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Securities (Tables)
 9 Months Ended
Sep. 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

 

September 30, 2017:

 

 

 

 

 

 

 

 

 

Available for sale

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$
60,799

 

$
74

 

$
(73

)

$
60,800

 

Obligations of U.S. government corporations and agencies

 
64,827

 
17

 
(388

)
64,456

 

Obligations of states and political subdivisions

 
215,912

 
1,470

 
(274

)
217,108

 

Residential mortgage-backed securities

 
330,098

 
1,570

 
(1,875

)
329,793

 

Corporate debt securities

 
32,608

 
267

 
(7

)
32,868

 

 

 

 

 

 

 

 

 

 

 

Total debt securities

 
704,244

 
3,398

 
(2,617

)
705,025

 

Mutual funds and other equity securities

 
3,222

 

—

 

—

 
3,222

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
707,466

 

$
3,398

 

$
(2,617

)

$
708,247

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity

 

 

 

 

 

 

 

 

 

Obligations of states and political subdivisions

 

$
42,403

 

$
440

 

$
(6

)

$
42,837

 

Commercial and residential mortgage-backed securities

 
239,572

 
613

 
(534

)
239,651

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
281,975

 

$
1,053

 

$
(540

)

$
282,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 September 30, 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

 

$
51,883

 

$
51,964

 

$
2,882

 

$
2,884

 

Due after one year through five years

 
249,272

 
249,465

 
59,859

 
60,116

 

Due after five years through ten years

 
97,011

 
98,295

 
37,867

 
38,116

 

Due after ten years

 
306,078

 
305,301

 
181,367

 
181,372

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
704,244

 

$
705,025

 

$
281,975

 

$
282,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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
September 30,

 

Nine Months Ended
September 30,

 

 

 

2017

 

2016

 

2017

 

2016

 

Gross security gains

 

$
290

 

$
136

 

$
1,259

 

$
1,381

 

Gross security (losses)

 

—

 
(125

)
(116

)
(151

)

 

 

 

 

 

 

 

 

 

 

Net security gains

 

$
290

 

$
11

 

$
1,143

 

$
1,230

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 September 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

 

September 30, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$
24,538

 

$
(73

)

$

—

 

$

—

 

$
24,538

 

$
(73

)

Obligations of U.S. government corporations and agencies

 
61,129

 
(388

)

—

 

—

 
61,129

 
(388

)

Obligations of states and political subdivisions

 
66,122

 
(193

)
6,844

 
(81

)
72,966

 
(274

)

Residential mortgage-backed securities

 
141,154

 
(1,854

)
1,602

 
(21

)
142,756

 
(1,875

)

Corporate debt securities

 
1,643

 
(3

)
485

 
(4

)
2,128

 
(7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total temporarily impaired securities

 

$
294,586

 

$
(2,511

)

$
8,931

 

$
(106

)

$
303,517

 

$
(2,617

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states and political subdivisions(1)

 

$
4,552

 

$
(6

)

$
86

 

$

—

 

$
4,638

 

$
(6

)

Commercial and residential mortgage-backed securities

 
86,891

 
(534

)

—

 

—

 
86,891

 
(534

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total temporarily impaired securities

 

$
91,443

 

$
(540

)

$
86

 

$

—

 

$
91,529

 

$
(540

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Unrealized losses existing for greater than 12 months, gross, was less than one thousand dollars.

 

 

 

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):

 

September 30, 2017:

 

 

 

 

 

 

 

 

 

Average Exposure

 

 

 

Number of

 

Amortized

 

Fair

 

Per Issuer

 

U.S. State

 

Issuers

 

Cost

 

Value

 

(Fair Value)

 

Illinois

 
108

 

$
94,616

 

$
95,355

 

$
883

 

Michigan

 
35

 
20,543

 
20,841

 
595

 

Wisconsin

 
35

 
24,000

 
24,071

 
688

 

Pennsylvania

 
20

 
13,170

 
13,196

 
660

 

Texas

 
31

 
18,946

 
19,040

 
614

 

Ohio

 
10

 
10,692

 
10,712

 
1,071

 

New Jersey

 
13

 
6,435

 
6,472

 
498

 

Other

 
56

 
34,572

 
34,684

 
619

 

 

 

 

 

 

 

 

 

 

 

Total general obligations bonds

 
308

 

$
222,974

 

$
224,371

 

$
728

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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):

 

September 30, 2017:

 

 

 

 

 

 

 

 

 

Average Exposure

 

 

 

Number of

 

Amortized

 

Fair

 

Per Issuer

 

U.S. State

 

Issuers

 

Cost

 

Value

 

(Fair Value)

 

Indiana

 
8

 

$
8,707

 

$
8,832

 

$
1,104

 

Illinois

 
9

 
6,895

 
6,953

 
773

 

Other

 
25

 
19,739

 
19,789

 
792

 

 

 

 

 

 

 

 

 

 

 

Total revenue bonds

 
42

 

$
35,341

 

$
35,574

 

$
847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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