Securities (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2017
Obligations of other U.S. Government agencies and corporations	$	12,602	$	6	$	(77	)	$	12,531
Obligations of states and political subdivisions	327,017		13,657		(141		)	340,533
	$	339,619	$	13,663	$	(218	)	$	353,064
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
June 30, 2017
Obligations of other U.S. Government agencies and corporations	$	2,053	$	81	$	—		$	2,134
Residential mortgage backed securities:
Government agency mortgage backed securities	419,848		3,317		(2,288		)	420,877
Government agency collateralized mortgage obligations	222,110		1,133		(1,948		)	221,295
Commercial mortgage backed securities:
Government agency mortgage backed securities	50,167		1,032		(146		)	51,053
Government agency collateralized mortgage obligations	1,746		8		—			1,754
Trust preferred securities	21,793		—		(4,801		)	16,992
Other debt securities	22,519		427		(45		)	22,901
	$	740,236	$	5,998	$	(9,228	)	$	737,006

	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 and six months ended June 30, 2017 and 2016, respectively, were as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
Gross gains on sales of securities available for sale	$	—	$	1,257	$	—	$	1,257
Gross losses on sales of securities available for sale	—		—		—		(71		)
Gains on sales of securities available for sale, net	$	—	$	1,257	$	—	$	1,186

Amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of securities at June 30, 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	$	14,605	$	14,735	$	—	$	—
Due after one year through five years	108,014		111,811		2,053		2,134
Due after five years through ten years	129,897		135,500		3,040		3,116
Due after ten years	87,103		91,018		21,793		16,992
Residential mortgage backed securities:
Government agency mortgage backed securities	—		—		419,848		420,877
Government agency collateralized mortgage obligations	—		—		222,110		221,295
Commercial mortgage backed securities:
Government agency mortgage backed securities	—		—		50,167		51,053
Government agency collateralized mortgage obligations	—		—		1,746		1,754
Other debt securities	—		—		19,479		19,785
	$	339,619	$	353,064	$	740,236	$	737,006

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:
June 30, 2017
Obligations of other U.S. Government agencies and corporations	4	$	12,025	$	(77	)	0	$	—	$	—		4	$	12,025	$	(77	)
Obligations of states and political subdivisions	17	11,846		(136		)	2	523		(5		)	19	12,369		(141		)
Total	21	$	23,871	$	(213	)	2	$	523	$	(5	)	23	24,394		$	(218	)
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:
June 30, 2017
Obligations of other U.S. Government agencies and corporations	0	$	—	$	—		0	$	—	$	—		0	$	—	$	—
Residential mortgage backed securities:
Government agency mortgage backed securities	89	213,161		(1,911		)	8	16,818		(377		)	97	229,979		(2,288		)
Government agency collateralized mortgage obligations	29	94,314		(911		)	16	36,107		(1,037		)	45	130,421		(1,948		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	3	7,862		(138		)	2	1,082		(8		)	5	8,944		(146		)
Government agency collateralized mortgage obligations	0	—		—			0	—		—			0	—		—
Trust preferred securities	0	—		—			3	16,992		(4,801		)	3	16,992		(4,801		)
Other debt securities	2	6,658		(38		)	1	1,205		(7		)	3	7,863		(45		)
Total	123	$	321,995	$	(2,998	)	30	$	72,204	$	(6,230	)	153	$	394,199	$	(9,228	)
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 June 30, 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	$	8,293	$	5,788	$	(2,505	)	Baa3	16	%
XXIV	Pooled	B-2	9,327		8,078		(1,249		)	Ba1	22	%
XXVI	Pooled	B-2	4,173		3,126		(1,047		)	Ba3	19	%
			$	21,793	$	16,992	$	(4,801	)

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 June 30	$	(3,337	)	$	(3,337	)