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Investment Securities Available-for-Sale (Tables)

6 Months Ended

Jun. 30, 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			Allowance			Estimated
June 30, 2020		Amortized			Unrealized			Unrealized			for Credit			Fair
(dollars in thousands)		Cost			Gains			Losses			Losses			Value
U. S. agency securities		$	116,223		$	1,580		$	749		$	—		$	117,054
Residential mortgage backed securities			516,297			15,346			115			—			531,528
Municipal bonds			86,374			4,333			—			13			90,694
Corporate bonds			31,561			1,562			78			125			32,920
Other equity investments			198			—			—			—			198
		$	750,653		$	22,821		$	942		$	138		$	772,394


					Gross			Gross			Allowance			Estimated
December 31, 2019		Amortized			Unrealized			Unrealized			for Credit			Fair
(dollars in thousands)		Cost			Gains			Losses			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
June 30, 2020		Number of		Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
(dollars in thousands)		Securities		Value			Losses			Value			Losses			Value			Losses
U. S. agency securities		25		$	24,653		$	99		$	37,287		$	650		$	61,940		$	749
Residential mortgage backed securities		20			41,864			66			7,721			49			49,585			115
Corporate bonds		2			4,447			78			—			—			4,447			78
		47		$	70,964		$	243		$	45,008		$	699		$	115,972		$	942


				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


		June 30, 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		$	34,038		$	34,219		$	96,332		$	96,226
After one year through five years			77,465			78,008			76,121			75,821
Five years through ten years			4,720			4,827			7,775			7,747
Residential mortgage backed securities			516,297			531,528			541,490			543,852
Municipal bonds maturing:
One year or less			7,382			7,437			5,897			5,969
After one year through five years			19,797			20,703			21,416			21,953
Five years through ten years			51,195			54,407			42,589			44,015
After ten years			8,000			8,160			2,000			1,994
Corporate bonds maturing:
One year or less			10,929			11,312			502			508
After one year through five years			15,407			15,999			8,528			8,725
After ten years			5,225			5,734			1,500			1,500
U.S. treasury			—			—			34,844			34,855
Other equity investments			198			198			198			198
Allowance for Credit Losses			—			(138)			—			—
		$	750,653		$	772,394		$	839,192		$	843,363