XML 33 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments (Tables)
 9 Months Ended
Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale securities reconciliation
The following table sets forth the carrying values and estimated fair values of our investment securities portfolio at the dates indicated (in thousands): 
 
 
September 30, 2017
Available-for-Sale Securities
 
Amortized Cost
 
Gross
Unrealized
 Gains
 
Gross
Unrealized
Losses
 
Estimated
 Fair Value
Debt securities:
 
 

 
 

 
 

 
 

U.S. Government agencies
 
$
61,253

 
$
598

 
$
(47
)
 
$
61,804

Obligations of states and political subdivisions
 
204,841

 
8,660

 
(516
)
 
212,985

U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations
 
190,028

 
696

 
(2,375
)
 
188,349

Private label mortgage backed securities
 
43,855

 
977

 
(379
)
 
44,453

Other equity securities
 
7,500

 
—

 
(14
)
 
7,486

Total available-for-sale
 
$
507,477

 
$
10,931

 
$
(3,331
)
 
$
515,077


 

December 31, 2016
Available-for-Sale Securities
 
Amortized Cost
 
Gross
Unrealized
 Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
Debt securities:
 
 

 
 

 
 

 
 

U.S. Government agencies
 
$
69,005

 
$
242

 
$
(277
)
 
$
68,970

Obligations of states and political subdivisions
 
288,543

 
6,109

 
(4,353
)
 
290,299

U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations
 
181,785

 
484

 
(4,048
)
 
178,221

Private label mortgage backed securities
 
1,807

 
1,036

 
—

 
2,843

Other equity securities
 
7,500

 
—

 
(84
)
 
7,416

Total available-for-sale
 
$
548,640

 
$
7,871

 
$
(8,762
)
 
$
547,749
Realized gains and losses
Proceeds and gross realized gains (losses) from the sales or calls of investment securities for the periods ended September 30, 2017 and 2016 are shown below (in thousands):
 
 
For the Three Months Ended September 30,
 
For the Nine Months
Ended September 30,
Available-for-Sale Securities
 
2017

2016

2017

2016
Proceeds from sales or calls
 
$
26,286

 
$
21,239

 
$
101,293

 
$
84,283

Gross realized gains from sales or calls
 
210

 
306

 
3,601

 
1,277

Gross realized losses from sales or calls
 
(41
)
 
(20
)
 
(793
)
 
(137
)


 
 
For the Three Months Ended September 30,
 
For the Nine Months
Ended September 30,
Held-to-Maturity Securities
 
2017
 
2016
 
2017
 
2016
Proceeds from sales or calls
 
$
—

 
$
—

 
$
—

 
$
9,257

Gross realized gains from sales or calls
 
—

 
—

 
—

 
696
Securities in a continuous unrealized loss position
Investment securities, aggregated by investment category, with unrealized losses as of the dates indicated are summarized and classified according to the duration of the loss period as follows (in thousands): 
 
 
September 30, 2017
 
 
Less than 12 Months
 
12 Months or More
 
Total
 
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
Available-for-Sale Securities
 
Value
 
Losses
 
Value
 
Losses
 
Value
 
Losses
Debt securities:
 
 

 
 

 
 

 
 

 
 

 
 

U.S. Government agencies
 
$
—

 
$
—

 
$
7,272

 
$
(47
)
 
$
7,272

 
$
(47
)
Obligations of states and political subdivisions
 
8,239

 
(65
)
 
18,216

 
(451
)
 
26,455

 
(516
)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations
 
54,089

 
(199
)
 
66,868

 
(2,176
)
 
120,957

 
(2,375
)
Private label mortgage backed securities
 
41,941

 
(379
)
 
—

 
—

 
41,941

 
(379
)
Other equity securities
 
7,486

 
(14
)
 
—

 
—

 
7,486

 
(14
)
Total available-for-sale
 
$
111,755

 
$
(657
)

$
92,356

 
$
(2,674
)
 
$
204,111

 
$
(3,331
)

 
 
December 31, 2016
 
 
Less than 12 Months
 
12 Months or More
 
Total
 
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
Available-for-Sale Securities
 
Value
 
Losses
 
Value
 
Losses
 
Value
 
Losses
Debt securities:
 
 

 
 

 
 

 
 

 
 

 
 

U.S. Government agencies
 
$
34,586

 
$
(198
)
 
$
10,438

 
$
(79
)
 
$
45,024

 
$
(277
)
Obligations of states and political subdivisions
 
122,522

 
(4,353
)
 
—

 
—

 
122,522

 
(4,353
)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations
 
118,719

 
(3,866
)
 
7,666

 
(182
)
 
126,385

 
(4,048
)
Other equity securities
 
7,416

 
(84
)
 
—

 
—

 
7,416

 
(84
)
Total available-for-sale
 
$
283,243

 
$
(8,501
)
 
$
18,104

 
$
(261
)
 
$
301,347

 
$
(8,762
)
Credit losses recorded in earnings
The following tables provide a roll forward for the nine month periods ended September 30, 2017 and 2016 of investment securities credit losses recorded in earnings. The beginning balance represents the credit loss component for which OTTI occurred on debt securities in prior periods.  Additions represent the first time a debt security was credit impaired or when subsequent credit impairments have occurred on securities for which OTTI credit losses have been previously recognized. 
 
 
For the Three Months
Ended September 30,
 
For the Nine Months
Ended September 30,
(In thousands)
 
2017
 
2016
 
2017
 
2016
Beginning balance
 
$
874

 
$
883

 
$
874

 
$
747

Amounts related to credit loss for which an OTTI charge was not previously recognized
 
—

 
—

 
—

 
136

Increases to the amount related to credit loss for which OTTI was previously recognized
 
—

 
—

 
—

 
—

Realized gain for securities sold
 
—

 
(9
)
 
—

 
(9
)
Ending balance
 
$
874

 
$
874

 
$
874

 
$
874
Investments by contractual maturity
 
 
September 30, 2017
Available-for-Sale Securities
 
Amortized Cost

Estimated Fair
Value
Within one year
 
$
1,532

 
$
1,557

After one year through five years
 
6,294

 
6,523

After five years through ten years
 
31,333

 
32,336

After ten years
 
165,682

 
172,569

 
 
204,841

 
212,985

Investment securities not due at a single maturity date:
 
 

 
 

U.S. Government agencies
 
61,253

 
61,804

U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations
 
190,028

 
188,349

Private label mortgage backed securities
 
43,855

 
44,453

Other equity securities
 
7,500

 
7,486

Total available-for-sale
 
$
507,477

 
$
515,077