 and December 31, 2022 by contractual maturity are shown in the table below. Contractual maturities for mortgage-backed securities ("MBS") are excluded as they may differ significantly from expected maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
September 30, 2023December 31, 2022
AmortizedEstimatedAmortizedEstimated
(dollars in thousands)
Cost (1)
Fair ValueCostFair Value
Investment securities available-for-sale
U.S. Treasury bonds (after one year through five years)
49,868 47,050 49,793 46,327 
U. S. agency securities maturing:
One year or less544,988 485,494 $549,137 $490,699 
After one year through five years135,014 122,355 111,742 100,297 
After five years through ten years43,971 39,077 73,886 68,180 
After ten years12,105 9,351 13,012 10,552 
Residential mortgage-backed securities848,555 714,148 937,557 820,503 
Commercial mortgage-backed securities54,904 48,004 56,071 50,213 
Municipal bonds maturing:
One year or less— — 300 300 
After one year through five years— — 1,444 1,488 
After five years through ten years8,828 7,802 8,956 8,299 
After ten years— — — — 
Corporate bonds maturing:
One year or less— — — — 
After one year through five years2,000 1,681 2,000 1,825 
After five years through ten years— — — — 
Allowance for credit losses— (17)— (17)
1,700,233 1,474,945 1,803,898 1,598,666 
Investment securities held-to-maturity
Residential mortgage-backed securities685,648 576,058 741,057 652,667 
Commercial mortgage-backed securities91,337 74,532 92,557 80,564 
Municipal bonds maturing:
One year or less6,028 5,866 3,139 3,110 
After one year through five years35,000 31,813 35,579 33,743 
After five years through ten years72,011 60,765 77,262 67,945 
After ten years12,185 10,075 12,293 11,383 
Corporate bonds maturing:
One year or less27,011 23,577 23,954 20,771 
After one year through five years88,443 76,666 84,953 77,997 
After five years through ten years16,832 13,358 23,346 20,527 
Allowance for credit losses(2,010)— (766)— 
1,032,485 872,710 1,093,374 968,707 
$2,732,718 $2,347,655 $2,897,272 $2,567,373 
(1)Amortized cost for investment securities held-to-maturity is presented net of the allowance for credit losses on the Consolidated Balance Sheet.