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Investment Securities Available-for-Sale (Tables)

9 Months Ended

Sep. 30, 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
September 30, 2021						Amortized						Unrealized						Unrealized						for Credit						Fair
(dollars in thousands)						Cost						Gains						Losses						Losses						Value
U.S. treasuries						$	24,838					$	16					$	—					$	—					$	24,854
U.S. agency securities						356,626						806						(3,726)						—						353,706
Residential mortgage backed securities						1,206,867						8,151						(11,882)						—						1,203,136
Municipal bonds						119,511						4,284						(629)						(2)						123,164
Corporate bonds						81,376						783						(304)						(254)						81,601
Other						$	198					—						—						—						198
						$	1,789,416					$	14,040					$	(16,541)					$	(256)					$	1,786,659

												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
Other						$	198					—						—						—						198
						$	1,129,255					$	23,463					$	(1,468)					$	(167)					$	1,151,083

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
September 30, 2021						Number of						Fair						Unrealized						Fair						Unrealized						Fair						Unrealized
(dollars in thousands)						Securities						Value						Losses						Value						Losses						Value						Losses
U. S. agency securities						45						$	200,153					$	3,135					$	47,078					$	591					$	247,231					$	3,726
Residential mortgage backed securities						109						769,073						10,332						48,869						1,550						817,942						11,882
Corporate bonds						6						26,699						304						—						—						26,699						304
Municipal bonds						11						38,213						629						—						—						38,213						629
						171						$	1,034,138					$	14,400					$	95,947					$	2,141					$	1,130,085					$	16,541

												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

or residential mortgage backed securities (“MBS”) are not shown as they may differ significantly from expected maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

						September 30, 2021												December 31, 2020
						Amortized						Estimated						Amortized						Estimated
(dollars in thousands)						Cost						Fair Value						Cost						Fair Value
U.S. treasuries
After one year through five years						$	24,838					$	24,854					$	—					$	—
U. S. agency securities maturing:
One year or less						182,385						180,838						53,916						53,906
After one year through five years						97,969						98,179						110,083						110,777
Five years through ten years						76,272						74,689						17,087						17,240
Residential mortgage backed securities						1,206,867						1,203,136						811,328						825,001
Municipal bonds maturing:
One year or less						3,909						3,962						4,329						4,348
After one year through five years						24,618						26,133						26,622						28,272
Five years through ten years						70,937						73,293						69,309						73,389
After ten years						20,047						19,778						2,000						2,121
Corporate bonds maturing:
One year or less						13,928						14,148						5,218						5,220
After one year through five years						38,111						38,384						22,189						23,267
Five years through ten years						29,337						29,323						6,976						7,511
After ten years						—						—						—						—
Other						198						198						198						198
Allowance for Credit Losses						—						(256)						—						(167)
						$	1,789,416					$	1,786,659					$	1,129,255					$	1,151,083

X

- Definition

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

+ References

No definition available.

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- Definition

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

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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=123581744&loc=d3e27290-111563

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