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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Reconciliation of Available-for-Sale Securities
The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's available for sale securities are as follows:
 March 31, 2021
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. Treasury and U.S. government agencies$92,940 $1,154 $(1,061)$— $93,033 
Mortgage-backed securities, residential326,820 2,589 (5,419)— 323,990 
Collateralized mortgage obligations, residential179,400 4,296 (188)— 183,508 
Mortgage-backed securities, multifamily1,941 — (100)— 1,841 
Collateralized mortgage obligations, multifamily34,108 1,099 (46)— 35,161 
Asset-backed securities40,327 (148)— 40,187 
Obligations of states and political subdivisions260,108 1,872 (6,848)(10)255,122 
Debt securities35,055 691 (60)(134)35,552 
Total$970,699 $11,709 $(13,870)$(144)$968,394 
 December 31, 2020
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. Treasury and U.S. government agencies$63,868 $1,447 $(313)$— $65,002 
Mortgage-backed securities, residential224,978 3,718 (540)— 228,156 
Collateralized mortgage obligations, residential204,093 4,967 (22)— 209,038 
Mortgage-backed securities, multifamily1,944 — — — 1,944 
Collateralized mortgage obligations, multifamily39,628 1,909 (2)— 41,535 
Asset-backed securities40,915 — (225)— 40,690 
Obligations of states and political subdivisions228,790 5,149 (228)(1)233,710 
Debt securities35,056 616 — (1)35,671 
Total$839,272 $17,806 $(1,330)$(2)$855,746 
Reconciliation of Held-to-Maturity Securities
The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's held to maturity investment securities are as follows:
 March 31, 2021
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. government agencies$25,453 $604 $— $— $26,057 
Mortgage-backed securities, residential36,965 1,193 (271)— 37,887 
Collateralized mortgage obligations, residential11,437 417 — — 11,854 
Mortgage-backed securities, multifamily693 37 — — 730 
Obligations of states and political subdivisions10,446 241 — — 10,687 
Total$84,994 $2,492 $(271)$— $87,215 
 December 31, 2020
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. government agencies$25,565 $779 $— $— $26,344 
Mortgage-backed securities, residential39,276 1,469 (12)— 40,733 
Collateralized mortgage obligations, residential14,590 532 — — 15,122 
Mortgage-backed securities, multifamily705 54 — — 759 
Obligations of states and political subdivisions10,630 280 — — 10,910 
$90,766 $3,114 $(12)$— $93,868 
Summary of Investment Securities by Stated Maturity
The following table lists contractual maturities of investment securities classified as available for sale and held to maturity as of March 31, 2021. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 Available for SaleHeld to Maturity
(in thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in one year or less$20,779 $21,049 $9,425 $9,450 
Due after one year through five years53,784 55,207 20,950 21,673 
Due after five years through ten years63,139 64,336 3,017 3,068 
Due after ten years250,401 243,115 2,507 2,553 
388,103 383,707 35,899 36,744 
Mortgage-backed and asset-backed securities582,596 584,687 49,095 50,471 
Total securities$970,699 $968,394 $84,994 $87,215 
Debt Securities, Held-to-maturity, Credit Quality Indicator
The table below indicates the credit profile of the Company's debt securities held to maturity at amortized cost at March 31, 2021:
(in thousands) AAA  AA  Not Rated  Total
U.S. Treasury and U.S. government agencies$25,453 $— $— $25,453 
Mortgage-backed securities, residential36,965 — — 36,965 
Collateralized mortgage obligations, residential11,437 — — 11,437 
Mortgage-backed securities, multifamily693 — — 693 
Obligations of states and political subdivisions2,367 7,660 419 10,446 
Total$76,915 $7,660 $419 $84,994 
Reconciliation of Available-for-Sale and Held-to-Maturity Securities in Continuous Unrealized Loss Position
The following tables indicate the length of time individual securities have been in a continuous unrealized loss position for the periods presented:
March 31, 2021Less Than 12 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Number of
Securities
Fair ValueUnrealized
Losses
Available for Sale
U.S. Treasury and U.S. government agencies
$26,117 $805 $16,532 $256 $42,649 $1,061 
Mortgage-backed securities, residential215,618 5,404 4,502 15 59 220,120 5,419 
Collateralized mortgage obligations, residential19,099 188 — — 19,099 188 
Mortgage-backed securities, multifamily1,841 100 — — 1,841 100 
Collateralized mortgage obligations, multifamily2,131 46 — — 2,131 46 
Asset-backed securities
— — 33,471 148 33,471 148 
Obligations of states and political subdivisions
173,875 6,848 — — 106 173,875 6,848 
Debt securities9,805 60 — — 9,805 60 
Total$448,486 $13,451 $54,505 $419 $192 $502,991 $13,870 
Held to Maturity
Mortgage-backed securities, residential$5,784 $271 $43 — $5,827 $271 
Collateralized mortgage obligations, residential110 — — 111 — 
Total$5,894 $271 $44 $— $5,938 $271 
December 31, 2020Less Than 12 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Number of
Securities
Fair ValueUnrealized
Losses
Available for Sale
U.S. Treasury and U.S. government agencies
$4,966 $29 $17,652 $284 $22,618 $313 
Mortgage-backed securities, residential84,137 471 5,656 69 30 89,793 540 
Collateralized mortgage obligations, residential23,858 22 — — 23,858 22 
Mortgage-backed securities, multifamily1,943 — — — 1,943 — 
Collateralized mortgage obligations, multifamily2,527 — — 2,527 
Asset-backed securities
40,690 225 — — 40,690 225 
Obligations of states and political subdivisions
15,901 228 — — 10 15,901 228 
Total$174,022 $977 $23,308 $353 61 $197,330 $1,330 
Held to Maturity
Mortgage-backed securities, residential$2,561 $12 $— $— $2,561 $12 
Total$2,561 $12 $— $— $2,561 $12