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Securities
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
SECURITIES SECURITIES

The following table presents the fair values of our securities portfolio at the dates presented:
(dollars in thousands)
September 30, 2019
 
December 31, 2018
Debt securities available-for-sale
 
$
664,520

 
 
$
680,056

Marketable equity securities
 
4,706

 
 
4,816

Total Securities
 
$
669,226

 
 
$
684,872


Debt Securities Available-for-Sale
The following tables present the amortized cost and fair value of debt securities available-for-sale as of the dates presented:
 
September 30, 2019
 
December 31, 2018
(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
 
$
9,966

 
 
$
83

 
 
$
—

 
 
$
10,049

 
 
$
9,958

 
 
$
—

 
 
$
(222
)
 
 
$
9,736

Obligations of U.S. government corporations and agencies
 
128,257

 
 
1,908

 
 
—

 
 
130,165

 
 
129,267

 
 
68

 
 
(1,074
)
 
 
128,261

Collateralized mortgage obligations of U.S. government corporations and agencies
 
151,759

 
 
3,503

 
 
(252
)
 
 
155,010

 
 
149,849

 
 
795

 
 
(1,985
)
 
 
148,659

Residential mortgage-backed securities of U.S. government corporations and agencies
 
18,504

 
 
345

 
 
(23
)
 
 
18,826

 
 
24,564

 
 
203

 
 
(417
)
 
 
24,350

Commercial mortgage-backed securities of U.S. government corporations and agencies
 
234,076

 
 
3,911

 
 
(36
)
 
 
237,951

 
 
251,660

 
 
—

 
 
(4,876
)
 
 
246,784

Obligations of states and political subdivisions
 
108,355

 
 
4,164

 
 
—

 
 
112,519

 
 
119,872

 
 
2,448

 
 
(54
)
 
 
122,266

Total Debt Securities Available-for-Sale
 
$
650,917

 
 
$
13,914

 
 
$
(311
)
 
 
$
664,520

 
 
$
685,170

 
 
$
3,514

 
 
$
(8,628
)
 
 
$
680,056



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, 2019
 
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
—
 
$
—

 
$
—

 
—
 
$
—

 
$
—

 
—
 
$
—

 
$
—

Obligations of U.S. government corporations and agencies
—
 
—

 
—

 
—
 
—

 
—

 
—
 
—

 
—

Collateralized mortgage obligations of U.S. government corporations and agencies
2
 
6,465

 
(42
)
 
6
 
27,869

 
(210
)
 
8
 
34,334

 
(252
)
Residential mortgage-backed securities of U.S. government corporations and agencies
1
 
3,948

 
(1
)
 
1
 
2,557

 
(22
)
 
2
 
6,505

 
(23
)
Commercial mortgage-backed securities of U.S. government corporations and agencies
2
 
20,284

 
(8
)
 
2
 
12,412

 
(28
)
 
4
 
32,696

 
(36
)
Obligations of states and political subdivisions
—
 
—

 
—

 
—
 
—

 
—

 
—
 
—

 
—

Total Temporarily Impaired Debt Securities
5
 
$
30,697

 
$
(51
)
 
9
 
$
42,838

 
$
(260
)
 
14
 
$
73,535

 
$
(311
)


 
December 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
—
 
$
—

 
$
—

 
1
 
$
9,736

 
$
(222
)
 
1
 
$
9,736

 
$
(222
)
Obligations of U.S. government corporations and agencies
7
 
67,649

 
(613
)
 
6
 
35,760

 
(461
)
 
13
 
103,409

 
(1,074
)
Collateralized mortgage obligations of U.S. government corporations and agencies
2
 
12,495

 
(44
)
 
14
 
76,179

 
(1,941
)
 
16
 
88,674

 
(1,985
)
Residential mortgage-backed securities of U.S. government corporations and agencies
2
 
2,327

 
(45
)
 
3
 
9,241

 
(372
)
 
5
 
11,568

 
(417
)
Commercial mortgage-backed securities of U.S. government corporations and agencies
8
 
75,466

 
(1,032
)
 
19
 
171,318

 
(3,844
)
 
27
 
246,784

 
(4,876
)
Obligations of states and political subdivisions
2
 
9,902

 
(23
)
 
1
 
5,247

 
(31
)
 
3
 
15,149

 
(54
)
Total Temporarily Impaired Debt Securities
21
 
$
167,839

 
$
(1,757
)
 
44
 
$
307,481

 
$
(6,871
)
 
65
 
$
475,320

 
$
(8,628
)

We do not believe any individual unrealized loss as of September 30, 2019 represents an other than temporary impairment, or OTTI. At September 30, 2019 there were 14 debt securities in an unrealized loss position and at December 31, 2018, there were 65 debt securities in an unrealized loss position. The unrealized losses on debt securities were primarily attributable to changes in interest rates and not related to the credit quality of these issuers. All debt securities were determined to be investment grade and paying principal and interest according to the contractual terms of the security. We do not intend to sell and it is more likely than not that we will not be required to sell any of the securities in an unrealized loss position before recovery of their amortized cost.
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:
 
September 30, 2019
 
December 31, 2018
(dollars in thousands)
Gross Unrealized Gains

 
Gross Unrealized Losses

 
Net Unrealized Gains/(Losses)

 
Gross Unrealized Gains

 
Gross Unrealized Losses

 
Net Unrealized (Losses)/
Gains

Total unrealized gains/(losses) on debt securities available-for-sale
$
13,914

 
$
(311
)
 
$
13,603

 
$
3,514

 
$
(8,628
)
 
$
(5,114
)
Income tax (expense) benefit
(2,967
)
 
66

 
(2,901
)
 
(746
)
 
1,832

 
1,086

Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss)
$
10,947

 
$
(245
)
 
$
10,702

 
$
2,768

 
$
(6,796
)
 
$
(4,028
)
The amortized cost and fair value of debt securities available-for-sale at September 30, 2019 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, 2019
(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
$
73,193

 
$
73,425

Due after one year through five years
103,058

 
105,407

Due after five years through ten years
55,237

 
58,034

Due after ten years
15,090

 
15,867

Debt Securities Available-for-Sale With Maturities
246,578

 
252,733

Collateralized mortgage obligations of U.S. government corporations and agencies
151,759

 
155,010

Residential mortgage-backed securities of U.S. government corporations and agencies
18,504

 
18,826

Commercial mortgage-backed securities of U.S. government corporations and agencies
234,076

 
237,951

Total Debt Securities Available-for-Sale
$
650,917

 
$
664,520


Debt securities with carrying values of $222.3 million at September 30, 2019 and $236.0 million at December 31, 2018 were pledged for various regulatory and legal requirements.
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 September 30,
 
Nine Months Ended 
 September 30,
(dollars in thousands)
2019

 
2018

 
2019

 
2018

Marketable Equity Securities
 
 
 
 
 
 
 
Net market gains/(losses) recognized
$
156

 
$
(111
)
 
$
(110
)
 
$
171

Less: Net gains recognized for equity securities sold
—

 
—

 
—

 
—

Unrealized Gains/(Losses) on Equity Securities Still Held
$
156

 
$
(111
)
 
$
(110
)
 
$
171


Prior to January 1, 2018, net unrealized gains and losses, net of tax, on marketable equity securities were included in AOCI for the periods presented. Net unrealized gains and losses, net of tax, on marketable equity securities of $0.9 million were reclassified from AOCI to retained earnings at January 1, 2018. As of January 1, 2018, gains and losses on marketable equity securities are included in other noninterest income on the Consolidated Statements of Comprehensive Income.