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Securities (Tables)
 9 Months Ended
Sep. 30, 2019
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 September 30, 2019, and December 31, 2018, are as follows (in thousands):
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
At September 30, 2019
 
 
 
 
 
 
 
Debt securities available-for-sale:
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
U.S. government and agency obligations
$
124,050

 
$
1,520

 
$
(119
)
 
$
125,451

State and municipal obligations
1,250

 
1

 
—

 
1,251

Total investment securities
125,300

 
1,521

 
(119
)
 
126,702

Mortgage-backed securities - FNMA
601

 
5

 
—

 
606

Total debt securities available-for-sale
$
125,901

 
$
1,526

 
$
(119
)
 
$
127,308

Debt securities held-to-maturity:
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
U.S. government and agency obligations
$
9,981

 
$
2

 
$
(2
)
 
$
9,981

State and municipal obligations
134,626

 
1,247

 
(259
)
 
135,614

Corporate debt securities
81,233

 
915

 
(3,369
)
 
78,779

Total investment securities
225,840

 
2,164

 
(3,630
)
 
224,374

Mortgage-backed securities:
 
 
 
 
 
 
 
FHLMC
219,047

 
2,194

 
(569
)
 
220,672

FNMA
259,192

 
2,566

 
(503
)
 
261,255

GNMA
116,730

 
1,268

 
(169
)
 
117,829

SBA
2,908

 
—

 
(74
)
 
2,834

Total mortgage-backed securities
597,877

 
6,028

 
(1,315
)
 
602,590

Total debt securities held-to-maturity
$
823,717

 
$
8,192

 
$
(4,945
)
 
$
826,964

Total debt securities
$
949,618

 
$
9,718

 
$
(5,064
)
 
$
954,272

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
Carrying Value of Held-to-Maturity Investment Securities The carrying value of the debt securities held-to-maturity at September 30, 2019, and December 31, 2018, is as follows (in thousands):
 
 
September 30, 2019
 
December 31, 2018
Amortized cost
$
823,717

 
$
851,903

Net loss on date of transfer from available-for-sale
(13,347
)
 
(13,347
)
Accretion of net unrealized loss on securities reclassified as held-to-maturity
8,883

 
8,254

Carrying value
$
819,253

 
$
846,810
Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity
The amortized cost and estimated fair value of investment securities at September 30, 2019 by contractual maturity are shown below (in thousands). Actual maturities may differ from contractual maturities in instances where issuers have the right to call or prepay obligations with or without call or prepayment penalties. At September 30, 2019, corporate debt securities with an amortized cost of $61.0 million and estimated fair value of $58.3 million were callable prior to the maturity date.
 
September 30, 2019
Amortized
Cost
 
Estimated
Fair Value
Less than one year
$
71,705

 
$
71,726

Due after one year through five years
190,181

 
192,486

Due after five years through ten years
75,453

 
72,747

Due after ten years
13,801

 
14,117

 
$
351,140

 
$
351,076
Estimated Fair Value and Unrealized Loss for Securities Available-for-Sale and Held-to-Maturity
The estimated fair value and unrealized losses of debt securities available-for-sale and held-to-maturity at September 30, 2019 and December 31, 2018, segregated by the duration of the unrealized losses, are as follows (in thousands):
 
At September 30, 2019
 
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
$
5,011

 
$
(9
)
 
$
32,363

 
$
(110
)
 
$
37,374

 
$
(119
)
Total debt securities available-for-sale
5,011

 
(9
)
 
32,363

 
(110
)
 
37,374

 
(119
)
Debt securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
—

 
—

 
4,999

 
(2
)
 
4,999

 
(2
)
State and municipal obligations
22,526

 
(71
)
 
18,348

 
(188
)
 
40,874

 
(259
)
Corporate debt securities
—

 
—

 
42,660

 
(3,369
)
 
42,660

 
(3,369
)
Total investment securities
22,526

 
(71
)
 
66,007

 
(3,559
)
 
88,533

 
(3,630
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
FHLMC
13,132

 
(32
)
 
41,799

 
(537
)
 
54,931

 
(569
)
FNMA
13,475

 
(31
)
 
43,134

 
(472
)
 
56,609

 
(503
)
GNMA
22,261

 
(56
)
 
24,936

 
(113
)
 
47,197

 
(169
)
SBA
—

 
—

 
2,834

 
(74
)
 
2,834

 
(74
)
Total mortgage-backed securities
48,868

 
(119
)
 
112,703

 
(1,196
)
 
161,571

 
(1,315
)
Total debt securities held-to-maturity
71,394

 
(190
)
 
178,710

 
(4,755
)
 
250,104

 
(4,945
)
Total debt securities
$
76,405

 
$
(199
)
 
$
211,073

 
$
(4,865
)
 
$
287,478

 
$
(5,064
)
 
 
 
 
 
 
 
 
 
 
 
 
 
At 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
)
Amortized Cost, Estimated Fair Value and Credit Rating of Corporate Debt Securities

At September 30, 2019, 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):
Security Description
Amortized
Cost
 
Estimated
Fair Value
 
Credit Rating
Moody’s/
S&P
Chase Capital
$
10,000

 
$
9,200

 
Baa1/BBB-
Wells Fargo Capital
5,000

 
4,625

 
A1/BBB
Huntington Capital
5,000

 
4,450

 
Baa2/BB+
Keycorp Capital
5,000

 
4,525

 
Baa2/BB+
PNC Capital
5,000

 
4,600

 
Baa1/BBB-
State Street Capital
5,000

 
4,613

 
A3/BBB
SunTrust Capital
5,000

 
4,625

 
Not Rated/BB+
Celgene
1,511

 
1,508

 
Baa2/BBB+
Southern Company
1,507

 
1,505

 
Baa2/BBB+
BB&T
1,506

 
1,505

 
A2/A-
AT&T Inc.
1,505

 
1,504

 
Baa2/BBB
 
$
46,029

 
$
42,660