XML 54 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity: 
 
December 31, 2018
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
99,926

 
$
—

 
$
(1,428
)
 
$
98,498

    Obligations of states and political subdivisions
26,566

 
327

 
(83
)
 
26,810

    Agency mortgage-backed securities
596,825

 
1,160

 
(11,849
)
 
586,136

    U.S. Treasury Bills
9,962

 
—

 
(37
)
 
9,925

          Total securities available for sale
$
733,279

 
$
1,487

 
$
(13,397
)
 
$
721,369

 
 
 
 
 
 
 
 
Held to maturity securities:
 
 
 
 
 
 
 
    Obligations of states and political subdivisions
$
12,506

 
$
16

 
$
(114
)
 
$
12,408

    Agency mortgage-backed securities
53,173

 
—

 
(1,647
)
 
51,526

          Total securities held to maturity
$
65,679

 
$
16

 
$
(1,761
)
 
$
63,934

 
 
 
 
 
 
 
 
 
December 31, 2017
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
99,878

 
$
6

 
$
(660
)
 
$
99,224

    Obligations of states and political subdivisions
34,181

 
674

 
(213
)
 
34,642

    Agency mortgage-backed securities
513,082

 
727

 
(6,293
)
 
507,516

Total securities available for sale
$
647,141

 
$
1,407

 
$
(7,166
)
 
$
641,382

 
 
 
 
 
 
 
 
Held to maturity securities:
 
 
 
 
 
 
 
    Obligations of states and political subdivisions
$
14,031

 
$
69

 
$
(46
)
 
$
14,054

    Agency mortgage-backed securities
59,718

 
16

 
(330
)
 
59,404

Total securities held to maturity
$
73,749

 
$
85

 
$
(376
)
 
$
73,458



At December 31, 2018, and 2017, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than the U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government-sponsored enterprises. Securities having a fair value of $433.7 million and $500.0 million at December 31, 2018, and December 31, 2017, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions.
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity: 
 
December 31, 2018
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
99,926

 
$
—

 
$
(1,428
)
 
$
98,498

    Obligations of states and political subdivisions
26,566

 
327

 
(83
)
 
26,810

    Agency mortgage-backed securities
596,825

 
1,160

 
(11,849
)
 
586,136

    U.S. Treasury Bills
9,962

 
—

 
(37
)
 
9,925

          Total securities available for sale
$
733,279

 
$
1,487

 
$
(13,397
)
 
$
721,369

 
 
 
 
 
 
 
 
Held to maturity securities:
 
 
 
 
 
 
 
    Obligations of states and political subdivisions
$
12,506

 
$
16

 
$
(114
)
 
$
12,408

    Agency mortgage-backed securities
53,173

 
—

 
(1,647
)
 
51,526

          Total securities held to maturity
$
65,679

 
$
16

 
$
(1,761
)
 
$
63,934

 
 
 
 
 
 
 
 
 
December 31, 2017
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
99,878

 
$
6

 
$
(660
)
 
$
99,224

    Obligations of states and political subdivisions
34,181

 
674

 
(213
)
 
34,642

    Agency mortgage-backed securities
513,082

 
727

 
(6,293
)
 
507,516

Total securities available for sale
$
647,141

 
$
1,407

 
$
(7,166
)
 
$
641,382

 
 
 
 
 
 
 
 
Held to maturity securities:
 
 
 
 
 
 
 
    Obligations of states and political subdivisions
$
14,031

 
$
69

 
$
(46
)
 
$
14,054

    Agency mortgage-backed securities
59,718

 
16

 
(330
)
 
59,404

Total securities held to maturity
$
73,749

 
$
85

 
$
(376
)
 
$
73,458



At December 31, 2018, and 2017, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than the U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government-sponsored enterprises. Securities having a fair value of $433.7 million and $500.0 million at December 31, 2018, and December 31, 2017, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions.
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities at December 31, 2018, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the agency mortgage-backed securities is approximately 4 years. 
 
Available for sale
 
Held to maturity
(in thousands)
Amortized Cost
 
Estimated
Fair Value
 
Amortized Cost
 
Estimated
Fair Value
Due in one year or less
$
22,357

 
$
22,213

 
$
—

 
$
—

Due after one year through five years
100,084

 
98,876

 
2,080

 
2,063

Due after five years through ten years
11,881

 
12,038

 
10,426

 
10,345

Due after ten years
2,132

 
2,106

 
—

 
—

Agency mortgage-backed securities
596,825

 
586,136

 
53,173

 
51,526

 
$
733,279

 
$
721,369

 
$
65,679

 
$
63,934
Schedule of Unrealized Loss on Investments
The following table represents a summary of investment securities that had an unrealized loss:
 
 
December 31, 2018
Less than 12 months
 
12 months or more
 
Total
(in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Obligations of U.S. Government-sponsored enterprises
$
19,622

 
$
322

 
$
78,876

 
$
1,106

 
$
98,498

 
$
1,428

Obligations of states and political subdivisions
3,102

 
15

 
14,156

 
182

 
17,258

 
197

Agency mortgage-backed securities
87,357

 
2,211

 
389,770

 
11,285

 
477,127

 
13,496

U.S. Treasury Bills
—

 
—

 
9,925

 
37

 
9,925

 
37

 
$
110,081

 
$
2,548

 
$
492,727

 
$
12,610

 
$
602,808

 
$
15,158

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017
Less than 12 months
 
12 months or more
 
Total
(in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Obligations of states and political subdivisions
$
13,951

 
$
259

 
$
—

 
$
—

 
$
13,951

 
$
259

Agency mortgage-backed securities
469,655

 
6,034

 
12,229

 
589

 
481,884

 
6,623

 
$
572,915

 
$
6,953

 
$
12,229

 
$
589

 
$
585,144

 
$
7,542
Schedule of Realized Gain (Loss)
The gross gains and losses realized from sales of available for sale investment securities were as follows:
 
 
December 31,
(in thousands)
2018
 
2017
 
2016
Gross gains realized
$
9

 
$
22

 
$
86

Gross losses realized
—

 
—

 
—

Proceeds from sales
1,451

 
144,076

 
2,493