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Debt securities (Tables)

12 Months Ended

Dec. 31, 2020

Debt securities

Schedule of amortized cost, unrealized gains and losses and fair values of securities classified available for sale and held to maturity

The table below provides information on debt securities (dollars in thousands):


					Gross			Gross				Allowance
		Amortized			Unrealized			Unrealized				for Credit		Fair
December 31, 2020:		Cost			Gains			Losses				Losses		Value
U.S. Treasury securities		$	27,481		$	356		$	—		$	—		$	27,837
Obligations of U.S. government corporations and agencies			67,406			2,162			(49)			—			69,519
Obligations of states and political subdivisions			292,940			11,779			(8)			—			304,711
Commercial mortgage-backed securities			408,716			10,212			(312)			—			418,616
Residential mortgage-backed securities			1,344,047			24,571			(303)			—			1,368,315
Corporate debt securities			70,953			1,237			(1)			—			72,189
Debt securities available for sale		$	2,211,543		$	50,317		$	(673)		$	—		$	2,261,187


								Gross			Gross
					Amortized			Unrealized			Unrealized			Fair
December 31, 2019:					Cost			Gains			Losses			Value
U.S. Treasury securities					$	51,472		$	265		$	—		$	51,737
Obligations of U.S. government corporations and agencies						160,364			2,684			(48)			163,000
Obligations of states and political subdivisions						262,492			5,810			(11)			268,291
Commercial mortgage-backed securities						137,733			1,700			(146)			139,287
Residential mortgage-backed securities						912,308			10,282			(624)			921,966
Corporate debt securities						102,696			1,280			—			103,976
Debt securities available for sale					$	1,627,065		$	22,021		$	(829)		$	1,648,257

Schedule of amortized cost and fair value of debt securities available for sale and held to maturity by contractual maturity


		As of December 31, 2020
		Amortized			Fair
		Cost			Value
Due in one year or less		$	121,208		$	122,213
Due after one year through five years			239,021			247,833
Due after five years through ten years			256,485			267,859
Due after ten years			1,594,829			1,623,282
Debt securities available for sale		$	2,211,543		$	2,261,187

Schedule of realized gains and losses related to sales of securities

Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows (dollars in thousands):


		Years Ended December 31,
		2020			2019			2018
Gross security gains		$	1,732		$	1,318		$	—
Gross security (losses)			(8)			(585)			(1,780)
Net gains (losses) on sales of securities⁽¹⁾		$	1,724		$	733		$	(1,780)

(1)	Net gains (losses) on sales of securities reported on the Consolidated Statements of Income includes sale of equity securities, excluded in this table.

Schedule of securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position

The following information pertains to debt securities with gross unrealized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (dollars in thousands):


		Less than 12 months, gross						12 months or more, gross						Total, gross
		Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
December 31, 2020:		Value			Losses			Value			Losses			Value			Losses
Debt securities available for sale
U.S. Treasury securities		$	—		$	—		$	—		$	—		$	—		$	—
Obligations of U.S. government corporations and agencies			—			—			4,957			(49)			4,957			(49)
Obligations of states and political subdivisions			762			(8)			—			—			762			(8)
Commercial mortgage-backed securities			129,655			(312)			—			—			129,655			(312)
Residential mortgage-backed securities			89,997			(300)			139			(3)			90,136			(303)
Corporate debt securities			1,499			(1)			—			—			1,499			(1)
Total temporarily impaired securities		$	221,913		$	(621)		$	5,096		$	(52)		$	227,009		$	(673)


		Less than 12 months, gross						12 months or more, gross						Total, gross
		Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
December 31, 2019:		Value			Losses			Value			Losses			Value			Losses
Debt securities available for sale
U.S. Treasury securities		$	—		$	—		$	—		$	—		$	—		$	—
Obligations of U.S. government corporations and agencies			6,362			(48)			—			—			6,362			(48)
Obligations of states and political subdivisions⁽¹⁾			4,981			(11)			1,548			—			6,529			(11)
Commercial mortgage-backed securities			33,322			(144)			2,044			(2)			35,366			(146)
Residential mortgage-backed securities			78,326			(245)			50,259			(379)			128,585			(624)
Corporate debt securities			—			—			—			—			—			—
Total temporarily impaired securities		$	122,991		$	(448)		$	53,851		$	(381)		$	176,842		$	(829)

(1)	Unrealized losses for greater than 12 months, gross, was less than one thousand dollars.