SECURITIES (Tables)
|
9 Months Ended |
Sep. 30, 2017 |
|---|
| 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, 2017 and 2016 (dollars in thousands).
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Three Months Ended
September 30, 2017 |
|
Nine Months Ended September 30, 2017 |
Realized gains (losses): |
|
|
|
|
|
Gross realized gains |
$ |
296 |
|
|
$ |
958 |
|
Gross realized losses |
(112 |
) |
|
(176 |
) |
Net realized gains |
$ |
184 |
|
|
$ |
782 |
|
|
|
|
|
Proceeds from sales of securities |
$ |
39,284 |
|
|
$ |
91,911 |
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|
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|
|
|
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Three Months Ended
September 30, 2016 |
|
Nine Months Ended
September 30, 2016 |
Realized gains (losses): |
|
|
|
|
|
Gross realized gains |
$ |
— |
|
|
$ |
242 |
|
Gross realized losses |
— |
|
|
(97 |
) |
Net realized gains |
$ |
— |
|
|
$ |
145 |
|
|
|
|
|
Proceeds from sales of securities |
$ |
2,848 |
|
|
$ |
18,272 |
|
|
| 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 securities available for sale as of September 30, 2017 and December 31, 2016 are summarized as follows (dollars in thousands):
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Amortized |
|
Gross Unrealized |
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Estimated |
|
Cost |
|
Gains |
|
(Losses) |
|
Fair Value |
September 30, 2017 |
|
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|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions |
$ |
285,921 |
|
|
$ |
7,582 |
|
|
$ |
(1,304 |
) |
|
$ |
292,199 |
|
Corporate bonds |
114,997 |
|
|
1,241 |
|
|
(816 |
) |
|
115,422 |
|
Mortgage-backed securities |
546,038 |
|
|
4,119 |
|
|
(3,253 |
) |
|
546,904 |
|
Other securities |
13,890 |
|
|
— |
|
|
(54 |
) |
|
13,836 |
|
Total available for sale securities |
$ |
960,846 |
|
|
$ |
12,942 |
|
|
$ |
(5,427 |
) |
|
$ |
968,361 |
|
|
|
|
|
|
|
|
|
December 31, 2016 |
|
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|
|
|
|
|
|
|
|
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 |
|
|
| Schedule of Gross Unrealized Losses and Fair Value of Investments |
The following table shows the gross unrealized losses and fair value (dollars in thousands) of the Company’s available for sale securities with unrealized losses that are not deemed to be other-than-temporarily impaired as of September 30, 2017 and December 31, 2016. 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 |
|
More than 12 months |
|
Total |
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
September 30, 2017 |
|
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|
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|
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|
Obligations of states and political subdivisions |
$ |
55,319 |
|
|
$ |
(700 |
) |
|
$ |
9,338 |
|
|
$ |
(604 |
) |
|
$ |
64,657 |
|
|
$ |
(1,304 |
) |
Mortgage-backed securities |
283,466 |
|
|
(2,708 |
) |
|
42,481 |
|
|
(545 |
) |
|
325,947 |
|
|
(3,253 |
) |
Corporate bonds and other securities |
21,128 |
|
|
(353 |
) |
|
32,674 |
|
|
(517 |
) |
|
53,802 |
|
|
(870 |
) |
Total available for sale securities |
$ |
359,913 |
|
|
$ |
(3,761 |
) |
|
$ |
84,493 |
|
|
$ |
(1,666 |
) |
|
$ |
444,406 |
|
|
$ |
(5,427 |
) |
|
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|
|
|
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|
December 31, 2016 |
|
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|
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|
|
|
|
|
|
|
|
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 securities |
$ |
472,297 |
|
|
$ |
(9,523 |
) |
|
$ |
83,152 |
|
|
$ |
(1,790 |
) |
|
$ |
555,449 |
|
|
$ |
(11,313 |
) |
|
| Schedule of Amortized Cost and Estimated Fair Value of Securities |
The following table presents the amortized cost and estimated fair value of available for sale securities as of September 30, 2017 and December 31, 2016, 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, 2017 |
|
December 31, 2016 |
|
Amortized
Cost
|
|
Estimated
Fair Value
|
|
Amortized
Cost
|
|
Estimated
Fair Value
|
Due in one year or less |
$ |
23,387 |
|
|
$ |
23,510 |
|
|
$ |
21,403 |
|
|
$ |
21,517 |
|
Due after one year through five years |
128,261 |
|
|
130,107 |
|
|
108,198 |
|
|
109,778 |
|
Due after five years through ten years |
267,492 |
|
|
271,830 |
|
|
300,552 |
|
|
301,888 |
|
Due after ten years |
541,706 |
|
|
542,914 |
|
|
517,444 |
|
|
513,581 |
|
Total securities available for sale |
$ |
960,846 |
|
|
$ |
968,361 |
|
|
$ |
947,597 |
|
|
$ |
946,764 |
|
|
| 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 held to maturity securities as of September 30, 2017 and December 31, 2016, 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, 2017 |
|
December 31, 2016 |
|
Carrying
Value (1)
|
|
Estimated
Fair Value
|
|
Carrying
Value (1)
|
|
Estimated
Fair Value
|
Due in one year or less |
$ |
5,879 |
|
|
$ |
5,902 |
|
|
$ |
4,403 |
|
|
$ |
4,440 |
|
Due after one year through five years |
41,196 |
|
|
41,959 |
|
|
28,383 |
|
|
28,763 |
|
Due after five years through ten years |
65,893 |
|
|
67,444 |
|
|
51,730 |
|
|
51,522 |
|
Due after ten years |
91,833 |
|
|
94,530 |
|
|
117,010 |
|
|
117,590 |
|
Total securities held to maturity |
$ |
204,801 |
|
|
$ |
209,835 |
|
|
$ |
201,526 |
|
|
$ |
202,315 |
|
(1) The carrying value includes $4.0 million as of September 30, 2017 and $5.2 million as of December 31, 2016 of net unrealized gains present at the time of transfer from available for sale securities, net of any accretion.
|
| 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 September 30, 2017 and December 31, 2016 are summarized as follows (dollars in thousands):
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|
Carrying |
|
Gross Unrealized |
|
Estimated |
|
Value (1)
|
|
Gains |
|
(Losses) |
|
Fair Value |
September 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions |
$ |
204,801 |
|
|
$ |
5,111 |
|
|
$ |
(77 |
) |
|
$ |
209,835 |
|
|
|
|
|
|
|
|
|
December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions |
$ |
201,526 |
|
|
$ |
1,617 |
|
|
$ |
(828 |
) |
|
$ |
202,315 |
|
(1) The carrying value includes $4.0 million as of September 30, 2017 and $5.2 million as of December 31, 2016 of net unrealized gains present at the time of transfer from available for sale securities, net of any accretion.
|
| 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 held to maturity securities with unrealized losses that are not deemed to be other-than-temporarily impaired as of September 30, 2017 and December 31, 2016. 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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|
|
|
|
|
|
|
|
|
|
Less than 12 months |
|
More than 12 months |
|
Total |
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
September 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions |
$ |
5,130 |
|
|
$ |
(53 |
) |
|
$ |
638 |
|
|
$ |
(24 |
) |
|
$ |
5,768 |
|
|
$ |
(77 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions |
$ |
92,841 |
|
|
$ |
(747 |
) |
|
$ |
648 |
|
|
$ |
(81 |
) |
|
$ |
93,489 |
|
|
$ |
(828 |
) |
|