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Securities (Tables)
3 Months Ended
Mar. 31, 2020
Securities  
Summary of trading securities

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

March 31,

December 31,

    

2020

    

2019

 

 

U.S. Treasury securities

 

$

1,485

 

$

 

 

U.S. government agencies:

Bonds

24,680

Residential mortgage-backed securities

 

164,899

 

331,601

Commercial mortgage-backed securities

 

2,136

 

2,145

Collateralized mortgage obligations

80,262

191,154

Corporate debt securities

28,893

36,973

States and political subdivisions

103,075

93,117

Unit investment trusts

3,468

Private-label securitized product

650

2,992

Other

12,181

3,446

Totals

$

393,581

$

689,576

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, 2020

Cost

Gains

Losses

Fair Value

 

U.S. government agencies:

Bonds

$

88,299

$

1,437

$

$

89,736

Residential mortgage-backed securities

 

415,399

 

14,435

 

 

429,834

Commercial mortgage-backed securities

11,436

 

967

 

 

12,403

Collateralized mortgage obligations

 

385,409

 

9,634

 

(1,057)

 

393,986

States and political subdivisions

 

44,613

 

1,746

 

 

46,359

Totals

$

945,156

$

28,219

$

(1,057)

$

972,318

Available for Sale

Amortized

Unrealized

Unrealized

 

December 31, 2019

Cost

Gains

Losses

Fair Value

 

U.S. government agencies:

Bonds

$

84,590

$

1,049

$

(64)

$

85,575

Residential mortgage-backed securities

 

430,514

 

6,662

 

(147)

 

437,029

Commercial mortgage-backed securities

11,488

 

543

 

 

12,031

Collateralized mortgage obligations

 

333,256

 

3,175

 

(815)

 

335,616

States and political subdivisions

 

39,969

 

1,273

 

 

41,242

Totals

$

899,817

$

12,702

$

(1,026)

$

911,493

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

Held to Maturity

 

Amortized

Unrealized

Unrealized

 

March 31, 2020

    

Cost

    

Gains

    

Losses

    

Fair Value

 

U.S. government agencies:

 

Residential mortgage-backed securities

$

16,809

$

676

$

$

17,485

 

Commercial mortgage-backed securities

160,113

 

10,405

 

 

170,518

 

Collateralized mortgage obligations

 

106,926

 

2,260

 

(37)

 

109,149

 

States and political subdivisions

 

71,262

 

1,335

 

(135)

 

72,462

 

Totals

$

355,110

$

14,676

$

(172)

$

369,614

 

Held to Maturity

 

Amortized

Unrealized

Unrealized

 

December 31, 2019

    

Cost

    

Gains

    

Losses

    

Fair Value

 

U.S. government agencies:

Bonds

$

24,020

$

10

$

(35)

$

23,995

Residential mortgage-backed securities

 

17,776

 

295

 

 

18,071

Commercial mortgage-backed securities

161,624

2,810

(655)

163,779

Collateralized mortgage obligations

 

113,894

 

226

 

(904)

 

113,216

States and political subdivisions

 

69,012

 

1,013

 

(156)

 

69,869

Totals

$

386,326

$

4,354

$

(1,750)

$

388,930

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, 2020

December 31, 2019

 

    

Number of

    

   

Unrealized

   

Number of

   

   

Unrealized

 

Securities

Fair Value

Losses

Securities

Fair Value

Losses

 

Available for Sale

U.S. government agencies:

Bonds:

Unrealized loss for less than twelve months

 

$

$

 

2

$

24,937

$

64

Unrealized loss for twelve months or longer

 

 

 

 

 

 

 

 

2

 

24,937

 

64

Residential mortgage-backed securities:

Unrealized loss for less than twelve months

 

 

 

 

37

 

36,187

 

87

Unrealized loss for twelve months or longer

 

 

 

 

2

 

13,683

 

58

 

 

39

 

49,870

 

145

Commercial mortgage-backed securities:

Unrealized loss for less than twelve months

 

 

 

 

1

 

9,967

 

2

Unrealized loss for twelve months or longer

 

 

 

 

 

 

 

 

1

 

9,967

 

2

Collateralized mortgage obligations:

Unrealized loss for less than twelve months

 

4

 

20,214

 

165

 

15

 

94,545

 

446

Unrealized loss for twelve months or longer

 

15

 

58,090

 

892

 

13

 

46,217

 

369

 

19

78,304

1,057

 

28

 

140,762

 

815

States and political subdivisions:

Unrealized loss for less than twelve months

 

1

 

537

 

 

 

 

Unrealized loss for twelve months or longer

 

 

 

 

1

 

487

 

 

1

537

 

1

 

487

 

Total available for sale:

Unrealized loss for less than twelve months

 

5

 

20,751

 

165

 

55

 

165,636

 

599

Unrealized loss for twelve months or longer

 

15

 

58,090

 

892

 

16

 

60,387

 

427

 

20

$

78,841

$

1,057

 

71

$

226,023

$

1,026

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

March 31, 2020

December 31, 2019

 

    

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

 

$

$

 

2

$

9,665

$

35

Unrealized loss for twelve months or longer

 

 

 

 

 

 

 

 

 

 

2

 

9,665

 

35

Commercial mortgage-backed securities:

Unrealized loss for less than twelve months

 

 

 

 

8

 

44,610

 

656

Unrealized loss for twelve months or longer

 

 

 

 

 

 

 

 

 

 

8

 

44,610

 

656

Collateralized mortgage obligations:

Unrealized loss for less than twelve months

 

2

 

15,488

 

37

 

4

 

23,904

 

287

Unrealized loss for twelve months or longer

 

 

 

 

8

 

59,560

 

617

 

2

 

15,488

 

37

 

12

 

83,464

 

904

States and political subdivisions:

Unrealized loss for less than twelve months

 

27

 

10,470

 

133

 

38

 

15,996

 

124

Unrealized loss for twelve months or longer

 

2

 

604

 

2

 

4

 

1,099

 

31

 

29

 

11,074

 

135

 

42

 

17,095

 

155

Total held to maturity:

Unrealized loss for less than twelve months

 

29

 

25,958

 

170

 

52

 

94,175

 

1,102

Unrealized loss for twelve months or longer

 

2

 

604

 

2

 

12

 

60,659

 

648

 

31

$

26,562

$

172

 

64

$

154,834

$

1,750

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 equity securities, at March 31, 2020 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

$

2,071

$

2,090

$

453

$

456

Due after one year through five years

 

73,668

 

75,246

 

987

 

994

Due after five years through ten years

 

35,387

 

35,914

 

6,160

 

6,264

Due after ten years

 

21,786

 

22,845

 

63,662

 

64,748

 

132,912

 

136,095

 

71,262

 

72,462

Residential mortgage-backed securities

 

415,399

 

429,834

 

16,809

 

17,485

Collateralized mortgage obligations

 

385,409

 

393,986

 

106,926

 

109,149

Commercial mortgage-backed securities

 

11,436

 

12,403

 

160,113

 

170,518

$

945,156

$

972,318

$

355,110

$

369,614