Quarterly report pursuant to Section 13 or 15(d)

SECURITIES (Tables)

v3.5.0.2
SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2016
Gross Realized Gain and Losses on the Sale of Securities
The following table presents the gross realized gains and losses on the sale of securities available for sale and the proceeds from the sale of securities during the three and nine months ended September 30, 2016 and 2015 (dollars in thousands). The Company did not sell any investment securities that are held to maturity.
 
 
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



 
Three Months Ended
September 30, 2015
 
Nine Months Ended
September 30, 2015
Realized gains (losses):
 

 
 

Gross realized gains
$
75

 
$
759

Gross realized losses
—

 
(87
)
Net realized gains
$
75

 
$
672

 
 
 
 
Proceeds from sales of securities
$
5,771

 
$
63,928

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 September 30, 2016 and December 31, 2015 are summarized as follows (dollars in thousands):
 
 
Amortized
 
Gross Unrealized
 
Estimated
 
Cost
 
Gains
 
(Losses)
 
Fair Value
September 30, 2016
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
266,291

 
$
13,147

 
$
(215
)
 
$
279,223

Corporate bonds
122,130

 
1,196

 
(1,579
)
 
121,747

Mortgage-backed securities
529,228

 
11,877

 
(509
)
 
540,596

Other securities
13,385

 
33

 
—

 
13,418

Total available for sale securities
$
931,034

 
$
26,253

 
$
(2,303
)
 
$
954,984

 
 
 
 
 
 
 
 
December 31, 2015
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
257,740

 
$
10,479

 
$
(140
)
 
$
268,079

Corporate bonds
77,628

 
55

 
(1,704
)
 
75,979

Mortgage-backed securities
544,823

 
6,127

 
(2,779
)
 
548,171

Other securities
11,085

 
—

 
(22
)
 
11,063

Total available for sale securities
$
891,276

 
$
16,661

 
$
(4,645
)
 
$
903,292

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 investments with unrealized losses that are not deemed to be other-than-temporarily impaired as of September 30, 2016 and December 31, 2015. 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
September 30, 2016
 

 
 

 
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
11,640

 
$
(209
)
 
$
655

 
$
(6
)
 
$
12,295

 
$
(215
)
Mortgage-backed securities
37,739

 
(156
)
 
43,430

 
(353
)
 
81,169

 
(509
)
Corporate bonds and other securities
5,059

 
(16
)
 
41,000

 
(1,563
)
 
46,059

 
(1,579
)
Total available for sale
$
54,438

 
$
(381
)
 
$
85,085

 
$
(1,922
)
 
$
139,523

 
$
(2,303
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 

 
 

 
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
8,114

 
$
(70
)
 
$
4,950

 
$
(70
)
 
$
13,064

 
$
(140
)
Mortgage-backed securities
287,113

 
(2,442
)
 
21,660

 
(337
)
 
308,773

 
(2,779
)
Corporate bonds and other securities
36,157

 
(751
)
 
19,558

 
(975
)
 
55,715

 
(1,726
)
Total available for sale
$
331,384

 
$
(3,263
)
 
$
46,168

 
$
(1,382
)
 
$
377,552

 
$
(4,645
)
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, 2016 and December 31, 2015, 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.
 
 
September 30, 2016
 
December 31, 2015
 
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
Due in one year or less
$
16,667

 
$
16,860

 
$
8,380

 
$
8,370

Due after one year through five years
109,700

 
113,093

 
65,326

 
66,996

Due after five years through ten years
314,903

 
324,270

 
296,864

 
301,920

Due after ten years
489,764

 
500,761

 
520,706

 
526,006

Total securities available for sale
$
931,034

 
$
954,984

 
$
891,276

 
$
903,292

Schedule of Securities Pledged to Secure Public Deposits, Repurchase Agreements, and for Other Purposes
The following table presents the estimated fair value of available for sale securities which were pledged to secure public deposits, repurchase agreements, and for other purposes as permitted or required by law as of September 30, 2016 and December 31, 2015 (dollars in thousands):
 
 
September 30, 2016
 
December 31, 2015
Public deposits
$
183,841

 
$
184,635

Repurchase agreements
116,844

 
126,120

Other purposes (1)
23,326

 
26,546

Total pledged securities
$
324,011

 
$
337,301

 
(1) The "Other purposes" category consists of borrowings, derivatives, and accounts held at the Bank.
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 September 30, 2016 and December 31, 2015, 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.
 
 
September 30, 2016
 
December 31, 2015
 
Carrying
Value (1)
 
Estimated
Fair Value
 
Carrying
Value (1)
 
Estimated
Fair Value
Due in one year or less
$
850

 
$
850

 
$
1,488

 
$
1,491

Due after one year through five years
25,918

 
26,561

 
4,294

 
4,348

Due after five years through ten years
48,243

 
50,017

 
44,736

 
45,501

Due after ten years
125,828

 
132,289

 
154,856

 
158,097

Total securities held to maturity
$
200,839

 
$
209,717

 
$
205,374

 
$
209,437

 
(1) The carrying value includes $5.6 million as of September 30, 2016 and $6.8 million as of December 31, 2015 of net unrealized gains present at the time of transfer from available for sale securities, net of any accretion.
Schedule of Securities Pledged to Secure Public Deposits, Repurchase Agreements, and for Other Purposes
The following table presents the estimated fair value of held to maturity securities which were pledged to secure public deposits as permitted or required by law as of September 30, 2016 and December 31, 2015 (dollars in thousands):
 
 
September 30, 2016
 
December 31, 2015
Public deposits
$
209,717

 
$
207,140

Total pledged securities
$
209,717

 
$
207,140

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, 2016 and December 31, 2015 are summarized as follows (dollars in thousands):
 
 
Carrying
 
Gross Unrealized
 
Estimated
 
Value (1)
 
Gains
 
(Losses)
 
Fair Value
September 30, 2016
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
200,839

 
$
8,959

 
$
(81
)
 
$
209,717

 
 
 
 
 
 
 
 
December 31, 2015
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
205,374

 
$
5,748

 
$
(1,685
)
 
$
209,437

 
(1) The carrying value includes $5.6 million as of September 30, 2016 and $6.8 million as of December 31, 2015 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 September 30, 2016 and December 31, 2015. 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
September 30, 2016
 

 
 

 
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
—

 
$
—

 
$
661

 
$
(81
)
 
$
661

 
$
(81
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
7,056

 
$
(1,685
)
 
$
—

 
$
—

 
$
7,056

 
$
(1,685
)