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Securities (Tables)
 3 Months Ended
Mar. 31, 2017
Securities  
Schedule of amortized cost, unrealized gains and losses and fair values of securities classified available for sale and held to maturity

 

The amortized cost, unrealized gains and losses and fair values of securities are summarized as follows (dollars in thousands):

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

 

 

Cost

 

Gains

 

Losses

 

Value

 

March 31, 2017:

 

 

 

 

 

 

 

 

 

Available for sale

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$
61,272

 

$
164

 

$
(13

)

$
61,423

 

Obligations of U.S. government corporations and agencies

 
77,246

 
30

 
(422

)
76,854

 

Obligations of states and political subdivisions

 
151,928

 
1,223

 
(280

)
152,871

 

Residential mortgage-backed securities

 
328,924

 
1,452

 
(2,828

)
327,548

 

Corporate debt securities

 
31,030

 
147

 
(22

)
31,155

 

 

 

 

 

 

 

 

 

 

 

Total debt securities

 
650,400

 
3,016

 
(3,565

)
649,851

 

Mutual funds and other equity securities

 
4,040

 
325

 

—

 
4,365

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
654,440

 

$
3,341

 

$
(3,565

)

$
654,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity

 

 

 

 

 

 

 

 

 

Obligations of states and political subdivisions

 

$
43,069

 

$
268

 

$
(39

)

$
43,298

 

Commercial and residential mortgage-backed securities

 
46,591

 
353

 
(109

)
46,835

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
89,660

 

$
621

 

$
(148

)

$
90,133

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

 

 

Cost

 

Gains

 

Losses

 

Value

 

December 31, 2016:

 

 

 

 

 

 

 

 

 

Available for sale

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$
74,784

 

$
185

 

$
(25

)

$
74,944

 

Obligations of U.S. government corporations and agencies

 
79,577

 
46

 
(496

)
79,127

 

Obligations of states and political subdivisions

 
154,438

 
1,093

 
(593

)
154,938

 

Residential mortgage-backed securities

 
303,641

 
1,390

 
(2,782

)
302,249

 

Corporate debt securities

 
142,836

 
630

 
(123

)
143,343

 

 

 

 

 

 

 

 

 

 

 

Total debt securities

 
755,276

 
3,344

 
(4,019

)
754,601

 

Mutual funds and other equity securities

 
4,475

 
735

 

—

 
5,210

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
759,751

 

$
4,079

 

$
(4,019

)

$
759,811

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity

 

 

 

 

 

 

 

 

 

Obligations of states and political subdivisions

 

$
44,333

 

$
122

 

$
(160

)

$
44,295

 

Commercial mortgage-backed securities

 
3,487

 
23

 
(122

)
3,388

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
47,820

 

$
145

 

$
(282

)

$
47,683

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of amortized cost and fair value of debt securities available for sale and held to maturity by contractual maturity

 

The amortized cost and fair value of debt securities as of March 31, 2017, by contractual maturity or pre-refunded date, are shown below (dollars in thousands).

 

 

 

Available for sale

 

Held to maturity

 

 

 

Amortized

 

Fair

 

Amortized

 

Fair

 

 

 

Cost

 

Value

 

Cost

 

Value

 

Due in one year or less

 

$
97,523

 

$
97,695

 

$
1,285

 

$
1,287

 

Due after one year through five years

 
196,220

 
196,457

 
20,126

 
20,231

 

Due after five years through ten years

 
64,842

 
66,044

 
22,249

 
22,277

 

Due after ten years

 
291,815

 
289,655

 
46,000

 
46,338

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
650,400

 

$
649,851

 

$
89,660

 

$
90,133

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of realized gains and losses related to sales of securities available for sale

 

Realized gains and losses related to sales of securities are summarized as follows (dollars in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2017

 

2016

 

Gross security gains

 

$
968

 

$
1,074

 

Gross security (losses)

 
(111

)
(7

)

 

 

 

 

 

 

Net security gains

 

$
857

 

$
1,067

 

 

 

 

 

 

 

 

 

 

 

Schedule of securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in continuous loss position

 

Information pertaining to securities with gross unrealized losses at March 31, 2017 and December 31, 2016, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows (dollars in thousands):

 

 

 

Continuous unrealized
losses existing for less than
12 months, gross

 

Continuous unrealized
losses existing for greater
than 12 months, gross

 

Total, gross

 

 

 

Fair

 

Unrealized

 

Fair

 

Unrealized

 

Fair

 

Unrealized

 

 

 

Value

 

Losses

 

Value

 

Losses

 

Value

 

Losses

 

March 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$
10,007

 

$
(13

)

$

—

 

$

—

 

$
10,007

 

$
(13

)

Obligations of U.S. government corporations and agencies

 
61,253

 
(422

)

—

 

—

 
61,253

 
(422

)

Obligations of states and political subdivisions

 
48,103

 
(276

)
1,156

 
(4

)
49,259

 
(280

)

Residential mortgage-backed securities

 
183,163

 
(2,828

)

—

 

—

 
183,163

 
(2,828

)

Corporate debt securities

 
7,789

 
(22

)

—

 

—

 
7,789

 
(22

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total temporarily impaired securities

 

$
310,315

 

$
(3,561

)

$
1,156

 

$
(4

)

$
311,471

 

$
(3,565

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states and political subdivisions

 

$
8,344

 

$
(39

)

$

—

 

$

—

 

$
8,344

 

$
(39

)

Commercial and residential mortgage-backed securities

 
2,385

 
(109

)

—

 

—

 
2,385

 
(109

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total temporarily impaired securities

 

$
10,729

 

$
(148

)

$

—

 

$

—

 

$
10,729

 

$
(148

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuous unrealized
losses existing for less than
12 months, gross

 

Continuous unrealized
losses existing for greater
than 12 months, gross

 

Total, gross

 

 

 

Fair

 

Unrealized

 

Fair

 

Unrealized

 

Fair

 

Unrealized

 

 

 

Value

 

Losses

 

Value

 

Losses

 

Value

 

Losses

 

December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$
9,997

 

$
(25

)

$

—

 

$

 

 

$
9,997

 

$
(25

)

Obligations of U.S. government corporations and agencies

 
46,209

 
(496

)

—

 

 

 
46,209

 
(496

)

Obligations of states and political subdivisions

 
64,832

 
(585

)
1,154

 
(8

)
65,986

 
(593

)

Residential mortgage-backed Securities

 
168,898

 
(2,782

)

—

 

—

 
168,898

 
(2,782

)

Corporate debt securities

 
32,749

 
(123

)

—

 

—

 
32,749

 
(123

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total temporarily impaired Securities

 

$
322,685

 

$
(4,011

)

$
1,154

 

$
(8

)

$
323,839

 

$
(4,019

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states and political subdivisions

 

$
24,558

 

$
(160

)

$

 

 

$

 

 

$
24,558

 

$
(160

)

Commercial mortgage-backed securities

 
2,385

 
(122

)

—

 

—

 
2,385

 
(122

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total temporarily impaired Securities

 

$
26,943

 

$
(282

)

$

—

 

$

—

 

$
26,943

 

$
(282

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General obligation bonds  
Securities  
Summary of amortized cost and fair values of the Company's portfolio of municipal bonds by issuer state

 

The amortized cost and fair values of the Company’s portfolio of general obligation bonds are summarized in the following tables by the issuers’ state (dollars in thousands):

 

March 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Exposure

 

 

 

Number of

 

Amortized

 

Fair

 

Per Issuer

 

U.S. State

 

Issuers

 

Cost

 

Value

 

(Fair Value)

 

Illinois

 
71

 

$
59,502

 

$
59,994

 

$
845

 

Wisconsin

 
30

 
20,381

 
20,474

 
682

 

Michigan

 
38

 
23,196

 
23,480

 
618

 

Pennsylvania

 
10

 
10,232

 
10,254

 
1,025

 

Texas

 
16

 
10,175

 
10,191

 
637

 

Ohio

 
10

 
10,986

 
10,996

 
1,100

 

Iowa

 
3

 
5,332

 
5,339

 
1,780

 

Other

 
40

 
20,549

 
20,733

 
518

 

 

 

 

 

 

 

 

 

 

 

Total general obligations bonds

 
218

 

$
160,353

 

$
161,461

 

$
741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Exposure

 

 

 

Number of

 

Amortized

 

Fair

 

Per Issuer

 

U.S. State

 

Issuers

 

Cost

 

Value

 

(Fair Value)

 

Illinois

 
70

 

$
59,120

 

$
59,182

 

$
845

 

Wisconsin

 
31

 
21,390

 
21,479

 
693

 

Michigan

 
38

 
23,233

 
23,472

 
618

 

Pennsylvania

 
10

 
10,242

 
10,235

 
1,023

 

Texas

 
16

 
10,731

 
10,702

 
669

 

Ohio

 
10

 
11,009

 
11,005

 
1,100

 

Iowa

 
3

 
5,332

 
5,345

 
1,782

 

Other

 
43

 
22,028

 
22,192

 
516

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total general obligations bonds

 
221

 

$
163,085

 

$
163,612

 

$
740

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue bonds  
Securities  
Summary of amortized cost and fair values of the Company's portfolio of municipal bonds by issuer state

 

The amortized cost and fair values of the Company’s portfolio of revenue bonds are summarized in the following tables by the issuers’ state (dollars in thousands):

 

March 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Exposure

 

 

 

Number of

 

Amortized

 

Fair

 

Per Issuer

 

U.S. State

 

Issuers

 

Cost

 

Value

 

(Fair Value)

 

Indiana

 
10

 

$
10,198

 

$
10,269

 

$
1,026

 

Illinois

 
7

 
7,312

 
7,320

 
1,046

 

Other

 
22

 
17,134

 
17,119

 
778

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue bonds

 
39

 

$
34,644

 

$
34,708

 

$
890

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Exposure

 

 

 

Number of

 

Amortized

 

Fair

 

Per Issuer

 

U.S. State

 

Issuers

 

Cost

 

Value

 

(Fair Value)

 

 

 

 

 

 

 

 

 

 

 

Indiana

 
10

 

$
11,207

 

$
11,244

 

$
1,124

 

Illinois

 
7

 
7,321

 
7,275

 
1,039

 

Other

 
22

 
17,158

 
17,102

 
777

 

 

 

 

 

 

 

 

 

 

 

Total revenue bonds

 
39

 

$
35,686

 

$
35,621

 

$
913