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Securities (Tables)

12 Months Ended

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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