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Securities (Tables)
 9 Months Ended
Sep. 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
September 30, 2018
 
 
 
 
 
 
 
Obligations of other U.S. Government agencies and corporations
$
3,541

 
$
13

 
$
(48
)
 
$
3,506

Obligations of states and political subdivisions
208,885

 
2,627

 
(1,193
)
 
210,319

Residential mortgage backed securities:
 
 
 
 
 
 
 
Government agency mortgage backed securities
573,236

 
240

 
(12,889
)
 
560,587

Government agency collateralized mortgage obligations
316,642

 
13

 
(9,427
)
 
307,228

Commercial mortgage backed securities:
 
 
 
 
 
 
 
Government agency mortgage backed securities
22,094

 
203

 
(562
)
 
21,735

Government agency collateralized mortgage obligations
29,332

 
—

 
(370
)
 
28,962

Trust preferred securities
12,351

 
—

 
(2,047
)
 
10,304

Other debt securities
35,308

 
104

 
(447
)
 
34,965

 
$
1,201,389

 
$
3,200

 
$
(26,983
)
 
$
1,177,606

 
 
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
Schedule of realized gain (loss)
Gross realized gains and losses on sales of securities available for sale for the three and nine months ended September 30, 2018 and 2017, respectively, were as follows:
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2018
 
2017
 
2018
 
2017
Gross gains on sales of securities available for sale
$
11

 
$
57

 
$
11

 
$
57

Gross losses on sales of securities available for sale
(27
)
 
—

 
(27
)
 
—

(Losses) Gains on sales of securities available for sale, net
$
(16
)
 
$
57

 
$
(16
)
 
$
57
Amortized cost and fair value of securities by contractual maturity
The amortized cost and fair value of securities at September 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
 
$
41,421

 
$
41,815

Due after one year through five years
 
48,858

 
49,351

Due after five years through ten years
 
81,381

 
81,580

Due after ten years
 
61,925

 
60,153

Residential mortgage backed securities:
 
 
 
 
Government agency mortgage backed securities
 
573,236

 
560,587

Government agency collateralized mortgage obligations
 
316,642

 
307,228

Commercial mortgage backed securities:
 
 
 
 
Government agency mortgage backed securities
 
22,094

 
21,735

Government agency collateralized mortgage obligations
 
29,332

 
28,962

Other debt securities
 
26,500

 
26,195

 
 
$
1,201,389

 
$
1,177,606
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of other U.S. Government agencies and corporations
1
 
$
490

 
$
(10
)
 
2
 
$
1,982

 
$
(38
)
 
3
 
$
2,472

 
$
(48
)
Obligations of states and political subdivisions

79
 
52,161

 
(758
)
 
12
 
7,432

 
(435
)
 
91
 
59,593

 
(1,193
)
Residential mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
119
 
440,200

 
(7,536
)
 
52
 
94,329

 
(5,353
)
 
171
 
534,529

 
(12,889
)
Government agency collateralized mortgage obligations
51
 
186,677

 
(3,468
)
 
40
 
108,568

 
(5,959
)
 
91
 
295,245

 
(9,427
)
Commercial mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
8
 
11,396

 
(188
)
 
2
 
5,072

 
(374
)
 
10
 
16,468

 
(562
)
Government agency collateralized mortgage obligations
5
 
28,996

 
(370
)
 
0
 
—

 
—

 
5
 
28,996

 
(370
)
Trust preferred securities
0
 
—

 
—

 
2
 
10,304

 
(2,047
)
 
2
 
10,304

 
(2,047
)
Other debt securities
14
 
13,823

 
(208
)
 
3
 
6,020

 
(239
)
 
17
 
19,843

 
(447
)
Total
277
 
$
733,743

 
$
(12,538
)
 
113
 
$
233,707

 
$
(14,445
)
 
390
 
$
967,450

 
$
(26,983
)
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 September 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
 
$
8,283

 
$
6,689

 
$
(1,594
)
 
BB
 
16
%
XXVI
Pooled
 
B-2
 
4,068

 
3,615

 
(453
)
 
B
 
19
%
 
 
 
 
 
$
12,351

 
$
10,304

 
$
(2,047
)
 
 
 
 
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 September 30
$
(261
)
 
$
(261
)