SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
____________
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended |
June 30, 2017 |
|
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from |
to |
|
Commission file number 001-32964
THE FIRST OF LONG ISLAND CORPORATION
(Exact name of registrant as specified in its charter)
New York |
11-2672906 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
|
|
10 Glen Head Road, Glen Head, NY |
11545 |
(Address of principal executive offices) |
(Zip Code) |
(516) 671-4900
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ |
Accelerated filer ☒ |
Non‑accelerated filer ☐ (Do not check if a smaller reporting company) |
Emerging growth company ☐ |
Smaller reporting company ☐ |
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Title of Each Class |
|
Outstanding at July 31, 2017 |
Common stock, $.10 par value per share |
|
24,382,495 |
TABLE OF CONTENTS
|
|
|
PART I. |
|
|
ITEM 1. |
|
|
|
Consolidated Balance Sheets (Unaudited) – June 30, 2017 and December 31, 2016 |
1 |
|
Consolidated Statements of Income (Unaudited) – Six and Three Months Ended June 30, 2017 and 2016 |
2 |
|
3 | |
|
4 | |
|
Consolidated Statements of Cash Flows (Unaudited) – Six Months Ended June 30, 2017 and 2016 |
5 |
|
6 | |
ITEM 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
21 |
ITEM 3. |
30 | |
ITEM 4. |
32 | |
PART II. |
32 | |
ITEM 1. |
32 | |
ITEM 1A. |
32 | |
ITEM 2. |
32 | |
ITEM 3. |
32 | |
ITEM 4. |
32 | |
ITEM 5. |
32 | |
ITEM 6. |
32 | |
|
34 |
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
||||||
|
June 30, |
December 31, |
||||
(dollars in thousands) |
2017 |
2016 |
||||
|
||||||
Assets: |
||||||
Cash and cash equivalents |
$ |
56,710 |
$ |
36,929 | ||
|
||||||
Investment securities: |
||||||
Held-to-maturity, at amortized cost (fair value of $9,372 and $11,637) |
9,201 | 11,387 | ||||
Available-for-sale, at fair value |
739,573 | 815,299 | ||||
|
748,774 | 826,686 | ||||
Loans: |
||||||
Commercial and industrial |
123,791 | 126,038 | ||||
Secured by real estate: |
||||||
Commercial mortgages |
1,128,454 | 1,085,198 | ||||
Residential mortgages |
1,427,555 | 1,238,431 | ||||
Home equity lines |
88,392 | 86,461 | ||||
Consumer and other |
5,864 | 9,293 | ||||
|
2,774,056 | 2,545,421 | ||||
Allowance for loan losses |
(32,136) | (30,057) | ||||
|
2,741,920 | 2,515,364 | ||||
|
||||||
Restricted stock, at cost |
30,530 | 31,763 | ||||
Bank premises and equipment, net |
35,654 | 34,361 | ||||
Bank-owned life insurance |
58,842 | 33,097 | ||||
Pension plan assets, net |
17,384 | 17,316 | ||||
Other assets |
15,480 | 14,804 | ||||
|
$ |
3,705,294 |
$ |
3,510,320 | ||
Liabilities: |
||||||
Deposits: |
||||||
Checking |
$ |
850,316 |
$ |
808,311 | ||
Savings, NOW and money market |
1,647,281 | 1,519,749 | ||||
Time, $100,000 and over |
203,825 | 178,918 | ||||
Time, other |
114,186 | 101,739 | ||||
|
2,815,608 | 2,608,717 | ||||
|
||||||
Short-term borrowings |
136,017 | 207,012 | ||||
Long-term debt |
412,362 | 379,212 | ||||
Accrued expenses and other liabilities |
9,061 | 9,481 | ||||
Deferred income taxes payable |
1,971 | 68 | ||||
|
3,375,019 | 3,204,490 | ||||
Stockholders' Equity: |
||||||
Common stock, par value $.10 per share: |
||||||
Authorized, 40,000,000 shares; |
||||||
Issued and outstanding, 24,129,266 and 23,699,107 shares |
2,413 | 2,370 | ||||
Surplus |
111,569 | 101,738 | ||||
Retained earnings |
214,787 | 203,326 | ||||
|
328,769 | 307,434 | ||||
Accumulated other comprehensive income (loss), net of tax |
1,506 | (1,604) | ||||
|
330,275 | 305,830 | ||||
|
$ |
3,705,294 |
$ |
3,510,320 |
See notes to unaudited consolidated financial statements
1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
|
||||||||||||
|
Six Months Ended |
Three Months Ended |
||||||||||
|
June 30, |
June 30, |
||||||||||
(dollars in thousands, except per share data) |
2017 |
2016 |
2017 |
2016 |
||||||||
|
||||||||||||
Interest and dividend income: |
||||||||||||
Loans |
$ |
46,637 |
$ |
40,055 |
$ |
23,718 |
$ |
20,241 | ||||
Investment securities: |
||||||||||||
Taxable |
4,077 | 3,910 | 1,875 | 2,020 | ||||||||
Nontaxable |
6,754 | 6,823 | 3,377 | 3,420 | ||||||||
|
57,468 | 50,788 | 28,970 | 25,681 | ||||||||
Interest expense: |
||||||||||||
Savings, NOW and money market deposits |
3,065 | 2,343 | 1,574 | 1,410 | ||||||||
Time deposits |
2,549 | 2,674 | 1,361 | 1,299 | ||||||||
Short-term borrowings |
729 | 131 | 340 | 7 | ||||||||
Long-term debt |
3,672 | 3,666 | 1,902 | 1,692 | ||||||||
|
10,015 | 8,814 | 5,177 | 4,408 | ||||||||
Net interest income |
47,453 | 41,974 | 23,793 | 21,273 | ||||||||
Provision for loan losses |
2,081 | 392 | 1,293 | 139 | ||||||||
Net interest income after provision for loan losses |
45,372 | 41,582 | 22,500 | 21,134 | ||||||||
|
||||||||||||
Noninterest income: |
||||||||||||
Investment Management Division income |
1,050 | 990 | 528 | 514 | ||||||||
Service charges on deposit accounts |
1,394 | 1,290 | 691 | 656 | ||||||||
Net gains on sales of securities |
58 | 1,844 | 1 | 1,844 | ||||||||
Other |
1,967 | 1,361 | 1,129 | 717 | ||||||||
|
4,469 | 5,485 | 2,349 | 3,731 | ||||||||
Noninterest expense: |
||||||||||||
Salaries |
11,862 | 11,049 | 5,938 | 5,471 | ||||||||
Employee benefits |
3,591 | 3,449 | 1,782 | 1,780 | ||||||||
Occupancy and equipment |
5,021 | 4,579 | 2,500 | 2,202 | ||||||||
Debt extinguishment |
— |
1,756 |
— |
1,756 | ||||||||
Other |
5,675 | 6,470 | 2,915 | 3,663 | ||||||||
|
26,149 | 27,303 | 13,135 | 14,872 | ||||||||
Income before income taxes |
23,692 | 19,764 | 11,714 | 9,993 | ||||||||
Income tax expense |
5,478 | 4,400 | 2,581 | 2,264 | ||||||||
Net income |
$ |
18,214 |
$ |
15,364 |
$ |
9,133 |
$ |
7,729 | ||||
|
||||||||||||
Earnings per share: |
||||||||||||
Basic |
$.76 |
$.70 |
$.38 |
$.34 |
||||||||
Diluted |
.75 |
.69 |
.37 |
.34 |
||||||||
|
||||||||||||
Cash dividends declared per share |
.28 |
.27 |
.14 |
.13 |
See notes to unaudited consolidated financial statements
2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
|
||||||||||||
|
Six Months Ended |
Three Months Ended |
||||||||||
|
June 30, |
June 30, |
||||||||||
(dollars in thousands) |
2017 |
2016 |
2017 |
2016 |
||||||||
Net income |
$ |
18,214 |
$ |
15,364 |
$ |
9,133 |
$ |
7,729 | ||||
|
||||||||||||
Other comprehensive income: |
||||||||||||
Change in net unrealized holding gains on |
5,351 | 10,653 | 4,280 | 5,511 | ||||||||
Change in funded status of pension plan |
9 | 122 | 4 | 61 | ||||||||
Other comprehensive income before income taxes |
5,360 | 10,775 | 4,284 | 5,572 | ||||||||
Income tax expense |
2,250 | 4,607 | 1,798 | 2,335 | ||||||||
Other comprehensive income |
3,110 | 6,168 | 2,486 | 3,237 | ||||||||
Comprehensive income |
$ |
21,324 |
$ |
21,532 |
$ |
11,619 |
$ |
10,966 |
See notes to unaudited consolidated financial statements
3
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)
|
|||||||||||||||||
|
Six Months Ended June 30, 2017 |
||||||||||||||||
|
Accumulated |
||||||||||||||||
|
Other |
||||||||||||||||
|
Common Stock |
Retained |
Comprehensive |
||||||||||||||
(dollars in thousands) |
Shares |
Amount |
Surplus |
Earnings |
Income (Loss) |
Total |
|||||||||||
Balance, January 1, 2017 |
23,699,107 |
$ |
2,370 |
$ |
101,738 |
$ |
203,326 |
$ |
(1,604) |
$ |
305,830 | ||||||
Net income |
18,214 | 18,214 | |||||||||||||||
Other comprehensive income |
3,110 | 3,110 | |||||||||||||||
Shares withheld upon the vesting |
|||||||||||||||||
and conversion of RSUs |
(19,339) | (2) | (525) | (527) | |||||||||||||
Common stock issued under |
|||||||||||||||||
stock compensation plans |
126,878 | 13 | 618 | 631 | |||||||||||||
Common stock issued under |
|||||||||||||||||
dividend reinvestment and |
|||||||||||||||||
stock purchase plan |
322,620 | 32 | 8,407 | 8,439 | |||||||||||||
Stock-based compensation |
1,331 | 1,331 | |||||||||||||||
Cash dividends declared |
(6,753) | (6,753) | |||||||||||||||
Balance, June 30, 2017 |
24,129,266 |
$ |
2,413 |
$ |
111,569 |
$ |
214,787 |
$ |
1,506 |
$ |
330,275 |
|
|||||||||||||||||
|
Six Months Ended June 30, 2016 |
||||||||||||||||
|
Accumulated |
||||||||||||||||
|
Other |
||||||||||||||||
|
Common Stock |
Retained |
Comprehensive |
||||||||||||||
(dollars in thousands) |
Shares |
Amount |
Surplus |
Earnings |
Income |
Total |
|||||||||||
Balance, January 1, 2016 |
14,116,677 |
$ |
1,412 |
$ |
56,931 |
$ |
185,069 |
$ |
7,524 |
$ |
250,936 | ||||||
Net income |
15,364 | 15,364 | |||||||||||||||
Other comprehensive income |
6,168 | 6,168 | |||||||||||||||
Common stock issued in public |
|||||||||||||||||
offering, net of issuance costs |
1,300,000 | 130 | 35,132 | 35,262 | |||||||||||||
Shares withheld upon the vesting |
|||||||||||||||||
and conversion of RSUs |
(13,393) | (1) | (369) | (370) | |||||||||||||
Common stock issued under |
|||||||||||||||||
stock compensation plans |
82,762 | 8 | 462 | 470 | |||||||||||||
Common stock issued under |
|||||||||||||||||
dividend reinvestment and |
|||||||||||||||||
stock purchase plan |
104,648 | 10 | 2,889 | 2,899 | |||||||||||||
Stock-based compensation |
914 | 914 | |||||||||||||||
Cash dividends declared |
(5,991) | (5,991) | |||||||||||||||
Balance, June 30, 2016 |
15,590,694 |
$ |
1,559 |
$ |
95,959 |
$ |
194,442 |
$ |
13,692 |
$ |
305,652 |
See notes to unaudited consolidated financial statements
4
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
||||||
|
Six Months Ended |
|||||
|
June 30, |
|||||
(dollars in thousands) |
2017 |
2016 |
||||
Cash Flows From Operating Activities: |
||||||
Net income |
$ |
18,214 |
$ |
15,364 | ||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||
Provision for loan losses |
2,081 | 392 | ||||
Provision (credit) for deferred income taxes |
(348) | 594 | ||||
Depreciation and amortization |
1,713 | 1,590 | ||||
Premium amortization on investment securities, net |
1,608 | 1,880 | ||||
Net gains on sales of securities |
(58) | (1,844) | ||||
Net loss on sales of loans held-for-sale |
— |
5 | ||||
Loss on debt extinguishment |
— |
1,756 | ||||
Stock-based compensation expense |
1,331 | 914 | ||||
Common stock issued in lieu of cash for director fees |
27 |
— |
||||
Accretion of cash surrender value on bank-owned life insurance |
(745) | (467) | ||||
Pension expense (credit) |
(59) | 9 | ||||
Increase in other assets |
(676) | (2,098) | ||||
Decrease in accrued expenses and other liabilities |
(501) | (3,138) | ||||
Net cash provided by operating activities |
22,587 | 14,957 | ||||
Cash Flows From Investing Activities: |
||||||
Proceeds from sales of investment securities: |
||||||
Held-to-maturity |
355 | 123 | ||||
Available-for-sale |
40,011 | 40,989 | ||||
Proceeds from maturities and redemptions of investment securities: |
||||||
Held-to-maturity |
3,762 | 3,384 | ||||
Available-for-sale |
58,931 | 48,646 | ||||
Purchases of investment securities: |
||||||
Held-to-maturity |
(1,883) | (1,287) | ||||
Available-for-sale |
(19,462) | (203,374) | ||||
Proceeds from sales of loans held-for-sale |
— |
100 | ||||
Net increase in loans |
(228,637) | (105,400) | ||||
Net decrease in restricted stock |
1,233 | 5,361 | ||||
Purchases of premises and equipment, net |
(3,006) | (2,787) | ||||
Purchase of bank-owned life insurance |
(25,000) |
— |
||||
Net cash used in investing activities |
(173,696) | (214,245) | ||||
Cash Flows From Financing Activities: |
||||||
Net increase in deposits |
206,891 | 340,180 | ||||
Net decrease in short-term borrowings |
(70,995) | (153,836) | ||||
Proceeds from long-term debt |
42,050 | 23,500 | ||||
Repayment of long-term debt |
(8,900) | (31,756) | ||||
Proceeds from issuance of common stock, net |
8,439 | 38,161 | ||||
Proceeds from exercise of stock options |
604 | 470 | ||||
Repurchase and retirement of common stock |
(527) | (370) | ||||
Cash dividends paid |
(6,672) | (5,670) | ||||
Net cash provided by financing activities |
170,890 | 210,679 | ||||
Net increase in cash and cash equivalents |
19,781 | 11,391 | ||||
Cash and cash equivalents, beginning of year |
36,929 | 39,635 | ||||
Cash and cash equivalents, end of period |
$ |
56,710 |
$ |
51,026 | ||
Supplemental Cash Flow Disclosures: |
||||||
Cash paid for: |
||||||
Interest |
$ |
10,008 |
$ |
12,048 | ||
Income taxes |
5,933 | 4,857 | ||||
Noncash investing and financing activities: |
||||||
Cash dividends payable |
3,449 | 3,144 |
See notes to unaudited consolidated financial statements
5
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1 - BASIS OF PRESENTATION
The accounting and reporting policies of The First of Long Island Corporation (“Corporation”) reflect banking industry practice and conform to generally accepted accounting principles in the United States. In preparing the consolidated financial statements, management is required to make estimates, such as the allowance for loan losses, and assumptions that affect the reported asset and liability balances, revenue and expense amounts, and the disclosure of contingent assets and liabilities. Actual results could differ significantly from those estimates.
The consolidated financial statements include the accounts of the Corporation and its wholly-owned subsidiary, The First National Bank of Long Island (“Bank”). The Bank has two wholly owned subsidiaries: FNY Service Corp., an investment company, and The First of Long Island Agency, Inc. The Bank and FNY Service Corp. jointly own another subsidiary, The First of Long Island REIT, Inc., a real estate investment trust. The consolidated entity is referred to as the “Corporation” and the Bank and its subsidiaries are collectively referred to as the “Bank.” All intercompany balances and amounts have been eliminated. For further information refer to the consolidated financial statements and notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2016.
The consolidated financial information included herein as of and for the periods ended June 30, 2017 and 2016 is unaudited. However, such information reflects all adjustments which are, in the opinion of management, necessary for a fair statement of results for the interim periods. The December 31, 2016 consolidated balance sheet was derived from the Corporation's December 31, 2016 audited consolidated financial statements. When appropriate, items in the prior year financial statements are reclassified to conform to the current period presentation.
In the fourth quarter of 2016, the Corporation adopted Accounting Standards Update (“ASU”) 2016-09 “Improvements to Employee Share-Based Payment Accounting.” Earnings for the first three quarters of 2016 were adjusted retroactively to reflect the adoption of the ASU effective as of January 1, 2016. The ASU increased net income in the first half of 2017 and 2016 through credits to income tax expense by $597,000 and $314,000, respectively, and in the second quarter of 2017 and 2016 by $312,000 and $109,000, respectively.
2 - EARNINGS PER SHARE
The following table sets forth the calculation of basic and diluted earnings per share (“EPS”) for the periods indicated.
|
||||||||||||
|
Six Months Ended |
Three Months Ended |
||||||||||
|
June 30, |
June 30, |
||||||||||
(dollars in thousands, except per share data) |
2017 |
2016 |
2017 |
2016 |
||||||||
Net income |
$ |
18,214 |
$ |
15,364 |
$ |
9,133 |
$ |
7,729 | ||||
Income allocated to participating securities (1) |
68 | 65 | 34 | 33 | ||||||||
Income allocated to common stockholders |
$ |
18,146 |
$ |
15,299 |
$ |
9,099 |
$ |
7,696 | ||||
|
||||||||||||
Weighted average: |
||||||||||||
Common shares |
23,975,687 | 21,902,417 | 24,091,447 | 22,529,255 | ||||||||
Dilutive stock options and restricted stock units (1) |
257,063 | 266,330 | 249,901 | 257,975 | ||||||||
|
24,232,750 | 22,168,747 | 24,341,348 | 22,787,230 | ||||||||
Earnings per share: |
||||||||||||
Basic |
$.76 |
$.70 |
$.38 |
$.34 |
||||||||
Diluted |
.75 |
.69 |
.37 |
.34 |
(1) Restricted stock units (“RSUs”) awarded in 2016 accrue dividends at the same rate as the dividends declared by the Board of Directors on the Corporation’s common stock. For purposes of computing EPS, these RSUs are considered to participate with common stock in the earnings of the Corporation and, therefore, the Corporation is required to calculate basic and diluted EPS using the two-class method. Under the two-class method, net income for the period is allocated between common stockholders and participating securities according to dividends declared and participation rights in undistributed earnings.
6
3 - COMPREHENSIVE INCOME
Comprehensive income includes net income and other comprehensive income. Other comprehensive income includes revenues, expenses, gains and losses that under generally accepted accounting principles are included in comprehensive income but excluded from net income. Other comprehensive income for the Corporation consists of unrealized holding gains or losses on available-for-sale securities and changes in the funded status of the Bank’s defined benefit pension plan, both net of related income taxes. Accumulated other comprehensive income or loss is recognized as a separate component of stockholders’ equity.
The components of other comprehensive income and the related tax effects are as follows:
|
||||||||||||
|
Six Months Ended |
Three Months Ended |
||||||||||
|
June 30, |
June 30, |
||||||||||
|
2017 |
2016 |
2017 |
2016 |
||||||||
|
(in thousands) |
|||||||||||
Change in net unrealized holding gains on |
||||||||||||
Change arising during the period |
$ |
5,408 |
$ |
12,480 |
$ |
4,280 |
$ |
7,338 | ||||
Reclassification adjustment for gains included in net income (1) |
(57) | (1,827) |
— |
(1,827) | ||||||||
Change in net unrealized holding gains on |
5,351 | 10,653 | 4,280 | 5,511 | ||||||||
Tax effect |
2,246 | 4,608 | 1,796 | 2,310 | ||||||||
|
3,105 | 6,045 | 2,484 | 3,201 | ||||||||
Change in funded status of pension plan: |
||||||||||||
Amortization of net actuarial loss included in pension expense (2) |
9 | 122 | 4 | 61 | ||||||||
Tax effect |
4 | (1) | 2 | 25 | ||||||||
|
5 | 123 | 2 | 36 | ||||||||
Other comprehensive income |
$ |
3,110 |
$ |
6,168 |
$ |
2,486 |
$ |
3,237 |
(1) Reclassification adjustment represents net realized gains arising from the sale of available-for-sale securities. The net realized gains are included in the consolidated statements of income in the line item, “Net gains on sales of securities.” See “Note 4 – Investment Securities” for the income tax expense related to the net realized gains, which is included in the consolidated statements of income in the line item, “Income tax expense.”
(2) Represents the amortization into expense of net actuarial loss relating to the Corporation’s defined benefit pension plan. This item is included in net periodic pension cost (see Note 7) and in the consolidated statements of income in the line item, “Employee benefits.” The related income tax expense is included in the consolidated statements of income in the line item, “Income tax expense.”
The following table sets forth the components of accumulated other comprehensive income (loss), net of tax:
|
|||||||||
|
Current |
||||||||
|
Balance |
Period |
Balance |
||||||
|
12/31/16 |
Change |
6/30/17 |
||||||
|
(in thousands) |
||||||||
Unrealized holding gains on available-for-sale securities |
$ |
1,654 |
$ |
3,105 |
$ |
4,759 | |||
Unrealized actuarial losses on pension plan |
(3,258) | 5 | (3,253) | ||||||
Accumulated other comprehensive income (loss), net of tax |
$ |
(1,604) |
$ |
3,110 |
$ |
1,506 |
7
4 - INVESTMENT SECURITIES
The following tables set forth the amortized cost and estimated fair values of the Bank’s investment securities.
|
||||||||||||
|
June 30, 2017 |
|||||||||||
|
Gross |
Gross |
||||||||||
|
Amortized |
Unrealized |
Unrealized |
Fair |
||||||||
|
Cost |
Gains |
Losses |
Value |
||||||||
Held-to-Maturity Securities: |
(in thousands) |
|||||||||||
State and municipals |
$ |
8,362 |
$ |
117 |
$ |
— |
$ |
8,479 | ||||
Pass-through mortgage securities |
334 | 28 |
— |
362 | ||||||||
Collateralized mortgage obligations |
505 | 26 |
— |
531 | ||||||||
|
$ |
9,201 |
$ |
171 |
$ |
— |
$ |
9,372 | ||||
Available-for-Sale Securities: |
||||||||||||
State and municipals |
$ |
443,586 |
$ |
12,735 |
$ |
(1,477) |
$ |
454,844 | ||||
Pass-through mortgage securities |
158,948 | 116 | (2,347) | 156,717 | ||||||||
Collateralized mortgage obligations |
129,063 | 249 | (1,300) | 128,012 | ||||||||
|
$ |
731,597 |
$ |
13,100 |
$ |
(5,124) |
$ |
739,573 | ||||
|
||||||||||||
|
December 31, 2016 |
|||||||||||
Held-to-Maturity Securities: |
||||||||||||
State and municipals |
$ |
10,419 |
$ |
177 |
$ |
— |
$ |
10,596 | ||||
Pass-through mortgage securities |
361 | 33 |
— |
394 | ||||||||
Collateralized mortgage obligations |
607 | 40 |
— |
647 | ||||||||
|
$ |
11,387 |