SECURITIES (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| 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 years ended December 31, 2018, 2017, and 2016 (dollars in thousands).
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2018 |
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2017 |
|
2016 |
Realized gains (losses): |
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|
|
|
|
Gross realized gains |
$ |
4,221 |
|
|
$ |
1,170 |
|
|
$ |
302 |
|
Gross realized losses |
(3,838 |
) |
|
(370 |
) |
|
(97 |
) |
Net realized gains |
$ |
383 |
|
|
$ |
800 |
|
|
$ |
205 |
|
Proceeds from sales of securities |
$ |
515,764 |
|
|
$ |
139,046 |
|
|
$ |
69,516 |
|
|
| Available-for-sale Securities |
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| 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, 2018 and 2017 are summarized as follows (dollars in thousands):
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Amortized |
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Gross Unrealized |
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Estimated |
|
Cost |
|
Gains |
|
(Losses) |
|
Fair Value |
December 31, 2018 |
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|
|
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|
|
|
Obligations of states and political subdivisions |
$ |
466,588 |
|
|
$ |
3,844 |
|
|
$ |
(1,941 |
) |
|
$ |
468,491 |
|
Corporate bonds |
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 available for sale securities |
$ |
1,780,952 |
|
|
$ |
9,414 |
|
|
$ |
(15,545 |
) |
|
$ |
1,774,821 |
|
|
|
|
|
|
|
|
|
December 31, 2017 |
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|
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|
|
|
|
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 December 31, 2018 and 2017. 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
Value
|
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Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
December 31, 2018 |
|
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|
|
|
Obligations of states and political subdivisions |
$ |
133,513 |
|
|
$ |
(1,566 |
) |
|
$ |
10,145 |
|
|
$ |
(375 |
) |
|
$ |
143,658 |
|
|
$ |
(1,941 |
) |
Mortgage-backed securities |
306,038 |
|
|
(3,480 |
) |
|
341,400 |
|
|
(9,141 |
) |
|
647,438 |
|
|
(12,621 |
) |
Corporate bonds and other securities |
35,478 |
|
|
(315 |
) |
|
33,888 |
|
|
(668 |
) |
|
69,366 |
|
|
(983 |
) |
Total available for sale |
$ |
475,029 |
|
|
$ |
(5,361 |
) |
|
$ |
385,433 |
|
|
$ |
(10,184 |
) |
|
$ |
860,462 |
|
|
$ |
(15,545 |
) |
December 31, 2017 |
|
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|
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 |
$ |
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 AFS securities as of December 31, 2018 and 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.
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|
December 31, 2018 |
|
December 31, 2017 |
|
Amortized
Cost
|
|
Estimated
Fair Value
|
|
Amortized
Cost
|
|
Estimated
Fair Value
|
Due in one year or less |
$ |
22,653 |
|
|
$ |
22,789 |
|
|
$ |
25,179 |
|
|
$ |
25,326 |
|
Due after one year through five years |
191,003 |
|
|
188,999 |
|
|
145,276 |
|
|
145,980 |
|
Due after five years through ten years |
218,211 |
|
|
217,304 |
|
|
223,210 |
|
|
226,251 |
|
Due after ten years |
1,349,085 |
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|
1,345,729 |
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|
577,674 |
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|
576,665 |
|
Total securities available for sale |
$ |
1,780,952 |
|
|
$ |
1,774,821 |
|
|
$ |
971,339 |
|
|
$ |
974,222 |
|
|
| 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 HTM securities as of December 31, 2018 and 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.
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|
December 31, 2018 |
|
December 31, 2017 |
|
Carrying
Value (1)
|
|
Estimated
Fair Value
|
|
Carrying
Value (1)
|
|
Estimated
Fair Value
|
Due in one year or less |
$ |
— |
|
|
$ |
— |
|
|
$ |
3,221 |
|
|
$ |
3,230 |
|
Due after one year through five years |
3,893 |
|
|
3,900 |
|
|
44,289 |
|
|
44,601 |
|
Due after five years through ten years |
3,480 |
|
|
3,507 |
|
|
79,114 |
|
|
80,532 |
|
Due after ten years |
484,899 |
|
|
492,094 |
|
|
73,015 |
|
|
75,120 |
|
Total securities held to maturity |
$ |
492,272 |
|
|
$ |
499,501 |
|
|
$ |
199,639 |
|
|
$ |
203,483 |
|
(1) The carrying value includes $119,000 and $3.6 million of net unrealized gains present at the time of transfer from available for sale securities, net of any accretion, as of December 31, 2018 and 2017, respectively.
|
| 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, 2018 and 2017 are summarized as follows (dollars in thousands):
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Carrying |
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Gross Unrealized |
|
Estimated |
|
Value (1)
|
|
Gains |
|
(Losses) |
|
Fair Value |
December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions |
$ |
492,272 |
|
|
$ |
7,375 |
|
|
$ |
(146 |
) |
|
$ |
499,501 |
|
December 31, 2017 |
|
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|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions |
$ |
199,639 |
|
|
$ |
4,014 |
|
|
$ |
(170 |
) |
|
$ |
203,483 |
|
(1) The carrying value includes $119,000 and $3.6 million of net unrealized gains present at the time of transfer from available for sale securities, net of any accretion, as of December 31, 2018 and 2017, respectively.
|
| 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 December 31, 2018 and 2017. 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
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions |
$ |
43,206 |
|
|
$ |
(146 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
43,206 |
|
|
$ |
(146 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions |
$ |
18,896 |
|
|
$ |
(139 |
) |
|
$ |
1,084 |
|
|
$ |
(31 |
) |
|
$ |
19,980 |
|
|
$ |
(170 |
) |
|