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Securities (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 2018
 
 
 
 
 
 
 
Obligations of other U.S. Government agencies and corporations
$
3,545

 
$
19

 
$
(49
)
 
$
3,515

Obligations of states and political subdivisions
217,847

 
3,787

 
(758
)
 
220,876

Residential mortgage backed securities:
 
 
 
 
 
 
 
Government agency mortgage backed securities
493,001

 
336

 
(10,212
)
 
483,125

Government agency collateralized mortgage obligations
303,625

 
59

 
(7,679
)
 
296,005

Commercial mortgage backed securities:
 
 
 
 
 
 
 
Government agency mortgage backed securities
27,468

 
251

 
(530
)
 
27,189

Government agency collateralized mortgage obligations
24,585

 
—

 
(264
)
 
24,321

Trust preferred securities
12,402

 
—

 
(2,001
)
 
10,401

Other debt securities
23,555

 
94

 
(302
)
 
23,347

 
$
1,106,028

 
$
4,546

 
$
(21,795
)
 
$
1,088,779

 
 
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 June 30, 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
 
$
41,602

 
$
42,138

Due after one year through five years
 
54,549

 
55,472

Due after five years through ten years
 
80,531

 
81,272

Due after ten years
 
65,931

 
64,758

Residential mortgage backed securities:
 
 
 
 
Government agency mortgage backed securities
 
493,001

 
483,125

Government agency collateralized mortgage obligations
 
303,625

 
296,005

Commercial mortgage backed securities:
 
 
 
 
Government agency mortgage backed securities
 
27,468

 
27,189

Government agency collateralized mortgage obligations
 
24,585

 
24,321

Other debt securities
 
14,736

 
14,499

 
 
$
1,106,028

 
$
1,088,779
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of other U.S. Government agencies and corporations
1
 
$
492

 
$
(8
)
 
2
 
$
1,980

 
$
(41
)
 
3
 
$
2,472

 
$
(49
)
Obligations of states and political subdivisions

51
 
32,251

 
(386
)
 
13
 
7,800

 
(372
)
 
64
 
40,051

 
(758
)
Residential mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
105
 
361,859

 
(5,623
)
 
47
 
88,914

 
(4,589
)
 
152
 
450,773

 
(10,212
)
Government agency collateralized mortgage obligations
52
 
178,776

 
(3,538
)
 
34
 
74,271

 
(4,141
)
 
86
 
253,047

 
(7,679
)
Commercial mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
8
 
14,530

 
(178
)
 
3
 
5,659

 
(352
)
 
11
 
20,189

 
(530
)
Government agency collateralized mortgage obligations
4
 
24,321

 
(264
)
 
0
 
—

 
—

 
4
 
24,321

 
(264
)
Trust preferred securities
0
 
—

 
—

 
2
 
10,401

 
(2,001
)
 
2
 
10,401

 
(2,001
)
Other debt securities
10
 
10,011

 
(110
)
 
2
 
5,815

 
(192
)
 
12
 
15,826

 
(302
)
Total
231
 
$
622,240

 
$
(10,107
)
 
103
 
$
194,840

 
$
(11,688
)
 
334
 
$
817,080

 
$
(21,795
)
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 June 30, 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
 
$
8,313

 
$
6,751

 
$
(1,562
)
 
BB
 
16
%
XXVI
Pooled
 
B-2
 
4,089

 
3,650

 
(439
)
 
B
 
19
%
 
 
 
 
 
$
12,402

 
$
10,401

 
$
(2,001
)
 
 
 
 
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 June 30
$
(261
)
 
$
(261
)