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Securities (Tables)
6 Months Ended
Jun. 30, 2023
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, 2023December 31, 2022
Debt securities$969,425 $1,001,784 
Equity securities947 994 
Total Securities Available for Sale$970,372 $1,002,778 
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:
 June 30, 2023December 31, 2022
(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$144,858 $— $(13,623)$131,235 $145,416 $— $(13,721)$131,695 
Obligations of U.S. government corporations and agencies43,411 — (1,546)41,865 43,479 — (1,668)41,811 
Collateralized mortgage obligations of U.S. government corporations and agencies485,131 — (56,242)428,889 482,039 203 (53,835)428,407 
Residential mortgage-backed securities of U.S. government corporations and agencies46,958 (7,180)39,780 49,418 (7,834)41,587 
Commercial mortgage-backed securities of U.S. government corporations and agencies320,993 — (23,715)297,278 352,465 — (25,152)327,313 
Corporate obligations— — — — 500 — — 500 
Obligations of states and political subdivisions30,525 12 (159)30,378 30,788 55 (372)30,471 
Total Available-for-Sale Debt Securities (1)
$1,071,876 $14 $(102,465)$969,425 $1,104,105 $261 $(102,582)$1,001,784 
(1) Excludes interest receivable of $3.3 million at June 30, 2023 and $3.7 million at December 31, 2022. 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:
June 30, 2023
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 securities2$19,225 $(445)12$112,010 $(13,178)14$131,235 $(13,623)
Obligations of U.S. government corporations and agencies— — 641,865 (1,546)641,865 (1,546)
Collateralized mortgage obligations of U.S. government corporations and agencies16143,488 (6,212)47285,401 (50,030)63428,889 (56,242)
Residential mortgage-backed securities of U.S. government corporations and agencies14179 (2)1439,421 (7,178)2839,600 (7,180)
Commercial mortgage-backed securities of U.S. government corporations and agencies329,535 (879)31267,743 (22,836)34297,278 (23,715)
Obligations of states and political subdivisions322,834 (159)— — 322,834 (159)
Total38$215,261 $(7,697)110$746,440 $(94,768)148$961,701 $(102,465)
December 31, 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 securities6$57,057 $(3,363)8$74,638 $(10,358)14$131,695 $(13,721)
Obligations of U.S. government corporations and agencies641,811 (1,668)— — 641,811 (1,668)
Collateralized mortgage obligations of U.S. government corporations and agencies47296,509 (28,153)13112,902 (25,682)60409,411 (53,835)
Residential mortgage-backed securities of U.S. government corporations and agencies257,143 (589)334,223 (7,245)2841,366 (7,834)
Commercial mortgage-backed securities of U.S. government corporations and agencies30241,009 (11,975)786,304 (13,177)37327,313 (25,152)
Obligations of states and political subdivisions220,127 (372)— — 220,127 (372)
Total116$663,656 $(46,120)31$308,067 $(56,462)147$971,723 $(102,582)
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:
June 30, 2023December 31, 2022
(dollars in thousands)Gross Unrealized GainsGross Unrealized LossesNet Unrealized LossesGross Unrealized GainsGross Unrealized LossesNet Unrealized Losses
Total unrealized gains (losses) on available-for-sale debt securities$14 $(102,465)$(102,451)$261 $(102,582)$(102,321)
Income tax (expense) benefit(3)21,874 21,871 (56)21,915 21,859 
Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss)$11 $(80,591)$(80,580)$205 $(80,667)$(80,462)
Schedule of Contractual Maturities of Debt Securities
The amortized cost and fair value of available-for-sale debt securities at June 30, 2023 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, 2023
(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$17,981 $17,624 
Due after one year through five years162,227 148,717 
Due after five years through ten years27,160 25,814 
Due after ten years11,426 11,323 
Available-for-Sale Debt Securities With Fixed Maturities218,794 203,478 
Debt Securities without a single maturity date
Collateralized mortgage obligations of U.S. government corporations and agencies485,131 428,889 
Residential mortgage-backed securities of U.S. government corporations and agencies46,958 39,780 
Commercial mortgage-backed securities of U.S. government corporations and agencies320,993 297,278 
Total Available-for-Sale Debt Securities$1,071,876 $969,425