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Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

The following table presents the amortized cost, gross unrealized holding gains, gross unrealized holding losses, ACL on securities and fair value of securities by major security type and class of security:


(Dollars in thousands)
September 30, 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	$145,778	$1,058	($296)	$—	$146,540
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	729,575	16,239	(743)	—	745,071


Individual name issuer trust preferred debt securities	13,336	—	(973)	—	12,363

Corporate bonds	11,150	—	(1,274)	—	9,876
Total available for sale debt securities	$899,839	$17,297	($3,286)	$—	$913,850

The following table presents 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, 2019	Amortized Cost	Unrealized Gains	Unrealized Losses	Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government-sponsored enterprises	$157,255	$626	($233)	$157,648
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	713,553	8,491	(2,964)	719,080

Individual name issuer trust preferred debt securities	13,324	—	(745)	12,579

Corporate bonds	11,141	—	(958)	10,183
Total available for sale debt securities	$895,273	$9,117	($4,900)	$899,490

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)	Available for Sale
September 30, 2020	Amortized Cost	Fair Value
Due in one year or less	$103,108	$105,289
Due after one year to five years	314,187	320,191
Due after five years to ten years	304,576	307,688
Due after ten years	177,968	180,682
Total debt securities	$899,839	$913,850

Schedule of Proceeds from Sales and Gross Realized Gains (Losses)

The following table summarizes amounts relating to sales of securities:



(Dollars in thousands)	Three Months		Nine Months
For the periods ended September 30,	2020	2019	2020	2019
Proceeds from sales	$—	$—	$—	$9,920

Gross realized gains	$—	$—	$—	$—
Gross realized losses	—	—	—	(80)
Net realized losses on securities	$—	$—	$—	($80)

Securities in a Continuous Unrealized Loss Position

The following table summarizes available for sale debt securities in an unrealized loss position for which an allowance for credit losses on securities has not been recorded at September 30, 2020, 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
September 30, 2020	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses
Obligations of U.S. government-sponsored enterprises	4	$43,704	($296)	—	$—	$—	4	$43,704	($296)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	16	148,609	(743)	—	—	—	16	148,609	(743)
Individual name issuer trust preferred debt securities	—	—	—	5	12,363	(973)	5	12,363	(973)
Corporate bonds	—	—	—	3	9,876	(1,274)	3	9,876	(1,274)
Total	20	$192,313	($1,039)	8	$22,239	($2,247)	28	$214,552	($3,286)

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, 2019	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses
Obligations of U.S. government-sponsored enterprises	3	$20,364	($136)	3	$49,902	($97)	6	$70,266	($233)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	4	41,150	(56)	23	216,804	(2,908)	27	257,954	(2,964)
Individual name issuer trust preferred debt securities	—	—	—	5	12,579	(745)	5	12,579	(745)
Corporate bonds	—	—	—	3	10,183	(958)	3	10,183	(958)
Total	7	$61,514	($192)	34	$289,468	($4,708)	41	$350,982	($4,900)