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Securities (Tables)
 9 Months Ended
Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Schedule of Composition of Securities
The following table presents the fair values of our securities portfolio at the dates presented:
(dollars in thousands)
September 30, 2018
 
December 31, 2017
Debt securities available-for-sale
 
$
677,221

 
 
$
693,147

Marketable equity securities
 
5,314

 
 
5,144

Total Securities
 
$
682,535

 
 
$
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 September 30, 2018 and debt and equity securities available-for-sale as of December 31, 2017:
 
September 30, 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
 
$
9,956

 
 
$
—

 
 
$
(400
)
 
 
$
9,556

 
 
$
19,943

 
 
$
—

 
 
$
(154
)
 
 
$
19,789

Obligations of U.S. government corporations and agencies
 
139,272

 
 
—

 
 
(2,288
)
 
 
136,984

 
 
162,045

 
 
341

 
 
(193
)
 
 
162,193

Collateralized mortgage obligations of U.S. government corporations and agencies
 
141,283

 
 
—

 
 
(3,623
)
 
 
137,660

 
 
109,916

 
 
93

 
 
(1,321
)
 
 
108,688

Residential mortgage-backed securities of U.S. government corporations and agencies
 
26,837

 
 
219

 
 
(606
)
 
 
26,450

 
 
32,388

 
 
679

 
 
(213
)
 
 
32,854

Commercial mortgage-backed securities of U.S. government corporations and agencies (1)
 
253,090

 
 
—

 
 
(8,494
)
 
 
244,596

 
 
244,018

 
 
247

 
 
(2,044
)
 
 
242,221

Obligations of states and political subdivisions
 
120,396

 
 
1,741

 
 
(162
)
 
 
121,975

 
 
123,159

 
 
4,285

 
 
(42
)
 
 
127,402

Total Debt Securities Available-for-Sale
 
690,834

 
 
1,960

 
 
(15,573
)
 
 
677,221

 
 
691,469

 
 
5,645

 
 
(3,967
)
 
 
693,147

Total equity securities (2)
 
—

 
 
—

 
 
—

 
 
—

 
 
3,815

 
 
1,330

 
 
(1
)
 
 
5,144

Total Securities
 
$
690,834

 
 
$
1,960

 
 
$
(15,573
)
 
 
$
677,221

 
 
$
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 No. 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:
 
September 30, 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
 
—
 
 
$
—

 
 
$
—

 
 
1
 
 
$
9,556

 
 
$
(400
)
 
 
1
 
 
$
9,556

 
 
$
(400
)
Obligations of U.S. government corporations and agencies
 
17
 
 
135,988

 
 
(2,280
)
 
 
1
 
 
995

 
 
(8
)
 
 
18
 
 
136,983

 
 
(2,288
)
Collateralized mortgage obligations of U.S. government corporations and agencies
 
10
 
 
64,732

 
 
(1,365
)
 
 
8
 
 
48,308

 
 
(2,258
)
 
 
18
 
 
113,040

 
 
(3,623
)
Residential mortgage-backed securities of U.S. government corporations and agencies
 
4
 
 
9,361

 
 
(182
)
 
 
2
 
 
7,194

 
 
(424
)
 
 
6
 
 
16,555

 
 
(606
)
Commercial mortgage-backed securities of U.S. government corporations and agencies
 
17
 
 
148,398

 
 
(4,474
)
 
 
10
 
 
96,198

 
 
(4,020
)
 
 
27
 
 
244,596

 
 
(8,494
)
Obligations of states and political subdivisions
 
7
 
 
28,998

 
 
(162
)
 
 
—
 
 
—

 
 
—

 
 
7
 
 
28,998

 
 
(162
)
Total Temporarily Impaired Debt Securities
 
55
 
 
$
387,477

 
 
$
(8,463
)
 
 
22
 
 
$
162,251

 
 
$
(7,110
)
 
 
77
 
 
$
549,728

 
 
$
(15,573
)


 
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
)
Schedule of 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 loss, for the periods presented:
 
September 30, 2018
 
December 31, 2017
(dollars in thousands)
Gross Unrealized Gains

 
Gross Unrealized Losses

 
Net Unrealized (Losses)/Gains

 
Gross Unrealized Gains

 
Gross Unrealized Losses

 
Net Unrealized Gains/(Losses)

Total unrealized gains/(losses) on debt securities available-for-sale (1)
$
1,960

 
$
(15,573
)
 
$
(13,613
)
 
$
5,645

 
$
(3,967
)
 
$
1,678

Income tax (expense) benefit
(416
)
 
3,307

 
2,891

 
(1,982
)
 
1,393

 
(589
)
Net Unrealized (Losses)/Gains, Net of Tax Included in Accumulated Other Comprehensive Loss
$
1,544

 
$
(12,266
)
 
$
(10,722
)
 
$
3,663

 
$
(2,574
)
 
$
1,089

(1) Gross unrealized gains and losses of $862 at December 31, 2017 have been restated to reflect the reclassifications from OCI to retained earnings due to the adoption of ASU No. 2016-01
Schedule of Contractual Maturity of Debt Securities Available-for-Sale Securities
The amortized cost and fair value of debt securities available-for-sale at September 30, 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.
 
September 30, 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
$
20,871

 
$
20,878

Due after one year through five years
147,573

 
146,653

Due after five years through ten years
72,590

 
71,938

Due after ten years
28,590

 
29,046

Debt Securities Available-for-Sale With Maturities
269,624

 
268,515

Collateralized mortgage obligations of U.S. government corporations and agencies
141,283

 
137,660

Residential mortgage-backed securities of U.S. government corporations and agencies
26,837

 
26,450

Commercial mortgage-backed securities of U.S. government corporations and agencies
253,090

 
244,596

Total Debt Securities Available-for-Sale
$
690,834

 
$
677,221
Schedule of Unrealized Gains and Losses on Marketable Equity Securities
The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented:
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
(dollars in thousands)
2018

 
2017

 
2018

 
2017

Marketable Equity Securities
 
 
 
 
 
 
 
Net market (losses)/gains recognized
$
(111
)
 
$
318

 
$
171

 
$
5,542

Less: Net gains recognized for equity securities sold
—

 
—

 
—

 
3,987

Unrealized (Losses)/Gains on Equity Securities Still Held
$
(111
)
 
$
318

 
$
171

 
$
1,555