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Securities (Tables)
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of Marketable Securities

The following table presents the fair values of our securities portfolio at the dates presented:
(dollars in thousands)
March 31, 2020
 
December 31, 2019
Available-for-sale debt securities
 
$
795,966

 
 
$
779,133

Marketable equity securities
 
3,566

 
 
5,150

Total Securities
 
$
799,532

 
 
$
784,283
Schedule of Debt Securities, Available-for-Sale
The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented:
 
March 31, 2020
 
December 31, 2019
(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
 
$
9,972

 
 
$
400

 
 
$
—

 
 
$
10,372

 
 
$
9,969

 
 
$
71

 
 
$
—

 
 
$
10,040

Obligations of U.S. government corporations and agencies
 
132,938

 
 
5,044

 
 
—

 
 
137,982

 
 
155,969

 
 
1,773

 
 
(45
)
 
 
157,697

Collateralized mortgage obligations of U.S. government corporations and agencies
 
180,682

 
 
8,790

 
 
—

 
 
189,472

 
 
186,879

 
 
2,773

 
 
(304
)
 
 
189,348

Residential mortgage-backed securities of U.S. government corporations and agencies
 
20,391

 
 
802

 
 
—

 
 
21,193

 
 
22,120

 
 
321

 
 
(23
)
 
 
22,418

Commercial mortgage-backed securities of U.S. government corporations and agencies
 
272,651

 
 
12,028

 
 
—

 
 
284,679

 
 
273,771

 
 
2,680

 
 
(581
)
 
 
275,870

Corporate obligations
 
7,532

 
 
30

 
 
(11
)
 
 
7,551

 
 
7,603

 
 
24

 
 
—

 
 
7,627

Obligations of states and political subdivisions
 
139,530

 
 
5,187

 
 
—

 
 
144,717

 
 
112,116

 
 
4,017

 
 
—

 
 
116,133

Total Available-for-Sale Debt Securities (1)
 
$
763,696

 
 
$
32,281

 
 
$
(11
)
 
 
$
795,966

 
 
$
768,427

 
 
$
11,659

 
 
$
(953
)
 
 
$
779,133


(1) Excludes interest receivable of $3.5 million at March 31, 2020 and $3.4 million at December 31, 2019. Interest receivable is included in other assets in the consolidated balance sheets.

Schedule of Temporally Impaired Debt Securities
The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented:
 
March 31, 2020
 
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
—
 
—

 
—

 
—
 
—

 
—

 
—
 
—

 
—

Residential mortgage-backed securities of U.S. government corporations and agencies
—
 
—

 
—

 
—
 
—

 
—

 
—
 
—

 
—

Commercial mortgage-backed securities of U.S. government corporations and agencies
—
 
—

 
—

 
—
 
—

 
—

 
—
 
—

 
—

Corporate bonds
2
 
2,989

 
(11
)
 
—
 
—

 
—

 
2
 
2,989

 
(11
)
Obligations of states and political subdivisions
—
 
—

 
—

 
—
 
—

 
—

 
—
 
—

 
—

Total
2
 
$
2,989

 
$
(11
)
 
—
 
$
—

 
$
—

 
2
 
$
2,989

 
$
(11
)


 
December 31, 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
3
 
22,638

 
(45
)
 
—
 
—

 
—

 
3
 
22,638

 
(45
)
Collateralized mortgage obligations of U.S. government corporations and agencies
6
 
23,393

 
(73
)
 
6
 
25,254

 
(231
)
 
12
 
48,647

 
(304
)
Residential mortgage-backed securities of U.S. government corporations and agencies
1
 
982

 
(2
)
 
1
 
2,534

 
(21
)
 
2
 
3,516

 
(23
)
Commercial mortgage-backed securities of U.S. government corporations and agencies
9
 
90,005

 
(581
)
 
—
 
—

 
—

 
9
 
90,005

 
(581
)
Corporate bonds
1
 
79

 
—

 
—
 
—

 
—

 
1
 
79

 
—

Obligations of states and political subdivisions
—
 
—

 
—

 
—
 
—

 
—

 
—
 
—

 
—

Total Temporarily Impaired Debt Securities
20
 
$
137,097

 
$
(701
)
 
7
 
$
27,788

 
$
(252
)
 
27
 
$
164,885

 
$
(953
)
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 available-for-sale debt securities included in accumulated other comprehensive income/(loss), for the periods presented:
 
March 31, 2020
 
December 31, 2019
(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 available-for-sale debt securities
$
32,281

 
$
(11
)
 
$
32,270

 
$
11,659

 
$
(953
)
 
$
10,706

Income tax (expense) benefit
(6,873
)
 
2

 
(6,871
)
 
(2,486
)
 
203

 
(2,283
)
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss)
$
25,408

 
$
(9
)
 
$
25,399

 
$
9,173

 
$
(750
)
 
$
8,423
Schedule of Contractual Maturity of Debt Securities Available-for-Sale Securities
The amortized cost and fair value of available-for-sale debt securities at March 31, 2020 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, 2020
(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
$
84,687

 
$
85,259

Due after one year through five years
100,877

 
106,112

Due after five years through ten years
65,732

 
68,913

Due after ten years
31,144

 
32,786

Available-for-Sale Debt Securities With Maturities
282,440

 
293,070

Collateralized mortgage obligations of U.S. government corporations and agencies
180,682

 
189,473

Residential mortgage-backed securities of U.S. government corporations and agencies
20,391

 
21,193

Commercial mortgage-backed securities of U.S. government corporations and agencies
272,651

 
284,679

Corporate Securities
7,532

 
7,551

Total Available-for-Sale Debt Securities
$
763,696

 
$
795,966
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 
 March 31,
(dollars in thousands)
2020

 
2019

Marketable Equity Securities


 


Net gains and losses recognized during the period on equity securities
$
(1,585
)
 
$
(318
)
Less: Net gains and losses recognized during the period on equity securities sold during the period
—

 
—

Unrealized Losses/Gains Recognized During the Reporting Period on Equity Securities Still Held at the Reporting Date
$
(1,585
)
 
$
(318
)