SECURITIES (Tables)
|
9 Months Ended |
Sep. 30, 2019 |
|---|
| Schedule of Investments [Line Items] |
|
| Gross Realized Gain and Losses on the Sale of Securities |
The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the three and nine months ended September 30, 2019 and 2018 (dollars in thousands).
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Three Months Ended |
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Nine Months Ended |
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September 30, 2019 |
|
September 30, 2019 |
Realized gains (losses): |
|
|
|
|
|
|
Gross realized gains |
|
$ |
7,104 |
|
$ |
9,161 |
Gross realized losses |
|
|
— |
|
|
(1,855) |
Net realized gains |
|
$ |
7,104 |
|
$ |
7,306 |
|
|
|
|
|
|
|
Proceeds from sales of securities |
|
$ |
98,975 |
|
$ |
486,925 |
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Three Months Ended |
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Nine Months Ended |
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|
September 30, 2018 |
|
September 30, 2018 |
Realized gains (losses): |
|
|
|
|
|
|
Gross realized gains |
|
$ |
97 |
|
$ |
2,890 |
Gross realized losses |
|
|
— |
|
|
(2,668) |
Net realized gains |
|
$ |
97 |
|
$ |
222 |
|
|
|
|
|
|
|
Proceeds from sales of securities |
|
$ |
27,593 |
|
$ |
337,109 |
|
| Available-for-sale Securities |
|
| Schedule of Investments [Line Items] |
|
| 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 AFS securities as of September 30, 2019 and December 31, 2018 are summarized as follows (dollars in thousands):
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Amortized |
|
Gross Unrealized |
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Estimated |
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|
Cost |
|
Gains |
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(Losses) |
|
Fair Value |
September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
|
$ |
4,475 |
|
$ |
15 |
|
$ |
— |
|
$ |
4,490 |
Obligations of states and political subdivisions |
|
|
411,690 |
|
|
26,935 |
|
|
(12) |
|
|
438,613 |
Corporate and other bonds (1) |
|
|
224,854 |
|
|
5,044 |
|
|
(374) |
|
|
229,524 |
Mortgage-backed securities |
|
|
1,215,263 |
|
|
28,872 |
|
|
(970) |
|
|
1,243,165 |
Other securities |
|
|
3,067 |
|
|
— |
|
|
— |
|
|
3,067 |
Total AFS securities |
|
$ |
1,859,349 |
|
$ |
60,866 |
|
$ |
(1,356) |
|
$ |
1,918,859 |
|
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|
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|
|
|
|
|
|
|
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|
December 31, 2018 |
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Obligations of states and political subdivisions |
|
$ |
466,588 |
|
$ |
3,844 |
|
$ |
(1,941) |
|
$ |
468,491 |
Corporate and other bonds (1) |
|
|
167,561 |
|
|
1,118 |
|
|
(983) |
|
|
167,696 |
Mortgage-backed securities |
|
|
1,138,034 |
|
|
4,452 |
|
|
(12,621) |
|
|
1,129,865 |
Other securities |
|
|
8,769 |
|
|
— |
|
|
— |
|
|
8,769 |
Total AFS securities |
|
$ |
1,780,952 |
|
$ |
9,414 |
|
$ |
(15,545) |
|
$ |
1,774,821 |
| (1) |
Other bonds includes asset-backed securities. |
|
| Schedule of Gross Unrealized Losses and Fair Value of Investments |
The following table shows the gross unrealized losses and fair value of the Company’s AFS securities with unrealized losses that are not deemed to be other-than-temporarily impaired as of September 30, 2019 and December 31, 2018 (dollars in thousands). These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.
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Less than 12 months |
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More than 12 months |
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Total |
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Fair |
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Unrealized |
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Fair |
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Unrealized |
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Fair |
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Unrealized |
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Value |
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Losses |
|
Value |
|
Losses |
|
Value |
|
Losses |
September 30, 2019 |
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|
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|
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|
|
Obligations of states and political subdivisions |
|
$ |
2,296 |
|
$ |
(12) |
|
$ |
— |
|
$ |
— |
|
$ |
2,296 |
|
$ |
(12) |
Corporate bonds and other securities |
|
|
25,341 |
|
|
(149) |
|
|
25,306 |
|
|
(225) |
|
|
50,647 |
|
|
(374) |
Mortgage-backed securities |
|
|
89,649 |
|
|
(390) |
|
|
74,540 |
|
|
(580) |
|
|
164,189 |
|
|
(970) |
Total AFS securities |
|
$ |
117,286 |
|
$ |
(551) |
|
$ |
99,846 |
|
$ |
(805) |
|
$ |
217,132 |
|
$ |
(1,356) |
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December 31, 2018 |
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|
Obligations of states and political subdivisions |
|
$ |
133,513 |
|
$ |
(1,566) |
|
$ |
10,145 |
|
$ |
(375) |
|
$ |
143,658 |
|
$ |
(1,941) |
Corporate bonds and other securities |
|
|
35,478 |
|
|
(315) |
|
|
33,888 |
|
|
(668) |
|
|
69,366 |
|
|
(983) |
Mortgage-backed securities |
|
|
306,038 |
|
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(3,480) |
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|
341,400 |
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|
(9,141) |
|
|
647,438 |
|
|
(12,621) |
Total AFS securities |
|
$ |
475,029 |
|
$ |
(5,361) |
|
$ |
385,433 |
|
$ |
(10,184) |
|
$ |
860,462 |
|
$ |
(15,545) |
|
| Schedule of Amortized Cost and Estimated Fair Value of Securities |
The following table presents the amortized cost and estimated fair value of AFS securities as of September 30, 2019 and December 31, 2018, 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.
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September 30, 2019 |
December 31, 2018 |
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Amortized |
|
Estimated |
|
Amortized |
|
Estimated |
|
|
Cost |
|
Fair Value |
|
Cost |
|
Fair Value |
Due in one year or less |
|
$ |
22,682 |
|
$ |
22,805 |
|
$ |
22,653 |
|
$ |
22,789 |
Due after one year through five years |
|
|
161,289 |
|
|
163,908 |
|
|
191,003 |
|
|
188,999 |
Due after five years through ten years |
|
|
263,488 |
|
|
269,757 |
|
|
218,211 |
|
|
217,304 |
Due after ten years |
|
|
1,411,890 |
|
|
1,462,389 |
|
|
1,349,085 |
|
|
1,345,729 |
Total AFS securities |
|
$ |
1,859,349 |
|
$ |
1,918,859 |
|
$ |
1,780,952 |
|
$ |
1,774,821 |
|
| Held-to-maturity Securities |
|
| Schedule of Investments [Line Items] |
|
| Schedule of Amortized Cost and Estimated Fair Value of Securities |
The following table presents the amortized cost and estimated fair value of HTM securities as of September 30, 2019 and December 31, 2018, 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.
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|
September 30, 2019 |
|
December 31, 2018 |
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|
Carrying |
|
Estimated |
|
Carrying |
|
Estimated |
|
|
Value |
|
Fair Value |
|
Value |
|
Fair Value |
Due in one year or less |
|
$ |
504 |
|
$ |
507 |
|
$ |
— |
|
$ |
— |
Due after one year through five years |
|
|
8,934 |
|
|
9,165 |
|
|
3,893 |
|
|
3,900 |
Due after five years through ten years |
|
|
3,160 |
|
|
3,247 |
|
|
3,480 |
|
|
3,507 |
Due after ten years |
|
|
543,981 |
|
|
594,797 |
|
|
484,899 |
|
|
492,094 |
Total HTM securities |
|
$ |
556,579 |
|
$ |
607,716 |
|
$ |
492,272 |
|
$ |
499,501 |
|
| 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 HTM securities as of September 30, 2019 and December 31, 2018 are summarized as follows (dollars in thousands):
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Carrying |
|
Gross Unrealized |
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Estimated |
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|
Value |
|
Gains |
|
(Losses) |
|
Fair Value |
September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions |
|
$ |
546,515 |
|
$ |
51,002 |
|
$ |
— |
|
$ |
597,517 |
Mortgage-backed securities |
|
|
10,064 |
|
|
135 |
|
|
— |
|
|
10,199 |
Total held-to-maturity securities |
|
$ |
556,579 |
|
$ |
51,137 |
|
$ |
— |
|
$ |
607,716 |
December 31, 2018 |
|
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|
|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions |
|
$ |
492,272 |
|
$ |
7,375 |
|
$ |
(146) |
|
$ |
499,501 |
|
| Gross Unrealized Losses and Fair Value of Securities |
The following table shows the gross unrealized losses and fair value (dollars in thousands) of the Company’s HTM securities with unrealized losses that are not deemed to be other-than-temporarily impaired as of September 30, 2019 and December 31, 2018 (dollars in thousands). These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.
|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Less than 12 months |
|
More than 12 months |
|
Total |
|
|
Fair |
|
Unrealized |
|
Fair |
|
Unrealized |
|
Fair |
|
Unrealized |
|
|
Value |
|
Losses |
|
Value |
|
Losses |
|
Value |
|
Losses |
September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
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|
December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions |
|
$ |
43,206 |
|
$ |
(146) |
|
$ |
— |
|
$ |
— |
|
$ |
43,206 |
|
$ |
(146) |
|