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Securities (Tables) | 12 Months Ended
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Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Debt Securities, Available-for-sale | The amortized cost, estimated fair value and allowance for credit losses of debt securities available-for-sale and held-to-maturity at December 31, 2020 and 2019 are as follows (in thousands):
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Allowance for Credit Losses
At December 31, 2020 |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 173,790 |  |  | $ | 3,152 |  |  | $ | (2) |  |  | $ | 176,940 |  |  | $ | — |
Collateralized loan obligations |  | 6,174 |  |  | — |  |  | (4) |  |  | 6,170 |  |  | — |
Total investment securities |  | 179,964 |  |  | 3,152 |  |  | (6) |  |  | 183,110 |  |  | — |
Mortgage-backed securities - FNMA |  | 190 |  |  | 2 |  |  | — |  |  | 192 |  |  | — |
Total debt securities available-for-sale |  | $ | 180,154 |  |  | $ | 3,154 |  |  | $ | (6) |  |  | $ | 183,302 |  |  | $ | — |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  | $ | 238,405 |  |  | $ | 11,500 |  |  | $ | (231) |  |  | $ | 249,674 |  |  | $ | (48) |
Corporate debt securities |  | 72,305 |  |  | 1,615 |  |  | (2,652) |  |  | 71,268 |  |  | (1,550) |
Total investment securities |  | 310,710 |  |  | 13,115 |  |  | (2,883) |  |  | 320,942 |  |  | (1,598) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
FHLMC |  | 232,942 |  |  | 5,383 |  |  | (124) |  |  | 238,201 |  |  | — |
FNMA |  | 293,615 |  |  | 7,640 |  |  | (147) |  |  | 301,108 |  |  | — |
GNMA |  | 67,334 |  |  | 2,014 |  |  | (12) |  |  | 69,336 |  |  | — |
SBA |  | 5,392 |  |  | — |  |  | (60) |  |  | 5,332 |  |  | — |
CMO |  | 32,321 |  |  | 1,226 |  |  | — |  |  | 33,547 |  |  | (117) |
Total mortgage-backed securities |  | 631,604 |  |  | 16,263 |  |  | (343) |  |  | 647,524 |  |  | (117) |
Total debt securities held-to-maturity |  | $ | 942,314 |  |  | $ | 29,378 |  |  | $ | (3,226) |  |  | $ | 968,466 |  |  | $ | (1,715) |
Total debt securities |  | $ | 1,122,468 |  |  | $ | 32,532 |  |  | $ | (3,232) |  |  | $ | 1,151,768 |  |  | $ | (1,715) |
There was no allowance for credit losses on debt securities available-for-sale at December 31, 2020.
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
At December 31, 2019 |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 149,120 |  |  | $ | 1,408 |  |  | $ | (93) |  |  | $ | 150,435 |
State and municipal obligations |  | 25 |  |  | — |  |  | — |  |  | 25 |
Total investment securities |  | 149,145 |  |  | 1,408 |  |  | (93) |  |  | 150,460 |
Mortgage-backed securities - FNMA |  | 495 |  |  | 5 |  |  | — |  |  | 500 |
Total debt securities available-for-sale |  | $ | 149,640 |  |  | $ | 1,413 |  |  | $ | (93) |  |  | $ | 150,960 |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 4,984 |  |  | $ | 14 |  |  | $ | — |  |  | $ | 4,998 |
State and municipal obligations |  | 124,430 |  |  | 1,537 |  |  | (208) |  |  | 125,759 |
Corporate debt securities |  | 79,547 |  |  | 833 |  |  | (2,421) |  |  | 77,959 |
Total investment securities |  | 208,961 |  |  | 2,384 |  |  | (2,629) |  |  | 208,716 |
Mortgage-backed securities: |  |  |  |  |  |  |  |
FHLMC |  | 206,985 |  |  | 2,221 |  |  | (524) |  |  | 208,682 |
FNMA |  | 244,428 |  |  | 2,680 |  |  | (493) |  |  | 246,615 |
GNMA |  | 110,661 |  |  | 939 |  |  | (212) |  |  | 111,388 |
SBA |  | 1,940 |  |  | — |  |  | (51) |  |  | 1,889 |
Total mortgage-backed securities |  | 564,014 |  |  | 5,840 |  |  | (1,280) |  |  | 568,574 |
Total debt securities held-to-maturity |  | $ | 772,975 |  |  | $ | 8,224 |  |  | $ | (3,909) |  |  | $ | 777,290 |
Total debt securities |  | $ | 922,615 |  |  | $ | 9,637 |  |  | $ | (4,002) |  |  | $ | 928,250 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity by major security type for the year ended December 31, 2020 (in thousands):
| Investment Securities |  | Mortgage-backed Securities
Allowance for credit losses |  |  |
Beginning balance | $ | — |  |  | $ | — |
Impact of CECL adoption | (1,268) |  |  | — |
Provision for credit loss expense | (330) |  |  | (117) |
Total ending allowance balance | $ | (1,598) |  |  | $ | (117) |
Carrying Value of Held-to-Maturity Investment Securities | The carrying value of the debt securities held-to-maturity at December 31, 2020 and 2019 are as follows (in thousands):
|  | December 31,
|  | 2020 |  | 2019
Amortized cost |  | $ | 942,314 |  |  | $ | 772,975 |
Net loss on date of transfer from available-for-sale |  | (13,347) |  |  | (13,347) |
Allowance for credit loss |  | (1,715) |  |  | — |
Accretion of net unrealized loss on securities reclassified as held-to-maturity |  | 10,001 |  |  | 9,245 |
Carrying value |  | $ | 937,253 |  |  | $ | 768,873 |
The realized and unrealized gains on equity securities for the year ended December 31, 2020 are shown in the table below (in thousands).
| For the year ended
| December 31, 2020 |  |
Net gain on equity investments | $ | 21,214 |  |  |
Less: Net gains recognized on equity securities sold | 5,401 |  |  |
Unrealized gain recognized on equity securities still held | $ | 15,813 |  |  |
Debt Securities, Trading, and Equity Securities, FV-NI |
Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity | The amortized cost and estimated fair value of investment securities at December 31, 2020 by contractual maturity, are shown below (in thousands). Actual maturities may differ from contractual maturities in instances where issuers have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2020, corporate debt securities with an amortized cost and estimated fair value of $53.8 million and $52.9 million, respectively, were callable prior to the maturity date.
December 31, 2020 |  | Amortized Cost |  | Estimated Fair Value
Less than one year |  | $ | 97,822 |  |  | $ | 98,394 |
Due after one year through five years |  | 195,949 |  |  | 201,798 |
Due after five years through ten years |  | 93,596 |  |  | 92,120 |
Due after ten years |  | 103,307 |  |  | 111,740 |
Total investment securities |  | $ | 490,674 |  |  | $ | 504,052 |
Estimated Fair Value and Unrealized Loss for Securities Available-for-Sale and Held-to-Maturity | The estimated fair value and unrealized losses for debt securities available-for-sale and held-to-maturity at December 31, 2020 and December 31, 2019, segregated by the duration of the unrealized losses, are as follows (in thousands):
|  | As of December 31, 2020
|  | Less than 12 months |  | 12 months or longer |  | Total
|  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Investment securities - U.S. government and agency obligations |  | $ | 17,029 |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | 17,029 |  |  | $ | (2) |
Collateralized loan obligations |  | 4,766 |  |  | (4) |  |  | — |  |  | — |  |  | 4,766 |  |  | (4) |
Total debt securities available-for-sale |  | 21,795 |  |  | (6) |  |  | — |  |  | — |  |  | 21,795 |  |  | (6) |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  | 2,823 |  |  | (23) |  |  | 7,509 |  |  | (208) |  |  | 10,332 |  |  | (231) |
Corporate debt securities |  | 10,192 |  |  | (255) |  |  | 35,935 |  |  | (2,397) |  |  | 46,127 |  |  | (2,652) |
Total investment securities |  | 13,015 |  |  | (278) |  |  | 43,444 |  |  | (2,605) |  |  | 56,459 |  |  | (2,883) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
FHLMC |  | 24,661 |  |  | (117) |  |  | 669 |  |  | (7) |  |  | 25,330 |  |  | (124) |
FNMA |  | 39,365 |  |  | (128) |  |  | 939 |  |  | (19) |  |  | 40,304 |  |  | (147) |
GNMA |  | 5,856 |  |  | (11) |  |  | 207 |  |  | (1) |  |  | 6,063 |  |  | (12) |
SBA |  | 3,626 |  |  | (12) |  |  | 1,706 |  |  | (48) |  |  | 5,332 |  |  | (60) |
Total mortgage-backed securities |  | 73,508 |  |  | (268) |  |  | 3,521 |  |  | (75) |  |  | 77,029 |  |  | (343) |
Total debt securities held-to-maturity |  | 86,523 |  |  | (546) |  |  | 46,965 |  |  | (2,680) |  |  | 133,488 |  |  | (3,226) |
Total debt securities |  | $ | 108,318 |  |  | $ | (552) |  |  | $ | 46,965 |  |  | $ | (2,680) |  |  | $ | 155,283 |  |  | $ | (3,232) |
|  | As of December 31, 2019
|  | Less than 12 months |  | 12 months or longer |  | Total
|  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Investment securities - U.S. government and agency obligations |  | $ | 25,021 |  |  | $ | (54) |  |  | $ | 22,451 |  |  | $ | (39) |  |  | $ | 47,472 |  |  | $ | (93) |
Total debt securities available-for-sale |  | 25,021 |  |  | (54) |  |  | 22,451 |  |  | (39) |  |  | 47,472 |  |  | (93) |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  | 7,308 |  |  | (58) |  |  | 14,531 |  |  | (150) |  |  | 21,839 |  |  | (208) |
Corporate debt securities |  | 9,727 |  |  | (213) |  |  | 37,628 |  |  | (2,208) |  |  | 47,355 |  |  | (2,421) |
Total investment securities |  | 17,035 |  |  | (271) |  |  | 52,159 |  |  | (2,358) |  |  | 69,194 |  |  | (2,629) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
FHLMC |  | 6,329 |  |  | (29) |  |  | 38,641 |  |  | (495) |  |  | 44,970 |  |  | (524) |
FNMA |  | 13,682 |  |  | (59) |  |  | 38,568 |  |  | (434) |  |  | 52,250 |  |  | (493) |
GNMA |  | 30,268 |  |  | (93) |  |  | 19,828 |  |  | (119) |  |  | 50,096 |  |  | (212) |
SBA |  | — |  |  | — |  |  | 1,889 |  |  | (51) |  |  | 1,889 |  |  | (51) |
Total mortgage-backed securities |  | 50,279 |  |  | (181) |  |  | 98,926 |  |  | (1,099) |  |  | 149,205 |  |  | (1,280) |
Total debt securities held-to-maturity |  | 67,314 |  |  | (452) |  |  | 151,085 |  |  | (3,457) |  |  | 218,399 |  |  | (3,909) |
Total debt securities |  | $ | 92,335 |  |  | $ | (506) |  |  | $ | 173,536 |  |  | $ | (3,496) |  |  | $ | 265,871 |  |  | $ | (4,002) |
Amortized Cost, Estimated Fair Value and Credit Rating of Corporate Debt Securities | At December 31, 2020, the amortized cost, estimated fair value and credit rating of the individual corporate debt securities in an unrealized loss position for greater than one year are as follows (in thousands):
|  | As of December 31, 2020
Security Description |  | Amortized Cost |  | Estimated Fair Value |  | Credit Rating Moody’s/S&P
Chase Capital |  | $ | 10,000 |  |  | $ | 9,479 |  |  | Baa1/BBB-
Wells Fargo Capital |  | 5,000 |  |  | 4,702 |  |  | A1/BBB-
Huntington Capital |  | 5,000 |  |  | 4,546 |  |  | Baa2/BB+
Keycorp Capital |  | 5,000 |  |  | 4,647 |  |  | Baa2/BB+
PNC Capital |  | 5,000 |  |  | 4,743 |  |  | Baa1/BBB-
State Street Capital |  | 3,332 |  |  | 3,147 |  |  | A3/BBB
SunTrust Capital |  | 5,000 |  |  | 4,671 |  |  | Not Rated/BBB-
Total |  | $ | 38,332 |  |  | $ | 35,935 |  |  |
Debt Securities, Held-to-maturity, Credit Quality Indicator | The following table summarized the amortized cost of debt securities held-to-maturity at December 31, 2020 aggregated by credit quality indicator (in thousands):
| AAA |  | AA |  | A |  | BBB |  | BB |  | Total
As of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations | $ | 34,091 |  |  | $ | 130,218 |  |  | $ | 59,272 |  |  | $ | 14,824 |  |  | $ | — |  |  | $ | 238,405 |
Corporate debt securities | — |  |  | 496 |  |  | 11,978 |  |  | 48,498 |  |  | 11,333 |  |  | 72,305 |
Total investment securities | 34,091 |  |  | 130,714 |  |  | 71,250 |  |  | 63,322 |  |  | 11,333 |  |  | 310,710 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
CMO | 11,118 |  |  | 21,203 |  |  | — |  |  | — |  |  | — |  |  | 32,321 |
Total mortgage-backed securities | 11,118 |  |  | 21,203 |  |  | — |  |  | — |  |  | — |  |  | 32,321 |
Total debt securities held-to-maturity | $ | 45,209 |  |  | $ | 151,917 |  |  | $ | 71,250 |  |  | $ | 63,322 |  |  | $ | 11,333 |  |  | $ | 343,031 |

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