Securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

The following table presents the fair values of our securities portfolio at the dates presented:


(dollars in thousands)	March 31, 2022			December 31, 2021
Available-for-sale debt securities		$	1,027,080		$	909,651
Marketable equity securities		1,138			1,142
Total Securities		$	1,028,218		$	910,793

Schedule of Amortized Cost and Fair Value of Debt Securities

The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented:


	March 31, 2022												December 31, 2021
(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		$	136,695		$	41		$	(6,742)		$	129,994		$	95,954		$	115		$	(742)		$	95,327
Obligations of U.S. government corporations and agencies		58,570			179			(256)			58,493			68,599			1,749			—			70,348
Collateralized mortgage obligations of U.S. government corporations and agencies		404,626			179			(19,203)			385,602			270,696			2,408			(2,810)			270,294
Residential mortgage-backed securities of U.S. government corporations and agencies		54,444			52			(4,050)			50,446			57,029			392			(628)			56,793
Commercial mortgage-backed securities of U.S. government corporations and agencies		340,886			169			(10,244)			330,811			336,918			5,969			(1,587)			341,300
Corporate obligations		500			—			—			500			500			—			—			500
Obligations of states and political subdivisions		70,206			1,028			—			71,234			70,539			4,550			—			75,089
Total Available-for-Sale Debt Securities (1)		$	1,065,927		$	1,648		$	(40,495)		$	1,027,080		$	900,235		$	15,183		$	(5,767)		$	909,651

(1) Excludes interest receivable of $3.5 million at March 31, 2022 and $3.3 million at December 31, 2021. Interest receivable is included in other assets in the Consolidated Balance Sheets.

Schedule of Fair Value and Age of Gross Unrealized Losses of 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, 2022
	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	12	$	119,959	$	(6,742)	—	$	—	$	—	12	$	119,959	$	(6,742)
Obligations of U.S. government corporations and agencies	2	15,296		(256)		—	—		—		2	15,296		(256)
Collateralized mortgage obligations of U.S. government corporations and agencies	39	309,426		(15,367)		4	36,986		(3,836)		43	346,412		(19,203)
Residential mortgage-backed securities of U.S. government corporations and agencies	9	8,171		(269)		2	39,357		(3,781)		11	47,528		(4,050)
Commercial mortgage-backed securities of U.S. government corporations and agencies	29	274,993		(10,244)		—	—		—		29	274,993		(10,244)
Corporate bonds	—	—		—		—	—		—		—	—		—
Obligations of states and political subdivisions	—	—		—		—	—		—		—	—		—


Total	91	$	727,845	$	(32,878)	6	$	76,343	$	(7,617)	97	$	804,188	$	(40,495)


	December 31, 2021
	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	8	$	85,221	$	(742)	—	$	—	$	—	8	$	85,221	$	(742)
Obligations of U.S. government corporations and agencies	—	—		—		—	—		—		—	—		—
Collateralized mortgage obligations of U.S. government corporations and agencies	12	141,204		(2,436)		1	8,933		(374)		13	150,137		(2,810)
Residential mortgage-backed securities of U.S. government corporations and agencies	3	46,042		(628)		—	—		—		3	46,042		(628)
Commercial mortgage-backed securities of U.S. government corporations and agencies	7	100,032		(1,587)		—	—		—		7	100,032		(1,587)
Corporate bonds	—	—		—		—	—		—		—	—		—
Obligations of states and political subdivisions	—	—		—		—	—		—		—	—		—


Total	30	$	372,499	$	(5,393)	1	$	8,933	$	(374)	31	$	381,432	$	(5,767)

Schedule of Unrealized Gains (Losses) of Debt Securities

The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive (loss)/income, for the periods presented:


	March 31, 2022						December 31, 2021
(dollars in thousands)	Gross Unrealized Gains		Gross Unrealized Losses		Net Unrealized Losses		Gross Unrealized Gains		Gross Unrealized Losses		Net Unrealized Gains
Total unrealized gains (losses) on available-for-sale debt securities	$	1,648	$	(40,495)	$	(38,847)	$	15,183	$	(5,767)	$	9,416
Income tax (expense) benefit	(354)		8,698		8,344		(3,215)		1,221		(1,994)
Net Unrealized (Losses) Gains, Net of Tax Included in Accumulated Other Comprehensive Income (Loss)	$	1,294	$	(31,797)	$	(30,503)	$	11,968	$	(4,546)	$	7,422

Schedule of Contractual Maturities of Debt Securities

The amortized cost and fair value of available-for-sale debt securities at March 31, 2022 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, 2022
(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	$	35,616	$	35,824
Due after one year through five years	102,542		101,364
Due after five years through ten years	106,550		101,506
Due after ten years	20,763		21,027
Available-for-Sale Debt Securities With Fixed Maturities	265,471		259,721
Debt Securities without a single maturity date
Collateralized mortgage obligations of U.S. government corporations and agencies	404,626		385,602
Residential mortgage-backed securities of U.S. government corporations and agencies	54,444		50,446
Commercial mortgage-backed securities of U.S. government corporations and agencies	340,886		330,811
Corporate Securities	500		500


Total Available-for-Sale Debt Securities	$	1,065,927	$	1,027,080

Schedule of Unrealized Gains (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)	2022		2021
Marketable Equity Securities
Net market (losses) gains recognized	$	(5)	$	116
Less: Net gains recognized for equity securities sold	—		—
Unrealized (Losses) Gains on Equity Securities Still Held	$	(5)	$	116