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Securities (Tables)
6 Months Ended
Jun. 30, 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)June 30, 2020December 31, 2019
Available-for-sale debt securities$801,703  $779,133  
Marketable equity securities2,663  5,150  
Total Securities$804,366  $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:
 June 30, 2020December 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$9,975  $380  $—  $10,355  $9,969  $71  $—  $10,040  
Obligations of U.S. government corporations and agencies158,869  4,835  (1) 163,703  155,969  1,773  (45) 157,697  
Collateralized mortgage obligations of U.S. government corporations and agencies172,938  8,224  —  181,162  186,879  2,773  (304) 189,348  
Residential mortgage-backed securities of U.S. government corporations and agencies18,891  877  —  19,768  22,120  321  (23) 22,418  
Commercial mortgage-backed securities of U.S. government corporations and agencies 269,673  14,877  —  284,550  273,771  2,680  (581) 275,870  
Corporate obligations5,026  12  —  5,038  7,603  24  —  7,627  
Obligations of states and political subdivisions130,002  7,125  —  137,127  112,116  4,017  —  116,133  
Total Available-for-Sale Debt Securities (1)
$765,374  $36,330  $(1) $801,703  $768,427  $11,659  $(953) $779,133  
(1) Excludes interest receivable of $3.4 million at June 30, 2020 and $3.4 million at December 31, 2019. Interest receivable is included in other assets in the consolidated balance sheets.
Schedule of Temporally Impaired Debt Securities
The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented:
 June 30, 2020
 Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)Number of SecuritiesFair ValueUnrealized
Losses
Number of SecuritiesFair ValueUnrealized
Losses
Number of SecuritiesFair ValueUnrealized
Losses
U.S. Treasury securities$—  $—  $—  $—  $—  $—  
Obligations of U.S. government corporations and agencies149,990  (1) —  —  149,990  (1) 
Collateralized mortgage obligations of U.S. government corporations and agencies1 —  —  —  1 —  
Residential mortgage-backed securities of U.S. government corporations and agencies—  —  —  —  —  —  
Commercial mortgage-backed securities of U.S. government corporations and agencies—  —  —  —  —  —  
Corporate bonds—  —  —  —  —  —  
Obligations of states and political subdivisions—  —  —  —  —  —  
Total2$49,991  $(1) $—  $—  2$49,991  $(1) 
 December 31, 2019
 Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)Number of SecuritiesFair ValueUnrealized
Losses
Number of SecuritiesFair ValueUnrealized
Losses
Number of SecuritiesFair ValueUnrealized
Losses
U.S. Treasury securities$—  $—  $—  $—  $—  $—  
Obligations of U.S. government corporations and agencies322,638  (45) —  —  322,638  (45) 
Collateralized mortgage obligations of U.S. government corporations and agencies623,393  (73) 625,254  (231) 1248,647  (304) 
Residential mortgage-backed securities of U.S. government corporations and agencies1982  (2) 12,534  (21) 23,516  (23) 
Commercial mortgage-backed securities of U.S. government corporations and agencies990,005  (581) —  —  990,005  (581) 
Corporate bonds179  —  —  —  179  —  
Obligations of states and political subdivisions—  —  —  —  —  —  
Total Temporarily Impaired Debt Securities20$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:
June 30, 2020December 31, 2019
(dollars in thousands)Gross Unrealized GainsGross Unrealized LossesNet Unrealized Gains/(Losses)Gross Unrealized GainsGross Unrealized LossesNet Unrealized Gains/(Losses)
Total unrealized gains/(losses) on available-for-sale debt securities$36,330  $(1) $36,329  $11,659  $(953) $10,706  
Income tax (expense) benefit(7,736) —  (7,736) (2,486) 203  (2,283) 
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss)$28,594  $(1) $28,593  $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 June 30, 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.
 June 30, 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$106,927  $107,417  
Due after one year through five years105,757  111,561  
Due after five years through ten years55,138  58,778  
Due after ten years31,024  33,429  
Available-for-Sale Debt Securities With Maturities298,846  311,185  
Collateralized mortgage obligations of U.S. government corporations and agencies172,938  181,162  
Residential mortgage-backed securities of U.S. government corporations and agencies18,891  19,768  
Commercial mortgage-backed securities of U.S. government corporations and agencies269,673  284,550  
Corporate Securities5,026  5,038  
Total Available-for-Sale Debt Securities $765,374  $801,703  
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 June 30,Six Months Ended June 30,
(dollars in thousands)2020201920202019
Marketable Equity Securities
Net gains and losses recognized during the period on equity securities$448  $52  $(1,137) $(266) 
Less: Net gains and losses recognized during the period on equity securities sold during the period142  —  142  —  
Unrealized Losses/Gains Recognized During the Reporting Period on Equity Securities Still Held at the Reporting Date$306  $52  $(1,279) $(266)