Investment Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investment Securities

Schedule of amortized cost of investment securities to estimated fair values

	June 30, 2024
	Amortized		Unrealized		Unrealized		Allowance for		Fair
(dollars in thousands)	Cost		Gains		Losses		Credit Losses		Value
Available-for-sale
U.S. Treasury and agencies	$	765	$	3	$	(2)	$	—	$	766
Mortgage backed securities
Residential agency		501,718		—		(93,930)		—		407,788
Commercial		1,465		—		(112)		—		1,353
Asset backed securities		22		—		(1)		—		21
Corporate bonds		57,990		—		(8,573)		—		49,417
Total available-for-sale investment securities		561,960		3		(102,618)		—		459,345
Held-to-maturity
Obligations of state and political agencies		123,273		—		(13,320)		94		109,953
Mortgage backed securities
Residential agency		163,410		—		(29,674)		57		133,736
Total held-to-maturity investment securities		286,683		—		(42,994)		151		243,689
Total investment securities	$	848,643	$	3	$	(145,612)	$	151	$	703,034

	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

		June 30, 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	$	(2)	$	390	$	—	$	—	$	(2)	$	390
Mortgage backed securities
Residential agency	111		—		60		(93,930)		407,712		(93,930)		407,772
Commercial	1		—		—		(112)		1,353		(112)		1,353
Asset backed securities	3		—		—		(1)		21		(1)		21
Corporate bonds	12		—		—		(8,573)		49,417		(8,573)		49,417
Total available-for-sale investment securities	128	$	(2)	$	450	$	(102,616)	$	458,503	$	(102,618)	$	458,953

		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	$	7,992	$	7,823	$	—	$	—
Due after one year through five years		51,078		46,779		1,868		1,754
Due after five years through ten years		52,362		45,159		57,995		49,421
Due after 10 years		11,841		10,192		379		382
		123,273		109,953		60,242		51,557
Mortgage-backed securities
Residential agency		163,410		133,736		501,718		407,788
Total investment securities	$	286,683	$	243,689	$	561,960	$	459,345

Schedule of carrying value of stock

	June 30,		December 31,
(dollars in thousands)	2024		2023
Federal Reserve	$	4,623	$	4,623
FHLB		11,614		16,566