Investment Securities (Tables)

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Schedule of Available For Sale, Held-to-Maturity, and Restricted Equity Securities

The following table summarizes the amortized cost and estimated fair value of investment securities at March 31, 2018:

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	302,935,000	$	191,000	$	(7,798,000	)	$	295,328,000
State and political subdivisions	5,765,000		3,000		(257,000		)	5,511,000
Other equity securities	2,930,000		—		—			2,930,000
	$	311,630,000	$	194,000	$	(8,055,000	)	$	303,769,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	11,155,000	$	—	$	(515,000	)	$	10,640,000
Mortgage-backed securities	21,990,000		469,000		(289,000		)	22,170,000
State and political subdivisions	221,245,000		1,497,000		(4,001,000		)	218,741,000
Corporate securities	4,300,000		—		—			4,300,000
	$	258,690,000	$	1,966,000	$	(4,805,000	)	$	255,851,000
Restricted equity securities
Federal Home Loan Bank Stock	$	10,910,000	$	—	$	—		$	10,910,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	11,947,000	$	—	$	—		$	11,947,000

The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2017:

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	293,689,000	$	722,000	$	(4,422,000	)	$	289,989,000
State and political subdivisions	6,860,000		16,000		(107,000		)	6,769,000
Other equity securities	3,296,000		121,000		(3,000		)	3,414,000
	$	303,845,000	$	859,000	$	(4,532,000	)	$	300,172,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	11,155,000	$	—	$	(180,000	)	$	10,975,000
Mortgage-backed securities	23,284,000		568,000		(128,000		)	23,724,000
State and political subdivisions	217,828,000		3,931,000		(1,103,000		)	220,656,000
Corporate securities	4,300,000		—		—			4,300,000
	$	256,567,000	$	4,499,000	$	(1,411,000	)	$	259,655,000
Restricted equity securities
Federal Home Loan Bank Stock	$	9,321,000	$	—	$	—		$	9,321,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	10,358,000	$	—	$	—		$	10,358,000

The following table summarizes the amortized cost and estimated fair value of investment securities at March 31, 2017:

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	295,424,000	$	1,407,000	$	(3,204,000	)	$	293,627,000
State and political subdivisions	15,407,000		474,000		(176,000		)	15,705,000
Other equity securities	3,229,000		67,000		(4,000		)	3,292,000
	$	314,060,000	$	1,948,000	$	(3,384,000	)	$	312,624,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	12,050,000	$	—	$	(317,000	)	$	11,733,000
Mortgage-backed securities	29,093,000		880,000		(135,000		)	29,838,000
State and political subdivisions	195,386,000		2,079,000		(3,958,000		)	193,507,000
Corporate securities	4,300,000		—		—			4,300,000
	$	240,829,000	$	2,959,000	$	(4,410,000	)	$	239,378,000
Restricted equity securities
Federal Home Loan Bank Stock	$	12,326,000	$	—	$	—		$	12,326,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	13,363,000	$	—	$	—		$	13,363,000

Contractual Maturities of Investment Securities

The following table summarizes the contractual maturities of investment securities at March 31, 2018:

	Securities available for sale				Securities to be held to maturity
	Amortized Cost		Fair Value (Estimated)		Amortized Cost		Fair Value (Estimated)
Due in 1 year or less	$	61,000	$	61,000	$	634,000	$	635,000
Due in 1 to 5 years	6,502,000		6,492,000		25,692,000		25,796,000
Due in 5 to 10 years	66,434,000		65,234,000		145,297,000		144,211,000
Due after 10 years	235,703,000		229,052,000		87,067,000		85,209,000
Equity securities	2,930,000		2,930,000		—		—
	$	311,630,000	$	303,769,000	$	258,690,000	$	255,851,000

The following table summarizes the contractual maturities of investment securities at December 31, 2017:

	Securities available for sale				Securities to be held to maturity
	Amortized Cost		Fair Value (Estimated)		Amortized Cost		Fair Value (Estimated)
Due in 1 year or less	$	111,000	$	112,000	$	635,000	$	637,000
Due in 1 to 5 years	841,000		842,000		18,059,000		18,164,000
Due in 5 to 10 years	29,003,000		29,177,000		37,182,000		37,719,000
Due after 10 years	270,594,000		266,627,000		200,691,000		203,135,000
Equity securities	3,296,000		3,414,000		—		—
	$	303,845,000	$	300,172,000	$	256,567,000	$	259,655,000

The following table summarizes the contractual maturities of investment securities at March 31, 2017:

	Securities available for sale				Securities to be held to maturity
	Amortized Cost		Fair Value (Estimated)		Amortized Cost		Fair Value (Estimated)
Due in 1 year or less	$	43,000	$	43,000	$	903,000	$	908,000
Due in 1 to 5 years	1,909,000		1,953,000		12,213,000		12,477,000
Due in 5 to 10 years	31,835,000		32,471,000		42,819,000		43,562,000
Due after 10 years	277,044,000		274,865,000		184,894,000		182,431,000
Equity securities	3,229,000		3,292,000		—		—
	$	314,060,000	$	312,624,000	$	240,829,000	$	239,378,000

Schedule of Securities Gains and Losses

The following table shows securities gains and losses for the three months ended March 31, 2018 and 2017:

	For the three months ended March 31,
	2018		2017
Proceeds from sales of securities	$	459,000	$	3,000
Gross realized gains	136,000		3,000
Gross realized losses	—		—
Net gain	$	136,000	$	3,000
Related income taxes	$	29,000	$	1,000

Schedule of Securities Temporarily Impaired

Information regarding securities temporarily impaired as of March 31, 2018 is summarized below:

	Less than 12 months					12 months or more					Total
	Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses
U.S. Government-sponsored agencies	$	6,946,000	$	(309,000	)	$	3,694,000	$	(206,000	)	$	10,640,000	$	(515,000	)
Mortgage-backed securities	183,335,000		(4,332,000		)	101,012,000		(3,755,000		)	284,347,000		(8,087,000		)
State and political subdivisions	64,594,000		(1,533,000		)	37,182,000		(2,725,000		)	101,776,000		(4,258,000		)
	$	254,875,000	$	(6,174,000	)	$	141,888,000	$	(6,686,000	)	$	396,763,000	$	(12,860,000	)

As of December 31, 2017, there were 241 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 157 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of December 31, 2017 is summarized below:

	Less than 12 months					12 months or more					Total
	Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses
U.S. Government-sponsored agencies	$	7,161,000	$	(94,000	)	$	3,814,000	$	(86,000	)	$	10,975,000	$	(180,000	)
Mortgage-backed securities	132,025,000		(1,857,000		)	101,707,000		(2,693,000		)	233,732,000		(4,550,000		)
State and political subdivisions	9,425,000		(149,000		)	38,864,000		(1,061,000		)	48,289,000		(1,210,000		)
Other equity securities	—		—			9,000		(3,000		)	9,000		(3,000		)
	$	148,611,000	$	(2,100,000	)	$	144,394,000	$	(3,843,000	)	$	293,005,000	$	(5,943,000	)

As of March 31, 2017, there were 311 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 13 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of March 31, 2017 is summarized below:

	Less than 12 months					12 months or more					Total
	Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses
U.S. Government-sponsored agencies	$	10,824,000	$	(317,000	)	$	—	$	—		$	10,824,000	$	(317,000	)
Mortgage-backed securities	198,068,000		(3,193,000		)	2,432,000		(146,000		)	200,500,000		(3,339,000		)
State and political subdivisions	78,516,000		(4,134,000		)	—		—			78,516,000		(4,134,000		)
Other equity securities	—		—			62,000		(4,000		)	62,000		(4,000		)
	$	287,408,000	$	(7,644,000	)	$	2,494,000	$	(150,000	)	$	289,902,000	$	(7,794,000	)