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Securities (Tables) | 9 Months Ended
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Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract] |
Amortized cost and fair value of securities available for sale | The amortized cost and fair value of securities available for sale were as follows as of the dates presented:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
September 30, 2019 |  |  |  |  |  |  |
U.S. Treasury securities | $ | 498 |  |  | $ | — |  |  | $ | — |  |  | $ | 498 |
Obligations of other U.S. Government agencies and corporations | 2,523 |  |  | 18 |  |  | (4 | ) |  | 2,537 |
Obligations of states and political subdivisions | 211,559 |  |  | 5,585 |  |  | (156 | ) |  | 216,988 |
Residential mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | 658,830 |  |  | 8,723 |  |  | (1,386 | ) |  | 666,167 |
Government agency collateralized mortgage obligations | 189,332 |  |  | 2,123 |  |  | (268 | ) |  | 191,187 |
Commercial mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | 26,794 |  |  | 874 |  |  | (2 | ) |  | 27,666 |
Government agency collateralized mortgage obligations | 73,688 |  |  | 1,755 |  |  | (20 | ) |  | 75,423 |
Trust preferred securities | 12,160 |  |  | — |  |  | (2,298 | ) |  | 9,862 |
Other debt securities | 46,739 |  |  | 1,513 |  |  | (3 | ) |  | 48,249 |
| $ | 1,222,123 |  |  | $ | 20,591 |  |  | $ | (4,137 | ) |  | $ | 1,238,577 |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2018 |  |  |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | $ | 2,536 |  |  | $ | 13 |  |  | $ | (38 | ) |  | $ | 2,511 |
Obligations of states and political subdivisions | 200,798 |  |  | 3,038 |  |  | (567 | ) |  | 203,269 |
Residential mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | 621,690 |  |  | 719 |  |  | (9,126 | ) |  | 613,283 |
Government agency collateralized mortgage obligations | 332,697 |  |  | 274 |  |  | (5,982 | ) |  | 326,989 |
Commercial mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | 21,957 |  |  | 257 |  |  | (384 | ) |  | 21,830 |
Government agency collateralized mortgage obligations | 28,446 |  |  | 24 |  |  | (135 | ) |  | 28,335 |
Trust preferred securities | 12,359 |  |  | — |  |  | (1,726 | ) |  | 10,633 |
Other debt securities | 44,046 |  |  | 192 |  |  | (311 | ) |  | 43,927 |
| $ | 1,264,529 |  |  | $ | 4,517 |  |  | $ | (18,269 | ) |  | $ | 1,250,777 |
Schedule of realized gain (loss) | Securities sold were as follows for the periods presented:
| Carrying Value |  | Net Proceeds |  | Gain/(Loss)
Three months ended September 30, 2019 |  |  |  |  |
Obligations of states and political subdivisions | $ | 1,112 |  |  | $ | 1,111 |  |  | $ | (1 | )
Residential mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 70,926 |  |  | 70,322 |  |  | (604 | )
Government agency collateralized mortgage obligations | 122,404 |  |  | 120,606 |  |  | (1,798 | )
Commercial mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 4,838 |  |  | 4,720 |  |  | (118 | )
Other debt securities | 252 |  |  | 257 |  |  | 5 |
Other equity securities | — |  |  | 2,859 |  |  | 2,859 |
| $ | 199,532 |  |  | $ | 199,875 |  |  | $ | 343 |
Nine months ended September 30, 2019 |  |  |  |  |
Obligations of states and political subdivisions | $ | 11,799 |  |  | $ | 11,813 |  |  | $ | 14 |
Residential mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 72,556 |  |  | 71,944 |  |  | (612 | )
Government agency collateralized mortgage obligations | 122,692 |  |  | 120,892 |  |  | (1,800 | )
Commercial mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 4,838 |  |  | 4,720 |  |  | (118 | )
Other debt securities | 252 |  |  | 257 |  |  | 5 |
Other equity securities | — |  |  | 2,859 |  |  | 2,859 |
| $ | 212,137 |  |  | $ | 212,485 |  |  | $ | 348 |
The sales of other equity securities represents the Company’s sale of all of its shares of Visa Class B common stock during the third quarter of 2019.
| Carrying Value |  | Net Proceeds |  | Gain/(Loss)
Three months ended September 30, 2018 |  |  |  |  |
Obligations of states and political subdivisions | $ | 901 |  |  | $ | 894 |  |  | $ | (7 | )
Residential mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 943 |  |  | 941 |  |  | (2 | )
Government agency collateralized mortgage obligations | 559 |  |  | 552 |  |  | (7 | )
| $ | 2,403 |  |  | $ | 2,387 |  |  | $ | (16 | )
Nine months ended September 30, 2018 |  |  |  |  |
Obligations of states and political subdivisions | $ | 901 |  |  | $ | 894 |  |  | $ | (7 | )
Residential mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 943 |  |  | 941 |  |  | (2 | )
Government agency collateralized mortgage obligations | 559 |  |  | 552 |  |  | (7 | )
| $ | 2,403 |  |  | $ | 2,387 |  |  | $ | (16 | )
Gross realized gains and losses on sales of securities available for sale for the three and nine months ended September 30, 2019 and 2018, respectively, were as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Gross gains on sales of securities available for sale | $ | 2,933 |  |  | $ | 11 |  |  | $ | 2,979 |  |  | $ | 11 |
Gross losses on sales of securities available for sale | (2,590 | ) |  | (27 | ) |  | (2,631 | ) |  | (27 | )
Gains on sales of securities available for sale, net | $ | 343 |  |  | $ | (16 | ) |  | $ | 348 |  |  | $ | (16 | )
Amortized cost and fair value of securities by contractual maturity | The amortized cost and fair value of securities at September 30, 2019 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
|  | Available for Sale
|  | Amortized Cost |  | Fair Value
Due within one year |  | $ | 21,604 |  |  | $ | 21,839 |
Due after one year through five years |  | 30,383 |  |  | 31,139 |
Due after five years through ten years |  | 76,550 |  |  | 79,296 |
Due after ten years |  | 108,713 |  |  | 108,264 |
Residential mortgage backed securities: |  |  |  |
Government agency mortgage backed securities |  | 658,830 |  |  | 666,167 |
Government agency collateralized mortgage obligations |  | 189,332 |  |  | 191,187 |
Commercial mortgage backed securities: |  |  |  |
Government agency mortgage backed securities |  | 26,794 |  |  | 27,666 |
Government agency collateralized mortgage obligations |  | 73,688 |  |  | 75,423 |
Other debt securities |  | 36,229 |  |  | 37,596 |
|  | $ | 1,222,123 |  |  | $ | 1,238,577 |
Gross unrealized losses and fair value by investment category | The following table presents the age of gross unrealized losses and fair value by investment category as of the dates presented:
| Less than 12 Months |  | 12 Months or More |  | Total
| # |  | Fair Value |  | Unrealized Losses |  | # |  | Fair Value |  | Unrealized Losses |  | # |  | Fair Value |  | Unrealized Losses
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | 0 |  | $ | — |  |  | $ | — |  |  | 1 |  | $ | 1,009 |  |  | $ | (4 | ) |  | 1 |  | $ | 1,009 |  |  | $ | (4 | )
Obligations of states and political subdivisions | 10 |  | 16,669 |  |  | (156 | ) |  | 0 |  | — |  |  | — |  |  | 10 |  | 16,669 |  |  | (156 | )
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 19 |  | 143,731 |  |  | (1,058 | ) |  | 19 |  | 29,922 |  |  | (328 | ) |  | 38 |  | 173,653 |  |  | (1,386 | )
Government agency collateralized mortgage obligations | 8 |  | 42,687 |  |  | (268 | ) |  | 0 |  | — |  |  | — |  |  | 8 |  | 42,687 |  |  | (268 | )
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 0 |  | — |  |  | — |  |  | 2 |  | 1,204 |  |  | (2 | ) |  | 2 |  | 1,204 |  |  | (2 | )
Government agency collateralized mortgage obligations | 1 |  | 5,003 |  |  | (20 | ) |  | 0 |  | — |  |  | — |  |  | 1 |  | 5,003 |  |  | (20 | )
Trust preferred securities | 0 |  | — |  |  | — |  |  | 2 |  | 9,862 |  |  | (2,298 | ) |  | 2 |  | 9,862 |  |  | (2,298 | )
Other debt securities | 1 |  | 610 |  |  | (1 | ) |  | 1 |  | 750 |  |  | (2 | ) |  | 2 |  | 1,360 |  |  | (3 | )
Total | 39 |  | $ | 208,700 |  |  | $ | (1,503 | ) |  | 25 |  | $ | 42,747 |  |  | $ | (2,634 | ) |  | 64 |  | $ | 251,447 |  |  | $ | (4,137 | )
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | 0 |  | $ | — |  |  | $ | — |  |  | 2 |  | $ | 1,480 |  |  | $ | (38 | ) |  | 2 |  | $ | 1,480 |  |  | $ | (38 | )
Obligations of states and political subdivisions | 34 |  | 22,159 |  |  | (193 | ) |  | 26 |  | 16,775 |  |  | (374 | ) |  | 60 |  | 38,934 |  |  | (567 | )
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 91 |  | 354,731 |  |  | (3,945 | ) |  | 73 |  | 125,757 |  |  | (5,181 | ) |  | 164 |  | 480,488 |  |  | (9,126 | )
Government agency collateralized mortgage obligations | 24 |  | 97,451 |  |  | (840 | ) |  | 60 |  | 140,076 |  |  | (5,142 | ) |  | 84 |  | 237,527 |  |  | (5,982 | )
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 5 |  | 6,506 |  |  | (74 | ) |  | 4 |  | 7,468 |  |  | (310 | ) |  | 9 |  | 13,974 |  |  | (384 | )
Government agency collateralized mortgage obligations | 2 |  | 9,950 |  |  | (23 | ) |  | 1 |  | 4,888 |  |  | (112 | ) |  | 3 |  | 14,838 |  |  | (135 | )
Trust preferred securities | 0 |  | — |  |  | — |  |  | 2 |  | 10,633 |  |  | (1,726 | ) |  | 2 |  | 10,633 |  |  | (1,726 | )
Other debt securities | 12 |  | 19,011 |  |  | (88 | ) |  | 3 |  | 5,621 |  |  | (223 | ) |  | 15 |  | 24,632 |  |  | (311 | )
Total | 168 |  | $ | 509,808 |  |  | $ | (5,163 | ) |  | 171 |  | $ | 312,698 |  |  | $ | (13,106 | ) |  | 339 |  | $ | 822,506 |  |  | $ | (18,269 | )
Investments in pooled trust preferred securities | The following table provides information regarding the Company’s investments in pooled trust preferred securities at September 30, 2019:
Name | Single/ Pooled |  | Class/ Tranche |  | Amortized Cost |  | Fair Value |  | Unrealized Loss |  | Lowest Credit Rating |  | Issuers Currently in Deferral or Default
XXIII | Pooled |  | B-2 |  | $ | 8,174 |  |  | $ | 6,360 |  |  | $ | (1,814 | ) |  | BB |  | 16 | %
XXVI | Pooled |  | B-2 |  | 3,986 |  |  | 3,502 |  |  | (484 | ) |  | B |  | 19 | %
|  |  |  |  | $ | 12,160 |  |  | $ | 9,862 |  |  | $ | (2,298 | ) |  |  |  |
Cumulative credit related losses recognized in earnings | The following table provides a summary of the cumulative credit related losses recognized in earnings for which a portion of OTTI has been recognized in other comprehensive income:
| 2019 |  | 2018
Balance at January 1 | $ | (261 | ) |  | $ | (261 | )
Additions related to credit losses for which OTTI was not previously recognized | — |  |  | — |
Increases in credit loss for which OTTI was previously recognized | — |  |  | — |
Reductions for securities sold during the period | — |  |  | — |
Balance at September 30 | $ | (261 | ) |  | $ | (261 | )

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