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v3.21.1

Securities (Tables) | 3 Months Ended
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Mar. 31, 2021
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) | March 31, 2021 |  | December 31, 2020
Available-for-sale debt securities |  | $ | 813,883 |  |  |  | $ | 770,393 |
Marketable equity securities |  | 3,416 |  |  |  | 3,300 |
Total Securities |  | $ | 817,299 |  |  |  | $ | 773,693 |
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:
| March 31, 2021 |  | December 31, 2020
(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 |  | $ | 63,361 |  |  |  | $ | 259 |  |  |  | $ | (352) |  |  |  | $ | 63,268 |  |  |  | $ | 9,980 |  |  |  | $ | 302 |  |  |  | $ | — |  |  |  | $ | 10,282 |
Obligations of U.S. government corporations and agencies |  | 78,715 |  |  |  | 3,313 |  |  |  | — |  |  |  | 82,028 |  |  |  | 78,755 |  |  |  | 4,149 |  |  |  | — |  |  |  | 82,904 |
Collateralized mortgage obligations of U.S. government corporations and agencies |  | 213,394 |  |  |  | 5,716 |  |  |  | (1,194) |  |  |  | 217,916 |  |  |  | 202,975 |  |  |  | 6,410 |  |  |  | (89) |  |  |  | 209,296 |
Residential mortgage-backed securities of U.S. government corporations and agencies |  | 64,496 |  |  |  | 632 |  |  |  | (1,217) |  |  |  | 63,911 |  |  |  | 66,960 |  |  |  | 818 |  |  |  | — |  |  |  | 67,778 |
Commercial mortgage-backed securities of U.S. government corporations and agencies |  | 266,292 |  |  |  | 11,085 |  |  |  | (124) |  |  |  | 277,253 |  |  |  | 258,875 |  |  |  | 14,806 |  |  |  | — |  |  |  | 273,681 |
Corporate obligations |  | 2,001 |  |  |  | 2 |  |  |  | (1) |  |  |  | 2,002 |  |  |  | 2,021 |  |  |  | 5 |  |  |  | (1) |  |  |  | 2,025 |
Obligations of states and political subdivisions |  | 101,949 |  |  |  | 5,556 |  |  |  | — |  |  |  | 107,505 |  |  |  | 117,439 |  |  |  | 6,988 |  |  |  | — |  |  |  | 124,427 |
Total Available-for-Sale Debt Securities (1) |  | $ | 790,208 |  |  |  | $ | 26,563 |  |  |  | $ | (2,888) |  |  |  | $ | 813,883 |  |  |  | $ | 737,005 |  |  |  | $ | 33,478 |  |  |  | $ | (90) |  |  |  | $ | 770,393 |
(1) Excludes interest receivable of $3.2 million at March 31, 2021and $3.4 million at December 31, 2020. 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:
| March 31, 2021
| 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 | 5 |  | $ | 53,026 |  |  | $ | (352) |  |  | — |  | $ | — |  |  | $ | — |  |  | 5 |  | $ | 53,026 |  |  | $ | (352) |
Obligations of U.S. government corporations and agencies | — |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |
Collateralized mortgage obligations of U.S. government corporations and agencies | 1 |  | 10,785 |  |  | (124) |  |  | — |  | — |  |  | — |  |  | 1 |  | 10,785 |  |  | (124) |
Residential mortgage-backed securities of U.S. government corporations and agencies | 2 |  | 49,860 |  |  | (1,217) |  |  | — |  | — |  |  | — |  |  | 2 |  | 49,860 |  |  | (1,217) |
Commercial mortgage-backed securities of U.S. government corporations and agencies | 5 |  | 68,629 |  |  | (1,194) |  |  | — |  | — |  |  | — |  |  | 5 |  | 68,629 |  |  | (1,194) |
Corporate bonds | 1 |  | 499 |  |  | (1) |  |  | — |  | — |  |  | — |  |  | 1 |  | 499 |  |  | (1) |
Obligations of states and political subdivisions | — |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |
Total | 14 |  | $ | 182,799 |  |  | $ | (2,888) |  |  | — |  | $ | — |  |  | $ | — |  |  | 14 |  | $ | 182,799 |  |  | $ | (2,888) |
| December 31, 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 | 2 |  | 35,697 |  |  | (89) |  |  | — |  | — |  |  | — |  |  | 2 |  | 35,697 |  |  | (89) |
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 | 3 |  | $ | 36,196 |  |  | $ | (90) |  |  | — |  | $ | — |  |  | $ | — |  |  | 3 |  | $ | 36,196 |  |  | $ | (90) |
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:
| March 31, 2021 |  | December 31, 2020
(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 | $ | 26,563 |  |  | $ | (2,888) |  |  | $ | 23,675 |  |  | $ | 33,478 |  |  | $ | (90) |  |  | $ | 33,388 |
Income tax (expense) benefit | (5,668) |  |  | 615 |  |  | (5,053) |  |  | (7,128) |  |  | 19 |  |  | (7,109) |
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss) | $ | 20,895 |  |  | $ | (2,273) |  |  | $ | 18,622 |  |  | $ | 26,350 |  |  | $ | (71) |  |  | $ | 26,279 |
Schedule of Contractual Maturity of Debt Securities Available-for-Sale Securities | The amortized cost and fair value of available-for-sale debt securities at March 31, 2021 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.
| March 31, 2021
(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 | $ | 40,399 |  |  | $ | 40,813 |
Due after one year through five years | 92,940 |  |  | 97,643 |
Due after five years through ten years | 89,580 |  |  | 91,236 |
Due after ten years | 21,106 |  |  | 23,109 |
Available-for-Sale Debt Securities With Maturities | 244,025 |  |  | 252,801 |
Collateralized mortgage obligations of U.S. government corporations and agencies | 213,394 |  |  | 217,916 |
Residential mortgage-backed securities of U.S. government corporations and agencies | 64,496 |  |  | 63,911 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | 266,292 |  |  | 277,253 |
Corporate Securities | 2,001 |  |  | 2,002 |
Total Available-for-Sale Debt Securities | $ | 790,208 |  |  | $ | 813,883 |
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 March 31, |  |
(dollars in thousands) | 2021 |  | 2020 |  |  |  |
Marketable Equity Securities |  |  |  |  |  |  |
Net market gains/(losses) recognized | $ | 116 |  |  | $ | (1,585) |  |  |  |  |
Less: Net gains recognized for equity securities sold | — |  |  | — |  |  |  |  |
Unrealized (Losses)/Gains on Equity Securities Still Held | $ | 116 |  |  | $ | (1,585) |  |  |  |  |

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