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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2021

Investment Securities

Schedule of amortized cost of investment securities to estimated fair values


		June 30, 2021
		Amortized			Unrealized			Unrealized			Fair
(dollars in thousands)		Cost			Gains			Losses			Value
Available-for-sale
U.S. Treasury and agencies		$	5,570		$	90		$	—		$	5,660
Mortgage backed securities
Residential agency			512,904			2,961			(6,022)			509,843
Commercial			95,744			4,344			—			100,088
Asset backed securities			69			3			—			72
Corporate bonds			35,040			1,107			(264)			35,883
Total available-for-sale investment securities		$	649,327		$	8,505		$	(6,286)		$	651,546


		December 31, 2020
		Amortized			Unrealized			Unrealized			Fair
(dollars in thousands)		Cost			Gains			Losses			Value
Available-for-sale
U.S. Treasury and agencies		$	5,926		$	—		$	(19)		$	5,907
Obligations of state and political agencies			148,491			5,282			—			153,773
Mortgage backed securities
Residential agency			303,760			3,395			(436)			306,719
Commercial			89,300			5,678			—			94,978
Asset backed securities			109			6			—			115
Corporate bonds			30,552			388			(90)			30,850
Total available-for-sale investment securities		$	578,138		$	14,749		$	(545)		$	592,342

Schedule of held to maturity


		June 30, 2021
		Amortized			Net Unrealized			Carrying			Unrealized			Unrealized			Fair
(dollars in thousands)		Cost			Gains (1)			Value			Gains (2)			Losses (2)			Value
Held-to-maturity
Obligations of state and political agencies		$	147,466		$	1,150		$	146,316		$	1,974		$	(5)		$	148,285
Total held-to-maturity investment securities		$	147,466		$	1,150		$	146,316		$	1,974		$	(5)		$	148,285

(1)

Net unrealized gains on held-to-maturity securities represents the net unrealized gains /(losses) on previously available-for-sale securities transferred to held-to-maturity at fair value and is being amortized through accumulated other comprehensive income over the remaining life of the securities.

(2)	Unrecognized gains and losses of held-to-maturity securities are not reflected in the financial statements, as they represent fair value fluctuations from the date of the security is designated as held-to-maturity.

Schedule of investment securities with gross unrealized losses


		June 30, 2021
		Less than 12 Months						Over 12 Months						Total
		Unrealized			Fair			Unrealized			Fair			Unrealized			Fair
(dollars in thousands)		Losses			Value			Losses			Value			Losses			Value
Available-for-sale
U.S. Treasury and agencies		$	—		$	—		$	—		$	—		$	—		$	—
Mortgage backed securities
Residential agency			(6,022)			322,584			—			—			(6,022)			322,584
Commercial			—			—			—			—			—			—
Asset backed securities			—			—			—			2			—			2
Corporate bonds			(264)			9,736			—			—			(264)			9,736
Total available-for-sale investment securities		$	(6,286)		$	332,320		$	—		$	2		$	(6,286)		$	332,322
Held-to-maturity
Obligations of state and political agencies		$	(5)		$	5,996		$	—		$	—		$	(5)		$	5,996
Total held-to-maturity investment securities			(5)			5,996			—			—			(5)			5,996
Total investment securities		$	(6,291)		$	338,316			—			2			(6,291)			338,318


		December 31, 2020
		Less than 12 Months						Over 12 Months						Total
		Unrealized			Fair			Unrealized			Fair			Unrealized			Fair
(dollars in thousands)		Losses			Value			Losses			Value			Losses			Value
Available-for-sale
U.S. Treasury and agencies		$	(10)		$	4,509		$	(9)		$	1,309		$	(19)		$	5,818
Obligations of state and political agencies			—			—			—			—			—			—
Mortgage backed securities
Residential agency			(432)			68,494			(4)			2,356			(436)			70,850
Commercial			—			—			—			—			—			—
Asset backed securities			—			—			—			2			—			2
Corporate bonds			(90)			16,454			—			—			(90)			16,454
Total available-for-sale investment securities		$	(532)		$	89,457		$	(13)		$	3,667		$	(545)		$	93,124

Schedule of contractual maturity of amortized cost and estimated fair value


		Held-to-maturity						Available-for-sale
		Carrying			Fair			Amortized			Fair
(dollars in thousands)		Value			Value			Cost			Value
Due within one year or less		$	5,141		$	5,142		$	—		$	—
Due after one year through five years			28,706			28,745			3,001			3,100
Due after five years through ten years			76,714			77,812			86,721			89,886
Due after 10 years			35,755			36,586			559,605			558,560
Total investment securities		$	146,316		$	148,285		$	649,327		$	651,546

Schedule of proceeds from the sale of available for sale securities


		Three months ended						Six months ended
		June 30,						June 30,
(dollars in thousands)		2021			2020			2021			2020
Proceeds		$	—		$	35,505		$	13,189		$	39,505
Realized gains			—			1,294			114			1,294
Realized losses			—			—			—			—

Schedule of federal home loan bank


		June 30,			December 31,
(dollars in thousands)		2021			2020
Federal Reserve		$	2,675		$	2,675
FHLB			3,839			3,090