Securities (Tables)

9 Months Ended

Sep. 30, 2017

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


	September 30,		December 31,
	2017		2016
U.S. Treasury securities	$	200	$	5,940
U.S. government agencies:
Bonds		53,275		36,303
Residential mortgage-backed securities		407,275		2,539
Commercial mortgage-backed securities		9,599		15,171
Collateralized mortgage obligations		1,098		5,607
Corporate debt securities		77,435		60,699
States and political subdivisions		90,144		89,946
Unit investment trusts		31,626		41,409
Private-label securitized product		2,398		4,292
Other		3,361		3,628
Totals	$	676,411	$	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
September 30, 2017	Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	22,751	$	168	$	(39)	$	22,880
U.S. government agencies:
Bonds		100,289		851		(133)		101,007
Residential mortgage-backed securities		247,272		940		(2,304)		245,908
Commercial mortgage-backed securities		12,091		78		(24)		12,145
Collateralized mortgage obligations		222,187		203		(2,656)		219,734
Corporate debt securities		72,266		2,489		(2)		74,753
States and political subdivisions		66,173		1,493		(39)		67,627
Commercial mortgage-backed securities		499		6		—		505
Equity securities		19,456		1,532		(5)		20,983
Totals	$	762,984	$	7,760	$	(5,202)	$	765,542


	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
September 30, 2017	Cost		Gains		Losses		Fair Value
U.S. government agencies:
Bonds	$	40,515	$	28	$	(891)	$	39,652
Residential mortgage-backed securities		16,973		198		—		17,171
Commercial mortgage-backed securities		71,613		404		(510)		71,507
Collateralized mortgage obligations		183,926		152		(2,550)		181,528
States and political subdivisions		55,004		289		(1,029)		54,264
Totals	$	368,031	$	1,071	$	(4,980)	$	364,122


	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).


	September 30, 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	6	$	17,354	$	37	7	$	21,694	$	44
Unrealized loss for twelve months or longer	1		399		2	—		—		—
	7		17,753		39	7		21,694		44
U.S. government agencies:
Bonds:
Unrealized loss for less than twelve months	10		77,870		133	1		14,908		67
Unrealized loss for twelve months or longer	—		—		—	—		—		—
	10		77,870		133	1		14,908		67
Residential mortgage-backed securities:
Unrealized loss for less than twelve months	9		76,966		557	12		109,398		2,941
Unrealized loss for twelve months or longer	8		67,899		1,747	—		—		—
	17		144,865		2,304	12		109,398		2,941
Commercial mortgage-backed securities:
Unrealized loss for less than twelve months	1		5,076		24	2		7,127		58
Unrealized loss for twelve months or longer	—		—		—	—		—		—
	1		5,076		24	2		7,127		58
Collateralized mortgage obligations:
Unrealized loss for less than twelve months	13		96,857		440	11		91,144		2,340
Unrealized loss for twelve months or longer	14		60,719		2,216	8		19,320		866
	27		157,576		2,656	19		110,464		3,206
Corporate debt securities:
Unrealized loss for less than twelve months	1		1,996		2	3		5,899		91
Unrealized loss for twelve months or longer	—		—		—	—		—		—
	1		1,996		2	3		5,899		91
States and political subdivisions:
Unrealized loss for less than twelve months	11		5,714		20	32		17,549		322
Unrealized loss for twelve months or longer	8		2,374		19	1		450		14
	19		8,088		39	33		17,999		336
Equity securities:
Unrealized loss for less than twelve months	1		181		—	—		—		—
Unrealized loss for twelve months or longer	2		6,900		5	2		11,107		343
	3		7,081		5	2		11,107		343
Total available for sale:
Unrealized loss for less than twelve months	52		282,014		1,213	68		267,719		5,863
Unrealized loss for twelve months or longer	33		138,291		3,989	11		30,877		1,223
	85	$	420,305	$	5,202	79	$	298,596	$	7,086

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


	September 30, 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	$	33,225	$	1,287
Unrealized loss for twelve months or longer	3		32,124		891	—		—		—
	3		32,124		891	4		33,225		1,287
Residential mortgage-backed securities:
Unrealized loss for less than twelve months	—		—		—	2		13,178		6
Unrealized loss for twelve months or longer	—		—		—	—		—		—
	—		—		—	2		13,178		6
Commercial mortgage-backed securities:
Unrealized loss for less than twelve months	3		13,805		130	5		18,891		588
Unrealized loss for twelve months or longer	2		12,823		380	1		1,401		5
	5		26,628		510	6		20,292		593
Collateralized mortgage obligations:
Unrealized loss for less than twelve months	12		100,054		1,066	19		187,669		3,372
Unrealized loss for twelve months or longer	5		57,570		1,484	—		—		—
	17		157,624		2,550	19		187,669		3,372
States and political subdivisions:
Unrealized loss for less than twelve months	36		17,311		188	71		29,862		1,790
Unrealized loss for twelve months or longer	40		15,723		841	1		462		8
	76		33,034		1,029	72		30,324		1,798
Total held to maturity:
Unrealized loss for less than twelve months	51		131,170		1,384	101		282,825		7,043
Unrealized loss for twelve months or longer	50		118,240		3,596	2		1,863		13
	101	$	249,410	$	4,980	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 September 30, 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	$	108,593	$	108,958	$	4,947	$	4,954
Due after one year through five years		86,378		88,189		2,850		2,884
Due after five years through ten years		40,798		42,418		26,721		26,253
Due after ten years		25,710		26,702		61,001		59,825
		261,479		266,267		95,519		93,916

Residential mortgage-backed securities		247,272		245,908		16,973		17,171
Collateralized mortgage obligations		222,187		219,734		183,926		181,528
Commercial mortgage-backed securities		12,590		12,650		71,613		71,507
	$	743,528	$	744,559	$	368,031	$	364,122

- 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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