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Investments (Tables)
 3 Months Ended
Mar. 31, 2019
Investments Debt And Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Value of Available-For-Sale Investment Securities

The amortized cost and estimated fair value of available-for-sale investment securities are as follows:

 

Amortized Cost And Estimated Fair Value

 

(dollars in thousands, unaudited)

 

 

 

 

March 31, 2019

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated Fair

Value

 

U.S. government agencies

$

15,623

 

 

$

44

 

 

$

(220

)

 

$

15,447

 

Mortgage-backed securities

 

407,824

 

 

 

994

 

 

 

(6,349

)

 

 

402,469

 

State and political subdivisions

 

143,483

 

 

 

2,516

 

 

 

(287

)

 

 

145,712

 

Total securities

$

566,930

 

 

$

3,554

 

 

$

(6,856

)

 

$

563,628

 

 

 

December 31, 2018

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated Fair

Value

 

U.S. government agencies

$

15,553

 

 

$

12

 

 

$

(353

)

 

$

15,212

 

Mortgage-backed securities

 

414,208

 

 

 

398

 

 

 

(9,873

)

 

 

404,733

 

State and political subdivisions

 

140,181

 

 

 

1,206

 

 

 

(853

)

 

 

140,534

 

Total securities

$

569,942

 

 

$

1,616

 

 

$

(11,079

)

 

$

560,479

 
Information Pertaining to Investment Securities Aggregated by Investment Category and Length of Time that Individual Securities in a Continuous Loss Position Gross unrealized losses on our investment securities as of the indicated dates are disclosed in the table below, categorized by investment type and by the duration of time that loss positions on individual securities have continuously existed (over or under twelve months).

 

Investment Portfolio - Unrealized Losses

 

 

 

 

 

 

 

 

 

(dollars in thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

 

March 31, 2019

 

 

 

Less than twelve months

 

 

Twelve months or more

 

 

 

Gross

Unrealized

Losses

 

 

Fair Value

 

 

Gross

Unrealized

Losses

 

 

Fair Value

 

U.S. government agencies

 

$

(9

)

 

$

470

 

 

$

(211

)

 

$

11,004

 

Mortgage-backed securities

 

 

(91

)

 

 

20,340

 

 

 

(6,258

)

 

 

286,791

 

State and political subdivisions

 

 

(2

)

 

 

501

 

 

 

(285

)

 

 

19,682

 

Total

 

$

(102

)

 

$

21,311

 

 

$

(6,754

)

 

$

317,477

 

 

 

 

December 31, 2018

 

 

 

Less than twelve months

 

 

Twelve months or more

 

 

 

Gross

Unrealized

Losses

 

 

Fair Value

 

 

Gross

Unrealized

Losses

 

 

Fair Value

 

U.S. government agencies

 

$

(54

)

 

$

2,815

 

 

$

(299

)

 

$

10,764

 

Mortgage-backed securities

 

 

(717

)

 

 

69,686

 

 

 

(9,156

)

 

 

273,230

 

State and political subdivisions

 

 

(249

)

 

 

33,864

 

 

 

(604

)

 

 

22,213

 

Total

 

$

(1,020

)

 

$

106,365

 

 

$

(10,059

)

 

$

306,207

 
Realized Gain (Loss) on Investments

The table below summarizes the Company’s gross realized gains and losses as well as gross proceeds from the sales of securities, for the periods indicated:

 

Investment Portfolio - Realized Gains/(Losses)

 

 

 

(dollars in thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

 

2019

 

 

2018

 

Proceeds from sales, calls and maturities of securities available for sale

 

$

16,648

 

 

$

200

 

Gross gains on sales, calls and maturities of securities available for sale

 

 

94

 

 

 

—

 

Gross losses on sales, calls and maturities of securities available for sale

 

 

(88

)

 

 

—

 

Net gains on sale of securities available for sale

 

$

6

 

 

$

—

 
Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of investment securities available-for-sale at March 31, 2019 and December 31, 2018 are shown below, grouped by the remaining time to contractual maturity dates.  The expected life of investment securities may not be consistent with contractual maturity dates, since the issuers of the securities might have the right to call or prepay obligations with or without penalties.

 

Estimated Fair Value of Contractual Maturities

 

 

 

 

 

 

 

 

(dollars in thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

March 31, 2019

 

 

 

Amortized Cost

 

 

Fair Value

 

Maturing within one year

 

$

7,057

 

 

$

7,103

 

Maturing after one year through five years

 

 

183,343

 

 

 

180,783

 

Maturing after five years through ten years

 

 

56,211

 

 

 

56,502

 

Maturing after ten years

 

 

87,011

 

 

 

88,317

 

 

 

 

 

 

 

 

 

 

Securities not due at a single maturity date:

 

 

 

 

 

 

 

 

U.S. government agencies collateralized by mortgage obligations

 

 

233,308

 

 

 

230,923

 

 

 

$

566,930

 

 

$

563,628

 

 

 

 

December 31, 2018

 

 

 

Amortized Cost

 

 

Fair Value

 

Maturing within one year

 

$

7,726

 

 

$

7,789

 

Maturing after one year through five years

 

 

199,840

 

 

 

195,519

 

Maturing after five years through ten years

 

 

47,802

 

 

 

47,661

 

Maturing after ten years

 

 

83,606

 

 

 

83,444

 

 

 

 

 

 

 

 

 

 

Securities not due at a single maturity date:

 

 

 

 

 

 

 

 

U.S. government agencies collateralized by mortgage obligations

 

 

230,968

 

 

 

226,066

 

 

 

$

569,942

 

 

$

560,479

 
Summary of Amortized Cost and Fair Values of General Obligation and Revenue Bonds

The following table summarizes the amortized cost and fair values of general obligation and revenue bonds in the Company’s investment securities portfolio at the indicated dates, identifying the state in which the issuing municipality or agency operates for our largest geographic concentrations:

 

Revenue and General Obligation Bonds by Location

 

 

 

 

 

 

 

 

 

(dollars in thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2019

 

 

December 31, 2018

 

 

 

Amortized

 

 

Fair Market

 

 

Amortized

 

 

Fair Market

 

General obligation bonds

 

Cost

 

 

Value

 

 

Cost

 

 

Value

 

State of issuance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Texas

 

$

38,428

 

 

$

38,882

 

 

$

36,331

 

 

$

36,199

 

California

 

 

26,741

 

 

 

27,465

 

 

 

26,928

 

 

 

27,357

 

Washington

 

 

16,003

 

 

 

16,306

 

 

 

16,036

 

 

 

16,062

 

Ohio

 

 

8,903

 

 

 

8,944

 

 

 

8,639

 

 

 

8,601

 

Illinois

 

 

7,391

 

 

 

7,510

 

 

 

6,827

 

 

 

6,838

 

Other (20 and 22 states, respectively)

 

 

22,540

 

 

 

22,854

 

 

 

21,530

 

 

 

21,576

 

Total general obligation bonds

 

 

120,006

 

 

 

121,961

 

 

 

116,291

 

 

 

116,633

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue bonds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of issuance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Texas

 

 

7,507

 

 

 

7,572

 

 

 

7,526

 

 

 

7,506

 

Utah

 

 

5,356

 

 

 

5,389

 

 

 

5,364

 

 

 

5,353

 

Indiana

 

 

2,635

 

 

 

2,692

 

 

 

2,641

 

 

 

2,654

 

Washington

 

 

1,748

 

 

 

1,811

 

 

 

1,751

 

 

 

1,780

 

Virginia

 

 

1,335

 

 

 

1,322

 

 

 

1,341

 

 

 

1,315

 

Other (10 and 11 states, respectively)

 

 

4,896

 

 

 

4,965

 

 

 

5,267

 

 

 

5,293

 

Total revenue bonds

 

 

23,477

 

 

 

23,751

 

 

 

23,890

 

 

 

23,901

 

Total obligations of states and political subdivisions

 

$

143,483

 

 

$

145,712

 

 

$

140,181

 

 

$

140,534

 

 

Revenue Bonds by Type

 

 

 

 

 

 

(dollars in thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2019

 

 

December 31, 2018

 

 

 

Amortized

 

 

Fair Market

 

 

Amortized

 

 

Fair Market

 

Revenue bonds

 

Cost

 

 

Value

 

 

Cost

 

 

Value

 

Revenue source:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Water

 

$

7,635

 

 

$

7,679

 

 

$

6,942

 

 

$

6,946

 

Sales Tax

 

 

4,888

 

 

 

4,992

 

 

 

2,932

 

 

 

2,901

 

Lease

 

 

1,839

 

 

 

1,838

 

 

 

2,053

 

 

 

2,068

 

College & University

 

 

1,669

 

 

 

1,695

 

 

 

2,583

 

 

 

2,604

 

Sewer

 

 

1,429

 

 

 

1,447

 

 

 

1,392

 

 

 

1,398

 

Other (13 sources)

 

 

6,017

 

 

 

6,100

 

 

 

7,988

 

 

 

7,984

 

Total revenue bonds

 

$

23,477

 

 

$

23,751

 

 

$

23,890

 

 

$

23,901