XML 41 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Securities Available for Sale and Held to Maturity (Tables)
 9 Months Ended
Sep. 30, 2017
Investments Debt And Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Value of Available for Sale and Held to Maturity Securities

The following tables are a summary of the amortized cost and estimated fair value of securities available for sale and held to maturity at September 30, 2017 and December 31, 2016 ($ in thousands):

 

 

 

Securities Available for Sale

 

 

Securities Held to Maturity

 

September 30, 2017

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair

Value

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair

Value

 

U.S. Government agency obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued by U.S. Government agencies

 

$

49,778

 

 

$

415

 

 

$

(470

)

 

$

49,723

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Issued by U.S. Government sponsored

   agencies

 

 

255

 

 

 

16

 

 

 

—

 

 

 

271

 

 

 

3,680

 

 

 

230

 

 

 

—

 

 

 

3,910

 

Obligations of states and political

   subdivisions

 

 

87,773

 

 

 

1,393

 

 

 

(22

)

 

 

89,144

 

 

 

46,069

 

 

 

1,424

 

 

 

(11

)

 

 

47,482

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage pass-through

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guaranteed by GNMA

 

 

61,361

 

 

 

291

 

 

 

(750

)

 

 

60,902

 

 

 

14,191

 

 

 

262

 

 

 

(32

)

 

 

14,421

 

Issued by FNMA and FHLMC

 

 

863,921

 

 

 

2,091

 

 

 

(5,881

)

 

 

860,131

 

 

 

139,172

 

 

 

273

 

 

 

(737

)

 

 

138,708

 

Other residential mortgage-backed

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued or guaranteed by FNMA,

   FHLMC or GNMA

 

 

1,088,117

 

 

 

5,805

 

 

 

(6,753

)

 

 

1,087,169

 

 

 

708,715

 

 

 

3,664

 

 

 

(4,686

)

 

 

707,693

 

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued or guaranteed by FNMA,

   FHLMC or GNMA

 

 

221,050

 

 

 

1,262

 

 

 

(563

)

 

 

221,749

 

 

 

190,456

 

 

 

1,921

 

 

 

(559

)

 

 

191,818

 

Total

 

$

2,372,255

 

 

$

11,273

 

 

$

(14,439

)

 

$

2,369,089

 

 

$

1,102,283

 

 

$

7,774

 

 

$

(6,025

)

 

$

1,104,032

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agency obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued by U.S. Government agencies

 

$

56,272

 

 

$

416

 

 

$

(925

)

 

$

55,763

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Issued by U.S. Government sponsored

   agencies

 

 

257

 

 

 

19

 

 

 

—

 

 

 

276

 

 

 

3,647

 

 

 

355

 

 

 

—

 

 

 

4,002

 

Obligations of states and political

   subdivisions

 

 

113,541

 

 

 

1,945

 

 

 

(113

)

 

 

115,373

 

 

 

46,303

 

 

 

1,476

 

 

 

(27

)

 

 

47,752

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage pass-through

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guaranteed by GNMA

 

 

43,222

 

 

 

340

 

 

 

(776

)

 

 

42,786

 

 

 

15,478

 

 

 

280

 

 

 

(52

)

 

 

15,706

 

Issued by FNMA and FHLMC

 

 

638,809

 

 

 

1,773

 

 

 

(9,498

)

 

 

631,084

 

 

 

81,299

 

 

 

223

 

 

 

(1,084

)

 

 

80,438

 

Other residential mortgage-backed

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued or guaranteed by FNMA,

   FHLMC or GNMA

 

 

1,271,198

 

 

 

5,865

 

 

 

(9,112

)

 

 

1,267,951

 

 

 

803,474

 

 

 

3,208

 

 

 

(6,519

)

 

 

800,163

 

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued or guaranteed by FNMA,

   FHLMC or GNMA

 

 

242,869

 

 

 

1,766

 

 

 

(1,186

)

 

 

243,449

 

 

 

208,442

 

 

 

1,758

 

 

 

(1,215

)

 

 

208,985

 

Total

 

$

2,366,168

 

 

$

12,124

 

 

$

(21,610

)

 

$

2,356,682

 

 

$

1,158,643

 

 

$

7,300

 

 

$

(8,897

)

 

$

1,157,046

 

 
Securities with Gross Unrealized Losses, Segregated by Length of Impairment

The tables below include securities with gross unrealized losses segregated by length of impairment at September 30, 2017 and December 31, 2016 ($ in thousands):

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

September 30, 2017

 

Estimated

Fair Value

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair Value

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair Value

 

 

Gross

Unrealized

Losses

 

U.S. Government agency obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued by U.S. Government agencies

 

$

9,244

 

 

$

(57

)

 

$

28,990

 

 

$

(413

)

 

$

38,234

 

 

$

(470

)

Obligations of states and political subdivisions

 

 

6,746

 

 

 

(7

)

 

 

5,414

 

 

 

(26

)

 

 

12,160

 

 

 

(33

)

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage pass-through securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guaranteed by GNMA

 

 

40,842

 

 

 

(385

)

 

 

11,223

 

 

 

(397

)

 

 

52,065

 

 

 

(782

)

Issued by FNMA and FHLMC

 

 

481,264

 

 

 

(3,371

)

 

 

184,424

 

 

 

(3,247

)

 

 

665,688

 

 

 

(6,618

)

Other residential mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued or guaranteed by FNMA, FHLMC or

   GNMA

 

 

553,155

 

 

 

(3,976

)

 

 

310,145

 

 

 

(7,463

)

 

 

863,300

 

 

 

(11,439

)

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued or guaranteed by FNMA, FHLMC or

   GNMA

 

 

143,247

 

 

 

(1,116

)

 

 

1,782

 

 

 

(6

)

 

 

145,029

 

 

 

(1,122

)

Total

 

$

1,234,498

 

 

$

(8,912

)

 

$

541,978

 

 

$

(11,552

)

 

$

1,776,476

 

 

$

(20,464

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agency obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued by U.S. Government agencies

 

$

9,420

 

 

$

(142

)

 

$

33,248

 

 

$

(783

)

 

$

42,668

 

 

$

(925

)

Obligations of states and political subdivisions

 

 

20,539

 

 

 

(135

)

 

 

654

 

 

 

(5

)

 

 

21,193

 

 

 

(140

)

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage pass-through securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guaranteed by GNMA

 

 

43,615

 

 

 

(822

)

 

 

222

 

 

 

(6

)

 

 

43,837

 

 

 

(828

)

Issued by FNMA and FHLMC

 

 

588,352

 

 

 

(10,582

)

 

 

—

 

 

 

—

 

 

 

588,352

 

 

 

(10,582

)

Other residential mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued or guaranteed by FNMA, FHLMC or

   GNMA

 

 

1,127,501

 

 

 

(12,722

)

 

 

76,196

 

 

 

(2,909

)

 

 

1,203,697

 

 

 

(15,631

)

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued or guaranteed by FNMA, FHLMC or

   GNMA

 

 

244,050

 

 

 

(2,311

)

 

 

4,655

 

 

 

(90

)

 

 

248,705

 

 

 

(2,401

)

Total

 

$

2,033,477

 

 

$

(26,714

)

 

$

114,975

 

 

$

(3,793

)

 

$

2,148,452

 

 

$

(30,507

)

 
Gains and Losses as a Result of Calls and Disposition of Securities

Gains and losses as a result of calls and dispositions of securities, as well as any associated proceeds, were as follows for the periods presented ($ in thousands):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

Available for Sale

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Proceeds from calls and sales of securities

 

$

1,273

 

 

$

—

 

 

$

27,682

 

 

$

24,693

 

Gross realized gains

 

 

15

 

 

 

—

 

 

 

16

 

 

 

32

 

Gross realized (losses)

 

 

(1

)

 

 

—

 

 

 

(1

)

 

 

(342

)

 
Contractual Maturities of Available for Sale and Held to Maturity Securities

The amortized cost and estimated fair value of securities available for sale and held to maturity at September 30, 2017, by contractual maturity, are shown below ($ in thousands).  Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

 

 

Securities

Available for Sale

 

 

Securities

Held to Maturity

 

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

Due in one year or less

 

$

30,117

 

 

$

30,293

 

 

$

155

 

 

$

156

 

Due after one year through five years

 

 

68,984

 

 

 

70,611

 

 

 

40,620

 

 

 

41,883

 

Due after five years through ten years

 

 

3,947

 

 

 

3,924

 

 

 

8,974

 

 

 

9,353

 

Due after ten years

 

 

34,758

 

 

 

34,310

 

 

 

—

 

 

 

—

 

 

 

 

137,806

 

 

 

139,138

 

 

 

49,749

 

 

 

51,392

 

Mortgage-backed securities

 

 

2,234,449

 

 

 

2,229,951

 

 

 

1,052,534

 

 

 

1,052,640

 

Total

 

$

2,372,255

 

 

$

2,369,089

 

 

$

1,102,283

 

 

$

1,104,032