Securities (Tables)

9 Months Ended

Sep. 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
September 30, 2017
Obligations of other U.S. Government agencies and corporations	$	—	$	—	$	—		$	—
Obligations of states and political subdivisions	—		—		—			—
	$	—	$	—	$	—		$	—
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
September 30, 2017
Obligations of other U.S. Government agencies and corporations	$	14,648	$	74	$	(84	)	$	14,638
Obligations of states and political subdivisions	337,725		12,787		(158		)	350,354
Residential mortgage backed securities:
Government agency mortgage backed securities	459,336		2,876		(2,654		)	459,558
Government agency collateralized mortgage obligations	234,224		764		(2,330		)	232,658
Commercial mortgage backed securities:
Government agency mortgage backed securities	45,340		762		(173		)	45,929
Government agency collateralized mortgage obligations	11,354		89		—			11,443
Trust preferred securities	12,454		—		(3,494		)	8,960
Other debt securities	26,546		429		(56		)	26,919
	$	1,141,627	$	17,781	$	(8,949	)	$	1,150,459

	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

Gross realized gains on securities available for sale

Gross realized gains and losses on sales of securities available for sale for the three and nine months ended September 30, 2017 and 2016, respectively, were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
Gross gains on sales of securities available for sale	$	57	$	—	$	57	$	1,257
Gross losses on sales of securities available for sale	—		—		—		(71		)
Gains on sales of securities available for sale, net	$	57	$	—	$	57	$	1,186

Amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of securities at September 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.

	Available for Sale
	Amortized Cost		Fair Value
Due within one year	$	23,491	$	23,798
Due after one year through five years	106,577		110,274
Due after five years through ten years	147,761		153,199
Due after ten years	94,150		93,983
Residential mortgage backed securities:
Government agency mortgage backed securities	459,336		459,558
Government agency collateralized mortgage obligations	234,224		232,658
Commercial mortgage backed securities:
Government agency mortgage backed securities	45,340		45,929
Government agency collateralized mortgage obligations	11,354		11,443
Other debt securities	19,394		19,617
	$	1,141,627	$	1,150,459

Gross 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:
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:
September 30, 2017
Obligations of other U.S. Government agencies and corporations	4	$	12,018	$	(84	)	0	$	—	$	—		4	$	12,018	$	(84	)
Obligations of states and political subdivisions	16	11,248		(105		)	3	2,037		(53		)	19	13,285		(158		)
Residential mortgage backed securities:
Government agency mortgage backed securities	97	249,318		(1,902		)	12	31,392		(752		)	109	280,710		(2,654		)
Government agency collateralized mortgage obligations	34	126,612		(974		)	19	44,790		(1,356		)	53	171,402		(2,330		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	4	9,906		(25		)	3	5,978		(148		)	7	15,884		(173		)
Government agency collateralized mortgage obligations	0	—		—			0	—		—			0	—		—
Trust preferred securities	0	—		—			2	8,960		(3,494		)	2	8,960		(3,494		)
Other debt securities	5	9,105		(48		)	1	1,205		(8		)	6	10,310		(56		)
Total	160	$	418,207	$	(3,138	)	40	$	94,362	$	(5,811	)	200	$	512,569	$	(8,949	)
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 September 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	$	8,302	$	5,813	$	(2,489	)	A1	15	%
XXVI	Pooled	B-2	4,152		3,147		(1,005		)	Ba3	19	%
			$	12,454	$	8,960	$	(3,494	)

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	—			—
Reductions for securities sold during the period	$	3,076		$	—
Balance at September 30	$	(261	)	$	(3,337	)