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Investment Securities Available-for-Sale (Tables) | 3 Months Ended
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Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
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
March 31, 2021 |  | Amortized |  | Unrealized |  | Unrealized |  | for Credit |  | Fair
(dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Losses |  | Value
U.S. agency securities |  | $ | 280,147 |  |  | $ | 1,247 |  |  | $ | (5,859) |  |  | $ | — |  |  | $ | 275,535 |
Residential mortgage backed securities |  | 934,615 |  |  | 9,710 |  |  | (11,706) |  |  | — |  |  | 932,619 |
Municipal bonds |  | 103,230 |  |  | 4,352 |  |  | (453) |  |  | (7) |  |  | 107,122 |
Corporate bonds |  | 52,935 |  |  | 1,250 |  |  | (481) |  |  | (71) |  |  | 53,633 |
|  | $ | 1,370,927 |  |  | $ | 16,559 |  |  | $ | (18,499) |  |  | $ | (78) |  |  | $ | 1,368,909 |
|  |  |  | Gross |  | Gross |  |  |  | Estimated
December 31, 2020 |  | Amortized |  | Unrealized |  | Unrealized |  | Allowance for |  | Fair
(dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Credit Losses |  | Value
U.S. agency securities |  | $ | 181,087 |  |  | $ | 1,461 |  |  | $ | (627) |  |  | $ | — |  |  | $ | 181,921 |
Residential mortgage backed securities |  | 811,328 |  |  | 14,506 |  |  | (833) |  |  | — |  |  | 825,001 |
Municipal bonds |  | 102,259 |  |  | 5,872 |  |  | — |  |  | (18) |  |  | 108,113 |
Corporate bonds |  | 34,383 |  |  | 1,624 |  |  | (8) |  |  | (149) |  |  | 35,850 |
|  | $ | 1,129,057 |  |  | $ | 23,463 |  |  | $ | (1,468) |  |  | $ | (167) |  |  | $ | 1,150,885 |
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, 2021 |  | Number of |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
(dollars in thousands) |  | Securities |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
U. S. agency securities |  | 50 |  |  | $ | 197,761 |  |  | $ | 5,346 |  |  | $ | 38,854 |  |  | $ | 513 |  |  | $ | 236,615 |  |  | $ | 5,859 |
Residential mortgage backed securities |  | 267 |  |  | 579,364 |  |  | 11,646 |  |  | 5,035 |  |  | 60 |  |  | 584,399 |  |  | 11,706 |
Corporate bonds |  | 16 |  |  | 23,763 |  |  | 481 |  |  | — |  |  | — |  |  | 23,763 |  |  | 481 |
Municipal bonds |  | 46 |  |  | 26,885 |  |  | 453 |  |  | — |  |  | — |  |  | 26,885 |  |  | 453 |
|  | 379 |  |  | $ | 827,773 |  |  | $ | 17,926 |  |  | $ | 43,889 |  |  | $ | 573 |  |  | $ | 871,662 |  |  | $ | 18,499 |
|  |  |  | Less than |  | 12 Months |  |  |  |
|  |  |  | 12 Months |  | or Greater |  | Total
|  |  |  | Estimated |  |  |  | Estimated |  |  |  | Estimated |  |
December 31, 2020 |  | Number of |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
(dollars in thousands) |  | Securities |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
U. S. agency securities |  | 28 |  |  | $ | 46,412 |  |  | $ | 67 |  |  | $ | 41,320 |  |  | $ | 560 |  |  | $ | 87,732 |  |  | $ | 627 |
Residential mortgage backed securities |  | 35 |  |  | 170,178 |  |  | 782 |  |  | 6,419 |  |  | 51 |  |  | 176,597 |  |  | 833 |
Corporate bonds |  | 3 |  |  | 5,764 |  |  | 8 |  |  | — |  |  | — |  |  | 5,764 |  |  | 8 |
|  | 66 |  |  | $ | 222,354 |  |  | $ | 857 |  |  | $ | 47,739 |  |  | $ | 611 |  |  | $ | 270,093 |  |  | $ | 1,468 |
Schedule of amortized cost and estimated fair value of investments available-for-sale by contractual maturity | Expected maturities for residential mortgage backed securities (“MBS”) will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | March 31, 2021 |  | December 31, 2020
|  | Amortized |  | Estimated |  | Amortized |  | Estimated
(dollars in thousands) |  | Cost |  | Fair Value |  | Cost |  | Fair Value
U. S. agency securities maturing: |  |  |  |  |  |  |  |
One year or less |  | $ | 96,891 |  |  | $ | 94,564 |  |  | $ | 53,916 |  |  | $ | 53,906 |
After one year through five years |  | 125,593 |  |  | 125,151 |  |  | 110,083 |  |  | 110,777 |
Five years through ten years |  | 57,663 |  |  | 55,820 |  |  | 17,087 |  |  | 17,240 |
Residential mortgage backed securities |  | 934,615 |  |  | 932,619 |  |  | 811,328 |  |  | 825,001 |
Municipal bonds maturing: |  |  |  |  |  |  |  |
One year or less |  | 3,343 |  |  | 3,327 |  |  | 4,329 |  |  | 4,348 |
After one year through five years |  | 26,564 |  |  | 28,042 |  |  | 26,622 |  |  | 28,272 |
Five years through ten years |  | 71,323 |  |  | 73,698 |  |  | 69,309 |  |  | 73,389 |
After ten years |  | 2,000 |  |  | 2,062 |  |  | 2,000 |  |  | 2,121 |
Corporate bonds maturing: |  |  |  |  |  |  |  |
One year or less |  | 500 |  |  | 500 |  |  | 5,218 |  |  | 5,220 |
After one year through five years |  | 37,823 |  |  | 38,392 |  |  | 22,189 |  |  | 23,267 |
After ten years |  | 14,612 |  |  | 14,812 |  |  | 6,976 |  |  | 7,511 |
Allowance for Credit Losses |  | — |  |  | (78) |  |  | — |  |  | (167) |
|  | $ | 1,370,927 |  |  | $ | 1,368,909 |  |  | $ | 1,129,057 |  |  | $ | 1,150,885 |

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563 + Details
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