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Securities (Tables)
6 Months Ended
Jun. 30, 2020
Securities  
Summary of trading securities

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

June 30,

December 31,

    

2020

    

2019

 

 

U.S. Treasury securities

 

$

50,487

 

$

 

 

U.S. government agencies:

Bonds

33,115

24,680

Residential mortgage-backed securities

 

135,653

 

331,601

Commercial mortgage-backed securities

 

2,114

 

2,145

Collateralized mortgage obligations

236,139

191,154

Corporate debt securities

52,536

36,973

States and political subdivisions

127,955

93,117

Unit investment trusts

3,468

Private-label securitized product

6,342

2,992

Other

3,696

3,446

Totals

$

648,037

$

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

 

June 30, 2020

Cost

Gains

Losses

Fair Value

 

U.S. government agencies:

Bonds

$

61,915

$

1,315

$

$

63,230

Residential mortgage-backed securities

 

535,874

 

17,015

 

(181)

 

552,708

Commercial mortgage-backed securities

18,685

 

846

 

 

19,531

Collateralized mortgage obligations

 

400,298

 

9,088

 

(252)

 

409,134

States and political subdivisions

 

44,324

 

2,421

 

 

46,745

Totals

$

1,061,096

$

30,685

$

(433)

$

1,091,348

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

 

June 30, 2020

    

Cost

    

Gains

    

Losses

    

Fair Value

 

U.S. government agencies:

 

Residential mortgage-backed securities

$

15,693

$

846

$

$

16,539

 

Commercial mortgage-backed securities

159,608

 

10,945

 

 

170,553

 

Collateralized mortgage obligations

 

96,413

 

2,431

 

 

98,844

 

States and political subdivisions

 

71,484

 

2,151

 

(29)

 

73,606

 

Totals

$

343,198

$

16,373

$

(29)

$

359,542

 

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).

June 30, 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

 

1

$

5,000

$

 

2

$

24,937

$

64

Unrealized loss for twelve months or longer

 

 

 

 

 

 

 

1

5,000

 

2

 

24,937

 

64

Residential mortgage-backed securities:

Unrealized loss for less than twelve months

 

2

 

25,819

 

181

 

37

 

36,187

 

87

Unrealized loss for twelve months or longer

 

 

 

 

2

 

13,683

 

58

 

2

25,819

181

 

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

 

2

 

7,981

 

20

 

15

 

94,545

 

446

Unrealized loss for twelve months or longer

 

12

 

53,162

 

232

 

13

 

46,217

 

369

 

14

61,143

252

 

28

 

140,762

 

815

States and political subdivisions:

Unrealized loss for less than twelve months

 

 

 

 

 

 

Unrealized loss for twelve months or longer

 

 

 

 

1

 

487

 

 

 

1

 

487

 

Total available for sale:

Unrealized loss for less than twelve months

 

5

 

38,800

 

201

 

55

 

165,636

 

599

Unrealized loss for twelve months or longer

 

12

 

53,162

 

232

 

16

 

60,387

 

427

 

17

$

91,962

$

433

 

71

$

226,023

$

1,026

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

June 30, 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

 

 

 

 

4

 

23,904

 

287

Unrealized loss for twelve months or longer

 

 

 

 

8

 

59,560

 

617

 

 

 

 

12

 

83,464

 

904

States and political subdivisions:

Unrealized loss for less than twelve months

 

13

 

4,169

 

29

 

38

 

15,996

 

124

Unrealized loss for twelve months or longer

 

 

 

 

4

 

1,099

 

31

 

13

 

4,169

 

29

 

42

 

17,095

 

155

Total held to maturity:

Unrealized loss for less than twelve months

 

13

 

4,169

 

29

 

52

 

94,175

 

1,102

Unrealized loss for twelve months or longer

 

 

 

 

12

 

60,659

 

648

 

13

$

4,169

$

29

 

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 June 30, 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

$

6,056

$

6,065

$

452

$

456

Due after one year through five years

 

58,432

 

60,042

 

987

 

996

Due after five years through ten years

 

20,229

 

20,987

 

7,068

 

7,313

Due after ten years

 

21,522

 

22,881

 

62,977

 

64,841

 

106,239

 

109,975

 

71,484

 

73,606

Residential mortgage-backed securities

 

535,874

 

552,708

 

15,693

 

16,539

Collateralized mortgage obligations

 

400,298

 

409,134

 

96,413

 

98,844

Commercial mortgage-backed securities

 

18,685

 

19,531

 

159,608

 

170,553

$

1,061,096

$

1,091,348

$

343,198

$

359,542