Securities (Tables)

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

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, 2018
Obligations of other U.S. Government agencies and corporations	$	3,549	$	27	$	(48	)	$	3,528
Obligations of states and political subdivisions	222,814		4,292		(764		)	226,342
Residential mortgage backed securities:
Government agency mortgage backed securities	416,954		444		(7,928		)	409,470
Government agency collateralized mortgage obligations	244,213		42		(6,589		)	237,666
Commercial mortgage backed securities:
Government agency mortgage backed securities	27,636		306		(440		)	27,502
Government agency collateralized mortgage obligations	10,000		—		(128		)	9,872
Trust preferred securities	12,429		—		(2,384		)	10,045
Other debt securities	23,994		152		(206		)	23,940
	$	961,589	$	5,263	$	(18,487	)	$	948,365

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2017
Obligations of other U.S. Government agencies and corporations	$	3,554	$	40	$	(30	)	$	3,564
Obligations of states and political subdivisions	228,589		6,161		(269		)	234,481
Residential mortgage backed securities:
Government agency mortgage backed securities	196,121		888		(3,059		)	193,950
Government agency collateralized mortgage obligations	180,258		133		(3,752		)	176,639
Commercial mortgage backed securities:
Government agency mortgage backed securities	31,015		389		(234		)	31,170
Government agency collateralized mortgage obligations	5,019		1		(14		)	5,006
Trust preferred securities	12,442		—		(3,054		)	9,388
Other debt securities	17,106		260		(76		)	17,290
	$	674,104	$	7,872	$	(10,488	)	$	671,488

Amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of securities at March 31, 2018 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	$	28,692	$	29,028
Due after one year through five years	67,311		68,747
Due after five years through ten years	78,917		79,724
Due after ten years	72,703		71,335
Residential mortgage backed securities:
Government agency mortgage backed securities	416,954		409,470
Government agency collateralized mortgage obligations	244,213		237,666
Commercial mortgage backed securities:
Government agency mortgage backed securities	27,636		27,502
Government agency collateralized mortgage obligations	10,000		9,872
Other debt securities	15,163		15,021
	$	961,589	$	948,365

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
Available for Sale:
March 31, 2018
Obligations of other U.S. Government agencies and corporations	1	$	494	$	(6	)	2	$	1,981	$	(42	)	3	$	2,475	$	(48	)
Obligations of states and political subdivisions	52	31,417		(392		)	12	7,554		(372		)	64	38,971		(764		)
Residential mortgage backed securities:
Government agency mortgage backed securities	87	298,721		(3,942		)	44	84,166		(3,986		)	131	382,887		(7,928		)
Government agency collateralized mortgage obligations	51	173,116		(3,394		)	29	58,759		(3,195		)	80	231,875		(6,589		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	7	8,987		(122		)	3	5,732		(318		)	10	14,719		(440		)
Government agency collateralized mortgage obligations	2	9,872		(128		)	0	—		—			2	9,872		(128		)
Trust preferred securities	0	—		—			2	10,045		(2,384		)	2	10,045		(2,384		)
Other debt securities	7	6,140		(25		)	2	6,187		(181		)	9	12,327		(206		)
Total	207	$	528,747	$	(8,009	)	94	$	174,424	$	(10,478	)	301	$	703,171	$	(18,487	)
December 31, 2017
Obligations of other U.S. Government agencies and corporations	1	$	497	$	(3	)	2	$	1,999	$	(27	)	3	$	2,496	$	(30	)
Obligations of states and political subdivisions	23	11,860		(59		)	12	7,728		(210		)	35	19,588		(269		)
Residential mortgage backed securities:
Government agency mortgage backed securities	29	64,595		(659		)	44	89,414		(2,400		)	73	154,009		(3,059		)
Government agency collateralized mortgage obligations	33	102,509		(1,470		)	29	62,406		(2,282		)	62	164,915		(3,752		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	2	5,629		(17		)	3	5,872		(217		)	5	11,501		(234		)
Government agency collateralized mortgage obligations	1	4,986		(14		)	0	—		—			1	4,986		(14		)
Trust preferred securities	0	—		—			2	9,388		(3,054		)	2	9,388		(3,054		)
Other debt securities	2	756		(12		)	2	6,308		(64		)	4	7,064		(76		)
Total	91	$	190,832	$	(2,234	)	94	$	183,115	$	(8,254	)	185	$	373,947	$	(10,488	)

Investments in pooled trust preferred securities

The following table provides information regarding the Company’s investments in pooled trust preferred securities at March 31, 2018:

Name	Single/ Pooled	Class/ Tranche	Amortized Cost		Fair Value		Unrealized Loss			Lowest Credit Rating	Issuers Currently in Deferral or Default
XXIII	Pooled	B-2	$	8,318	$	6,527	$	(1,791	)	BB	16	%
XXVI	Pooled	B-2	4,111		3,518		(593		)	B	19	%
			$	12,429	$	10,045	$	(2,384	)

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:

	2018			2017
Balance at January 1	$	(261	)	$	(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 March 31	$	(261	)	$	(261	)