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Securities (Tables) | 9 Months Ended
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Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available-for-sale Securities Reconciliation | The following tables summarize securities available-for-sale and securities held-to-maturity as of September 30, 2021 and December 31, 2020.
|  | September 30, 2021
|  | Amortized |  | Gross Unrealized |  | Fair
(in thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities available-for-sale |  |  |  |  |  |  |  |
U.S. Government-sponsored agencies |  | $ | 53,380 |  |  | $ | 234 |  |  | $ | (1,159) |  |  | $ | 52,455 |
Municipal securities |  | 76,528 |  |  | 1,086 |  |  | (164) |  |  | 77,450 |
Agency mortgage-backed securities |  | 432,613 |  |  | 2,364 |  |  | (5,092) |  |  | 429,885 |
Private label mortgage-backed securities |  | 19,997 |  |  | 238 |  |  | — |  |  | 20,235 |
Asset-backed securities |  | 5,000 |  |  | 5 |  |  | — |  |  | 5,005 |
Corporate securities |  | 48,460 |  |  | 965 |  |  | (448) |  |  | 48,977 |
Total available-for-sale |  | $ | 635,978 |  |  | $ | 4,892 |  |  | $ | (6,863) |  |  | $ | 634,007 |
|  | December 31, 2020
|  | Amortized |  | Gross Unrealized |  | Fair
(in thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities available-for-sale |  |  |  |  |  |  |  |
U.S. Government-sponsored agencies |  | $ | 61,765 |  |  | $ | 432 |  |  | $ | (1,652) |  |  | $ | 60,545 |
Municipal securities |  | 82,757 |  |  | 463 |  |  | (731) |  |  | 82,489 |
Agency mortgage-backed securities |  | 241,795 |  |  | 4,591 |  |  | (2,465) |  |  | 243,921 |
Private label mortgage-backed securities |  | 57,268 |  |  | 850 |  |  | (2) |  |  | 58,116 |
Asset-backed securities |  | 5,000 |  |  | — |  |  | (39) |  |  | 4,961 |
Corporate securities |  | 48,419 |  |  | 771 |  |  | (1,594) |  |  | 47,596 |
Total available-for-sale |  | $ | 497,004 |  |  | $ | 7,107 |  |  | $ | (6,483) |  |  | $ | 497,628 |
Schedule Of Held-To-Maturity Securities Reconciliation |
|  | September 30, 2021
|  | Amortized |  | Gross Unrealized |  | Fair
(in thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities held-to-maturity |  |  |  |  |  |  |  |
Municipal securities |  | $ | 14,538 |  |  | $ | 781 |  |  | $ | — |  |  | $ | 15,319 |
Corporate securities |  | 47,591 |  |  | 1,427 |  |  | — |  |  | 49,018 |
Total held-to-maturity |  | $ | 62,129 |  |  | $ | 2,208 |  |  | $ | — |  |  | $ | 64,337 |
|  | December 31, 2020
|  | Amortized |  | Gross Unrealized |  | Fair
(in thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities held-to-maturity |  |  |  |  |  |  |  |
Municipal securities |  | $ | 14,571 |  |  | $ | 746 |  |  | $ | — |  |  | $ | 15,317 |
Corporate securities |  | 53,652 |  |  | 610 |  |  | (127) |  |  | 54,135 |
Total held-to-maturity |  | $ | 68,223 |  |  | $ | 1,356 |  |  | $ | (127) |  |  | $ | 69,452 |
Available-for-sale Securities | The carrying value of securities at September 30, 2021 is shown below by their contractual maturity date. Actual maturities will differ because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Available-for-Sale
(in thousands) |  | Amortized Cost |  | Fair Value
Within one year |  | $ | — |  |  | $ | — |
One to five years |  | 34,855 |  |  | 32,935 |
Five to ten years |  | 64,591 |  |  | 64,429 |
After ten years |  | 78,922 |  |  | 81,518 |
|  | 178,368 |  |  | 178,882 |
Agency mortgage-backed securities |  | 432,613 |  |  | 429,885 |
Private label mortgage-backed securities |  | 19,997 |  |  | 20,235 |
Asset-backed securities |  | 5,000 |  |  | 5,005 |
Total |  | $ | 635,978 |  |  | $ | 634,007 |
Held-to-maturity Securities |
|  | Held-to-Maturity
(in thousands) |  | Amortized Cost |  | Fair Value
One to five years |  | $ | 5,793 |  |  | $ | 5,976 |
Five to ten years |  | 44,655 |  |  | 46,320 |
After ten years |  | 11,681 |  |  | 12,041 |
Total |  | $ | 62,129 |  |  | $ | 64,337 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | The unrealized losses on the Company’s investments in agency mortgage-backed, private label mortgage-backed and asset-backed securities were caused primarily by interest rate changes. The Company expects to recover the amortized cost bases over the terms of the securities. Because the Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be upon maturity, the Company does not consider those investments to be other-than-temporarily impaired at September 30, 2021. The following tables show the securities portfolio’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2021 and December 31, 2020.
|  | September 30, 2021
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
(in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored agencies |  | $ | 2,931 |  |  | $ | (69) |  |  | $ | 44,034 |  |  | $ | (1,090) |  |  | $ | 46,965 |  |  | $ | (1,159) |
Municipal securities |  | 61,658 |  |  | (164) |  |  | — |  |  | — |  |  | 61,658 |  |  | (164) |
Agency mortgage-backed securities |  | 320,805 |  |  | (4,085) |  |  | 18,818 |  |  | (1,007) |  |  | 339,623 |  |  | (5,092) |
Corporate securities |  | 4,998 |  |  | (2) |  |  | 9,552 |  |  | (446) |  |  | 14,550 |  |  | (448) |
Total |  | $ | 390,392 |  |  | $ | (4,320) |  |  | $ | 72,404 |  |  | $ | (2,543) |  |  | $ | 462,796 |  |  | $ | (6,863) |
There were no securities held-to-maturity with gross unrealized losses at September 30, 2021.
|  | December 31, 2020
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
(in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored agencies |  | $ | — |  |  | $ | — |  |  | $ | 52,351 |  |  | $ | (1,652) |  |  | $ | 52,351 |  |  | $ | (1,652) |
Municipal securities |  | 18,731 |  |  | (114) |  |  | 23,519 |  |  | (617) |  |  | 42,250 |  |  | (731) |
Agency mortgage-backed securities |  | 38,987 |  |  | (276) |  |  | 45,297 |  |  | (2,189) |  |  | 84,284 |  |  | (2,465) |
Private label mortgage-backed securities |  | 1,277 |  |  | (1) |  |  | 558 |  |  | (1) |  |  | 1,835 |  |  | (2) |
Asset-backed securities |  | — |  |  | — |  |  | 4,961 |  |  | (39) |  |  | 4,961 |  |  | (39) |
Corporate securities |  | — |  |  | — |  |  | 20,406 |  |  | (1,594) |  |  | 20,406 |  |  | (1,594) |
Total |  | $ | 58,995 |  |  | $ | (391) |  |  | $ | 147,092 |  |  | $ | (6,092) |  |  | $ | 206,087 |  |  | $ | (6,483) |
Held to Maturity, Continuous Unrealized Loss Position, Fair Value |
|  | December 31, 2020
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
(in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Securities held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  | 17,456 |  |  | (126) |  |  | 2,999 |  |  | (1) |  |  | 20,455 |  |  | (127) |
Total |  | $ | 17,456 |  |  | $ | (126) |  |  | $ | 2,999 |  |  | $ | (1) |  |  | $ | 20,455 |  |  | $ | (127) |
Schedule of Accumulated Other Comprehensive Income (Loss) | Amounts reclassified from accumulated other comprehensive loss and the affected line items in the condensed consolidated statements of income during the three and nine months ended September 30, 2020 were as follows:
(in thousands) Details About Accumulated Other Comprehensive Loss Components |  |  |  |  |  |  |  |  | Affected Line Item in the Statements of Income
| Three Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2021 |  | Three Months Ended September 30, 2020 |  | Nine Months Ended September 30, 2020 |  |
Realized gains on securities available-for-sale |  |  |  |  |  |  |  |  |  |  |
Gain realized in earnings |  | $ | — |  |  | $ | — |  |  | $ | 98 |  |  | $ | 139 |  |  |  | Gain on sale of securities
Total reclassified amount before tax |  | — |  |  | — |  |  | 98 |  |  | 139 |  |  |  | Income Before Income Taxes
Tax expense |  | — |  |  | — |  |  | 26 |  |  | 38 |  |  |  | Income Tax Provision
Total reclassifications out of accumulated other comprehensive loss |  | $ | — |  |  | $ | — |  |  | $ | 72 |  |  | $ | 101 |  |  |  | Net Income
The components of accumulated other comprehensive loss, included in shareholders' equity, for the nine months ended September 30, 2021 and 2020, respectively, are presented in the table below.
(in thousands) |  | Available-For-Sale Securities |  | Cash Flow Hedges |  | Total
Balance, January 1, 2021 |  | $ | 468 |  |  | $ | (17,664) |  |  | $ | (17,196) |
Net unrealized holding (losses) gains recorded within other comprehensive income before income tax |  | (2,596) |  |  | 7,665 |  |  | 5,069 |
Other comprehensive (loss) gain before tax |  | (2,596) |  |  | 7,665 |  |  | 5,069 |
Income tax (benefit) provision |  | (616) |  |  | 1,657 |  |  | 1,041 |
Other comprehensive (loss) income - net of tax |  | (1,980) |  |  | 6,008 |  |  | 4,028 |
Balance, September 30, 2021 |  | $ | (1,512) |  |  | $ | (11,656) |  |  | $ | (13,168) |
Balance, January 1, 2020 |  | $ | (4,388) |  |  | $ | (9,803) |  |  | $ | (14,191) |
Net unrealized holding gains (losses) recorded within other comprehensive income before income tax |  | 6,187 |  |  | (12,453) |  |  | (6,266) |
Reclassification of net loss realized and included in earnings |  | (139) |  |  | — |  |  | (139) |
Other comprehensive income (loss) before tax |  | 6,048 |  |  | (12,453) |  |  | (6,405) |
Income tax provision (benefit) |  | 2,096 |  |  | (3,602) |  |  | (1,506) |
Other comprehensive loss - net of tax |  | 3,952 |  |  | (8,851) |  |  | (4,899) |
Balance, September 30, 2020 |  | $ | (436) |  |  | $ | (18,654) |  |  | $ | (19,090) |
The components of accumulated other comprehensive loss, included in shareholders' equity, for the three months ended September 30, 2021 and 2020, respectively, are presented in the table below.
(in thousands) |  | Available-For-Sale Securities |  | Cash Flow Hedges |  | Total
Balance, July 1, 2021 |  | $ | (164) |  |  | $ | (12,747) |  |  | $ | (12,911) |
Net unrealized holding (losses) gains recorded within other comprehensive income before income tax |  | (1,789) |  |  | 1,439 |  |  | (350) |
Other comprehensive (loss) income before tax |  | (1,789) |  |  | 1,439 |  |  | (350) |
Income tax (benefit) provision |  | (441) |  |  | 348 |  |  | (93) |
Other comprehensive (loss) income - net of tax |  | (1,348) |  |  | 1,091 |  |  | (257) |
Balance, September 30, 2021 |  | $ | (1,512) |  |  | $ | (11,656) |  |  | $ | (13,168) |
Balance, July 1, 2020 |  | $ | (1,388) |  |  | $ | (19,750) |  |  | $ | (21,138) |
Net unrealized holding gains recorded within other comprehensive income before income tax |  | 1,386 |  |  | 1,514 |  |  | 2,900 |
Reclassification of net loss realized and included in earnings |  | (98) |  |  | — |  |  | (98) |
Other comprehensive loss before tax |  | 1,288 |  |  | 1,514 |  |  | 2,802 |
Income tax provision |  | 336 |  |  | 418 |  |  | 754 |
Other comprehensive loss - net of tax |  | 952 |  |  | 1,096 |  |  | 2,048 |
Balance, September 30, 2020 |  | $ | (436) |  |  | $ | (18,654) |  |  | $ | (19,090) |

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