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Investment Securities (Notes)
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities [Text Block]
Securities

The following tables show the amortized cost, gross unrealized gains and losses, and fair value of investment securities, by investment security type as of March 31, 2020 and December 31, 2019.
 
March 31, 2020
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
(Losses)
 
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
State and political subdivisions
$
35,847

 
$
1,380

 
$
—

 
$
37,227

Collateralized mortgage obligations (1)
188,882

 
4,414

 
(631
)
 
192,665

Mortgage-backed securities (1)
71,717

 
1,639

 
(40
)
 
73,316

Asset-backed securities (2)
16,205

 
97

 
—

 
16,302

Collateralized loan obligations
57,862

 
81

 
(5,333
)
 
52,610

Corporate notes and other investments
300

 
—

 
—

 
300

 
$
370,813

 
$
7,611

 
$
(6,004
)
 
$
372,420

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
(Losses)
 
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
State and political subdivisions
$
45,442

 
$
1,736

 
$
—

 
$
47,178

Collateralized mortgage obligations (1)
180,899

 
1,651

 
(629
)
 
181,921

Mortgage-backed securities (1)
73,038

 
225

 
(233
)
 
73,030

Asset-backed securities (2)
17,551

 
66

 
(17
)
 
17,600

Collateralized loan obligations
64,939

 
21

 
(128
)
 
64,832

Corporate notes and other investments
15,300

 
—

 
(1,283
)
 
14,017

 
$
397,169

 
$
3,699

 
$
(2,290
)
 
$
398,578

(1)
All collateralized mortgage obligations and mortgage-backed securities consist of residential mortgage pass-through securities and real estate mortgage investment conduits guaranteed by FNMA, FHLMC or GNMA, and commercial mortgage pass-through securities guaranteed by the SBA.
(2)
Pass-through asset-backed securities guaranteed by the SBA, representing participating interests in pools of commercial working capital and equipment loans.

Investment securities with an amortized cost of approximately $229,634 and $148,257 as of March 31, 2020 and December 31, 2019, respectively, were pledged to secure access to the Federal Reserve discount window, for public fund deposits, and for other purposes as required or permitted by law or regulation.
The amortized cost and fair value of investment securities available for sale as of March 31, 2020, by contractual maturity, are shown below. Certain securities have call features that allow the issuer to call the securities prior to maturity.  Expected maturities may differ from contractual maturities for collateralized mortgage obligations, mortgage-backed securities and asset-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.  Therefore, collateralized mortgage obligations, mortgage-backed securities and asset-backed securities are not included in the maturity categories within the following maturity summary.
 
March 31, 2020
 
Amortized Cost
 
Fair Value
Due after one year through five years
$
19,942

 
$
18,703

Due after five years through ten years
39,370

 
35,364

Due after ten years
34,697

 
36,070

 
94,009

 
90,137

Collateralized mortgage obligations, mortgage-backed securities and asset-backed securities
276,804

 
282,283

 
$
370,813

 
$
372,420

The details of the sales of investment securities available for sale for the three months ended March 31, 2020 and 2019 are summarized in the following table.
 
Three Months Ended March 31,
 
2020
 
2019
Proceeds from sales
$
39,077

 
$
62,274

Gross gains on sales
899

 
133

Gross losses on sales
905

 
221


The following tables show the fair value and gross unrealized losses, aggregated by investment type and length of time that individual securities have been in a continuous loss position, as of March 31, 2020 and December 31, 2019.
 
March 31, 2020
 
Less than 12 months
 
12 months or longer
 
Total
 
Fair
Value
 
Gross
Unrealized
(Losses)
 
Fair
Value
 
Gross
Unrealized
(Losses)
 
Fair
Value
 
Gross
Unrealized
(Losses)
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
Collateralized mortgage obligations
$
—

 
$
—

 
$
26,557

 
$
(631
)
 
$
26,557

 
$
(631
)
Mortgage-backed securities
—

 
—

 
4,441

 
(40
)
 
4,441

 
(40
)
Collateralized loan obligations
42,535

 
(5,333
)
 
—

 
—

 
42,535

 
(5,333
)
 
$
42,535

 
$
(5,333
)
 
$
30,998

 
$
(671
)
 
$
73,533

 
$
(6,004
)
 
 

 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2019
 
Less than 12 months
 
12 months or longer
 
Total
 
Fair
Value
 
Gross
Unrealized
(Losses)
 
Fair
Value
 
Gross
Unrealized
(Losses)
 
Fair
Value
 
Gross
Unrealized
(Losses)
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
Collateralized mortgage obligations
$
54,521

 
$
(335
)
 
$
35,546

 
$
(294
)
 
$
90,067

 
$
(629
)
Mortgage-backed securities
45,132

 
(174
)
 
4,687

 
(59
)
 
49,819

 
(233
)
Asset-backed securities
3,641

 
(4
)
 
7,075

 
(13
)
 
10,716

 
(17
)
Collateralized loan obligations
42,823

 
(128
)
 
—

 
—

 
42,823

 
(128
)
Corporate notes and other investments
4,499

 
(501
)
 
9,518

 
(782
)
 
14,017

 
(1,283
)
 
$
150,616

 
$
(1,142
)
 
$
56,826

 
$
(1,148
)
 
$
207,442

 
$
(2,290
)

As of March 31, 2020, securities available for sale with unrealized losses included six collateralized mortgage obligation securities, one mortgage-backed security, and eight collateralized loan obligation securities. Collateralized loan obligations are debt securities backed by pools of senior secured commercial loans to a diverse group of companies across a broad spectrum of industries. At March 31, 2020, the Company only owned collateralized loan obligations that were AAA or AA rated. The Company believed the unrealized losses on securities available for sale as of March 31, 2020 were due to market conditions rather than reduced estimated cash flows. At March 31, 2020, the Company did not intend to sell these securities, did not anticipate that these securities will be required to be sold before anticipated recovery, and expected full principal and interest to be collected. Therefore, the Company did not consider these securities to have other than temporary impairment as of March 31, 2020.