Investment Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investment Securities

Schedule of amortized cost of investment securities to estimated fair values

	December 31, 2023
	Amortized		Unrealized		Unrealized		Allowance for		Fair
(dollars in thousands)	Cost		Gains		Losses		Credit Losses		Value
Available-for-sale
U.S. Treasury and agencies	$	1,119	$	4	$	(3)	$	—	$	1,120
Mortgage backed securities
Residential agency		524,140		1		(88,547)		—		435,594
Commercial		1,476		—		(123)		—		1,353
Asset backed securities		26		—		(1)		—		25
Corporate bonds		57,993		—		(9,349)		—		48,644
Total available-for-sale investment securities		584,754		5		(98,023)		—		486,736
Held-to-maturity
Obligations of state and political agencies		129,603		—		(12,613)		114		116,990
Mortgage backed securities
Residential agency		170,125		—		(28,498)		99		141,627
Total held-to-maturity investment securities		299,728		—		(41,111)		213		258,617
Total investment securities	$	884,482	$	5	$	(139,134)	$	213	$	745,353

	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 proceeds from the sale of available for sale securities

	Year ended
	December 31,
(dollars in thousands)	2023		2022		2021
Proceeds	$	171,758	$	—	$	13,189
Realized gains		—		—		114
Realized losses		(24,643)		—		—

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

	Year ended
	December 31,
(dollars in thousands)	2023		2022		2021
Proceeds	$	242	$	963	$	1,772
Realized gains		—		—		11
Realized losses		—		—		—

Schedule of investment securities with gross unrealized losses

		December 31, 2023
		Less than 12 Months				Over 12 Months				Total
	Number of	Unrealized		Fair		Unrealized		Fair		Unrealized		Fair
(dollars in thousands)	Holdings	Losses		Value		Losses		Value		Losses		Value
Available-for-sale
U.S. Treasury and agencies	1	$	(3)	$	489	$	—	$	—	$	(3)	$	489
Mortgage backed securities
Residential agency	112		—		43		(88,547)		435,505		(88,547)		435,548
Commercial	1		—		—		(123)		1,353		(123)		1,353
Asset backed securities	3		—		—		(1)		25		(1)		25
Corporate bonds	12		—		—		(9,349)		48,644		(9,349)		48,644
Total available-for-sale investment securities	129	$	(3)	$	532	$	(98,020)	$	485,527	$	(98,023)	$	486,059

		December 31, 2022
		Less than 12 Months				Over 12 Months				Total
	Number of	Unrealized		Fair		Unrealized		Fair		Unrealized		Fair
(dollars in thousands)	Holdings	Losses		Value		Losses		Value		Losses		Value
Available-for-sale
U.S. Treasury and agencies	1	$	(17)	$	509	$	—	$	—	$	(17)	$	509
Mortgage backed securities
Residential agency	145		(10,457)		79,693		(107,711)		507,418		(118,168)		587,111
Commercial	17		(4,835)		50,437		(2,276)		13,120		(7,111)		63,557
Asset backed securities	3		—		32		—		2		—		34
Corporate bonds	17		(4,452)		48,048		(2,516)		14,484		(6,968)		62,532
Total available-for-sale investment securities	183		(19,761)		178,719		(112,503)		535,024		(132,264)		713,743
Held-to-maturity
Obligations of state and political agencies	181		(3,336)		18,788		(14,400)		98,762		(17,736)		117,550
Mortgage backed securities
Residential agency	27		—		—		(33,254)		150,861		(33,254)		150,861
Total held-to-maturity investment securities	208		(3,336)		18,788		(47,654)		249,623		(50,990)		268,411
Total investment securities	391	$	(23,097)	$	197,507	$	(160,157)	$	784,647	$	(183,254)	$	982,154

Schedule of contractual maturity of amortized cost and estimated fair value

The following table presents amortized cost and fair value of AFS investment securities and the carrying value and fair value of HTM investment securities at December 31, 2023, by contractual maturity:

	Held-to-maturity				Available-for-sale
	Carrying		Fair		Amortized		Fair
(dollars in thousands)	Value		Value		Cost		Value
Due within one year or less	$	8,588	$	8,474	$	—	$	—
Due after one year through five years		47,995		44,557		524		521
Due after five years through ten years		60,289		52,729		59,477		50,004
Due after 10 years		12,731		11,230		613		617
		129,603		116,990		60,614		51,142
Mortgage-backed securities
Residential agency		170,125		141,627		524,140		435,594
Total investment securities	$	299,728	$	258,617	$	584,754	$	486,736

Schedule of federal home loan bank

	December 31,		December 31,
(dollars in thousands)	2023		2022
Federal Reserve	$	4,623	$	4,595
FHLB		16,566		19,362