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Securities (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 2019
 
 
 
 
 
 
 
Obligations of other U.S. Government agencies and corporations
$
2,527

 
$
20

 
$
(8
)
 
$
2,539

Obligations of states and political subdivisions
169,123

 
4,891

 
(17
)
 
173,997

Residential mortgage backed securities:
 
 
 
 
 
 
 
Government agency mortgage backed securities
600,257

 
7,694

 
(1,498
)
 
606,453

Government agency collateralized mortgage obligations
319,896

 
2,301

 
(986
)
 
321,211

Commercial mortgage backed securities:
 
 
 
 
 
 
 
Government agency mortgage backed securities
31,795

 
812

 
(62
)
 
32,545

Government agency collateralized mortgage obligations
70,764

 
1,305

 
—

 
72,069

Trust preferred securities
12,245

 
—

 
(1,859
)
 
10,386

Other debt securities
47,651

 
1,440

 
(11
)
 
49,080

 
$
1,254,258

 
$
18,463

 
$
(4,441
)
 
$
1,268,280

 
 
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 June 30, 2019
 
 
 
 
 
Obligations of states and political subdivisions
$
320

 
$
319

 
$
(1
)
Residential mortgage backed securities:
 
 
 
 
 
Government agency mortgage backed securities
1,400

 
1,396

 
(4
)
Government agency collateralized mortgage obligations
289

 
286

 
(3
)
 
$
2,009

 
$
2,001

 
$
(8
)
Six months ended June 30, 2019
 
 
 
 
 
Obligations of states and political subdivisions
$
10,688

 
$
10,703

 
$
15

Residential mortgage backed securities:
 
 
 
 
 
Government agency mortgage backed securities
1,630

 
1,623

 
(7
)
Government agency collateralized mortgage obligations
289

 
286

 
(3
)
 
$
12,607

 
$
12,612

 
$
5

There were no securities sold during the three and six months ended June 30, 2018.
Gross realized gains and losses on sales of securities available for sale for the three and six months ended June 30, 2019 and 2018, respectively, were as follows:
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
Gross gains on sales of securities available for sale
$
1

 
$
—

 
$
46

 
$
—

Gross losses on sales of securities available for sale
(9
)
 
—

 
(41
)
 
—

Gains on sales of securities available for sale, net
$
(8
)
 
$
—

 
$
5

 
$
—
Amortized cost and fair value of securities by contractual maturity
The amortized cost and fair value of securities at June 30, 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
 
$
22,688

 
$
22,867

Due after one year through five years
 
36,561

 
37,425

Due after five years through ten years
 
74,683

 
77,266

Due after ten years
 
59,237

 
58,731

Residential mortgage backed securities:
 
 
 
 
Government agency mortgage backed securities
 
600,257

 
606,453

Government agency collateralized mortgage obligations
 
319,896

 
321,211

Commercial mortgage backed securities:
 
 
 
 
Government agency mortgage backed securities
 
31,795

 
32,545

Government agency collateralized mortgage obligations
 
70,764

 
72,069

Other debt securities
 
38,377

 
39,713

 
 
$
1,254,258

 
$
1,268,280
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, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of other U.S. Government agencies and corporations
0
 
$
—

 
$
—

 
2
 
$
1,507

 
$
(8
)
 
2
 
$
1,507

 
$
(8
)
Obligations of states and political subdivisions
2
 
2,263

 
(14
)
 
3
 
889

 
(3
)
 
5
 
3,152

 
(17
)
Residential mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
1
 
762

 
(1
)
 
65
 
123,783

 
(1,497
)
 
66
 
124,545

 
(1,498
)
Government agency collateralized mortgage obligations
1
 
6,092

 
(6
)
 
34
 
84,185

 
(980
)
 
35
 
90,277

 
(986
)
Commercial mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage backed securities
0
 
—

 
—

 
3
 
6,004

 
(62
)
 
3
 
6,004

 
(62
)
Government agency collateralized mortgage obligations
0
 
—

 
—

 
0
 
—

 
—

 
0
 
—

 
—

Trust preferred securities
0
 
—

 
—

 
2
 
10,386

 
(1,859
)
 
2
 
10,386

 
(1,859
)
Other debt securities
1
 
760

 
(1
)
 
1
 
1,016

 
(10
)
 
2
 
1,776

 
(11
)
Total
5
 
$
9,877

 
$
(22
)
 
110
 
$
227,770

 
$
(4,419
)
 
115
 
$
237,647

 
$
(4,441
)
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 June 30, 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
 
$
8,199

 
$
6,693

 
$
(1,506
)
 
BB
 
15
%
XXVI
Pooled
 
B-2
 
4,046

 
3,693

 
(353
)
 
B
 
18
%
 
 
 
 
 
$
12,245

 
$
10,386

 
$
(1,859
)
 
 
 
 
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 June 30
$
(261
)
 
$
(261
)