Securities (Tables)

3 Months Ended

Mar. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Amortized cost and fair value of securities held to maturity

The amortized cost and fair value of securities held to maturity were as follows as of the dates presented:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
March 31, 2017
Obligations of other U.S. Government agencies and corporations	$	12,602	$	4	$	(137	)	$	12,469
Obligations of states and political subdivisions	335,375		10,299		(927		)	344,747
	$	347,977	$	10,303	$	(1,064	)	$	357,216
December 31, 2016
Obligations of other U.S. Government agencies and corporations	$	14,101	$	4	$	(187	)	$	13,918
Obligations of states and political subdivisions	342,181		8,572		(1,778		)	348,975
	$	356,282	$	8,576	$	(1,965	)	$	362,893

Amortized cost and fair value of securities available for sale

The amortized cost and fair value of securities available for sale were as follows as of the dates presented:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
March 31, 2017
Obligations of other U.S. Government agencies and corporations	$	2,060	$	89	$	—		$	2,149
Residential mortgage backed securities:
Government agency mortgage backed securities	412,710		2,710		(4,165		)	411,255
Government agency collateralized mortgage obligations	192,294		879		(2,787		)	190,386
Commercial mortgage backed securities:
Government agency mortgage backed securities	50,397		777		(302		)	50,872
Government agency collateralized mortgage obligations	1,756		1		(13		)	1,744
Trust preferred securities	22,646		—		(4,823		)	17,823
Other debt securities	22,442		354		(140		)	22,656
	$	704,305	$	4,810	$	(12,230	)	$	696,885

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2016
Obligations of other U.S. Government agencies and corporations	$	2,066	$	92	$	—		$	2,158
Residential mortgage backed securities:
Government agency mortgage backed securities	414,019		1,941		(6,643		)	409,317
Government agency collateralized mortgage obligations	171,362		831		(3,367		)	168,826
Commercial mortgage backed securities:
Government agency mortgage backed securities	50,628		696		(461		)	50,863
Government agency collateralized mortgage obligations	2,528		38		(16		)	2,550
Trust preferred securities	23,749		—		(5,360		)	18,389
Other debt securities	22,053		310		(218		)	22,145
	$	686,405	$	3,908	$	(16,065	)	$	674,248

Schedule of realized gains

Gross realized gains on sales of securities available for sale for the three months ended March 31, 2017 and 2016, respectively, were as follows:

	Three Months Ended
	March 31,
	2017		2016
Gross gains on sales of securities available for sale	$	—	$	—
Gross losses on sales of securities available for sale	—		(71		)
Losses on sales of securities available for sale, net	$	—	$	(71	)

Amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of securities at March 31, 2017 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.

	Held to Maturity				Available for Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	14,742	$	14,860	$	—	$	—
Due after one year through five years	107,452		110,966		2,060		2,148
Due after five years through ten years	128,319		130,878		2,043		2,071
Due after ten years	97,464		100,512		22,646		17,823
Residential mortgage backed securities:
Government agency mortgage backed securities	—		—		412,710		411,255
Government agency collateralized mortgage obligations	—		—		192,294		190,386
Commercial mortgage backed securities:
Government agency mortgage backed securities	—		—		50,397		50,872
Government agency collateralized mortgage obligations	—		—		1,756		1,744
Other debt securities	—		—		20,399		20,586
	$	347,977	$	357,216	$	704,305	$	696,885

Unrealized losses and fair value by investment category

The following table presents the age of gross unrealized losses and fair value by investment category as of the dates presented:

	Less than 12 Months						12 Months or More						Total
	#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses
Held to Maturity:
March 31, 2017
Obligations of other U.S. Government agencies and corporations	4	$	11,965	$	(137	)	0	$	—	$	—		4	$	11,965	$	(137	)
Obligations of states and political subdivisions	53	44,193		(927		)	0	—		—			53	44,193		(927		)
Total	57	$	56,158	$	(1,064	)	0	$	—	$	—		57	56,158		$	(1,064	)
December 31, 2016
Obligations of other U.S. Government agencies and corporations	4	$	11,915	$	(187	)	0	$	—	$	—		4	$	11,915	$	(187	)
Obligations of states and political subdivisions	102	83,362		(1,778		)	0	—		—			102	83,362		(1,778		)
Total	106	$	95,277	$	(1,965	)	0	$	—	$	—		106	$	95,277	$	(1,965	)
Available for Sale:
March 31, 2017
Obligations of other U.S. Government agencies and corporations	0	$	—	$	—		0	$	—	$	—		0	$	—	$	—
Residential mortgage backed securities:
Government agency mortgage backed securities	104	256,655		(3,585		)	8	17,487		(580		)	112	274,142		(4,165		)
Government agency collateralized mortgage obligations	36	106,006		(1,475		)	15	34,769		(1,312		)	51	140,775		(2,787		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	6	15,666		(294		)	2	1,091		(8		)	8	16,757		(302		)
Government agency collateralized mortgage obligations	1	1,723		(13		)	0	—		—			1	1,723		(13		)
Trust preferred securities	0	—		—			3	17,823		(4,823		)	3	17,823		(4,823		)
Other debt securities	2	6,971		(131		)	2	2,410		(9		)	4	9,381		(140		)
Total	149	$	387,021	$	(5,498	)	30	$	73,580	$	(6,732	)	179	$	460,601	$	(12,230	)
December 31, 2016
Obligations of other U.S. Government agencies and corporations	0	$	—	$	—		0	$	—	$	—		0	$	—	$	—
Residential mortgage backed securities:
Government agency mortgage backed securities	131	298,400		(6,042		)	5	11,504		(601		)	136	309,904		(6,643		)
Government agency collateralized mortgage obligations	40	97,356		(1,845		)	14	33,786		(1,522		)	54	131,142		(3,367		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	9	21,933		(453		)	2	1,101		(8		)	11	23,034		(461		)
Government agency collateralized mortgage obligations	1	1,729		(16		)	0	—		—			1	1,729		(16		)
Trust preferred securities	0	—		—			3	18,389		(5,360		)	3	18,389		(5,360		)
Other debt securities	3	7,946		(208		)	2	2,475		(10		)	5	10,421		(218		)
Total	184	$	427,364	$	(8,564	)	26	$	67,255	$	(7,501	)	210	$	494,619	$	(16,065	)

Investments in pooled trust preferred securities

The following table provides information regarding the Company’s investments in pooled trust preferred securities at March 31, 2017:

Name	Single/ Pooled	Class/ Tranche	Amortized Cost		Fair Value		Unrealized Loss			Lowest Credit Rating	Issuers Currently in Deferral or Default
XXIII	Pooled	B-2	$	8,286	$	5,790	$	(2,496	)	Baa3	17	%
XXIV	Pooled	B-2	10,167		8,917		(1,250		)	Caa2	23	%
XXVI	Pooled	B-2	4,193		3,116		(1,077		)	Ba3	19	%
			$	22,646	$	17,823	$	(4,823	)

Cumulative credit related losses recognized in earnings

The following table provides a summary of the cumulative credit related losses recognized in earnings for which a portion of OTTI has been recognized in other comprehensive income:

	2017			2016
Balance at January 1	$	(3,337	)	$	(3,337	)
Additions related to credit losses for which OTTI was not previously recognized	—			—
Increases in credit loss for which OTTI was previously recognized	—			—
Balance at March 31	$	(3,337	)	$	(3,337	)