XML 50 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Securities Available for Sale and Held to Maturity (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2017 and 2016 ($ in thousands):

 

 

 

Securities Available for Sale

 

 

Securities Held to Maturity

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

Estimated

 

 

 

 

 

 

Gross

 

 

Gross

 

 

Estimated

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

December 31, 2017

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

U.S. Government agency obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued by U.S. Government agencies

 

$

45,508

 

 

$

310

 

 

$

(800

)

 

$

45,018

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Issued by U.S. Government sponsored

   agencies

 

 

255

 

 

 

12

 

 

 

—

 

 

 

267

 

 

 

3,692

 

 

 

182

 

 

 

—

 

 

 

3,874

 

Obligations of states and political

   subdivisions

 

 

78,433

 

 

 

850

 

 

 

(54

)

 

 

79,229

 

 

 

46,039

 

 

 

1,044

 

 

 

(59

)

 

 

47,024

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage pass-through

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guaranteed by GNMA

 

 

66,634

 

 

 

215

 

 

 

(1,103

)

 

 

65,746

 

 

 

13,539

 

 

 

207

 

 

 

(73

)

 

 

13,673

 

Issued by FNMA and FHLMC

 

 

824,872

 

 

 

827

 

 

 

(11,249

)

 

 

814,450

 

 

 

133,975

 

 

 

210

 

 

 

(1,559

)

 

 

132,626

 

Other residential mortgage-backed

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued or guaranteed by FNMA,

   FHLMC or GNMA

 

 

1,028,176

 

 

 

1,808

 

 

 

(13,194

)

 

 

1,016,790

 

 

 

678,926

 

 

 

1,209

 

 

 

(11,065

)

 

 

669,070

 

Commercial mortgage-backed

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued or guaranteed by FNMA,

   FHLMC or GNMA

 

 

218,252

 

 

 

426

 

 

 

(1,543

)

 

 

217,135

 

 

 

180,315

 

 

 

1,102

 

 

 

(1,437

)

 

 

179,980

 

Total

 

$

2,262,130

 

 

$

4,448

 

 

$

(27,943

)

 

$

2,238,635

 

 

$

1,056,486

 

 

$

3,954

 

 

$

(14,193

)

 

$

1,046,247

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 table below includes securities with gross unrealized losses segregated by length of impairment at December 31, 2017 and 2016 ($ in thousands):

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

 

 

 

 

Gross

 

 

 

 

 

 

Gross

 

 

 

 

 

 

Gross

 

 

 

Estimated

 

 

Unrealized

 

 

Estimated

 

 

Unrealized

 

 

Estimated

 

 

Unrealized

 

December 31, 2017

 

Fair Value

 

 

Losses

 

 

Fair Value

 

 

Losses

 

 

Fair Value

 

 

Losses

 

U.S. Government agency obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued by U.S. Government agencies

 

$

5,214

 

 

$

(113

)

 

$

29,432

 

 

$

(687

)

 

$

34,646

 

 

$

(800

)

Obligations of states and political subdivisions

 

 

19,345

 

 

 

(80

)

 

 

3,874

 

 

 

(33

)

 

 

23,219

 

 

 

(113

)

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage pass-through securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guaranteed by GNMA

 

 

37,304

 

 

 

(351

)

 

 

29,446

 

 

 

(825

)

 

 

66,750

 

 

 

(1,176

)

Issued by FNMA and FHLMC

 

 

506,410

 

 

 

(4,219

)

 

 

369,060

 

 

 

(8,589

)

 

 

875,470

 

 

 

(12,808

)

Other residential mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued or guaranteed by FNMA,

   FHLMC or GNMA

 

 

755,013

 

 

 

(7,668

)

 

 

534,955

 

 

 

(16,591

)

 

 

1,289,968

 

 

 

(24,259

)

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued or guaranteed by FNMA,

   FHLMC or GNMA

 

 

230,898

 

 

 

(1,719

)

 

 

55,288

 

 

 

(1,261

)

 

 

286,186

 

 

 

(2,980

)

Total

 

$

1,554,184

 

 

$

(14,150

)

 

$

1,022,055

 

 

$

(27,986

)

 

$

2,576,239

 

 

$

(42,136

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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

 

 

Years Ended December 31,

 

Available for Sale

 

2017

 

 

2016

 

 

2015

 

Proceeds from calls and sales of securities

 

$

27,682

 

 

$

24,693

 

 

$

—

 

Gross realized gains

 

 

16

 

 

 

32

 

 

 

—

 

Gross realized losses

 

 

(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 December 31, 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

 

 

Securities

 

 

 

Available for Sale

 

 

Held to Maturity

 

 

 

Amortized

 

 

Estimated

 

 

Amortized

 

 

Estimated

 

 

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

Due in one year or less

 

$

31,376

 

 

$

31,525

 

 

$

155

 

 

$

155

 

Due after one year through five years

 

 

57,372

 

 

 

58,343

 

 

 

40,594

 

 

 

41,450

 

Due after five years through ten years

 

 

3,866

 

 

 

3,845

 

 

 

8,982

 

 

 

9,293

 

Due after ten years

 

 

31,582

 

 

 

30,801

 

 

 

—

 

 

 

—

 

 

 

 

124,196

 

 

 

124,514

 

 

 

49,731

 

 

 

50,898

 

Mortgage-backed securities

 

 

2,137,934

 

 

 

2,114,121

 

 

 

1,006,755

 

 

 

995,349

 

Total

 

$

2,262,130

 

 

$

2,238,635

 

 

$

1,056,486

 

 

$

1,046,247