Annual report pursuant to Section 13 and 15(d)

SECURITIES (Tables)

v3.6.0.2
SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2016
Gross Realized Gain and Losses on the Sale of Securities
The following table presents the gross realized gains and losses on the sale of securities available for sale and the proceeds from the sale of securities available for sale during the years ended December 31, 2016, 2015, and 2014 (dollars in thousands). The Company did not sell any investment securities that are held to maturity.
 
 
2016
 
2015
 
2014
Realized gains (losses):
 

 
 

 
 

Gross realized gains
$
302

 
$
1,597

 
$
1,757

Gross realized losses
(97
)
 
(111
)
 
(62
)
Net realized gains
$
205

 
$
1,486

 
$
1,695

Proceeds from sales of securities
$
69,516

 
$
101,154

 
$
289,389

Available-for-sale Securities  
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities
The amortized cost, gross unrealized gains and losses, and estimated fair values of securities available for sale as of December 31, 2016 and 2015 are summarized as follows (dollars in thousands): 
 
Amortized
 
Gross Unrealized
 
Estimated
 
Cost
 
Gains
 
(Losses)
 
Fair Value
December 31, 2016
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
274,007

 
$
4,962

 
$
(3,079
)
 
$
275,890

Corporate bonds
123,674

 
892

 
(2,786
)
 
121,780

Mortgage-backed securities
536,031

 
4,626

 
(5,371
)
 
535,286

Other securities
13,885

 
—

 
(77
)
 
13,808

Total available for sale securities
$
947,597

 
$
10,480

 
$
(11,313
)
 
$
946,764

 
 
 
 
 
 
 
 
December 31, 2015
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
257,740

 
$
10,479

 
$
(140
)
 
$
268,079

Corporate bonds
77,628

 
55

 
(1,704
)
 
75,979

Mortgage-backed securities
544,823

 
6,127

 
(2,779
)
 
548,171

Other securities
11,085

 
—

 
(22
)
 
11,063

Total available for sale securities
$
891,276

 
$
16,661

 
$
(4,645
)
 
$
903,292

Schedule of Gross Unrealized Losses and Fair Value of Investments
The following table shows the gross unrealized losses and fair value (in thousands) of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. 
 
Less than 12 months
 
More than 12 months
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
December 31, 2016
 

 
 

 
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
108,440

 
$
(3,007
)
 
$
588

 
$
(72
)
 
$
109,028

 
$
(3,079
)
Mortgage-backed securities
316,469

 
(4,979
)
 
42,096

 
(392
)
 
358,565

 
(5,371
)
Corporate bonds and other securities
47,388

 
(1,537
)
 
40,468

 
(1,326
)
 
87,856

 
(2,863
)
Total available for sale
$
472,297

 
$
(9,523
)
 
$
83,152

 
$
(1,790
)
 
$
555,449

 
$
(11,313
)
December 31, 2015
 

 
 

 
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
8,114

 
$
(70
)
 
$
4,950

 
$
(70
)
 
$
13,064

 
$
(140
)
Mortgage-backed securities
287,113

 
(2,442
)
 
21,660

 
(337
)
 
308,773

 
(2,779
)
Corporate bonds and other securities
36,157

 
(751
)
 
19,558

 
(975
)
 
55,715

 
(1,726
)
Total available for sale
$
331,384

 
$
(3,263
)
 
$
46,168

 
$
(1,382
)
 
$
377,552

 
$
(4,645
)
Schedule of Amortized Cost and Estimated Fair Value of Securities
The following table presents the amortized cost and estimated fair value of securities as of December 31, 2016 and 2015, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
December 31, 2016
 
December 31, 2015
 
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
Due in one year or less
$
21,403

 
$
21,517

 
$
8,380

 
$
8,370

Due after one year through five years
108,198

 
109,778

 
65,326

 
66,996

Due after five years through ten years
300,552

 
301,888

 
296,864

 
301,920

Due after ten years
517,444

 
513,581

 
520,706

 
526,006

Total securities available for sale
$
947,597

 
$
946,764

 
$
891,276

 
$
903,292

Schedule of Securities Pledged to Secure Public Deposits, Repurchase Agreements, and for Other Purposes
The following table presents available for sale securities which were pledged to secure public deposits, repurchase agreements, and for other purposes as permitted or required by law as of December 31, 2016 and 2015 (dollars in thousands): 
 
December 31, 2016
 
December 31, 2015
 
Estimated
Fair Value
 
Estimated
Fair Value
Public deposits
$
210,546

 
$
184,635

Repurchase agreements
108,208

 
126,120

Other purposes (1)
23,350

 
26,546

Total pledged securities
$
342,104

 
$
337,301

 
(1) The "Other purposes" category consists of borrowings, derivatives, and accounts held at the Bank.
Held-to-maturity Securities  
Schedule of Amortized Cost and Estimated Fair Value of Securities
The following table presents the amortized cost and estimated fair value of held to maturity securities as of December 31, 2016 and 2015, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. 
 
December 31, 2016
 
December 31, 2015
 
Carrying
Value (1)
 
Estimated
Fair Value
 
Carrying
Value (1)
 
Estimated
Fair Value
Due in one year or less
$
4,403

 
$
4,440

 
$
1,488

 
$
1,491

Due after one year through five years
28,383

 
28,763

 
4,294

 
4,348

Due after five years through ten years
51,730

 
51,522

 
44,736

 
45,501

Due after ten years
117,010

 
117,590

 
154,856

 
158,097

Total securities held to maturity
$
201,526

 
$
202,315

 
$
205,374

 
$
209,437

 (1) The carrying value includes $5.2 million and $6.8 million of net unrealized gains present at the time of transfer from available for sale securities, net of any accretion, as of December 31, 2016 and 2015, respectively.
Schedule of Securities Pledged to Secure Public Deposits, Repurchase Agreements, and for Other Purposes
The following table presents the estimated fair value of held to maturity securities which were pledged to secure public deposits as permitted or required by law as of December 31, 2016 and 2015 (dollars in thousands):
 
 
December 31, 2016
 
December 31, 2015
 
Estimated
 
Estimated
 
Fair Value
 
Fair Value
Public deposits
$
197,889

 
$
207,140

Total pledged securities
$
197,889

 
$
207,140

Schedule of Carrying Values, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities
The carrying value, gross unrealized gains and losses, and estimated fair values of securities held to maturity as of December 31, 2016 and 2015 are summarized as follows (dollars in thousands): 
 
Carrying
 
Gross Unrealized
 
Estimated
 
Value (1)
 
Gains
 
(Losses)
 
Fair Value
December 31, 2016
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
201,526

 
$
1,617

 
$
(828
)
 
$
202,315

 
 
 
 
 
 
 
 
December 31, 2015
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
205,374

 
$
5,748

 
$
(1,685
)
 
$
209,437


(1) The carrying value includes $5.2 million and $6.8 million of net unrealized gains present at the time of transfer from available for sale securities, net of any accretion, as of December 31, 2016 and 2015, respectively.
Gross Unrealized Losses and Fair Value of Securities
The following table shows the gross unrealized losses and fair value (in thousands) of the Company’s held to maturity securities with unrealized losses that are not deemed to be other-than-temporarily impaired. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. 
 
Less than 12 months
 
More than 12 months
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
December 31, 2016
 

 
 

 
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
92,841

 
$
(747
)
 
$
648

 
$
(81
)
 
$
93,489

 
$
(828
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 

 
 

 
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
7,056

 
$
(1,685
)
 
$
—

 
$
—

 
$
7,056

 
$
(1,685
)