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Securities (Tables)
 3 Months Ended
Mar. 31, 2019
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, 2019
 
 
 
 
 
 
 
Obligations of other U.S. Government agencies and corporations
$
2,532

 
$
16

 
$
(23
)
 
$
2,525

Obligations of states and political subdivisions
179,758

 
4,064

 
(60
)
 
183,762

Residential mortgage backed securities:
 
 
 
 
 
 
 
Government agency mortgage backed securities
622,056

 
3,783

 
(3,773
)
 
622,066

Government agency collateralized mortgage obligations
321,088

 
1,093

 
(2,734
)
 
319,447

Commercial mortgage backed securities:
 
 
 
 
 
 
 
Government agency mortgage backed securities
21,816

 
362

 
(180
)
 
21,998

Government agency collateralized mortgage obligations
46,095

 
273

 
(38
)
 
46,330

Trust preferred securities
12,259

 
—

 
(2,013
)
 
10,246

Other debt securities
48,335

 
766

 
(122
)
 
48,979

 
$
1,253,939

 
$
10,357

 
$
(8,943
)
 
$
1,255,353

 
 
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
Schedule of realized gain (loss)
Securities sold were as follows for the period presented:
 
Carrying Value
 
Net Proceeds
 
Gain/(Loss)
Three months ended March 31, 2019
 
 
 
 
 
Obligations of states and political subdivisions
$
10,368

 
$
10,384

 
$
16

Residential mortgage backed securities:
 
 
 
 
 
Government agency mortgage backed securities
230

 
227

 
$
(3
)
 
$
10,598

 
$
10,611

 
$
13

There were no securities sold during the three months ended March 31, 2018.
Gross realized gains and losses on sales of securities available for sale for three months ended March 31, 2019 and 2018, respectively, were as follows:
 
 
 
 
 
 
Three Months Ended
 
 
March 31,
 
 
2019
 
2018
 
Gross gains on sales of securities available for sale
$
45

 
$
—

 
Gross losses on sales of securities available for sale
(32
)
 
—

 
Gains on sales of securities available for sale, net
$
13

 
$
—

 
Amortized cost and fair value of securities by contractual maturity
The amortized cost and fair value of securities at March 31, 2019 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
 
$
36,647

 
$
36,919

Due after one year through five years
 
40,168

 
40,856

Due after five years through ten years
 
74,651

 
76,630

Due after ten years
 
51,868

 
50,926

Residential mortgage backed securities:
 
 
 
 
Government agency mortgage backed securities
 
622,056

 
622,066

Government agency collateralized mortgage obligations
 
321,088

 
319,447

Commercial mortgage backed securities:
 
 
 
 
Government agency mortgage backed securities
 
21,816

 
21,998

Government agency collateralized mortgage obligations
 
46,095

 
46,330

Other debt securities
 
39,550

 
40,181

 
 
$
1,253,939

 
$
1,255,353
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, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of other U.S. Government agencies and corporations
0
 
$
—

 
$
—

 
2
 
$
1,494

 
$
(23
)
 
2
 
$
1,494

 
$
(23
)
Obligations of states and political subdivisions
1
 
855

 
(1
)
 
10
 
7,309

 
(59
)
 
11
 
8,164

 
(60
)
Residential mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
10
 
28,824

 
(72
)
 
96
 
242,222

 
(3,701
)
 
106
 
271,046

 
(3,773
)
Government agency collateralized mortgage obligations
3
 
16,043

 
(41
)
 
64
 
159,212

 
(2,693
)
 
67
 
175,255

 
(2,734
)
Commercial mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
0
 
—

 
—

 
4
 
7,543

 
(180
)
 
4
 
7,543

 
(180
)
Government agency collateralized mortgage obligations
0
 
—

 
—

 
1
 
4,962

 
(38
)
 
1
 
4,962

 
(38
)
Trust preferred securities
0
 
—

 
—

 
2
 
10,246

 
(2,013
)
 
2
 
10,246

 
(2,013
)
Other debt securities
8
 
5,763

 
(34
)
 
3
 
5,752

 
(88
)
 
11
 
11,515

 
(122
)
Total
22
 
$
51,485

 
$
(148
)
 
182
 
$
438,740

 
$
(8,795
)
 
204
 
$
490,225

 
$
(8,943
)
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
)
Investments in pooled trust preferred securities
The following table provides information regarding the Company’s investments in pooled trust preferred securities at March 31, 2019:
 
Name
Single/
Pooled
 
Class/
Tranche
 
Amortized
Cost
 
Fair
Value
 
Unrealized
Loss
 
Lowest
Credit
Rating
 
Issuers
Currently in
Deferral or
Default
XXIII
Pooled
 
B-2
 
$
8,233

 
$
6,593

 
$
(1,640
)
 
BB
 
17
%
XXVI
Pooled
 
B-2
 
4,026

 
3,653

 
(373
)
 
B
 
20
%
 
 
 
 
 
$
12,259

 
$
10,246

 
$
(2,013
)
 
 
 
 
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:
 
 
2019
 
2018
Balance at January 1
$
(261
)
 
$
(261
)
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
—

 
—

Balance at March 31
$
(261
)
 
$
(261
)