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Securities (Tables)
9 Months Ended
Sep. 30, 2022
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)September 30, 2022December 31, 2021
Available-for-sale debt securities$996,403 $909,651 
Marketable equity securities1,025 1,142 
Total Securities$997,428 $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:
 September 30, 2022December 31, 2021
(dollars in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized
Cost
Gross Unrealized GainsGross
Unrealized
Losses
Fair
Value
U.S. Treasury securities$135,554 $— $(14,729)$120,825 $95,954 $115 $(742)$95,327 
Obligations of U.S. government corporations and agencies53,515 — (1,731)51,784 68,599 1,749 — 70,348 
Collateralized mortgage obligations of U.S. government corporations and agencies470,935 — (51,216)419,719 270,696 2,408 (2,810)270,294 
Residential mortgage-backed securities of U.S. government corporations and agencies50,625 (8,644)41,984 57,029 392 (628)56,793 
Commercial mortgage-backed securities of U.S. government corporations and agencies350,550 — (27,081)323,469 336,918 5,969 (1,587)341,300 
Corporate obligations500 — — 500 500 — — 500 
Obligations of states and political subdivisions39,320 14 (1,212)38,122 70,539 4,550 — 75,089 
Total Available-for-Sale Debt Securities (1)
$1,100,999 $17 $(104,613)$996,403 $900,235 $15,183 $(5,767)$909,651 
(1) Excludes interest receivable of $3.4 million at September 30, 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 he 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:
September 30, 2022
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 securities9$83,694 $(8,943)4$37,130 $(5,786)13$120,824 $(14,729)
Obligations of U.S. government corporations and agencies746,784 (1,731)— — 746,784 (1,731)
Collateralized mortgage obligations of U.S. government corporations and agencies52353,504 (35,910)766,215 (15,306)59419,719 (51,216)
Residential mortgage-backed securities of U.S. government corporations and agencies267,459 (686)334,337 (7,958)2941,796 (8,644)
Commercial mortgage-backed securities of U.S. government corporations and agencies30237,751 (12,757)785,718 (14,324)37323,469 (27,081)
Corporate obligations1500 — — — 1500 — 
Obligations of states and political subdivisions533,009 (1,212)— — 533,009 (1,212)
Total130$762,701 $(61,239)21$223,400 $(43,374)151$986,101 $(104,613)
December 31, 2021
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 securities8$85,221 $(742)$— $— 8$85,221 $(742)
Obligations of U.S. government corporations and agencies— — — — — — 
Collateralized mortgage obligations of U.S. government corporations and agencies12141,204 (2,436)18,933 (374)13150,137 (2,810)
Residential mortgage-backed securities of U.S. government corporations and agencies346,042 (628)— — 346,042 (628)
Commercial mortgage-backed securities of U.S. government corporations and agencies7100,032 (1,587)— — 7100,032 (1,587)
Corporate obligations— — — — — — 
Obligations of states and political subdivisions— — — — — — 
Total30$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 income (loss), for the periods presented:
September 30, 2022December 31, 2021
(dollars in thousands)Gross Unrealized GainsGross Unrealized LossesNet Unrealized LossesGross Unrealized GainsGross Unrealized LossesNet Unrealized Gains
Total unrealized gains (losses) on available-for-sale debt securities$17 $(104,613)$(104,596)$15,183 $(5,767)$9,416 
Income tax (expense) benefit(4)22,340 22,336 (3,215)1,221 (1,994)
Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss)$13 $(82,273)$(82,260)$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 September 30, 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.
September 30, 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$18,402 $18,381 
Due after one year through five years128,117 118,811 
Due after five years through ten years70,299 62,733 
Due after ten years11,571 10,806 
Available-for-Sale Debt Securities With Fixed Maturities228,389 210,731 
Debt Securities without a single maturity date
Collateralized mortgage obligations of U.S. government corporations and agencies470,935 419,719 
Residential mortgage-backed securities of U.S. government corporations and agencies50,625 41,984 
Commercial mortgage-backed securities of U.S. government corporations and agencies350,550 323,469 
Corporate obligations500 500 
Total Available-for-Sale Debt Securities$1,100,999 $996,403 
Schedule of Unrealized Gains (Losses) on Marketable Securities
The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2022202120222021
Marketable Equity Securities
Net market gains (losses) recognized$(60)$31 $(117)$175 
Less: Net gains recognized for equity securities sold— — — 29 
Unrealized Gains (Losses) on Equity Securities Still Held $(60)$31 $(117)$146