Securities (Tables)

3 Months Ended

Mar. 31, 2017

The fair value of trading securities is summarized as follows (in thousands).


	March 31,		December 31,
	2017		2016
U.S. Treasury securities	$	314	$	5,940
U.S. government agencies:
Bonds		51,586		36,303
Residential mortgage-backed securities		150,233		2,539
Commercial mortgage-backed securities		14,978		15,171
Collateralized mortgage obligations		1,353		5,607
Corporate debt securities		69,768		60,699
States and political subdivisions		66,274		89,946
Unit investment trusts		11,603		41,409
Private-label securitized product		3,849		4,292
Other		3,342		3,628
Totals	$	373,300	$	265,534

Summary of amortized cost and fair value of available for sale securities

The amortized cost and fair value of available for sale and held to maturity securities are summarized as follows (in thousands).


	Available for Sale
	Amortized		Unrealized		Unrealized
March 31, 2017	Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	101,683	$	156	$	(44)	$	101,795
U.S. government agencies:
Bonds		100,984		857		(167)		101,674
Residential mortgage-backed securities		211,934		757		(3,018)		209,673
Commercial mortgage-backed securities		8,719		1		(40)		8,680
Collateralized mortgage obligations		157,656		31		(3,243)		154,444
Corporate debt securities		76,076		2,421		(40)		78,457
States and political subdivisions		78,644		1,635		(229)		80,050
Commercial mortgage-backed securities		499		11		—		510
Equity securities		19,095		1,243		(75)		20,263
Totals	$	755,290	$	7,112	$	(6,856)	$	755,546


	Available for Sale
	Amortized		Unrealized		Unrealized
December 31, 2016	Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	31,701	$	144	$	(44)	$	31,801
U.S. government agencies:
Bonds		121,838		881		(67)		122,652
Residential mortgage-backed securities		135,371		708		(2,941)		133,138
Commercial mortgage-backed securities		8,771		2		(58)		8,715
Collateralized mortgage obligations		117,879		29		(3,206)		114,702
Corporate debt securities		76,866		2,354		(91)		79,129
States and political subdivisions		86,353		1,498		(336)		87,515
Commercial mortgage-backed securities		499		16		—		515
Equity securities		18,920		1,263		(343)		19,840
Totals	$	598,198	$	6,895	$	(7,086)	$	598,007

Summary of amortized cost and fair value of held to maturity securities


	Held to Maturity
	Amortized		Unrealized		Unrealized
March 31, 2017	Cost		Gains		Losses		Fair Value
U.S. government agencies:
Bonds	$	40,513	$	6	$	(1,192)	$	39,327
Residential mortgage-backed securities		18,717		128		(11)		18,834
Commercial mortgage-backed securities		31,604		102		(554)		31,152
Collateralized mortgage obligations		205,176		115		(3,077)		202,214
States and political subdivisions		41,347		130		(1,617)		39,860
Totals	$	337,357	$	481	$	(6,451)	$	331,387


	Held to Maturity
	Amortized		Unrealized		Unrealized
December 31, 2016	Cost		Gains		Losses		Fair Value
U.S. government agencies:
Bonds	$	40,513	$	—	$	(1,287)	$	39,226
Residential mortgage-backed securities		19,606		13		(6)		19,613
Commercial mortgage-backed securities		31,767		102		(593)		31,276
Collateralized mortgage obligations		217,954		128		(3,372)		214,710
States and political subdivisions		41,991		70		(1,798)		40,263
Totals	$	351,831	$	313	$	(7,056)	$	345,088

Schedule of information regarding available for sale securities that were in an unrealized loss position

Information regarding available for sale and held to maturity securities that were in an unrealized loss position is shown in the following tables (dollars in thousands).


	March 31, 2017					December 31, 2016
	Number of			Unrealized		Number of			Unrealized
	Securities	Fair Value		Losses		Securities	Fair Value		Losses
Available for Sale
U.S. treasury securities:
Unrealized loss for less than twelve months	7	$	21,713	$	44	7	$	21,694	$	44
Unrealized loss for twelve months or longer	—		—		—	—		—		—
	7		21,713		44	7		21,694		44
U.S. government agencies:
Bonds:
Unrealized loss for less than twelve months	7		74,923		167	1		14,908		67
Unrealized loss for twelve months or longer	—		—		—	—		—		—
	7		74,923		167	1		14,908		67
Residential mortgage-backed securities:
Unrealized loss for less than twelve months	16		155,596		3,018	12		109,398		2,941
Unrealized loss for twelve months or longer	—		—		—	—		—		—
	16		155,596		3,018	12		109,398		2,941
Commercial mortgage-backed securities:
Unrealized loss for less than twelve months	2		7,100		40	2		7,127		58
Unrealized loss for twelve months or longer	—		—		—	—		—		—
	2		7,100		40	2		7,127		58
Collateralized mortgage obligations:
Unrealized loss for less than twelve months	17		124,634		2,332	11		91,144		2,340
Unrealized loss for twelve months or longer	8		17,895		911	8		19,320		866
	25		142,529		3,243	19		110,464		3,206
Corporate debt securities:
Unrealized loss for less than twelve months	2		3,977		40	3		5,899		91
Unrealized loss for twelve months or longer	—		—		—	—		—		—
	2		3,977		40	3		5,899		91
States and political subdivisions:
Unrealized loss for less than twelve months	25		12,406		220	32		17,549		322
Unrealized loss for twelve months or longer	1		457		9	1		450		14
	26		12,863		229	33		17,999		336
Equity securities:
Unrealized loss for less than twelve months	1		54		—	—		—		—
Unrealized loss for twelve months or longer	2		7,009		75	2		11,107		343
	3		7,063		75	2		11,107		343
Total available for sale:
Unrealized loss for less than twelve months	77		400,403		5,861	68		267,719		5,863
Unrealized loss for twelve months or longer	11		25,361		995	11		30,877		1,223
	88	$	425,764	$	6,856	79	$	298,596	$	7,086

Schedule of information regarding held to maturity securities that were in an unrealized loss position


	March 31, 2017					December 31, 2016
	Number of			Unrealized		Number of			Unrealized
	Securities	Fair Value		Losses		Securities	Fair Value		Losses
Held to Maturity
U.S. government agencies:
Bonds:
Unrealized loss for less than twelve months	4	$	33,321	$	1,192	4	$	33,225	$	1,287
Unrealized loss for twelve months or longer	—		—		—	—		—		—
	4		33,321		1,192	4		33,225		1,287
Residential mortgage-backed securities:
Unrealized loss for less than twelve months	1		6,131		11	2		13,178		6
Unrealized loss for twelve months or longer	—		—		—	—		—		—
	1		6,131		11	2		13,178		6
Commercial mortgage-backed securities:
Unrealized loss for less than twelve months	4		19,801		549	5		18,891		588
Unrealized loss for twelve months or longer	1		1,395		5	1		1,401		5
	5		21,196		554	6		20,292		593
Collateralized mortgage obligations:
Unrealized loss for less than twelve months	18		169,154		3,077	19		187,669		3,372
Unrealized loss for twelve months or longer	—		—		—	—		—		—
	18		169,154		3,077	19		187,669		3,372
States and political subdivisions:
Unrealized loss for less than twelve months	60		25,088		1,611	71		29,862		1,790
Unrealized loss for twelve months or longer	1		461		6	1		462		8
	61		25,549		1,617	72		30,324		1,798
Total held to maturity:
Unrealized loss for less than twelve months	87		253,495		6,440	101		282,825		7,043
Unrealized loss for twelve months or longer	2		1,856		11	2		1,863		13
	89	$	255,351	$	6,451	103	$	284,688	$	7,056

Schedule of amortized cost and fair value of securities, excluding trading and equity available for sale securities, by contractual maturity

The amortized cost and fair value of securities, excluding trading and available for sale equity securities, at March 31, 2017 are shown by contractual maturity below (in thousands).


	Available for Sale				Held to Maturity
	Amortized				Amortized
	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	183,702	$	183,982	$	4,286	$	4,297
Due after one year through five years		96,478		98,454		3,325		3,348
Due after five years through ten years		45,582		47,102		26,290		25,618
Due after ten years		31,625		32,438		47,959		45,924
		357,387		361,976		81,860		79,187

Residential mortgage-backed securities		211,934		209,673		18,717		18,834
Collateralized mortgage obligations		157,656		154,444		205,176		202,214
Commercial mortgage-backed securities		9,218		9,190		31,604		31,152
	$	736,195	$	735,283	$	337,357	$	331,387

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

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