Investment Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investment Securities

Schedule of amortized cost of investment securities to estimated fair values

	September 30, 2022
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Available-for-sale
U.S. Treasury and agencies	$	3,826	$	26	$	(19)	$	3,833
Mortgage backed securities
Residential agency		721,170		6		(124,187)		596,989
Commercial		72,584		—		(7,301)		65,283
Asset backed securities		35		—		—		35
Corporate bonds		69,528		—		(6,558)		62,970
Total available-for-sale investment securities		867,143		32		(138,065)		729,110
Held-to-maturity
Obligations of state and political agencies		138,664		—		(18,836)		119,828
Mortgage backed securities
Residential agency		187,746		—		(34,268)		153,478
Total held-to-maturity investment securities		326,410		—		(53,104)		273,306
Total investment securities	$	1,193,553	$	32	$	(191,169)	$	1,002,416

	December 31, 2021
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Available-for-sale
U.S. Treasury and agencies	$	5,028	$	75	$	—	$	5,103
Mortgage backed securities
Residential agency		717,781		1,213		(11,837)		707,157
Commercial		88,362		2,674		(123)		90,913
Asset backed securities		52		2		—		54
Corporate bonds		49,035		1,398		(11)		50,422
Total available-for-sale investment securities		860,258		5,362		(11,971)		853,649
Held-to-maturity
Obligations of state and political agencies		144,543		1,110		(349)		145,304
Mortgage backed securities
Residential agency		207,518		—		(3,145)		204,373
Total held-to-maturity investment securities		352,061		1,110		(3,494)		349,677
Total investment securities	$	1,212,319	$	6,472	$	(15,465)	$	1,203,326

Schedule of investment securities with gross unrealized losses

	September 30, 2022
	Less than 12 Months				Over 12 Months				Total
	Unrealized		Fair		Unrealized		Fair		Unrealized		Fair
(dollars in thousands)	Losses		Value		Losses		Value		Losses		Value
Available-for-sale
U.S. Treasury and agencies	$	(19)	$	529	$	—	$	—	$	(19)	$	529
Mortgage backed securities
Residential agency		(60,983)		325,016		(63,204)		271,347		(124,187)		596,363
Commercial		(5,425)		54,666		(1,876)		10,618		(7,301)		65,284
Asset backed securities		—		22		—		2		—		24
Corporate bonds		(6,558)		62,945		—		—		(6,558)		62,945
Total available-for-sale investment securities		(72,985)		443,178		(65,080)		281,967		(138,065)		725,145
Held-to-maturity
Obligations of state and political agencies		(16,300)		94,902		(2,536)		24,926		(18,836)		119,828
Mortgage backed securities
Residential agency		—		—		(34,268)		153,478		(34,268)		153,478
Total held-to-maturity investment securities		(16,300)		94,902		(36,804)		178,404		(53,104)		273,306
Total investment securities	$	(89,285)	$	538,080	$	(101,884)	$	460,371	$	(191,169)	$	998,451

	December 31, 2021
	Less than 12 Months				Over 12 Months				Total
	Unrealized		Fair		Unrealized		Fair		Unrealized		Fair
(dollars in thousands)	Losses		Value		Losses		Value		Losses		Value
Available-for-sale
U.S. Treasury and agencies	$	—	$	—	$	—	$	—	$	—	$	—
Mortgage backed securities
Residential agency		(10,156)		554,811		(1,681)		55,082		(11,837)		609,893
Commercial		(123)		17,470		—		—		(123)		17,470
Asset backed securities		—		—		—		2		—		2
Corporate bonds		(11)		5,989		—		—		(11)		5,989
Total available-for-sale investment securities		(10,290)		578,270		(1,681)		55,084		(11,971)		633,354
Held-to-maturity
Obligations of state and political agencies		(349)		53,210		—		—		(349)		53,210
Mortgage backed securities
Residential agency		(3,145)		204,373		—		—		(3,145)		204,373
Total held-to-maturity investment securities		(3,494)		257,583		—		—		(3,494)		257,583
Total investment securities	$	(13,784)	$	835,853	$	(1,681)	$	55,084	$	(15,465)	$	890,937

Schedule of contractual maturity of amortized cost and estimated fair value

	Held-to-maturity				Available-for-sale
	Carrying		Fair		Amortized		Fair
(dollars in thousands)	Value		Value		Cost		Value
Due within one year or less	$	6,808	$	6,742	$	11	$	11
Due after one year through five years		40,702		37,102		21,421		19,957
Due after five years through ten years		69,679		58,557		89,695		81,580
Due after 10 years		209,221		170,905		756,016		627,562
Total investment securities	$	326,410	$	273,306	$	867,143	$	729,110

Schedule of proceeds from the sale of available for sale securities

	Three months ended				Nine months ended
	September 30,				September 30,
(dollars in thousands)	2022		2021		2022		2021
Proceeds	$	—	$	—	$	—	$	13,189
Realized gains		—		—		—		114
Realized losses		—		—		—		—

Schedule of proceeds from the call of held-to-maturity investment securities

	Three months ended				Nine months ended
	September 30,				September 30,
(dollars in thousands)	2022		2021		2022		2021
Proceeds	$	101	$	348	$	827	$	1,763
Realized gains		—		11		—		11
Realized losses		—		—		—		—

Schedule of federal home loan bank

	September 30,		December 31,
(dollars in thousands)	2022		2021
Federal Reserve	$	4,616	$	2,675
FHLB		15,554		3,806