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Investment Securities
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities Available-For-Sale
The following table shows investment securities available-for-sale.
(Dollars in thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
September 30, 2019
 
 

 
 

 
 

 
 

U.S. Treasury and Federal agencies securities
 
$
538,169

 
$
2,513

 
$
(552
)
 
$
540,130

U.S. States and political subdivisions securities
 
87,000

 
1,043

 
(54
)
 
87,989

Mortgage-backed securities — Federal agencies
 
348,045

 
3,502

 
(1,149
)
 
350,398

Corporate debt securities
 
52,173

 
839

 
(43
)
 
52,969

Foreign government and other securities
 
700

 
—

 
(1
)
 
699

Total debt securities available-for-sale
 
$
1,026,087

 
$
7,897

 
$
(1,799
)
 
$
1,032,185

 
 
 
 
 
 
 
 
 
December 31, 2018
 
 

 
 

 
 

 
 

U.S. Treasury and Federal agencies securities
 
$
537,913

 
$
196

 
$
(6,886
)
 
$
531,223

U.S. States and political subdivisions securities
 
95,346

 
172

 
(936
)
 
94,582

Mortgage-backed securities — Federal agencies
 
324,390

 
718

 
(6,875
)
 
318,233

Corporate debt securities
 
45,843

 
—

 
(451
)
 
45,392

Foreign government and other securities
 
700

 
—

 
(1
)
 
699

Total debt securities available-for-sale
 
$
1,004,192

 
$
1,086

 
$
(15,149
)
 
$
990,129


At September 30, 2019 and December 31, 2018, the residential mortgage-backed securities held by the Company consisted primarily of GNMA, FNMA and FHLMC pass-through certificates which are guaranteed by those respective agencies of the United States government (Government Sponsored Enterprise, GSEs).
The following table shows the contractual maturities of investments in debt securities available-for-sale at September 30, 2019. 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.
(Dollars in thousands)
 
Amortized Cost
 
Fair Value
Due in one year or less
 
$
216,692

 
$
216,911

Due after one year through five years
 
452,859

 
456,231

Due after five years through ten years
 
8,491

 
8,645

Due after ten years
 
—

 
—

Mortgage-backed securities
 
348,045

 
350,398

Total debt securities available-for-sale
 
$
1,026,087

 
$
1,032,185


The following table summarizes gross unrealized losses and fair value by investment category and age. At September 30, 2019, the Company’s available-for-sale securities portfolio consisted of 619 securities, 157 of which were in an unrealized loss position.
 
 
Less than 12 Months
 
12 months or Longer
 
Total
(Dollars in thousands) 
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
September 30, 2019
 
 

 
 

 
 

 
 

 
 

 
 

U.S. Treasury and Federal agencies securities
 
$
21,747

 
$
(52
)
 
$
127,219

 
$
(500
)
 
$
148,966

 
$
(552
)
U.S. States and political subdivisions securities
 
13,487

 
(49
)
 
1,038

 
(5
)
 
14,525

 
(54
)
Mortgage-backed securities - Federal agencies
 
46,488

 
(198
)
 
78,269

 
(951
)
 
124,757

 
(1,149
)
Corporate debt securities
 
1,503

 
—

 
8,085

 
(43
)
 
9,588

 
(43
)
Foreign government and other securities
 
600

 
—

 
99

 
(1
)
 
699

 
(1
)
Total debt securities available-for-sale
 
$
83,825

 
$
(299
)
 
$
214,710

 
$
(1,500
)
 
$
298,535

 
$
(1,799
)
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 

 
 

 
 

 
 

 
 

 
 

U.S. Treasury and Federal agencies securities
 
$
55,491

 
$
(177
)
 
$
424,269

 
$
(6,709
)
 
$
479,760

 
$
(6,886
)
U.S. States and political subdivisions securities
 
21,059

 
(61
)
 
45,365

 
(875
)
 
66,424

 
(936
)
Mortgage-backed securities - Federal agencies
 
65,554

 
(511
)
 
198,221

 
(6,364
)
 
263,775

 
(6,875
)
Corporate debt securities
 
21,496

 
(143
)
 
23,896

 
(308
)
 
45,392

 
(451
)
Foreign government and other securities
 
699

 
(1
)
 
—

 
—

 
699

 
(1
)
Total debt securities available-for-sale
 
$
164,299

 
$
(893
)
 
$
691,751

 
$
(14,256
)
 
$
856,050

 
$
(15,149
)

The initial indication of potential other-than-temporary-impairment (OTTI) for debt securities is a decline in fair value below amortized cost. Quarterly, the impaired securities are analyzed on a qualitative and quantitative basis in determining OTTI. Declines in the fair value of debt securities available-for-sale below their cost that are deemed to be other-than-temporary are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of impairment related to other factors is recognized in other comprehensive income. In estimating OTTI losses, the Company considers among other things, (i) the length of time and the extent to which fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, and (iii) whether it is more likely than not that the Company will not have to sell any such securities before a recovery of cost.
At September 30, 2019, the Company does not have the intent to sell any of the debt securities available-for-sale in the table above and believes that it is more likely than not, that it will not have to sell any such securities before an anticipated recovery of cost. Primarily the unrealized losses on debt securities are due to increases in market rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover on all debt securities as they approach their maturity date or re-pricing date or if market yields for such investments decline. The Company does not believe any of the securities are impaired due to reasons of credit quality.
The following table shows the gross realized gains and losses from the available-for-sale debt securities portfolio. Realized gains and losses of all securities are computed using the specific identification cost basis.
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(Dollars in thousands)
 
2019
 
2018
 
2019
 
2018
Gross realized gains
 
$
—

 
$
—

 
$
—

 
$
2

Gross realized losses
 
—

 
—

 
—

 
(347
)
OTTI losses
 
—

 
—

 
—

 
—

Net realized gains (losses)
 
$
—

 
$
—

 
$
—

 
$
(345
)

At September 30, 2019 and December 31, 2018, investment securities available-for-sale with carrying values of $305.63 million and $242.31 million, respectively, were pledged as collateral for security repurchase agreements and for other purposes.