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Securities (Tables)
 6 Months Ended
Jun. 30, 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

 

June 30, 2017:

 

 

 

 

 

 

 

 

 

Available for sale

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$
85,793

 

$
116

 

$
(61

)

$
85,848

 

Obligations of U.S. government corporations and agencies

 
67,122

 
26

 
(373

)
66,775

 

Obligations of states and political subdivisions

 
142,242

 
1,311

 
(200

)
143,353

 

Residential mortgage-backed securities

 
314,169

 
1,322

 
(2,140

)
313,351

 

Corporate debt securities

 
31,796

 
209

 
(11

)
31,994

 

 

 

 

 

 

 

 

 

 

 

Total debt securities

 
641,122

 
2,984

 
(2,785

)
641,321

 

Mutual funds and other equity securities

 
4,719

 
309

 

—

 
5,028

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
645,841

 

$
3,293

 

$
(2,785

)

$
646,349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity

 

 

 

 

 

 

 

 

 

Obligations of states and political subdivisions

 

$
42,546

 

$
407

 

$
(10

)

$
42,943

 

Commercial and residential mortgage-backed securities

 
166,088

 
413

 
(441

)
166,060

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
208,634

 

$
820

 

$
(451

)

$
209,003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Available for sale

 

Held to maturity

 

 

 

Amortized

 

Fair

 

Amortized

 

Fair

 

 

 

Cost

 

Value

 

Cost

 

Value

 

Due in one year or less

 

$
71,081

 

$
71,198

 

$
1,764

 

$
1,766

 

Due after one year through five years

 
222,954

 
223,168

 
21,022

 
21,173

 

Due after five years through ten years

 
67,533

 
68,875

 
20,530

 
20,704

 

Due after ten years

 
279,554

 
278,080

 
165,318

 
165,360

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
641,122

 

$
641,321

 

$
208,634

 

$
209,003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 June 30,

 

Six Months Ended June 30,

 

 

 

2017

 

2016

 

2017

 

2016

 

Gross security gains

 

$
1

 

$
171

 

$
969

 

$
1,245

 

Gross security (losses)

 
(5

)
(19

)
(116

)
(26

)

 

 

 

 

 

 

 

 

 

 

Net security (losses) gains

 

$
(4

)

$
152

 

$
853

 

$
1,219

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 June 30, 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

 

June 30, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$
24,525

 

$
(61

)

$

—

 

$

—

 

$
24,525

 

$
(61

)

Obligations of U.S. government corporations and agencies

 
52,159

 
(373

)

—

 

—

 
52,159

 
(373

)

Obligations of states and political subdivisions

 
46,018

 
(172

)
2,536

 
(28

)
48,554

 
(200

)

Residential mortgage-backed securities

 
161,359

 
(2,140

)

—

 

—

 
161,359

 
(2,140

)

Corporate debt securities

 
5,848

 
(7

)
484

 
(4

)
6,332

 
(11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total temporarily impaired securities

 

$
289,909

 

$
(2,753

)

$
3,020

 

$
(32

)

$
292,929

 

$
(2,785

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states and political subdivisions

 

$
5,621

 

$
(10

)

$

—

 

$

—

 

$
5,621

 

$
(10

)

Commercial and residential mortgage-backed securities

 
122,551

 
(441

)

—

 

—

 
122,551

 
(441

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total temporarily impaired securities

 

$
128,172

 

$
(451

)

$

—

 

$

—

 

$
128,172

 

$
(451

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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):

 

 

June 30, 2017:

 

 

 

 

 

 

 

 

 

Average Exposure

 

 

 

Number of

 

Amortized

 

Fair

 

Per Issuer

 

U.S. State

 

Issuers

 

Cost

 

Value

 

(Fair Value)

 

Illinois

 
73

 

$
65,270

 

$
65,957

 

$
904

 

Michigan

 
31

 
18,011

 
18,314

 
591

 

Wisconsin

 
29

 
17,435

 
17,522

 
604

 

Pennsylvania

 
7

 
8,309

 
8,333

 
1,190

 

Texas

 
16

 
10,121

 
10,153

 
635

 

Ohio

 
10

 
10,964

 
10,978

 
1,098

 

Other

 
43

 
23,690

 
23,884

 
555

 

 

 

 

 

 

 

 

 

 

 

Total general obligations bonds

 
209

 

$
153,800

 

$
155,141

 

$
742

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Michigan

 
38

 
23,233

 
23,472

 
618

 

Wisconsin

 
31

 
21,390

 
21,479

 
693

 

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):

 

 

June 30, 2017:

 

 

 

 

 

 

 

 

 

Average Exposure

 

 

 

Number of

 

Amortized

 

Fair

 

Per Issuer

 

U.S. State

 

Issuers

 

Cost

 

Value

 

(Fair Value)

 

Indiana

 
10

 

$
10,190

 

$
10,318

 

$
1,032

 

Illinois

 
7

 
6,339

 
6,384

 
912

 

Other

 
19

 
14,459

 
14,453

 
761

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue bonds

 
36

 

$
30,988

 

$
31,155

 

$
865

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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