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Securities (Tables)
 3 Months Ended
Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Composition of Securities
The following table presents the fair values of our securities portfolio at the dates presented:
(dollars in thousands)
March 31, 2018
 
December 31, 2017
Debt securities available for sale
682,454

 
693,147

Marketable equity securities
5,196

 
5,144

Total Securities
687,650

 
698,291


Debt Securities Available for Sale
The following tables present the amortized cost and fair value of debt securities available for sale as of March 31, 2018 and debt and equity securities available for sale as of December 31, 2017:
 
March 31, 2018
 
December 31, 2017
(dollars in thousands)
Amortized
Cost

 
Gross
Unrealized
Gains

 
Gross
Unrealized
Losses

 
Fair
Value

 
Amortized
Cost

 
Gross
Unrealized
Gains

 
Gross
Unrealized
Losses

 
Fair
Value

U.S. Treasury securities
$
14,951

 
$
—

 
$
(290
)
 
$
14,661

 
$
19,943

 
$
—

 
$
(154
)
 
$
19,789

Obligations of U.S. government corporations and agencies
161,844

 
62

 
(1,317
)
 
160,589

 
162,045

 
341

 
(193
)
 
162,193

Collateralized mortgage obligations of U.S. government corporations and agencies
105,063

 
2

 
(2,483
)
 
102,582

 
109,916

 
93

 
(1,321
)
 
108,688

Residential mortgage-backed securities of U.S. government corporations and agencies
30,700

 
443

 
(460
)
 
30,683

 
32,388

 
679

 
(213
)
 
32,854

Commercial mortgage-backed securities of U.S. government corporations and agencies (1)
255,043

 
—

 
(6,245
)
 
248,798

 
244,018

 
247

 
(2,044
)
 
242,221

Obligations of states and political subdivisions
122,650

 
2,563

 
(72
)
 
125,141

 
123,159

 
4,285

 
(42
)
 
127,402

Total Debt Securities Available-for-Sale
690,251

 
3,070

 
(10,867
)
 
682,454

 
691,469

 
5,645

 
(3,967
)
 
693,147

Total equity securities (2)
—

 
—

 
—

 
—

 
3,815

 
1,330

 
(1
)
 
5,144

Total Securities
$
690,251

 
$
3,070

 
$
(10,867
)
 
$
682,454

 
$
695,284

 
$
6,975

 
$
(3,968
)
 
$
698,291


(1) Includes a $5.9 million security purchase that was pending settlement as of December 31, 2017.
(2) ASU 2016-01 was adopted January 1, 2018, resulting in separate classification of our marketable equity securities previously included in available-for-sale securities.
Schedule of Temporally Impaired Debt Securities
The following tables present the fair value and the age of gross unrealized losses on debt securities available for sale by investment category as of the dates presented:
 
March 31, 2018
 
Less Than 12 Months
 
12 Months or More
 
Total
(dollars in thousands)
Number of Securities
 
Fair Value

 
Unrealized
Losses

 
Number of Securities
 
Fair Value

 
Unrealized
Losses

 
Number of Securities
 
Fair Value

 
Unrealized
Losses

U.S. Treasury securities
2
 
$
14,661

 
$
(290
)
 
—
 
$
—

 
$
—

 
2
 
$
14,661

 
$
(290
)
Obligations of U.S. government corporations and agencies
16
 
130,823

 
(1,274
)
 
1
 
10,000

 
(43
)
 
17
 
140,823

 
(1,317
)
Collateralized mortgage obligations of U.S. government corporations and agencies
8
 
55,695

 
(800
)
 
7
 
43,184

 
(1,683
)
 
15
 
98,879

 
(2,483
)
Residential mortgage-backed securities of U.S. government corporations and agencies
3
 
4,861

 
(106
)
 
2
 
7,976

 
(354
)
 
5
 
12,837

 
(460
)
Commercial mortgage-backed securities of U.S. government corporations and agencies
22
 
201,051

 
(4,170
)
 
5
 
47,747

 
(2,075
)
 
27
 
248,798

 
(6,245
)
Obligations of states and political subdivisions
5
 
23,700

 
(72
)
 
—
 
—

 
—

 
5
 
23,700

 
(72
)
Total Temporarily Impaired Debt Securities
56
 
$
430,791

 
$
(6,712
)
 
15
 
$
108,907

 
$
(4,155
)
 
71
 
$
539,698

 
$
(10,867
)


 
December 31, 2017
 
Less Than 12 Months
 
12 Months or More
 
Total
(dollars in thousands)
Number of Securities
 
Fair Value

 
Unrealized
Losses

 
Number of Securities
 
Fair Value

 
Unrealized
Losses

 
Number of Securities
 
Fair Value

 
Unrealized
Losses

U.S. Treasury securities
3
 
$
19,789

 
$
(154
)
 
—
 
$
—

 
$
—

 
3
 
$
19,789

 
$
(154
)
Obligations of U.S. government corporations and agencies
9
 
63,635

 
(144
)
 
1
 
10,017

 
(49
)
 
10
 
73,652

 
(193
)
Collateralized mortgage obligations of U.S. government corporations and agencies
7
 
47,465

 
(248
)
 
7
 
45,809

 
(1,073
)
 
14
 
93,274

 
(1,321
)
Residential mortgage-backed securities of U.S. government corporations and agencies
1
 
2,333

 
(10
)
 
2
 
8,638

 
(203
)
 
3
 
10,971

 
(213
)
Commercial mortgage-backed securities of U.S. government corporations and agencies
14
 
128,300

 
(775
)
 
5
 
48,746

 
(1,269
)
 
19
 
177,046

 
(2,044
)
Obligations of states and political subdivisions
2
 
10,330

 
(42
)
 
—
 
—

 
—

 
2
 
10,330

 
(42
)
Total Temporarily Impaired Debt Securities
36
 
$
271,852

 
$
(1,373
)
 
15
 
$
113,210

 
$
(2,594
)
 
51
 
$
385,062

 
$
(3,967
)
Unrealized Gains and Losses, Net of Tax, of Debt Securities Available for Sale
The following table presents net unrealized gains and losses, net of tax, on debt securities available-for-sale included in accumulated other comprehensive income/(loss), for the periods presented:
 
March 31, 2018
 
December 31, 2017
(dollars in thousands)
Gross Unrealized Gains

 
Gross Unrealized Losses

 
Net Unrealized Gains/ (Losses)

 
Gross Unrealized Gains

 
Gross Unrealized Losses

 
Net Unrealized Gains/ (Losses)

Total unrealized gains(losses) on debt securities available-for-sale
$
3,070

 
$
(10,867
)
 
$
(7,797
)
 
$
5,645

 
$
(3,967
)
 
$
1,678

Income tax (expense)benefit
(652
)
 
2,308

 
1,656

 
(1,982
)
 
1,393

 
(589
)
Net Unrealized Gains/(losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss)
$
2,418

 
$
(8,559
)
 
$
(6,141
)
 
$
3,663

 
$
(2,574
)
 
$
1,089
Contractual Maturity of Debt Securities Available-for-Sale Securities
The amortized cost and fair value of debt securities available-for-sale at March 31, 2018 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
March 31, 2018
(dollars in thousands)
Amortized
Cost

 
Fair Value

Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions

 

Due in one year or less
$
43,472

 
$
43,372

Due after one year through five years
148,616

 
148,787

Due after five years through ten years
78,565

 
78,767

Due after ten years
28,792

 
29,465

 
299,445

 
300,391

Collateralized mortgage obligations of U.S. government corporations and agencies
105,063

 
102,582

Residential mortgage-backed securities of U.S. government corporations and agencies
30,700

 
30,683

Commercial mortgage-backed securities of U.S. government corporations and agencies
255,043

 
248,798

Total Debt Securities Available-for-Sale
$
690,251

 
$
682,454
Unrealized Gains and Losses on Marketable Securities
The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented:
 
Three months ended March 31,
(dollars in thousands)
2018

 
2017

Marketable Equity Securities
 
 
 
Net gains/losses recognized during the period
$
52

 
$
733

Less: Net gains/losses recognized for equity securities sold during the period
—

 
370

Unrealized Gains/Losses Recognized on Equity Securities Still Held
$
52

 
$
363