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Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

The following table presents the fair values of our securities portfolio at the dates presented:

(dollars in thousands)			September 30, 2020									December 31, 2019
Available-for-sale debt securities						$	714,920								$	779,133
Marketable equity securities						3,249									5,150
Total Securities						$	718,169								$	784,283

Schedule of Debt Securities, Available-for-Sale

The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented:

			September 30, 2020																																				December 31, 2019
(dollars in thousands)			Amortized Cost									Gross Unrealized Gains									Gross Unrealized Losses									Fair Value									Amortized Cost									Gross Unrealized Gains									Gross Unrealized Losses									Fair Value
U.S. Treasury securities						$	9,977								$	346								$	—								$	10,323								$	9,969								$	71								$	—								$	10,040
Obligations of U.S. government corporations and agencies						88,809									4,542									—									93,351									155,969									1,773									(45)									157,697
Collateralized mortgage obligations of U.S. government corporations and agencies						175,516									7,516									—									183,032									186,879									2,773									(304)									189,348
Residential mortgage-backed securities of U.S. government corporations and agencies						16,578									774									—									17,352									22,120									321									(23)									22,418
Commercial mortgage-backed securities of U.S. government corporations and agencies						265,202									15,022									—									280,224									273,771									2,680									(581)									275,870
Corporate obligations						4,023									5									(1)									4,027									7,603									24									—									7,627
Obligations of states and political subdivisions						119,368									7,243									—									126,611									112,116									4,017									—									116,133
Total Available-for-Sale Debt Securities (1)						$	679,473								$	35,448								$	(1)								$	714,920								$	768,427								$	11,659								$	(953)								$	779,133

(1) Excludes interest receivable of $3.0 million at September 30, 2020 and $3.4 million at December 31, 2019. Interest receivable is included in other assets in the consolidated balance sheets.

Schedule of Temporally Impaired Debt Securities

The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented:

			September 30, 2020
			Less Than 12 Months																		12 Months or More																		Total
(dollars in thousands)			Number of Securities						Fair Value						Unrealized Losses						Number of Securities						Fair Value						Unrealized Losses						Number of Securities						Fair Value						Unrealized Losses
U.S. Treasury securities			—						$	—					$	—					—						$	—					$	—					—						$	—					$	—
Obligations of U.S. government corporations and agencies			—						—						—						—						—						—						—						—						—
Collateralized mortgage obligations of U.S. government corporations and agencies			—						—						—						—						—						—						—						—						—
Residential mortgage-backed securities of U.S. government corporations and agencies			—						—						—						—						—						—						—						—						—
Commercial mortgage-backed securities of U.S. government corporations and agencies			—						—						—						—						—						—						—						—						—
Corporate bonds			1						499						(1)						—						—						—						1						499						(1)
Obligations of states and political subdivisions			—						—						—						—						—						—						—						—						—
Total			1						$	499					$	(1)					—						$	—					$	—					1						$	499					$	(1)

			December 31, 2019
			Less Than 12 Months																		12 Months or More																		Total
(dollars in thousands)			Number of Securities						Fair Value						Unrealized Losses						Number of Securities						Fair Value						Unrealized Losses						Number of Securities						Fair Value						Unrealized Losses
U.S. Treasury securities			—						$	—					$	—					—						$	—					$	—					—						$	—					$	—
Obligations of U.S. government corporations and agencies			3						22,638						(45)						—						—						—						3						22,638						(45)
Collateralized mortgage obligations of U.S. government corporations and agencies			6						23,393						(73)						6						25,254						(231)						12						48,647						(304)
Residential mortgage-backed securities of U.S. government corporations and agencies			1						982						(2)						1						2,534						(21)						2						3,516						(23)
Commercial mortgage-backed securities of U.S. government corporations and agencies			9						90,005						(581)						—						—						—						9						90,005						(581)
Corporate bonds			1						79						—						—						—						—						1						79						—
Obligations of states and political subdivisions			—						—						—						—						—						—						—						—						—
Total Temporarily Impaired Debt Securities			20						$	137,097					$	(701)					7						$	27,788					$	(252)					27						$	164,885					$	(953)

Schedule of Unrealized Gains and Losses, Net of Tax, of Debt Securities Available-for-Sale

The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive income/(loss), for the periods presented:

			September 30, 2020																		December 31, 2019
(dollars in thousands)			Gross Unrealized Gains						Gross Unrealized Losses						Net Unrealized Gains/(Losses)						Gross Unrealized Gains						Gross Unrealized Losses						Net Unrealized Gains/(Losses)
Total unrealized gains/(losses) on available-for-sale debt securities			$	35,448					$	(1)					$	35,447					$	11,659					$	(953)					$	10,706
Income tax (expense) benefit			(7,548)						—						(7,548)						(2,486)						203						(2,283)
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss)			$	27,900					$	(1)					$	27,899					$	9,173					$	(750)					$	8,423

Schedule of Contractual Maturity of Debt Securities Available-for-Sale Securities

The amortized cost and fair value of available-for-sale debt securities at September 30, 2020 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

			September 30, 2020
(dollars in thousands)			Amortized Cost						Fair Value
Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions
Due in one year or less			$	41,497					$	42,069
Due after one year through five years			111,446						117,923
Due after five years through ten years			38,856						41,458
Due after ten years			26,355						28,835
Available-for-Sale Debt Securities With Maturities			218,154						230,285
Collateralized mortgage obligations of U.S. government corporations and agencies			175,516						183,032
Residential mortgage-backed securities of U.S. government corporations and agencies			16,578						17,352
Commercial mortgage-backed securities of U.S. government corporations and agencies			265,202						280,224
Corporate Securities			4,023						4,027
Total Available-for-Sale Debt Securities			$	679,473					$	714,920

Schedule of Unrealized Gains and Losses on Marketable Equity Securities

The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented:

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2020						2019						2020						2019
Marketable Equity Securities
Net gains and losses recognized during the period on equity securities			$	585					$	156					$	(552)					$	(110)
Less: Net gains and losses recognized during the period on equity securities sold during the period			—						—						142						—
Unrealized Losses/Gains Recognized During the Reporting Period on Equity Securities Still Held at the Reporting Date			$	585					$	156					$	(694)					$	(110)

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