Securities (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] |
|
Summary of Investments |
The following tables present the amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of securities by major security type and class of security: | | | | | | | | | | | | | | | | | (Dollars in thousands) | | | | | | | | December 31, 2018 | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | Securities Available for Sale: | | | | | | | | Obligations of U.S. government-sponsored enterprises |
| $246,708 |
| |
| $442 |
| |
| ($4,467 | ) | |
| $242,683 |
| Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 675,368 |
| | 1,943 |
| | (16,518 | ) | | 660,793 |
| Obligations of states and political subdivisions | 935 |
| | 2 |
| | — |
| | 937 |
| Individual name issuer trust preferred debt securities | 13,307 |
| | — |
| | (1,535 | ) | | 11,772 |
| Corporate bonds | 13,402 |
| | — |
| | (1,777 | ) | | 11,625 |
| Total securities available for sale |
| $949,720 |
| |
| $2,387 |
| |
| ($24,297 | ) | |
| $927,810 |
| Held to Maturity: | | | | | | | | Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises |
| $10,415 |
| |
| $— |
| |
| ($99 | ) | |
| $10,316 |
| Total securities held to maturity | 10,415 |
| | — |
| | (99 | ) | | 10,316 |
| Total securities |
| $960,135 |
| |
| $2,387 |
| |
| ($24,396 | ) | |
| $938,126 |
|
| | | | | | | | | | | | | | | | | (Dollars in thousands) | | | | | | | | December 31, 2017 | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | Securities Available for Sale: | | | | | | | | Obligations of U.S. government-sponsored enterprises |
| $161,479 |
| |
| $— |
| |
| ($3,875 | ) | |
| $157,604 |
| Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 594,944 |
| | 3,671 |
| | (7,733 | ) | | 590,882 |
| Obligations of states and political subdivisions | 2,355 |
| | 4 |
| | — |
| | 2,359 |
| Individual name issuer trust preferred debt securities | 18,106 |
| | — |
| | (1,122 | ) | | 16,984 |
| Corporate bonds | 13,917 |
| | 13 |
| | (805 | ) | | 13,125 |
| Total securities available for sale |
| $790,801 |
| |
| $3,688 |
| |
| ($13,535 | ) | |
| $780,954 |
| Held to Maturity: | | | | | | | | Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises |
| $12,541 |
| |
| $180 |
| |
| $— |
| |
| $12,721 |
| Total securities held to maturity | 12,541 |
| | 180 |
| | — |
| | 12,721 |
| Total securities |
| $803,342 |
| |
| $3,868 |
| |
| ($13,535 | ) | |
| $793,675 |
|
|
Securities by Contractual Maturity |
The schedule of maturities of debt securities available for sale and held to maturity 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) | Available for Sale | | Held to Maturity | December 31, 2018 | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | Due in one year or less |
| $69,070 |
| |
| $67,584 |
| |
| $1,329 |
| |
| $1,317 |
| Due after one year to five years | 328,420 |
| | 321,760 |
| | 4,396 |
| | 4,354 |
| Due after five years to ten years | 337,589 |
| | 329,330 |
| | 3,580 |
| | 3,546 |
| Due after ten years | 214,641 |
| | 209,136 |
| | 1,110 |
| | 1,099 |
| Total securities |
| $949,720 |
| |
| $927,810 |
| |
| $10,415 |
| |
| $10,316 |
|
Included in the above table are debt securities with an amortized cost balance of $273.1 million and a fair value of $265.8 million at December 31, 2018 that are callable at the discretion of the issuers. Final maturities of the callable securities range from 5 months to 18 years, with call features ranging from 1 month to 3 years.
|
Securities in a Continuous Unrealized Loss Position |
The following tables summarize temporarily impaired securities, segregated by length of time the securities have been in a continuous unrealized loss position: | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | Less than 12 Months | | 12 Months or Longer | | Total | December 31, 2018 | # |
| Fair Value | Unrealized Losses | | # |
| Fair Value | Unrealized Losses | | # |
| Fair Value | Unrealized Losses | Obligations of U.S. government-sponsored enterprises | — |
|
| $— |
|
| $— |
| | 16 |
|
| $157,032 |
|
| ($4,467 | ) | | 16 |
|
| $157,032 |
|
| ($4,467 | ) | Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 10 |
| 47,060 |
| (439 | ) | | 51 |
| 438,701 |
| (16,178 | ) | | 61 |
| 485,761 |
| (16,617 | ) | Individual name issuer trust preferred debt securities | — |
| — |
| — |
| | 5 |
| 11,772 |
| (1,535 | ) | | 5 |
| 11,772 |
| (1,535 | ) | Corporate bonds | 3 |
| 1,198 |
| (9 | ) | | 5 |
| 10,427 |
| (1,768 | ) | | 8 |
| 11,625 |
| (1,777 | ) | Total temporarily impaired securities | 13 |
|
| $48,258 |
|
| ($448 | ) | | 77 |
|
| $617,932 |
|
| ($23,948 | ) | | 90 |
|
| $666,190 |
|
| ($24,396 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | Less than 12 Months | | 12 Months or Longer | | Total | December 31, 2017 | # |
| Fair Value | Unrealized Losses | | # |
| Fair Value | Unrealized Losses | | # |
| Fair Value | Unrealized Losses | Obligations of U.S. government-sponsored enterprises | 8 |
|
| $69,681 |
|
| ($798 | ) | | 8 |
|
| $87,923 |
|
| ($3,077 | ) | | 16 |
|
| $157,604 |
|
| ($3,875 | ) | Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 20 |
| 128,965 |
| (613 | ) | | 22 |
| 279,693 |
| (7,120 | ) | | 42 |
| 408,658 |
| (7,733 | ) | Individual name issuer trust preferred debt securities | — |
| — |
| — |
| | 7 |
| 16,984 |
| (1,122 | ) | | 7 |
| 16,984 |
| (1,122 | ) | Corporate bonds | 3 |
| 921 |
| (5 | ) | | 3 |
| 10,980 |
| (800 | ) | | 6 |
| 11,901 |
| (805 | ) | Total temporarily impaired securities | 31 |
|
| $199,567 |
|
| ($1,416 | ) | | 40 |
|
| $395,580 |
|
| ($12,119 | ) | | 71 |
|
| $595,147 |
|
| ($13,535 | ) |
|