XML 93 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Securities (Tables)
 12 Months Ended
Dec. 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
December 31, 2018
 
 
 
 
 
 
 
Obligations of other U.S. Government agencies and corporations
$
2,536

 
$
13

 
$
(38
)
 
$
2,511

Obligations of states and political subdivisions
200,798

 
3,038

 
(567
)
 
203,269

Residential mortgage backed securities:
 
 
 
 
 
 
 
Government agency mortgage backed securities
621,690

 
719

 
(9,126
)
 
613,283

Government agency collateralized mortgage obligations
332,697

 
274

 
(5,982
)
 
326,989

Commercial mortgage backed securities:
 
 
 
 
 
 
 
Government agency mortgage backed securities
21,957

 
257

 
(384
)
 
21,830

Government agency collateralized mortgage obligations
28,446

 
24

 
(135
)
 
28,335

Trust preferred securities
12,359

 
—

 
(1,726
)
 
10,633

Other debt securities
44,046

 
192

 
(311
)
 
43,927

 
$
1,264,529

 
$
4,517

 
$
(18,269
)
 
$
1,250,777

 
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
Gross realized gains and gross realized losses on sales of securities available for sale
Securities sold were as follows for the periods presented:
 
Carrying Value
 
Net Proceeds
 
Gain/(Loss)
Twelve months ended December 31, 2018
 
 
 
 
 
Obligations of states and political subdivisions
$
901

 
$
893

 
$
(8
)
Residential mortgage backed securities:
 
 
 
 
 
Government agency mortgage backed securities
943

 
942

 
(1
)
Government agency collateralized mortgage obligations
559

 
552

 
(7
)
 
$
2,403

 
$
2,387

 
$
(16
)

 
Carrying Value
 
Net Proceeds
 
Gain/(Loss)
Twelve months ended December 31, 2017
 
 
 
 
 
Obligations of other U.S. Government agencies and corporations
$
11,088

 
$
10,974

 
$
(114
)
Obligations of states and political subdivisions
110,019

 
112,199

 
2,180

Residential mortgage backed securities:
 
 
 
 
 
Government agency mortgage backed securities
264,924

 
263,217

 
(1,707
)
Government agency collateralized mortgage obligations
72,153

 
71,781

 
(372
)
Commercial mortgage backed securities:
 
 
 
 
 
Government agency mortgage backed securities
14,104

 
14,082

 
(22
)
Government agency collateralized mortgage obligations
6,289

 
6,289

 
—

Trust preferred securities
9,346

 
9,403

 
57

Other debt securities
7,269

 
7,395

 
126

 
$
495,192

 
$
495,340

 
$
148

 
Carrying Value
 
Net Proceeds
 
Gain/(Loss)
Twelve months ended December 31, 2016
 
 
 
 
 
Other equity securities
$
2,842

 
$
4,028

 
$
1,186

 
$
2,842

 
$
4,028

 
$
1,186

Gross realized gains and gross realized losses on sales of securities available for sale were as follows for the periods presented:
 
Year Ended December 31,
 
2018
 
2017
 
2016
Gross gains on sales of securities available for sale
$
11

 
$
2,497

 
$
1,257

Gross losses on sales of securities available for sale
(27
)
 
(2,349
)
 
(71
)
Gain on sales of securities available for sale, net
$
(16
)
 
$
148

 
$
1,186
Amortized cost and fair value of securities by contractual maturity
The amortized cost and fair value of securities at December 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
$
39,310

 
$
39,649

Due after one year through five years
44,304

 
44,788

Due after five years through ten years
81,825

 
82,781

Due after ten years
59,051

 
58,001

Residential mortgage backed securities:
 
 
 
Government agency mortgage backed securities
621,690

 
613,283

Government agency collateralized mortgage obligations
332,697

 
326,989

Commercial mortgage backed securities:
 
 
 
Government agency mortgage backed securities
21,957

 
21,830

Government agency collateralized mortgage obligations
28,446

 
28,335

Other debt securities
35,249

 
35,121

 
$
1,264,529

 
$
1,250,777
Unrealized losses and fair value by investment category
The following table presents the gross unrealized losses and fair value of investment securities, aggregated by investment category and the length of time the investments have been in a continuous unrealized loss position, 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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of other U.S. Government agencies and corporations
0
 
$
—

 
$
—

 
2
 
$
1,480

 
$
(38
)
 
2
 
$
1,480

 
$
(38
)
Obligations of states and political subdivisions
34
 
22,159

 
(193
)
 
26
 
16,775

 
(374
)
 
60
 
38,934

 
(567
)
Residential mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
91
 
354,731

 
(3,945
)
 
73
 
125,757

 
(5,181
)
 
164
 
480,488

 
(9,126
)
Government agency collateralized mortgage obligations
24
 
97,451

 
(840
)
 
60
 
140,076

 
(5,142
)
 
84
 
237,527

 
(5,982
)
Commercial mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
5
 
6,506

 
(74
)
 
4
 
7,468

 
(310
)
 
9
 
13,974

 
(384
)
Government agency collateralized mortgage obligations
2
 
9,950

 
(23
)
 
1
 
4,888

 
(112
)
 
3
 
14,838

 
(135
)
Trust preferred securities
0
 
—

 
—

 
2
 
10,633

 
(1,726
)
 
2
 
10,633

 
(1,726
)
Other debt securities
12
 
19,011

 
(88
)
 
3
 
5,621

 
(223
)
 
15
 
24,632

 
(311
)
Total
168
 
$
509,808

 
$
(5,163
)
 
171
 
$
312,698

 
$
(13,106
)
 
339
 
$
822,506

 
$
(18,269
)
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 December 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
 
$
8,292

 
$
6,956

 
$
(1,336
)
 
BB
 
16%
XXVI
 
Pooled
 
B-2
 
4,067

 
3,677

 
(390
)
 
B
 
19%
 
 
 
 
 
 
$
12,359

 
$
10,633

 
$
(1,726
)
 
 
 
 
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 December 31
$
(261
)
 
$
(261
)