Investment Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investment Securities

Schedule of amortized cost and fair value of securities

	June 30, 2024								December 31, 2023
	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	$	13,287	$	—	$	(318)	$	12,969	$	33,169	$	—	$	(666)	$	32,503
Government-sponsored enterprises debt securities		20,000		—		(332)		19,668		20,000		—		(408)		19,592
Mortgage-backed securities:
Residential - Government agency		10,765		—		(1,430)		9,335		11,303		—		(1,121)		10,182
Residential - Government-sponsored enterprises		838,352		—		(117,207)		721,145		895,421		—		(112,124)		783,297
Commercial - Government agency		262,848		—		(54,620)		208,228		268,944		—		(50,270)		218,674
Commercial - Government-sponsored enterprises		89,027		—		(6,535)		82,492		93,459		—		(7,028)		86,431
Commercial - Non-agency		22,000		—		—		22,000		21,964		—		(281)		21,683
Collateralized mortgage obligations:
Government agency		505,180		—		(70,324)		434,856		538,718		—		(67,568)		471,150
Government-sponsored enterprises		400,145		—		(60,910)		339,235		425,826		—		(61,856)		363,970
Collateralized loan obligations		217,400		628		—		218,028		249,871		43		(2,060)		247,854
Total available-for-sale securities	$	2,379,004	$	628	$	(311,676)	$	2,067,956	$	2,558,675	$	43	$	(303,382)	$	2,255,336
Government agency debt securities	$	50,589	$	—	$	(5,284)	$	45,305	$	52,051	$	—	$	(4,497)	$	47,554
Mortgage-backed securities:
Residential - Government agency		42,233		—		(6,530)		35,703		43,885		—		(5,189)		38,696
Residential - Government-sponsored enterprises		96,074		—		(13,792)		82,282		99,379		—		(11,013)		88,366
Commercial - Government agency		30,907		—		(8,184)		22,723		30,795		—		(7,017)		23,778
Commercial - Government-sponsored enterprises		1,120,320		180		(138,949)		981,551		1,129,738		195		(130,757)		999,176
Collateralized mortgage obligations:
Government agency		949,738		—		(123,994)		825,744		989,130		—		(109,471)		879,659
Government-sponsored enterprises		1,572,924		—		(213,245)		1,359,679		1,642,274		—		(193,897)		1,448,377
Debt securities issued by states and political subdivisions		54,390		—		(6,371)		48,019		54,197		—		(4,947)		49,250
Total held-to-maturity securities	$	3,917,175	$	180	$	(516,349)	$	3,401,006	$	4,041,449	$	195	$	(466,788)	$	3,574,856

Schedule of amortized cost and fair value of debt securities by contractual maturity

	June 30, 2024
	Amortized		Fair
(dollars in thousands)	Cost		Value
Available-for-sale securities
Due in one year or less	$	33,287	$	32,636
Due after one year through five years		9,275		9,293
Due after five years through ten years		102,374		102,643
Due after ten years		127,751		128,093
		272,687		272,665
Mortgage-backed securities:
Residential - Government agency		10,765		9,335
Residential - Government-sponsored enterprises		838,352		721,145
Commercial - Government agency		262,848		208,228
Commercial - Government-sponsored enterprises		89,027		82,492
Total mortgage-backed securities		1,200,992		1,021,200
Collateralized mortgage obligations:
Government agency		505,180		434,856
Government-sponsored enterprises		400,145		339,235
Total collateralized mortgage obligations		905,325		774,091
Total available-for-sale securities	$	2,379,004	$	2,067,956
Held-to-maturity securities
Due in one year or less	$	—	$	—
Due after one year through five years		—		—
Due after five years through ten years		22,182		19,901
Due after ten years		82,797		73,423
		104,979		93,324
Mortgage-backed securities:
Residential - Government agency		42,233		35,703
Residential - Government-sponsored enterprises		96,074		82,282
Commercial - Government agency		30,907		22,723
Commercial - Government-sponsored enterprises		1,120,320		981,551
Total mortgage-backed securities		1,289,534		1,122,259
Collateralized mortgage obligations:
Government agency		949,738		825,744
Government-sponsored enterprises		1,572,924		1,359,679
Total collateralized mortgage obligations		2,522,662		2,185,423
Total held-to-maturity securities	$	3,917,175	$	3,401,006

Schedule of gross unrealized losses and fair values of securities in a continuous loss position

	Time in Continuous Loss as of June 30, 2024
	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	$	—	$	—	$	(318)	$	12,969	$	(318)	$	12,969
Government-sponsored enterprises debt securities		—		—		(332)		19,668		(332)		19,668
Mortgage-backed securities:
Residential - Government agency		—		—		(1,430)		9,335		(1,430)		9,335
Residential - Government-sponsored enterprises		—		—		(117,207)		721,145		(117,207)		721,145
Commercial - Government agency		—		—		(54,620)		208,228		(54,620)		208,228
Commercial - Government-sponsored enterprises		—		—		(6,535)		82,492		(6,535)		82,492
Commercial - Non-agency		—		22,000		—		—		—		22,000
Collateralized mortgage obligations:
Government agency		—		—		(70,324)		434,856		(70,324)		434,856
Government-sponsored enterprises		—		—		(60,910)		339,235		(60,910)		339,235
Total available-for-sale securities with unrealized losses	$	—	$	22,000	$	(311,676)	$	1,827,928	$	(311,676)	$	1,849,928

	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