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Investment Securities Available-for-Sale (Tables)

3 Months Ended

Mar. 31, 2020

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
March 31, 2020		Amortized			Unrealized			Unrealized			Fair
(dollars in thousands)		Cost			Gains			Losses			Value
U. S. agency securities		$	146,948		$	1,527		$	716		$	147,759
Residential mortgage backed securities			531,784			16,110			506			547,388
Municipal bonds			72,828			2,760			—			75,588
Corporate bonds			52,087			969			72			52,984
U.S. Treasury			34,986			13			—			34,999
Other equity investments			198			—			—			198
		$	838,831		$	21,379		$	1,294		$	858,916


					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

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 of available-for-sale securities for which an allowance for credit losses has not been recorded, by length of time that individual securities have been in a continuous unrealized loss position are as follows:


				Less than						12 Months
				12 Months						or Greater						Total
				Estimated						Estimated						Estimated
March 31, 2020		Number of		Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
(dollars in thousands)		Securities		Value			Losses			Value			Losses			Value			Losses
U. S. agency securities		23		$	13,835		$	162		$	39,486		$	554		$	53,321		$	716
Residential mortgage backed securities		11			18,321			275			7,888			231			26,209			506
Corporate bonds		1			2,955			72			—			—			2,955			72
		35		$	35,111		$	509		$	47,374		$	785		$	82,485		$	1,294


				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

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


		March 31, 2020						December 31, 2019
		Amortized			Estimated			Amortized			Estimated
(dollars in thousands)		Cost			Fair Value			Cost			Fair Value
U. S. agency securities maturing:
One year or less		$	61,706		$	62,055		$	96,332		$	96,226
After one year through five years			80,513			81,106			76,121			75,821
Five years through ten years			4,729			4,598			7,775			7,747
Residential mortgage backed securities			531,784			547,388			541,490			543,852
Municipal bonds maturing:
One year or less			6,400			6,456			5,897			5,969
After one year through five years			20,844			21,437			21,416			21,953
Five years through ten years			43,584			45,656			42,589			44,015
After ten years			2,000			2,039			2,000			1,994
Corporate bonds maturing:
One year or less			10,972			11,054			502			508
After one year through five years			35,891			36,600			8,528			8,725
After ten years			5,224			5,330			1,500			1,500
U.S. treasury			34,986			34,999			34,844			34,855
Other equity investments			198			198			198			198
		$	838,831		$	858,916		$	839,192		$	843,363