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Securities | 9 Months Ended
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Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
SECURITIES | SECURITIES The following table presents the fair values of our securities portfolio at the dates presented:
(dollars in thousands) | September 30, 2021 |  | December 31, 2020
Available-for-sale debt securities |  | $ | 868,994 |  |  |  | $ | 770,393 |
Marketable equity securities |  | 1,127 |  |  |  | 3,300 |
Total Securities |  | $ | 870,121 |  |  |  | $ | 773,693 |
Available-for-Sale Debt Securities The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented:
| September 30, 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 |  | $ | 85,222 |  |  |  | $ | 326 |  |  |  | $ | (248) |  |  |  | $ | 85,300 |  |  |  | $ | 9,980 |  |  |  | $ | 302 |  |  |  | $ | — |  |  |  | $ | 10,282 |
Obligations of U.S. government corporations and agencies |  | 68,635 |  |  |  | 2,570 |  |  |  | — |  |  |  | 71,205 |  |  |  | 78,755 |  |  |  | 4,149 |  |  |  | — |  |  |  | 82,904 |
Collateralized mortgage obligations of U.S. government corporations and agencies |  | 206,325 |  |  |  | 3,858 |  |  |  | (1,198) |  |  |  | 208,985 |  |  |  | 202,975 |  |  |  | 6,410 |  |  |  | (89) |  |  |  | 209,296 |
Residential mortgage-backed securities of U.S. government corporations and agencies |  | 60,855 |  |  |  | 553 |  |  |  | (966) |  |  |  | 60,442 |  |  |  | 66,960 |  |  |  | 818 |  |  |  | — |  |  |  | 67,778 |
Commercial mortgage-backed securities of U.S. government corporations and agencies |  | 347,825 |  |  |  | 9,339 |  |  |  | (658) |  |  |  | 356,506 |  |  |  | 258,875 |  |  |  | 14,806 |  |  |  | — |  |  |  | 273,681 |
Corporate obligations |  | 500 |  |  |  | — |  |  |  | — |  |  |  | 500 |  |  |  | 2,021 |  |  |  | 5 |  |  |  | (1) |  |  |  | 2,025 |
Obligations of states and political subdivisions |  | 81,310 |  |  |  | 4,746 |  |  |  |  |  |  | 86,056 |  |  |  | 117,439 |  |  |  | 6,988 |  |  |  | — |  |  |  | 124,427 |
Total Available-for-Sale Debt Securities (1) |  | $ | 850,672 |  |  |  | $ | 21,392 |  |  |  | $ | (3,070) |  |  |  | $ | 868,994 |  |  |  | $ | 737,005 |  |  |  | $ | 33,478 |  |  |  | $ | (90) |  |  |  | $ | 770,393 |
(1) Excludes interest receivable of $3.2 million at September 30, 2021 and $3.1 million at December 31, 2020. Interest receivable is included in other assets in the consolidated balance sheets. 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, 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 | 4 |  | $ | 43,200 |  |  | $ | (248) |  |  | — |  | $ | — |  |  | $ | — |  |  | 4 |  | $ | 43,200 |  |  | $ | (248) |
Obligations of U.S. government corporations and agencies | — |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |
Collateralized mortgage obligations of U.S. government corporations and agencies | 7 |  | 88,290 |  |  | (1,198) |  |  | — |  | — |  |  | — |  |  | 7 |  | 88,290 |  |  | (1,198) |
Residential mortgage-backed securities of U.S. government corporations and agencies | 3 |  | 48,497 |  |  | (966) |  |  | — |  | — |  |  | — |  |  | 3 |  | 48,497 |  |  | (966) |
Commercial mortgage-backed securities of U.S. government corporations and agencies | 7 |  | 101,479 |  |  | (658) |  |  | — |  | — |  |  | — |  |  | 7 |  | 101,479 |  |  | (658) |
Corporate bonds | — |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |
Obligations of states and political subdivisions | 1 |  | 5,000 |  |  | — |  |  | — |  | — |  |  | — |  |  | 1 |  | 5,000 |  |  | — |
Total | 22 |  | $ | 286,466 |  |  | $ | (3,070) |  |  | — |  | $ | — |  |  | $ | — |  |  | 22 |  | $ | 286,466 |  |  | $ | (3,070) |
| 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) |
We evaluate securities with unrealized losses quarterly to determine if the decline in fair value has resulted from credit losses or other factors. There were 22 debt securities in an unrealized loss position at September 30, 2021 and 3 debt securities in an unrealized loss position at December 31, 2020. We do not intend to sell and it is more likely than not that we will not be required to sell the securities in an unrealized loss position before recovery of their amortized cost. The unrealized losses on the debt securities were attributable to changes in interest rates and not related to the credit quality of the issuers. All debt securities were determined to be investment grade and paying principal and interest according to the contractual terms of the security. 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, 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 | $ | 21,392 |  |  | $ | (3,070) |  |  | $ | 18,322 |  |  | $ | 33,478 |  |  | $ | (90) |  |  | $ | 33,388 |
Income tax (expense) benefit | (4,569) |  |  | 657 |  |  | (3,912) |  |  | (7,128) |  |  | 19 |  |  | (7,109) |
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss) | $ | 16,823 |  |  | $ | (2,413) |  |  | $ | 14,410 |  |  | $ | 26,350 |  |  | $ | (71) |  |  | $ | 26,279 |
The amortized cost and fair value of available-for-sale debt securities at September 30, 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.
| September 30, 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 | $ | 30,428 |  |  | $ | 30,760 |
Due after one year through five years | 82,551 |  |  | 86,321 |
Due after five years through ten years | 101,252 |  |  | 102,563 |
Due after ten years | 20,936 |  |  | 22,917 |
Available-for-Sale Debt Securities With Fixed Maturities | 235,167 |  |  | 242,561 |
Debt Securities without a single maturity date |  |  |
Collateralized mortgage obligations of U.S. government corporations and agencies | 206,325 |  |  | 208,985 |
Residential mortgage-backed securities of U.S. government corporations and agencies | 60,855 |  |  | 60,442 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | 347,825 |  |  | 356,506 |
Corporate Securities | 500 |  |  | 500 |
Total Available-for-Sale Debt Securities | $ | 850,672 |  |  | $ | 868,994 |
Debt securities with carrying values of $435.0 million at September 30, 2021 and $308.3 million at December 31, 2020 were pledged for various regulatory and legal requirements. 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) | 2021 |  | 2020 |  | 2021 |  | 2020
Marketable Equity Securities |  |  |  |  |  |  |
Net market gains/(losses) recognized | $ | 31 |  |  | $ | 585 |  |  | $ | 175 |  |  | $ | (552) |
Less: Net gains recognized for equity securities sold | — |  |  | — |  |  | 29 |  |  | 142 |
Unrealized Gains/(Losses) on Equity Securities Still Held | $ | 31 |  |  | $ | 585 |  |  | $ | 146 |  |  | $ | (694) |
Total unrealized gains and losses on marketable equity securities recognized during the current period are included in other noninterest income on the Condensed Consolidated Statements of Comprehensive Income (Loss).

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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