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Investment Securities Available-for-Sale (Tables)

12 Months Ended

Dec. 31, 2019

Investment Securities Available-for-Sale

Schedule of amortized cost and estimated fair value of securities available-for-sale

Amortized cost and estimated fair value of securities available-for-sale are summarized as follows:


					Gross			Gross			Estimated
December 31, 2019		Amortized			Unrealized			Unrealized			Fair
(dollars in thousands)		Cost			Gains			Losses			Value
U. S. agency securities		$	180,228		$	621	#	$	1,055		$	179,794
Residential mortgage backed securities			541,490			4,337			1,975			543,852
Municipal bonds			71,902			2,034			5			73,931
Corporate bonds			10,530			203			—			10,733
U.S. Treasury			34,844			11			—			34,855
Other equity investments			198			—			—			198
		$	839,192		$	7,206		$	3,035		$	843,363


					Gross			Gross			Estimated
December 31, 2018		Amortized			Unrealized			Unrealized			Fair
(dollars in thousands)		Cost			Gains			Losses			Value
U. S. agency securities		$	260,150		$	228	#	$	4,033		$	256,345
Residential mortgage backed securities			477,949			1,575			7,293			472,231
Municipal bonds			45,814			439			484			45,769
Corporate bonds			9,503			79			6			9,576
Other equity investments			218			—			—			218
		$	793,634		$	2,321		$	11,816		$	784,139

Schedule of gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in a continuous unrealized loss

Gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in a continuous unrealized loss position as of December 31, 2019 and 2018 are as follows:


				Less than						12 Months
				12 Months						or Greater						Total
				Estimated						Estimated						Estimated
December 31, 2019		Number of		Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
(dollars in thousands)		Securities		Value			Losses			Value			Losses			Value			Losses
U. S. agency securities		36		$	75,159		$	439		$	51,481		$	616		$	126,640		$	1,055
Residential mortgage backed securities		111			197,794			1,148			90,742			827			288,536			1,975
Municipal bonds		1			1,994			5			—			—			1,994			5
		148		$	274,947		$	1,592		$	142,223		$	1,443		$	417,170		$	3,035


				Less than						12 Months
				12 Months						or Greater						Total
				Estimated						Estimated						Estimated
December 31, 2018		Number of		Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
(dollars in thousands)		Securities		Value			Losses			Value			Losses			Value			Losses
U. S. agency securities		58		$	72,679		$	533		$	144,636		$	3,500		$	217,315		$	4,033
Residential mortgage backed securities		151			61,199			527			225,995			6,766			287,194			7,293
Municipal bonds		11			4,299			50			17,041			434			21,340			484
Corporate bonds		1			1,494			6			—			—			1,494			6
		221		$	139,671		$	1,116		$	387,672		$	10,700		$	527,343		$	11,816

Schedule of amortized cost and estimated fair value of investments available-for-sale by contractual maturity


		December 31, 2019						December 31, 2018
		Amortized			Estimated			Amortized			Estimated
(dollars in thousands)		Cost			Fair Value			Cost			Fair Value
U. S. agency securities maturing:
One year or less		$	96,332		$	96,226		$	128,148		$	125,545
After one year through five years			76,121			75,821			119,856			118,883
Five years through ten years			7,775			7,747			12,146			11,917
Residential mortgage backed securities			541,490			543,852			477,949			472,231
Municipal bonds maturing:
One year or less			5,897			5,969			8,097			8,167
After one year through five years			21,416			21,953			15,025			15,081
Five years through ten years			42,589			44,015			21,626			21,385
After ten years			2,000			1,994			1,066			1,136
Corporate bonds maturing:
One year or less			502			508			—			—
After one year through five years			8,528			8,725			8,003			8,076
After ten years			1,500			1,500			1,500			1,500
U.S. treasury			34,844			34,855			—			—
Other equity investments			198			198			218			218
		$	839,192		$	843,363		$	793,634		$	784,139