XML 46 R35.htm IDEA: XBRL DOCUMENT v3.19.2
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale Securities
The amortized cost and fair value of investment securities available for sale as of June 30, 2019 and December 31, 2018 are as follows:
 
As of June 30, 2019
(dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
 
Fair Value
U.S. Treasury securities
$
100

 
$
1

 
$
—

 
$
101

Obligations of the U.S. government and agencies
192,524

 
374

 
(99
)
 
192,799

Obligations of state and political subdivisions
6,862

 
10

 
(2
)
 
6,870

Mortgage-backed securities
345,611

 
3,597

 
(233
)
 
348,975

Collateralized mortgage obligations
38,635

 
293

 
(204
)
 
38,724

Other investment securities
650

 
—

 
—

 
650

Total
$
584,382

 
$
4,275

 
$
(538
)
 
$
588,119

 
As of December 31, 2018
(dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
 
Fair Value
U.S. Treasury securities
$
200,026

 
$
—

 
$
(13
)
 
$
200,013

Obligations of the U.S. government and agencies
198,604

 
107

 
(2,856
)
 
195,855

Obligations of state and political subdivisions
11,372

 
3

 
(43
)
 
11,332

Mortgage-backed securities
294,076

 
554

 
(4,740
)
 
289,890

Collateralized mortgage obligations
40,150

 
141

 
(1,039
)
 
39,252

Other investment securities
1,100

 
—

 
—

 
1,100

Total
$
745,328

 
$
805

 
$
(8,691
)
 
$
737,442
Summary of Available-for-sale Debt Securities, Unrealized Loss Position, Fair Value
The following tables present the aggregate amount of gross unrealized losses as of June 30, 2019 and December 31, 2018 on available for sale investment securities classified according to the amount of time those securities have been in a continuous unrealized loss position:
 
As of June 30, 2019
 
Less than 12
Months
 
12 Months
or Longer
 
Total
(dollars in thousands)
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
Obligations of the U.S. government and agencies
$
12,987

 
$
(12
)
 
$
30,301

 
$
(87
)
 
$
43,288

 
$
(99
)
Obligations of state and political subdivisions
—

 
—

 
959

 
(2
)
 
959

 
(2
)
Mortgage-backed securities
8,528

 
(49
)
 
49,072

 
(184
)
 
57,600

 
(233
)
Collateralized mortgage obligations
—

 
—

 
21,032

 
(204
)
 
21,032

 
(204
)
Total
$
21,515

 
$
(61
)
 
$
101,364

 
$
(477
)
 
$
122,879

 
$
(538
)
 
As of December 31, 2018
 
Less than 12
Months
 
12 Months
or Longer
 
Total
(dollars in thousands)
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
U.S. Treasury securities
$
199,912

 
$
(13
)
 
$
—

 
$
—

 
$
199,912

 
$
(13
)
Obligations of the U.S. government and agencies
12,916

 
(62
)
 
140,506

 
(2,794
)
 
153,422

 
(2,856
)
Obligations of state and political subdivisions
—

 
—

 
3,989

 
(43
)
 
3,989

 
(43
)
Mortgage-backed securities
43,276

 
(352
)
 
195,697

 
(4,388
)
 
238,973

 
(4,740
)
Collateralized mortgage obligations
540

 
(1
)
 
27,077

 
(1,038
)
 
27,617

 
(1,039
)
Total
$
256,644

 
$
(428
)
 
$
367,269

 
$
(8,263
)
 
$
623,913

 
$
(8,691
)
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of available for sale investment and mortgage-related securities available for sale as of June 30, 2019 and December 31, 2018, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
June 30, 2019
 
December 31, 2018
(dollars in thousands)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Investment securities:
 
 
 
 
 
 
 
Due in one year or less
$
7,315

 
$
7,313

 
$
209,129

 
$
209,099

Due after one year through five years
156,115

 
156,142

 
180,657

 
177,972

Due after five years through ten years
24,596

 
24,692

 
7,258

 
7,268

Due after ten years
12,110

 
12,273

 
14,058

 
13,961

Subtotal
200,136

 
200,420

 
411,102

 
408,300

Mortgage-related securities(1)
384,246

 
387,699

 
334,226

 
329,142

Total
$
584,382

 
$
588,119

 
$
745,328

 
$
737,442

 
(1) Expected maturities of mortgage-related securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
The amortized cost and fair value of held to maturity investment securities as of June 30, 2019 and December 31, 2018, by contractual maturity, are shown below:
 
June 30, 2019
 
December 31, 2018
(dollars in thousands)
Amortized
Cost
 
Fair Value
 
Amortized
Cost
 
Fair Value
Mortgage-backed securities(1)
$
10,209

 
$
10,205

 
$
8,684

 
$
8,438

 
(1) Expected maturities of mortgage-related securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Summary of Held-to-maturity Debt Securities
The amortized cost and fair value of investment securities held to maturity as of June 30, 2019 and December 31, 2018 are as follows:
 
As of June 30, 2019
(dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
 
Fair Value
Mortgage-backed securities
$
10,209

 
$
38

 
$
(42
)
 
$
10,205

 
As of December 31, 2018
(dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
 
Fair Value
Mortgage-backed securities
$
8,684

 
$
—

 
$
(246
)
 
$
8,438
Summary of Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value
The following tables present the aggregate amount of gross unrealized losses as of June 30, 2019 and December 31, 2018 on held to maturity securities classified according to the amount of time those securities have been in a continuous unrealized loss position:
 
As of June 30, 2019
 
Less than 12
Months
 
12 Months
or Longer
 
Total
(dollars in thousands)
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Mortgage-backed securities
$
—

 
$
—

 
$
5,025

 
$
(42
)
 
$
5,025

 
$
(42
)
 
As of December 31, 2018
 
Less than 12
Months
 
12 Months
or Longer
 
Total
(dollars in thousands)
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Mortgage-backed securities
$
1,315

 
$
(4
)
 
$
7,123

 
$
(242
)
 
$
8,438

 
$
(246
)