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Securities (Tables)
 9 Months Ended
Sep. 30, 2018
Securities  
Schedule of amortized cost, unrealized gains and losses and fair values of securities classified available for sale and held to maturity

The table below provides the amortized cost, unrealized gains and losses and fair values of securities summarized by major category (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

    

 

    

Gross

    

Gross

    

    

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

September 30, 2018:

    

Cost

    

Gains

    

Losses

    

Value

Available for sale

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

61,066

 

$

 —

 

$

(1,212)

 

$

59,854

Obligations of U.S. government corporations and agencies

 

 

91,767

 

 

 5

 

 

(2,106)

 

 

89,666

Obligations of states and political subdivisions

 

 

245,459

 

 

315

 

 

(3,849)

 

 

241,925

Residential mortgage-backed securities

 

 

342,421

 

 

207

 

 

(11,046)

 

 

331,582

Corporate debt securities

 

 

140,884

 

 

19

 

 

(549)

 

 

140,354

Total

 

$

881,597

 

$

546

 

$

(18,762)

 

$

863,381

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity

    

 

 

    

 

 

    

 

 

    

 

 

Obligations of states and political subdivisions

 

$

36,689

 

$

13

 

$

(301)

 

$

36,401

Commercial  mortgage-backed securities

 

 

60,172

 

 

 —

 

 

(1,705)

 

 

58,467

Residential mortgage-backed securities

 

 

529,389

 

 

 —

 

 

(12,955)

 

 

516,434

Total

 

$

626,250

 

$

13

 

$

(14,961)

 

$

611,302

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

    

 

    

Gross

    

Gross

    

    

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

December 31, 2017:

    

Cost

    

Gains

    

Losses

    

Value

Available for sale

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

60,829

 

$

 7

 

$

(488)

 

$

60,348

Obligations of U.S. government corporations and agencies

 

 

104,807

 

 

 1

 

 

(1,143)

 

 

103,665

Obligations of states and political subdivisions

 

 

280,216

 

 

1,160

 

 

(1,177)

 

 

280,199

Residential mortgage-backed securities

 

 

400,661

 

 

612

 

 

(3,837)

 

 

397,436

Corporate debt securities

 

 

30,946

 

 

132

 

 

(44)

 

 

31,034

Total

 

$

877,459

 

$

1,912

 

$

(6,689)

 

$

872,682

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states and political subdivisions

 

$

41,300

 

$

228

 

$

(64)

 

$

41,464

Commercial mortgage-backed securities

 

 

60,474

 

 

41

 

 

(297)

 

 

60,218

Residential mortgage-backed securities

 

 

341,776

 

 

25

 

 

(2,431)

 

 

339,370

Total

 

$

443,550

 

$

294

 

$

(2,792)

 

$

441,052

 

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, 2018, by contractual maturity or pre-refunded date, are shown below.  Mortgages underlying mortgage-backed securities may be called or prepaid; therefore, actual maturities could differ from the contractual maturities. All mortgage-backed securities were issued by U.S. government agencies and corporations (dollars in thousands).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale

 

Held to maturity

 

    

Amortized

    

Fair

    

Amortized

    

Fair

 

    

Cost

    

Value

    

Cost

    

Value

Due in one year or less

 

$

86,344

 

$

86,041

 

$

9,858

 

$

9,837

Due after one year through five years

 

 

335,204

 

 

330,511

 

 

56,077

 

 

54,998

Due after five years through ten years

 

 

152,272

 

 

149,199

 

 

29,754

 

 

28,867

Due after ten years

 

 

307,777

 

 

297,630

 

 

530,561

 

 

517,600

Total

 

$

881,597

 

$

863,381

 

$

626,250

 

$

611,302

 

Schedule of realized gains and losses related to sales of securities

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

 

 

    

2018

    

2017

    

2018

    

2017

 

Gross security gains

 

$

 —

 

$

290

 

$

 —

 

$

1,259

 

Gross security (losses)

 

 

 —

 

 

 —

 

 

 —

 

 

(116)

 

Security gains, net(1)

 

$

 —

 

$

290

 

$

 —

 

$

1,143

 

(1)

Security gains, net reported on the Consolidated Statements of Income in 2018 relate to the sale of equity securities as noted above.

 

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

Information pertaining to securities with gross unrealized losses at September 30, 2018 and December 31, 2017, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuous unrealized

 

Continuous unrealized

 

 

 

 

 

 

 

losses existing for less than

 

losses existing for greater

 

 

 

 

 

 

 

12 months, gross

 

than 12 months, gross

 

Total, gross

 

Fair

    

Unrealized

    

Fair

    

Unrealized

    

Fair

    

Unrealized

September 30, 2018:

Value

    

Losses

    

Value

    

Losses

    

Value

    

Losses

Available for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

$

35,883

 

$

(471)

 

$

23,971

 

$

(741)

 

$

59,854

 

$

(1,212)

Obligations of U.S. government corporations and

  agencies

 

29,899

 

 

(707)

 

 

58,946

 

 

(1,399)

 

 

88,845

 

 

(2,106)

Obligations of states and political subdivisions

 

186,959

 

 

(3,067)

 

 

36,612

 

 

(782)

 

 

223,571

 

 

(3,849)

Residential mortgage-backed securities

 

204,979

 

 

(5,089)

 

 

114,013

 

 

(5,957)

 

 

318,992

 

 

(11,046)

Corporate debt securities

 

138,019

 

 

(546)

 

 

47

 

 

(3)

 

 

138,066

 

 

(549)

Total temporarily impaired securities

$

595,739

 

$

(9,880)

 

$

233,589

 

$

(8,882)

 

$

829,328

 

$

(18,762)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states and political subdivisions

$

31,932

 

$

(284)

 

$

911

 

$

(17)

 

$

32,843

 

$

(301)

Commercial mortgage-backed securities

 

49,853

 

 

(1,385)

 

 

8,614

 

 

(320)

 

 

58,467

 

 

(1,705)

Residential mortgage-backed securities

 

449,798

 

 

(9,550)

 

 

66,636

 

 

(3,405)

 

 

516,434

 

 

(12,955)

Total temporarily impaired securities

$

531,583

 

$

(11,219)

 

$

76,161

 

$

(3,742)

 

$

607,744

 

$

(14,961)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuous unrealized

 

Continuous unrealized

 

 

 

 

 

 

 

 losses existing for less than

 

 losses existing for greater

 

 

 

 

 

 

 

 12 months, gross

 

than 12 months, gross

 

Total, gross

 

Fair

    

Unrealized

    

Fair

    

Unrealized

    

Fair

    

Unrealized

December 31, 2017:

Value

    

Losses

    

Value

    

Losses

    

Value

    

Losses

Available for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

$

59,773

 

$

(488)

 

$

 —

 

$

 —

 

$

59,773

 

$

(488)

Obligations of U.S. government corporations and

  agencies

 

78,610

 

 

(636)

 

 

24,831

 

 

(507)

 

 

103,441

 

 

(1,143)

Obligations of states and political subdivisions

 

162,213

 

 

(1,027)

 

 

12,045

 

 

(150)

 

 

174,258

 

 

(1,177)

Residential mortgage-backed securities

 

223,261

 

 

(1,428)

 

 

90,930

 

 

(2,409)

 

 

314,191

 

 

(3,837)

Corporate debt securities

 

16,176

 

 

(44)

 

 

 —

 

 

 —

 

 

16,176

 

 

(44)

Total temporarily impaired securities

$

540,033

 

$

(3,623)

 

$

127,806

 

$

(3,066)

 

$

667,839

 

$

(6,689)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states and political subdivisions

$

17,939

 

$

(64)

 

$

 —

 

$

 —

 

$

17,939

 

$

(64)

Commercial mortgage-backed securities

 

44,514

 

 

(214)

 

 

2,374

 

 

(83)

 

 

46,888

 

 

(297)

Residential mortgage-backed securities

 

277,826

 

 

(2,431)

 

 

 —

 

 

 —

 

 

277,826

 

 

(2,431)

Total temporarily impaired securities

$

340,279

 

$

(2,709)

 

$

2,374

 

$

(83)

 

$

342,653

 

$

(2,792)

 

General obligation bonds  
Securities  
Summary of amortized cost and fair values of the Company's portfolio of municipal bonds by issuers' 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, 2018:

    

    

 

 

    

    

 

    

Average Exposure

 

Number of

 

 

Amortized

 

Fair

 

Per Issuer

U.S. State

Issuers

    

Cost

    

Value

    

(Fair Value)

Illinois

89

 

$

87,902

 

$

86,739

 

$

975

Wisconsin

27

 

 

18,971

 

 

18,690

 

 

692

Texas

43

 

 

24,893

 

 

24,431

 

 

568

Michigan

25

 

 

13,589

 

 

13,620

 

 

545

Ohio

20

 

 

14,665

 

 

14,505

 

 

725

Pennsylvania

15

 

 

9,250

 

 

9,197

 

 

613

New Jersey

12

 

 

5,576

 

 

5,525

 

 

460

Missouri

 9

 

 

5,556

 

 

5,472

 

 

608

California

 7

 

 

8,829

 

 

8,765

 

 

1,252

Other

85

 

 

50,153

 

 

49,223

 

 

579

Total general obligations bonds

332

 

$

239,384

 

$

236,167

 

$

711

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017:

    

    

 

    

    

 

    

Average Exposure

 

Number of

 

Amortized

 

Fair

 

Per Issuer

U.S. State

Issuers

    

Cost

    

Value

    

(Fair Value)

Illinois

97

 

$

95,340

 

$

95,344

 

$

983

Wisconsin

41

 

 

27,852

 

 

27,809

 

 

678

Texas

46

 

 

27,485

 

 

27,514

 

 

598

Michigan

34

 

 

19,641

 

 

19,849

 

 

584

Ohio

20

 

 

15,172

 

 

15,162

 

 

758

Pennsylvania

18

 

 

12,189

 

 

12,174

 

 

676

New Jersey

15

 

 

7,755

 

 

7,760

 

 

517

Missouri

10

 

 

5,759

 

 

5,747

 

 

575

Minnesota

 8

 

 

5,657

 

 

5,667

 

 

708

Other

92

 

 

54,649

 

 

54,633

 

 

594

Total general obligations bonds

381

 

$

271,499

 

$

271,659

 

$

713

 

Revenue bonds  
Securities  
Summary of amortized cost and fair values of the Company's portfolio of municipal bonds by issuers' 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, 2018:

    

    

 

    

    

 

    

Average Exposure

 

Number of

 

Amortized

 

Fair

 

Per Issuer

U.S. State

Issuers

    

Cost

    

Value

    

(Fair Value)

Indiana

13

 

$

10,902

 

$

10,801

 

$

831

Missouri

 5

 

 

7,041

 

 

6,966

 

 

1,393

Illinois

 5

 

 

5,218

 

 

5,128

 

 

1,026

Other

31

 

 

19,603

 

 

19,264

 

 

621

Total revenue bonds

54

 

$

42,764

 

$

42,159

 

$

781

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017:

    

    

 

    

    

 

    

Average Exposure

 

Number of

 

Amortized

 

Fair

 

Per Issuer

U.S. State

Issuers

    

Cost

    

Value

    

(Fair Value)

Indiana

14

 

$

12,001

 

$

12,054

 

$

861

Missouri

 6

 

 

7,376

 

 

7,336

 

 

1,223

Illinois

 7

 

 

6,477

 

 

6,456

 

 

922

Other

38

 

 

24,163

 

 

24,158

 

 

636

Total revenue bonds

65

 

$

50,017

 

$

50,004

 

$

769