Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investment Securities

Schedule of amortized cost of investment securities to estimated fair values

	March 31, 2024
	Amortized		Unrealized		Unrealized		Allowance for		Fair
(dollars in thousands)	Cost		Gains		Losses		Credit Losses		Value
Available-for-sale
U.S. Treasury and agencies	$	839	$	2	$	(3)	$	—	$	838
Mortgage backed securities
Residential agency		513,409		—		(92,516)		—		420,893
Commercial		1,471		—		(120)		—		1,351
Asset backed securities		23		—		(1)		—		22
Corporate bonds		57,991		—		(8,823)		—		49,168
Total available-for-sale investment securities		573,733		2		(101,463)		—		472,272
Held-to-maturity
Obligations of state and political agencies		124,971		—		(12,985)		110		111,986
Mortgage backed securities
Residential agency		167,168		—		(29,347)		97		137,821
Total held-to-maturity investment securities		292,139		—		(42,332)		207		249,807
Total investment securities	$	865,872	$	2	$	(143,795)	$	207	$	722,079

	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

Schedule of investment securities with gross unrealized losses

		March 31, 2024
		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)	$	454	$	—	$	—	$	(3)	$	454
Mortgage backed securities
Residential agency	111		—		35		(92,516)		420,815		(92,516)		420,850
Commercial	1		—		—		(120)		1,351		(120)		1,351
Asset backed securities	3		—		—		(1)		22		(1)		22
Corporate bonds	12		—		—		(8,823)		49,168		(8,823)		49,168
Total available-for-sale investment securities	128	$	(3)	$	489	$	(101,460)	$	471,356	$	(101,463)	$	471,845

		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

Schedule of amortized cost and fair value of investment securities 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	$	8,161	$	7,974	$	—	$	—
Due after one year through five years		47,376		43,614		473		470
Due after five years through ten years		57,248		49,662		59,467		50,524
Due after 10 years		12,186		10,736		384		385
		124,971		111,986		60,324		51,379
Mortgage-backed securities
Residential agency		167,168		137,821		513,409		420,893
Total investment securities	$	292,139	$	249,807	$	573,733	$	472,272

Schedule of carrying value of stock

	March 31,		December 31,
(dollars in thousands)	2024		2023
Federal Reserve	$	4,623	$	4,623
FHLB		11,491		16,566