Investment Securities (Tables)

6 Months Ended

Jun. 30, 2025

Investment Securities

Schedule of amortized cost and fair value of securities

	June 30, 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		35,295		286		(1,209)		34,372		37,473		—		(1,614)		35,859
Residential - Government-sponsored enterprises		786,643		348		(72,653)		714,338		840,836		—		(102,723)		738,113
Commercial - Government agency		243,434		—		(49,424)		194,010		249,348		—		(53,223)		196,125
Commercial - Government-sponsored enterprises		45,844		—		(1,931)		43,913		48,015		—		(3,107)		44,908
Commercial - Non-agency		88,812		504		—		89,316		22,000		83		—		22,083
Collateralized mortgage obligations:
Government agency		426,641		119		(42,773)		383,987		452,038		—		(54,914)		397,124
Government-sponsored enterprises		338,441		395		(40,184)		298,652		359,416		—		(48,734)		310,682
Collateralized loan obligations		132,796		270		—		133,066		173,152		323		—		173,475
Total available-for-sale securities	$	2,097,906	$	1,922	$	(208,174)	$	1,891,654	$	2,190,448	$	406	$	(264,338)	$	1,926,516
Government agency debt securities	$	47,692	$	—	$	(3,837)	$	43,855	$	49,267	$	—	$	(5,398)	$	43,869
Mortgage-backed securities:
Residential - Government agency		39,037		—		(5,310)		33,727		40,888		—		(6,579)		34,309
Residential - Government-sponsored enterprises		89,907		—		(12,880)		77,027		92,573		—		(14,854)		77,719
Commercial - Government agency		30,779		—		(8,140)		22,639		31,009		—		(8,666)		22,343
Commercial - Government-sponsored enterprises		1,100,422		217		(124,704)		975,935		1,114,549		201		(149,244)		965,506
Collateralized mortgage obligations:
Government agency		863,939		—		(100,312)		763,627		907,565		—		(126,020)		781,545
Government-sponsored enterprises		1,432,249		—		(168,283)		1,263,966		1,500,212		—		(210,721)		1,289,491
Debt securities issued by states and political subdivisions		54,789		—		(4,867)		49,922		54,587		—		(6,860)		47,727
Total held-to-maturity securities	$	3,658,814	$	217	$	(428,333)	$	3,230,698	$	3,790,650	$	201	$	(528,342)	$	3,262,509

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

	June 30, 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		80,853		81,325
Due after five years through ten years		126,755		127,022
Due after ten years		14,000		14,035
		221,608		222,382
Mortgage-backed securities:
Residential - Government agency		35,295		34,372
Residential - Government-sponsored enterprises		786,643		714,338
Commercial - Government agency		243,434		194,010
Commercial - Government-sponsored enterprises		45,844		43,913
Total mortgage-backed securities		1,111,216		986,633
Collateralized mortgage obligations:
Government agency		426,641		383,987
Government-sponsored enterprises		338,441		298,652
Total collateralized mortgage obligations		765,082		682,639
Total available-for-sale securities	$	2,097,906	$	1,891,654
Held-to-maturity securities
Due in one year or less	$	—	$	—
Due after one year through five years		—		—
Due after five years through ten years		51,856		48,536
Due after ten years		50,625		45,241
		102,481		93,777
Mortgage-backed securities:
Residential - Government agency		39,037		33,727
Residential - Government-sponsored enterprises		89,907		77,027
Commercial - Government agency		30,779		22,639
Commercial - Government-sponsored enterprises		1,100,422		975,935
Total mortgage-backed securities		1,260,145		1,109,328
Collateralized mortgage obligations:
Government agency		863,939		763,627
Government-sponsored enterprises		1,432,249		1,263,966
Total collateralized mortgage obligations		2,296,188		2,027,593
Total held-to-maturity securities	$	3,658,814	$	3,230,698

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

	Time in Continuous Loss as of June 30, 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	$	—	$	—	$	(1,209)	$	8,540	$	(1,209)	$	8,540
Residential - Government-sponsored enterprises		(119)		82,667		(72,534)		594,518		(72,653)		677,185
Commercial - Government agency		—		—		(49,424)		194,010		(49,424)		194,010
Commercial - Government-sponsored enterprises		—		—		(1,931)		43,913		(1,931)		43,913
Collateralized mortgage obligations:
Government agency		(123)		46,917		(42,650)		300,687		(42,773)		347,604
Government-sponsored enterprises		—		—		(40,184)		243,192		(40,184)		243,192
Total available-for-sale securities with unrealized losses	$	(242)	$	129,584	$	(207,932)	$	1,384,860	$	(208,174)	$	1,514,444

	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