Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

The following tables present 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, 2022	Amortized Cost	Unrealized Gains	Unrealized Losses	ACL	Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government-sponsored enterprises	$231,204	$5	($33,354)	$—	$197,855
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	912,063	120	(147,919)	—	764,264
Individual name issuer trust preferred debt securities	9,384	—	(584)	—	8,800
Corporate bonds	13,165	—	(1,511)	—	11,654
Total available for sale debt securities	$1,165,816	$125	($183,368)	$—	$982,573

(Dollars in thousands)
December 31, 2021	Amortized Cost	Unrealized Gains	Unrealized Losses	ACL	Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government-sponsored enterprises	$200,953	$12	($4,511)	$—	$196,454
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	828,319	6,850	(10,207)	—	824,962
Individual name issuer trust preferred debt securities	9,373	—	(235)	—	9,138
Corporate bonds	13,155	—	(850)	—	12,305
Total available for sale debt securities	$1,051,800	$6,862	($15,803)	$—	$1,042,859

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, 2022	Amortized Cost	Fair Value
Due in one year or less	$122,305	$102,490
Due after one year to five years	407,912	343,570
Due after five years to ten years	418,836	354,503
Due after ten years	216,763	182,010
Total debt securities	$1,165,816	$982,573

Securities in a Continuous Unrealized Loss Position

The following tables summarize available for sale debt securities in an unrealized loss position, for which an ACL 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, 2022	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses
Obligations of U.S. government-sponsored enterprises	7	$45,972	($4,983)	15	$141,878	($28,371)	22	$187,850	($33,354)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	122	395,493	(52,363)	47	363,645	(95,556)	169	759,138	(147,919)
Individual name issuer trust preferred debt securities	—	—	—	3	8,800	(584)	3	8,800	(584)
Corporate bonds	—	—	—	4	11,654	(1,511)	4	11,654	(1,511)
Total	129	$441,465	($57,346)	69	$525,977	($126,022)	198	$967,442	($183,368)

(Dollars in thousands)	Less than 12 Months			12 Months or Longer			Total
December 31, 2021	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses
Obligations of U.S. government-sponsored enterprises	12	$152,733	($3,313)	6	$43,202	($1,198)	18	$195,935	($4,511)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	41	514,419	(7,270)	21	108,983	(2,937)	62	623,402	(10,207)
Individual name issuer trust preferred debt securities	—	—	—	3	9,138	(235)	3	9,138	(235)
Corporate bonds	—	—	—	4	12,305	(850)	4	12,305	(850)
Total	53	$667,152	($10,583)	34	$173,628	($5,220)	87	$840,780	($15,803)