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Securities (Tables)
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Value of Securities Available-for-Sale and Held-to-Maturity
The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity at December 31, 2018 and 2017 are as follows (in thousands):
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
At December 31, 2018
 
 
 
 
 
 
 
 
Debt securities available-for-sale:
 
 
 
 
 
 
 
 
Investment securities - U.S. government and agency obligations
 
$
100,524

 
$
163

 
$
(963
)
 
$
99,724

Mortgage-backed securities - FNMA
 
998

 
—

 
(5
)
 
993

Total debt securities available-for-sale
 
$
101,522

 
$
163

 
$
(968
)
 
$
100,717

Debt securities held-to-maturity:
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
14,975

 
$
—

 
$
(130
)
 
$
14,845

State and municipal obligations
 
123,987

 
67

 
(1,697
)
 
122,357

Corporate debt securities
 
66,834

 
126

 
(4,984
)
 
61,976

Total investment securities
 
205,796

 
193

 
(6,811
)
 
199,178

Mortgage-backed securities:
 
 
 
 
 
 
 
 
FHLMC
 
237,703

 
159

 
(5,110
)
 
232,752

FNMA
 
277,266

 
753

 
(6,030
)
 
271,989

GNMA
 
127,611

 
198

 
(2,360
)
 
125,449

SBA
 
3,527

 
—

 
(80
)
 
3,447

Total mortgage-backed securities
 
646,107

 
1,110

 
(13,580
)
 
633,637

Total debt securities held-to-maturity
 
$
851,903

 
$
1,303

 
$
(20,391
)
 
$
832,815

Total debt securities
 
$
953,425

 
$
1,466

 
$
(21,359
)
 
$
933,532

At December 31, 2017
 
 
 
 
 
 
 
 
Debt securities available-for-sale:
 
 
 
 
 
 
 
 
Investment securities - U.S. government and agency obligations
 
$
82,378

 
$
—

 
$
(797
)
 
$
81,581

Debt securities held-to-maturity:
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
14,968

 
$
—

 
$
(65
)
 
$
14,903

State and municipal obligations
 
149,958

 
219

 
(1,475
)
 
148,702

Corporate debt securities
 
76,024

 
312

 
(3,962
)
 
72,374

Total investment securities
 
240,950

 
531

 
(5,502
)
 
235,979

Mortgage-backed securities:
 
 
 
 
 
 
 
 
FHLMC
 
186,921

 
151

 
(2,937
)
 
184,135

FNMA
 
263,103

 
1,193

 
(3,000
)
 
261,296

GNMA
 
75,243

 
64

 
(928
)
 
74,379

SBA
 
5,843

 
28

 
—

 
5,871

Total mortgage-backed securities
 
531,110

 
1,436

 
(6,865
)
 
525,681

Total debt securities held-to-maturity
 
$
772,060

 
$
1,967

 
$
(12,367
)
 
$
761,660

Total debt securities
 
$
854,438

 
$
1,967

 
$
(13,164
)
 
$
843,241
Carrying Value of Held-to-Maturity Investment Securities
The carrying value of the debt securities held-to-maturity securities at December 31, 2018 and 2017 are as follows (in thousands):
 
 
December 31,
 
 
2018
 
2017
Amortized cost
 
$
851,903

 
$
772,060

Net loss on date of transfer from available-for-sale
 
(13,347
)
 
(13,347
)
Accretion of unrealized loss on securities reclassified to held-to-maturity
 
8,254

 
5,349

Carrying value
 
$
846,810

 
$
764,062
Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity
The amortized cost and estimated fair value of investment securities at December 31, 2018 by contractual maturity, are shown below (in thousands). Actual maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2018, corporate debt securities with an amortized cost and estimated fair value of $55.8 million and $51.1 million, respectively, were callable prior to the maturity date.
December 31, 2018
 
Amortized
Cost
 
Estimated
Fair  Value
Less than one year
 
$
50,564

 
$
50,346

Due after one year through five years
 
159,365

 
157,606

Due after five years through ten years
 
85,574

 
80,049

Due after ten years
 
10,817

 
10,901

 
 
$
306,320

 
$
298,902
Estimated Fair Value and Unrealized Loss for Securities Available-for-Sale and Held-to-Maturity
The estimated fair value and unrealized loss for debt securities available-for-sale and held-to-maturity at December 31, 2018 and December 31, 2017, segregated by the duration of the unrealized loss, are as follows (in thousands): 
 
 
As of December 31, 2018
 
 
Less than 12 months
 
12 months or longer
 
Total
 
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
Debt securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities - U.S. government and agency obligations
 
$
985

 
$
(3
)
 
$
66,438

 
$
(960
)
 
$
67,423

 
$
(963
)
Mortgage-backed securities - FNMA
 
993

 
(5
)
 
—

 
—

 
993

 
(5
)
Total debt securities available-for-sale
 
1,978

 
(8
)
 
66,438

 
(960
)
 
68,416

 
(968
)
Debt securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
—

 
—

 
14,845

 
(130
)
 
14,845

 
(130
)
State and municipal obligations
 
2,856

 
(4
)
 
106,073

 
(1,693
)
 
108,929

 
(1,697
)
Corporate debt securities
 
2,470

 
(21
)
 
43,059

 
(4,963
)
 
45,529

 
(4,984
)
Total investment securities
 
5,326

 
(25
)
 
163,977

 
(6,786
)
 
169,303

 
(6,811
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
FHLMC
 
46,615

 
(159
)
 
147,763

 
(4,951
)
 
194,378

 
(5,110
)
FNMA
 
27,594

 
(125
)
 
185,328

 
(5,905
)
 
212,922

 
(6,030
)
GNMA
 
35,221

 
(535
)
 
59,468

 
(1,825
)
 
94,689

 
(2,360
)
SBA
 
3,447

 
(80
)
 
—

 
—

 
3,447

 
(80
)
Total mortgage-backed securities
 
112,877

 
(899
)
 
392,559

 
(12,681
)
 
505,436

 
(13,580
)
Total debt securities held-to-maturity
 
118,203

 
(924
)
 
556,536

 
(19,467
)
 
674,739

 
(20,391
)
Total debt securities
 
$
120,181

 
$
(932
)
 
$
622,974

 
$
(20,427
)
 
$
743,155

 
$
(21,359
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2017
 
 
Less than 12 months
 
12 months or longer
 
Total
 
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
Debt securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities - U.S. government and agency obligations
 
$
69,375

 
$
(496
)
 
$
12,206

 
$
(301
)
 
$
81,581

 
$
(797
)
Debt securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
14,903

 
(65
)
 
—

 
—

 
14,903

 
(65
)
State and municipal obligations
 
104,883

 
(1,153
)
 
14,363

 
(322
)
 
119,246

 
(1,475
)
Corporate debt securities
 
4,035

 
(30
)
 
56,106

 
(3,932
)
 
60,141

 
(3,962
)
Total investment securities
 
123,821

 
(1,248
)
 
70,469

 
(4,254
)
 
194,290

 
(5,502
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
FHLMC
 
98,138

 
(781
)
 
68,238

 
(2,156
)
 
166,376

 
(2,937
)
FNMA
 
132,982

 
(1,058
)
 
65,060

 
(1,942
)
 
198,042

 
(3,000
)
GNMA
 
26,105

 
(223
)
 
45,281

 
(705
)
 
71,386

 
(928
)
Total mortgage-backed securities
 
257,225

 
(2,062
)
 
178,579

 
(4,803
)
 
435,804

 
(6,865
)
Total debt securities held-to-maturity
 
381,046

 
(3,310
)
 
249,048

 
(9,057
)
 
630,094

 
(12,367
)
Total debt securities
 
$
450,421

 
$
(3,806
)
 
$
261,254

 
$
(9,358
)
 
$
711,675

 
$
(13,164
)
Amortized Cost, Estimated Fair Value and Credit Rating of Corporate Debt Securities
At December 31, 2018, the amortized cost, estimated fair value and credit rating of the individual corporate debt securities in an unrealized loss position for greater than one year are as follows (in thousands):
 
 
 
As of December 31, 2018
Security Description
 
Amortized
Cost
 
Estimated
Fair Value
 
Credit Rating
Moody’s/S&P
Chase Capital
 
$
10,000

 
$
8,800

 
Baa1/BBB-
Wells Fargo Capital
 
5,000

 
4,300

 
A1/BBB
Huntington Capital
 
5,000

 
4,350

 
Baa2/BB+
Keycorp Capital
 
5,000

 
4,400

 
Baa2/BB+
PNC Capital
 
5,000

 
4,570

 
Baa1/BBB-
State Street Capital
 
5,000

 
4,475

 
A3/BBB
SunTrust Capital
 
5,000

 
4,300

 
Not Rated/BB+
Southern Company
 
1,514

 
1,483

 
Baa2/BBB+
AT&T Inc.
 
1,509

 
1,480

 
Baa2/BBB
BB&T
 
1,512

 
1,487

 
A2/A-
Celgene
 
1,521

 
1,490

 
Baa2/BBB+
Haliburton
 
461

 
436

 
Baa1/A-
Ryder
 
1,504

 
1,488

 
Baa1/BBB+
 
 
$
48,021

 
$
43,059