Quarterly report pursuant to Section 13 or 15(d)

SECURITIES (Tables)

v3.8.0.1
SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2018
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 months ended March 31, 2018 and 2017 (dollars in thousands).
 
 
Three Months Ended
March 31, 2018
 
Three Months Ended
March 31, 2017
Realized gains (losses):
 

 
 

Gross realized gains
$
697

 
$
481

Gross realized losses
(484
)
 
—

Net realized gains
$
213

 
$
481

 
 
 
 
Proceeds from sales of securities
$
115,850

 
$
21,306

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 March 31, 2018 and December 31, 2017 are summarized as follows (dollars in thousands):
 
 
Amortized
 
Gross Unrealized
 
Estimated
 
Cost
 
Gains
 
(Losses)
 
Fair Value
March 31, 2018
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
365,816

 
$
3,002

 
$
(4,179
)
 
$
364,639

Corporate bonds
122,903

 
1,175

 
(938
)
 
123,140

Mortgage-backed securities
767,366

 
1,807

 
(14,761
)
 
754,412

Other securities
11,120

 
—

 
(132
)
 
10,988

Total available for sale securities
$
1,267,205

 
$
5,984

 
$
(20,010
)
 
$
1,253,179

 
 
 
 
 
 
 
 
December 31, 2017
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
295,546

 
$
6,842

 
$
(564
)
 
$
301,824

Corporate bonds
113,625

 
1,131

 
(876
)
 
113,880

Mortgage-backed securities
552,431

 
2,596

 
(6,169
)
 
548,858

Other securities
9,737

 
—

 
(77
)
 
9,660

Total available for sale securities
$
971,339

 
$
10,569

 
$
(7,686
)
 
$
974,222

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 March 31, 2018 and December 31, 2017. 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
March 31, 2018
 

 
 

 
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
150,366

 
$
(3,288
)
 
$
16,413

 
$
(891
)
 
$
166,779

 
$
(4,179
)
Mortgage-backed securities
531,141

 
(10,089
)
 
139,217

 
(4,672
)
 
670,358

 
(14,761
)
Corporate bonds and other securities
21,775

 
(156
)
 
37,591

 
(914
)
 
59,366

 
(1,070
)
Total available for sale securities
$
703,282

 
$
(13,533
)
 
$
193,221

 
$
(6,477
)
 
$
896,503

 
$
(20,010
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017
 

 
 

 
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
25,790

 
$
(132
)
 
$
16,934

 
$
(432
)
 
$
42,724

 
$
(564
)
Mortgage-backed securities
298,439

 
(3,267
)
 
136,298

 
(2,902
)
 
434,737

 
(6,169
)
Corporate bonds and other securities
10,976

 
(99
)
 
44,408

 
(854
)
 
55,384

 
(953
)
Total available for sale securities
$
335,205

 
$
(3,498
)
 
$
197,640

 
$
(4,188
)
 
$
532,845

 
$
(7,686
)
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 March 31, 2018 and December 31, 2017, 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.
 
 
March 31, 2018
 
December 31, 2017
 
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
Due in one year or less
$
30,048

 
$
30,097

 
$
25,179

 
$
25,326

Due after one year through five years
201,580

 
199,198

 
145,276

 
145,980

Due after five years through ten years
228,924

 
228,561

 
223,210

 
226,251

Due after ten years
806,653

 
795,323

 
577,674

 
576,665

Total securities available for sale
$
1,267,205

 
$
1,253,179

 
$
971,339

 
$
974,222

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 March 31, 2018 and December 31, 2017, 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.
 
 
March 31, 2018
 
December 31, 2017
 
Carrying
Value (1)
 
Estimated
Fair Value
 
Carrying
Value (1)
 
Estimated
Fair Value
Due in one year or less
$
6,764

 
$
6,780

 
$
3,221

 
$
3,230

Due after one year through five years
48,016

 
48,265

 
44,289

 
44,601

Due after five years through ten years
78,816

 
79,099

 
79,114

 
80,532

Due after ten years
65,137

 
65,760

 
73,015

 
75,120

Total securities held to maturity
$
198,733

 
$
199,904

 
$
199,639

 
$
203,483

 
(1) The carrying value includes $3.2 million as of March 31, 2018 and $3.6 million as of December 31, 2017 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 March 31, 2018 and December 31, 2017 are summarized as follows (dollars in thousands):
 
 
Carrying
 
Gross Unrealized
 
Estimated
 
Value (1)
 
Gains
 
(Losses)
 
Fair Value
March 31, 2018
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
198,733

 
$
1,540

 
$
(369
)
 
$
199,904

 
 
 
 
 
 
 
 
December 31, 2017
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
199,639

 
$
4,014

 
$
(170
)
 
$
203,483

 
(1) The carrying value includes $3.2 million as of March 31, 2018 and $3.6 million as of December 31, 2017 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 March 31, 2018 and December 31, 2017. 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
March 31, 2018
 

 
 

 
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
57,691

 
$
(302
)
 
$
2,629

 
$
(67
)
 
$
60,320

 
$
(369
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
18,896

 
$
(139
)
 
$
1,084

 
$
(31
)
 
$
19,980

 
$
(170
)