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Investment Securities Available-for-Sale (Tables)

3 Months Ended

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

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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- Definition

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

+ References

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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

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