Securities (Tables)

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

The following tables present the amortized cost, gross unrealized holding gains, gross unrealized holding losses, allowance for credit losses (“ACL”) on securities and fair value of securities by major security type and class of security:

(Dollars in thousands)
September 30, 2021	Amortized Cost	Unrealized Gains	Unrealized Losses	Allowance for Credit Losses	Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government-sponsored enterprises	$181,044	$63	($2,502)	$—	$178,605
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	843,485	9,532	(9,315)	—	843,702
Individual name issuer trust preferred debt securities	11,363	6	(213)	—	11,156
Corporate bonds	13,152	—	(782)	—	12,370
Total available for sale debt securities	$1,049,044	$9,601	($12,812)	$—	$1,045,833

(Dollars in thousands)
December 31, 2020	Amortized Cost	Unrealized Gains	Unrealized Losses	Allowance for Credit Losses	Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government-sponsored enterprises	$131,186	$628	($145)	$—	$131,669
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	725,890	14,942	(527)	—	740,305
Individual name issuer trust preferred debt securities	13,341	—	(672)	—	12,669
Corporate bonds	11,153	—	(1,225)	—	9,928
Total available for sale debt securities	$881,570	$15,570	($2,569)	$—	$894,571

Securities by Contractual Maturity

The schedule of maturities of available for sale debt securities is presented below. Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments.  All other debt securities are included based on contractual maturities.  Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations with or without call or prepayment penalties.

(Dollars in thousands)
September 30, 2021	Amortized Cost	Fair Value
Due in one year or less	$177,689	$177,731
Due after one year to five years	410,399	410,341
Due after five years to ten years	366,885	364,137
Due after ten years	94,071	93,624
Total debt securities	$1,049,044	$1,045,833

Securities in a Continuous Unrealized Loss Position

The following tables summarize available for sale debt securities in an unrealized loss position, for which an allowance for credit losses on securities has not been recorded, segregated by length of time that the securities have been in a continuous unrealized loss position:

(Dollars in thousands)	Less than 12 Months			12 Months or Longer			Total
September 30, 2021	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses
Obligations of U.S. government-sponsored enterprises	14	$167,238	($2,499)	1	$497	($3)	15	$167,735	($2,502)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	36	506,511	(8,472)	12	46,265	(843)	48	552,776	(9,315)
Individual name issuer trust preferred debt securities	—	—	—	3	9,157	(213)	3	9,157	(213)
Corporate bonds	—	—	—	4	12,370	(782)	4	12,370	(782)
Total	50	$673,749	($10,971)	20	$68,289	($1,841)	70	$742,038	($12,812)

(Dollars in thousands)	Less than 12 Months			12 Months or Longer			Total
December 31, 2020	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses
Obligations of U.S. government-sponsored enterprises	6	$63,856	($145)	—	$—	$—	6	$63,856	($145)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	16	107,283	(527)	—	—	—	16	107,283	(527)
Individual name issuer trust preferred debt securities	—	—	—	5	12,669	(672)	5	12,669	(672)
Corporate bonds	—	—	—	3	9,928	(1,225)	3	9,928	(1,225)
Total	22	$171,139	($672)	8	$22,597	($1,897)	30	$193,736	($2,569)