Quarterly report pursuant to Section 13 or 15(d)

SECURITIES (Tables)

v3.7.0.1
SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2017
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, 2017 and 2016 (dollars in thousands).
 
 
Three Months Ended
March 31, 2017
 
Three Months Ended March 31, 2016
Realized gains (losses):
 

 
 

Gross realized gains
$
481

 
$
239

Gross realized losses
—

 
(96
)
Net realized gains
$
481

 
$
143

 
 
 
 
Proceeds from sales of securities
$
21,306

 
$
14,532


Available-for-sale Securities  
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities
Available for Sale
The amortized cost, gross unrealized gains and losses, and estimated fair values of securities available for sale as of March 31, 2017 and December 31, 2016 are summarized as follows (dollars in thousands):
 
 
Amortized
 
Gross Unrealized
 
Estimated
 
Cost
 
Gains
 
(Losses)
 
Fair Value
March 31, 2017
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
274,003

 
$
5,910

 
$
(2,064
)
 
$
277,849

Corporate bonds
112,432

 
775

 
(1,161
)
 
112,046

Mortgage-backed securities
548,457

 
4,690

 
(3,792
)
 
549,355

Other securities
13,885

 
—

 
(77
)
 
13,808

Total available for sale securities
$
948,777

 
$
11,375

 
$
(7,094
)
 
$
953,058

 
 
 
 
 
 
 
 
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

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 available for sale securities with unrealized losses that are not deemed to be other-than-temporarily impaired as of March 31, 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.
 
 
Less than 12 months
 
More than 12 months
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
March 31, 2017
 

 
 

 
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
63,155

 
$
(2,001
)
 
$
596

 
$
(63
)
 
$
63,751

 
$
(2,064
)
Mortgage-backed securities
277,308

 
(3,414
)
 
38,209

 
(378
)
 
315,517

 
(3,792
)
Corporate bonds and other securities
28,341

 
(581
)
 
40,237

 
(657
)
 
68,578

 
(1,238
)
Total available for sale securities
$
368,804

 
$
(5,996
)
 
$
79,042

 
$
(1,098
)
 
$
447,846

 
$
(7,094
)
 
 
 
 
 
 
 
 
 
 
 
 
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 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 March 31, 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.
 
 
March 31, 2017
 
December 31, 2016
 
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
Due in one year or less
$
24,906

 
$
24,989

 
$
21,403

 
$
21,517

Due after one year through five years
113,890

 
115,757

 
108,198

 
109,778

Due after five years through ten years
284,017

 
286,918

 
300,552

 
301,888

Due after ten years
525,964

 
525,394

 
517,444

 
513,581

Total securities available for sale
$
948,777

 
$
953,058

 
$
947,597

 
$
946,764

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 March 31, 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.
 
 
March 31, 2017
 
December 31, 2016
 
Carrying
Value (1)
 
Estimated
Fair Value
 
Carrying
Value (1)
 
Estimated
Fair Value
Due in one year or less
$
4,108

 
$
4,140

 
$
4,403

 
$
4,440

Due after one year through five years
30,050

 
30,503

 
28,383

 
28,763

Due after five years through ten years
62,127

 
62,485

 
51,730

 
51,522

Due after ten years
107,193

 
108,483

 
117,010

 
117,590

Total securities held to maturity
$
203,478

 
$
205,611

 
$
201,526

 
$
202,315

 
(1) The carrying value includes $4.8 million as of March 31, 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 March 31, 2017 and December 31, 2016 are summarized as follows (dollars in thousands):
 
 
Carrying
 
Gross Unrealized
 
Estimated
 
Value (1)
 
Gains
 
(Losses)
 
Fair Value
March 31, 2017
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
203,478

 
$
2,409

 
$
(276
)
 
$
205,611

 
 
 
 
 
 
 
 
December 31, 2016
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
201,526

 
$
1,617

 
$
(828
)
 
$
202,315

 
(1) The carrying value includes $4.8 million as of March 31, 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 (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, 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.
 
 
Less than 12 months
 
More than 12 months
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
March 31, 2017
 

 
 

 
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
34,558

 
$
(244
)
 
$
648

 
$
(32
)
 
$
35,206

 
$
(276
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
92,841

 
$
(747
)
 
$
648

 
$
(81
)
 
$
93,489

 
$
(828
)