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Securities (Tables)

9 Months Ended

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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