Investment Securities (Tables)

3 Months Ended

Mar. 31, 2025

Investment Securities

Schedule of amortized cost and fair value of securities

	March 31, 2025								December 31, 2024
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
Government agency debt securities	$	—	$	—	$	—	$	—	$	8,170	$	—	$	(23)	$	8,147
Mortgage-backed securities:
Residential - Government agency		36,376		243		(1,305)		35,314		37,473		—		(1,614)		35,859
Residential - Government-sponsored enterprises		814,089		5		(86,677)		727,417		840,836		—		(102,723)		738,113
Commercial - Government agency		246,139		—		(50,373)		195,766		249,348		—		(53,223)		196,125
Commercial - Government-sponsored enterprises		46,380		—		(2,368)		44,012		48,015		—		(3,107)		44,908
Commercial - Non-agency		22,000		5		—		22,005		22,000		83		—		22,083
Collateralized mortgage obligations:
Government agency		440,756		13		(49,095)		391,674		452,038		—		(54,914)		397,124
Government-sponsored enterprises		348,881		—		(43,144)		305,737		359,416		—		(48,734)		310,682
Collateralized loan obligations		136,413		109		(19)		136,503		173,152		323		—		173,475
Total available-for-sale securities	$	2,091,034	$	375	$	(232,981)	$	1,858,428	$	2,190,448	$	406	$	(264,338)	$	1,926,516
Government agency debt securities	$	49,104	$	—	$	(4,478)	$	44,626	$	49,267	$	—	$	(5,398)	$	43,869
Mortgage-backed securities:
Residential - Government agency		39,912		—		(5,671)		34,241		40,888		—		(6,579)		34,309
Residential - Government-sponsored enterprises		91,523		—		(13,511)		78,012		92,573		—		(14,854)		77,719
Commercial - Government agency		31,056		—		(8,698)		22,358		31,009		—		(8,666)		22,343
Commercial - Government-sponsored enterprises		1,103,962		209		(137,358)		966,813		1,114,549		201		(149,244)		965,506
Collateralized mortgage obligations:
Government agency		887,439		—		(111,525)		775,914		907,565		—		(126,020)		781,545
Government-sponsored enterprises		1,467,222		—		(187,697)		1,279,525		1,500,212		—		(210,721)		1,289,491
Debt securities issued by states and political subdivisions		54,690		—		(5,904)		48,786		54,587		—		(6,860)		47,727
Total held-to-maturity securities	$	3,724,908	$	209	$	(474,842)	$	3,250,275	$	3,790,650	$	201	$	(528,342)	$	3,262,509

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

	March 31, 2025
	Amortized		Fair
(dollars in thousands)	Cost		Value
Available-for-sale securities
Due in one year or less	$	—	$	—
Due after one year through five years		9,275		9,285
Due after five years through ten years		127,138		127,218
Due after ten years		22,000		22,005
		158,413		158,508
Mortgage-backed securities:
Residential - Government agency		36,376		35,314
Residential - Government-sponsored enterprises		814,089		727,417
Commercial - Government agency		246,139		195,766
Commercial - Government-sponsored enterprises		46,380		44,012
Total mortgage-backed securities		1,142,984		1,002,509
Collateralized mortgage obligations:
Government agency		440,756		391,674
Government-sponsored enterprises		348,881		305,737
Total collateralized mortgage obligations		789,637		697,411
Total available-for-sale securities	$	2,091,034	$	1,858,428
Held-to-maturity securities
Due in one year or less	$	—	$	—
Due after one year through five years		—		—
Due after five years through ten years		52,632		48,343
Due after ten years		51,162		45,069
		103,794		93,412
Mortgage-backed securities:
Residential - Government agency		39,912		34,241
Residential - Government-sponsored enterprises		91,523		78,012
Commercial - Government agency		31,056		22,358
Commercial - Government-sponsored enterprises		1,103,962		966,813
Total mortgage-backed securities		1,266,453		1,101,424
Collateralized mortgage obligations:
Government agency		887,439		775,914
Government-sponsored enterprises		1,467,222		1,279,525
Total collateralized mortgage obligations		2,354,661		2,055,439
Total held-to-maturity securities	$	3,724,908	$	3,250,275

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

	Time in Continuous Loss as of March 31, 2025
	Less Than 12 Months				12 Months or More				Total
	Unrealized				Unrealized				Unrealized
(dollars in thousands)	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
Mortgage-backed securities:
Residential - Government agency	$	—	$	—	$	(1,305)	$	8,718	$	(1,305)	$	8,718
Residential - Government-sponsored enterprises		(1,512)		114,923		(85,165)		606,556		(86,677)		721,479
Commercial - Government agency		—		—		(50,373)		195,766		(50,373)		195,766
Commercial - Government-sponsored enterprises		—		—		(2,368)		44,012		(2,368)		44,012
Collateralized mortgage obligations:
Government agency		(937)		75,714		(48,158)		306,599		(49,095)		382,313
Government-sponsored enterprises		(165)		56,582		(42,979)		249,155		(43,144)		305,737
Collateralized loan obligations		(19)		15,721		—		—		(19)		15,721
Total available-for-sale securities with unrealized losses	$	(2,633)	$	262,940	$	(230,348)	$	1,410,806	$	(232,981)	$	1,673,746

	Time in Continuous Loss as of December 31, 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
Government agency debt securities	$	—	$	—	$	(23)	$	8,147	$	(23)	$	8,147
Mortgage-backed securities:
Residential - Government agency		(154)		27,127		(1,460)		8,732		(1,614)		35,859
Residential - Government-sponsored enterprises		(2,997)		116,084		(99,726)		622,029		(102,723)		738,113
Commercial - Government agency		—		—		(53,223)		196,125		(53,223)		196,125
Commercial - Government-sponsored enterprises		—		—		(3,107)		44,908		(3,107)		44,908
Collateralized mortgage obligations:
Government agency		(712)		76,968		(54,202)		310,171		(54,914)		387,139
Government-sponsored enterprises		(912)		57,509		(47,822)		253,173		(48,734)		310,682
Total available-for-sale securities with unrealized losses	$	(4,775)	$	277,688	$	(259,563)	$	1,443,285	$	(264,338)	$	1,720,973