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Investment securities (Tables)
12 Months Ended
Dec. 31, 2016
Investments Debt And Equity Securities [Abstract]  
Summary of Amortized Cost of Securities and Fair Values

The amortized cost of securities and their fair values at December 31, 2016 and 2015 are shown below:

 

 

December 31, 2016

 

 

 

Amortized cost

 

 

Gross unrealized gains

 

 

Gross unrealized losses

 

 

Fair Value

 

Securities Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities

 

 

 

 

 

 

 

U.S. government agency securities

 

$

998

 

 

$

 

 

$

(13

)

 

$

985

 

Mortgage-backed securities - residential

 

 

450,874

 

 

 

939

 

 

 

(7,905

)

 

 

443,908

 

Municipals, tax exempt

 

 

116,034

 

 

 

3,003

 

 

 

(2,114

)

 

 

116,923

 

Treasury securities

 

 

11,809

 

 

 

 

 

 

(52

)

 

 

11,757

 

Total debt securities

 

 

579,715

 

 

 

3,942

 

 

 

(10,084

)

 

 

573,573

 

Equity securities

 

 

8,744

 

 

 

1

 

 

 

(135

)

 

 

8,610

 

Total securities available-for-sale

 

$

588,459

 

 

$

3,943

 

 

$

(10,219

)

 

$

582,183

 

 

 

December 31, 2015

 

 

 

Amortized cost

 

 

Gross unrealized gains

 

 

Gross unrealized losses

 

 

Fair Value

 

Securities Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

34,161

 

 

$

 

 

$

(353

)

 

$

33,808

 

Mortgage-backed securities - residential

 

 

524,141

 

 

 

3,675

 

 

 

(5,443

)

 

 

522,373

 

Municipals, tax exempt

 

 

74,945

 

 

 

4,892

 

 

 

 

 

 

79,837

 

Treasury securities

 

 

4,507

 

 

 

 

 

 

(22

)

 

 

4,485

 

Total debt securities

 

 

637,754

 

 

 

8,567

 

 

 

(5,818

)

 

 

640,503

 

Equity securities

 

 

8,971

 

 

3

 

 

 

(90

)

 

 

8,884

 

Total securities available-for-sale

 

$

646,725

 

 

$

8,570

 

 

$

(5,908

)

 

$

649,387

 

 

Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

Therefore, mortgage-backed securities are not included in the maturity categories in the following maturity summary.

 

 

 

Years Ended December 31,

 

 

 

2016

 

 

2015

 

 

 

Available-for-sale

 

 

Available-for-sale

 

 

 

Amortized cost

 

 

Fair value

 

 

Amortized cost

 

 

Fair value

 

Due in one year or less

 

$

9,290

 

 

$

9,352

 

 

$

6,849

 

 

$

6,886

 

Due in one to five

 

 

25,520

 

 

 

26,340

 

 

 

44,108

 

 

 

44,358

 

Due in five to ten years

 

 

31,122

 

 

 

32,248

 

 

 

29,964

 

 

 

31,927

 

Due in over ten years

 

 

62,909

 

 

 

61,725

 

 

 

32,692

 

 

 

34,959

 

 

 

 

128,841

 

 

 

129,665

 

 

 

113,613

 

 

 

118,130

 

Mortgage-backed securities - residential

 

 

450,874

 

 

 

443,908

 

 

 

524,141

 

 

 

522,373

 

 

 

$

579,715

 

 

$

573,573

 

 

$

637,754

 

 

$

640,503

 

 

Summary of Sales of Available-for-Sale Securities

Sales of available-for-sale securities were as follows:

 

 

 

Years Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Proceeds from sales

 

$

271,148

 

 

$

194,611

 

 

$

68,900

 

Gross realized gains

 

 

4,755

 

 

 

1,844

 

 

 

2,000

 

Gross realized losses

 

 

348

 

 

 

 

 

 

 

 

Schedule of Gross Unrealized Losses

The following tables show gross unrealized losses at December 31, 2016 and 2015, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

 

 

Year ended December 31, 2016

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

 

 

Fair Value

 

 

Unrealized Loss

 

 

Fair Value

 

 

Unrealized Loss

 

 

Fair Value

 

 

Unrealized loss

 

U.S. government agency securities

 

$

985

 

 

$

13

 

 

$

 

 

$

 

 

$

985

 

 

$

13

 

Mortgage-backed securities - residential

 

 

390,595

 

 

 

7,230

 

 

 

19,073

 

 

 

675

 

 

 

409,668

 

 

 

7,905

 

Municipals, tax exempt

 

 

43,132

 

 

 

2,114

 

 

 

 

 

 

 

 

 

43,132

 

 

 

2,114

 

Treasury securities

 

 

10,256

 

 

 

52

 

 

 

 

 

 

 

 

 

10,256

 

 

$

52

 

Total debt securities

 

 

444,968

 

 

 

9,409

 

 

 

19,073

 

 

 

675

 

 

 

464,041

 

 

 

10,084

 

Equity securities

 

 

 

 

 

 

 

 

3,126

 

 

 

135

 

 

 

3,126

 

 

 

135

 

 

 

$

444,968

 

 

$

9,409

 

 

$

22,199

 

 

$

810

 

 

$

467,167

 

 

$

10,219

 

 

 

Year ended December 31, 2015

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

 

 

Fair Value

 

 

Unrealized Loss

 

 

Fair Value

 

 

Unrealized Loss

 

 

Fair Value

 

 

Unrealized loss

 

U.S. government agency securities

 

$

15,887

 

 

$

124

 

 

$

17,921

 

 

$

229

 

 

$

33,808

 

 

$

353

 

Mortgage-backed securities - residential

 

 

219,756

 

 

 

1,778

 

 

 

121,362

 

 

 

3,665

 

 

 

341,118

 

 

 

5,443

 

Municipals, tax exempt

 

 

4,485

 

 

 

22

 

 

 

 

 

 

 

 

 

4,485

 

 

 

22

 

Total debt securities

 

 

240,128

 

 

 

1,924

 

 

 

139,283

 

 

 

3,894

 

 

 

379,411

 

 

 

5,818

 

Equity securities

 

 

 

 

 

 

 

 

1,583

 

 

 

90

 

 

 

1,583

 

 

 

90

 

 

 

$

240,128

 

 

$

1,924

 

 

$

140,866

 

 

$

3,984

 

 

$

380,994

 

 

$

5,908