Investment Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investment Securities

Schedule of amortized cost of investment securities to estimated fair values

	September 30, 2023
	Amortized		Unrealized		Unrealized		Allowance for		Fair
(dollars in thousands)	Cost		Gains		Losses		Credit Losses		Value
Available-for-sale
U.S. Treasury and agencies	$	2,679	$	9	$	(23)	$	—	$	2,665
Mortgage backed securities
Residential agency		656,845		—		(135,222)		—		521,623
Commercial		66,980		—		(8,295)		—		58,685
Asset backed securities		27		—		—		—		27
Corporate bonds		69,495		—		(12,494)		—		57,001
Total available-for-sale investment securities		796,026		9		(156,034)		—		640,001
Held-to-maturity
Obligations of state and political agencies		130,088		—		(18,651)		115		111,437
Mortgage backed securities
Residential agency		173,398		—		(36,596)		103		136,802
Total held-to-maturity investment securities		303,486		—		(55,247)		218		248,239
Total investment securities	$	1,099,512	$	9	$	(211,281)	$	218	$	888,240

	December 31, 2022
	Amortized		Unrealized		Unrealized		Allowance for		Fair
(dollars in thousands)	Cost		Gains		Losses		Credit Losses		Value
Available-for-sale
U.S. Treasury and agencies	$	3,518	$	19	$	(17)		N/A	$	3,520
Mortgage backed securities
Residential agency		705,845		2		(118,168)		N/A		587,679
Commercial		70,669		—		(7,111)		N/A		63,558
Asset backed securities		34		—		—		N/A		34
Corporate bonds		69,501		—		(6,968)		N/A		62,533
Total available-for-sale investment securities		849,567		21		(132,264)		N/A		717,324
Held-to-maturity
Obligations of state and political agencies		137,787		—		(17,736)		N/A		120,051
Mortgage backed securities
Residential agency		184,115		—		(33,254)		N/A		150,861
Total held-to-maturity investment securities		321,902		—		(50,990)		N/A		270,912
Total investment securities	$	1,171,469	$	21	$	(183,254)		N/A	$	988,236

Schedule of investment securities with gross unrealized losses

	September 30, 2023
	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	$	—	$	—	$	(23)	$	389	$	(23)	$	389
Mortgage backed securities
Residential agency		(9)		577		(135,213)		484,451		(135,222)		485,028
Commercial		—		—		(8,295)		58,684		(8,295)		58,684
Asset backed securities		—		7		—		19		—		26
Corporate bonds		—		—		(12,494)		57,001		(12,494)		57,001
Total available-for-sale investment securities	$	(9)	$	584	$	(156,025)	$	600,544	$	(156,034)	$	601,128

	December 31, 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	$	(17)	$	509	$	—	$	—	$	(17)	$	509
Mortgage backed securities
Residential agency		(10,457)		79,693		(107,711)		507,418		(118,168)		587,111
Commercial		(4,835)		50,437		(2,276)		13,120		(7,111)		63,557
Asset backed securities		—		32		—		2		—		34
Corporate bonds		(4,452)		48,048		(2,516)		14,484		(6,968)		62,532
Total available-for-sale investment securities		(19,761)		178,719		(112,503)		535,024		(132,264)		713,743
Held-to-maturity
Obligations of state and political agencies		(3,336)		18,788		(14,400)		98,762		(17,736)		117,550
Mortgage backed securities
Residential agency		—		—		(33,254)		150,861		(33,254)		150,861
Total held-to-maturity investment securities		(3,336)		18,788		(47,654)		249,623		(50,990)		268,411
Total investment securities	$	(23,097)	$	197,507	$	(160,157)	$	784,647	$	(183,254)	$	982,154

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	$	5,981	$	5,875	$	—	$	—
Due after one year through five years		51,009		45,878		17,119		15,706
Due after five years through ten years		60,325		49,427		80,670		66,779
Due after 10 years		12,773		10,257		41,392		35,893
		130,088		111,437		139,181		118,378
Mortgage-backed securities
Residential agency		173,398		136,802		656,845		521,623
Total investment securities	$	303,486	$	248,239	$	796,026	$	640,001

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)	2023		2022		2023		2022
Proceeds	$	116	$	101	$	242	$	827
Realized gains		—		—		—		—
Realized losses		—		—		—		—

Schedule of federal home loan bank

	September 30,		December 31,
(dollars in thousands)	2023		2022
Federal Reserve	$	4,623	$	4,595
FHLB		25,316		19,362