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v3.20.1

Securities (Tables) | 3 Months Ended
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Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Amortized cost and fair value of securities available for sale | The amortized cost, fair value and allowance for credit losses of securities available for sale were as follows as of the dates presented:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
March 31, 2020 |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 7,605 |  |  | $ | 67 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,672 |
Obligations of other U.S. Government agencies and corporations | 2,514 |  |  | 31 |  |  | — |  |  | — |  |  | 2,545 |
Obligations of states and political subdivisions | 256,974 |  |  | 6,399 |  |  | (1,872 | ) |  | — |  |  | 261,501 |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 709,117 |  |  | 24,296 |  |  | — |  |  | — |  |  | 733,413 |
Government agency collateralized mortgage obligations | 159,940 |  |  | 4,653 |  |  | — |  |  | — |  |  | 164,593 |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 32,625 |  |  | 1,967 |  |  | (2 | ) |  | — |  |  | 34,590 |
Government agency collateralized mortgage obligations | 85,752 |  |  | 2,825 |  |  | (178 | ) |  | — |  |  | 88,399 |
Trust preferred securities | 12,091 |  |  | — |  |  | (3,487 | ) |  | — |  |  | 8,604 |
Other debt securities | 56,380 |  |  | 1,677 |  |  | (245 | ) |  | — |  |  | 57,812 |
| $ | 1,322,998 |  |  | $ | 41,915 |  |  | $ | (5,784 | ) |  | $ | — |  |  | $ | 1,359,129 |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2019 |  |  |  |  |  |  |
U.S. Treasury securities | $ | 498 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 499 |
Obligations of other U.S. Government agencies and corporations | 2,518 |  |  | 16 |  |  | (3 | ) |  | 2,531 |
Obligations of states and political subdivisions | 218,362 |  |  | 5,134 |  |  | (365 | ) |  | 223,131 |
Residential mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | 708,970 |  |  | 8,951 |  |  | (1,816 | ) |  | 716,105 |
Government agency collateralized mortgage obligations | 172,178 |  |  | 1,322 |  |  | (262 | ) |  | 173,238 |
Commercial mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | 30,372 |  |  | 659 |  |  | (24 | ) |  | 31,007 |
Government agency collateralized mortgage obligations | 76,456 |  |  | 1,404 |  |  | (109 | ) |  | 77,751 |
Trust preferred securities | 12,153 |  |  | — |  |  | (2,167 | ) |  | 9,986 |
Other debt securities | 55,364 |  |  | 1,133 |  |  | (132 | ) |  | 56,365 |
| $ | 1,276,871 |  |  | $ | 18,620 |  |  | $ | (4,878 | ) |  | $ | 1,290,613 |
Schedule of realized gain (loss) | There were no sales of securities for the three months ended March 31, 2020. Securities sold for the three months ended March 31, 2019 were as follows :
| Carrying Value |  | Net Proceeds |  | Gain/(Loss)
Obligations of states and political subdivisions | $ | 10,368 |  |  | $ | 10,384 |  |  | $ | 16 |
Residential mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 230 |  |  | 227 |  |  | (3 | )
| $ | 10,598 |  |  | $ | 10,611 |  |  | $ | 13 |
Gross realized gains and losses on sales of securities available for sale for the three months ended March 31, 2019 were as follows:
| Three Months Ended
| March 31,
| 2019
Gross gains on sales of securities available for sale | $ | 45 |
Gross losses on sales of securities available for sale | (32 | )
Gains on sales of securities available for sale, net | $ | 13 |
Amortized cost and fair value of securities by contractual maturity | The amortized cost and fair value of securities at March 31, 2020 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 |  | $ | 19,647 |  |  | $ | 19,786 |
Due after one year through five years |  | 34,038 |  |  | 34,948 |
Due after five years through ten years |  | 81,750 |  |  | 84,830 |
Due after ten years |  | 160,241 |  |  | 157,388 |
Residential mortgage backed securities: |  |  |  |
Government agency mortgage backed securities |  | 709,117 |  |  | 733,413 |
Government agency collateralized mortgage obligations |  | 159,940 |  |  | 164,593 |
Commercial mortgage backed securities: |  |  |  |
Government agency mortgage backed securities |  | 32,625 |  |  | 34,590 |
Government agency collateralized mortgage obligations |  | 85,752 |  |  | 88,399 |
Other debt securities |  | 39,888 |  |  | 41,182 |
|  | $ | 1,322,998 |  |  | $ | 1,359,129 |
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 for which an allowance for credit losses has not been recorded 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | 29 |  | $ | 47,604 |  |  | $ | (1,872 | ) |  | 0 |  | $ | — |  |  | $ | — |  |  | 29 |  | $ | 47,604 |  |  | $ | (1,872 | )
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 1 |  | 106 |  |  | — |  |  | 0 |  | — |  |  | — |  |  | 1 |  | 106 |  |  | — |
Government agency collateralized mortgage obligations | 0 |  | — |  |  | — |  |  | 0 |  | — |  |  | — |  |  | 0 |  | — |  |  | — |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 0 |  | — |  |  | — |  |  | 2 |  | 1,176 |  |  | (2 | ) |  | 2 |  | 1,176 |  |  | (2 | )
Government agency collateralized mortgage obligations | 3 |  | 12,376 |  |  | (178 | ) |  | 0 |  | — |  |  | — |  |  | 3 |  | 12,376 |  |  | (178 | )
Trust preferred securities | 2 |  | 8,604 |  |  | (3,487 | ) |  | 0 |  | — |  |  | — |  |  | 2 |  | 8,604 |  |  | (3,487 | )
Other debt securities | 5 |  | 11,987 |  |  | (245 | ) |  | 0 |  | — |  |  | — |  |  | 5 |  | 11,987 |  |  | (245 | )
Total | 40 |  | $ | 80,677 |  |  | $ | (5,782 | ) |  | 2 |  | $ | 1,176 |  |  | $ | (2 | ) |  | 42 |  | $ | 81,853 |  |  | $ | (5,784 | )
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | 0 |  | $ | — |  |  | $ | — |  |  | 1 |  | $ | 1,008 |  |  | $ | (3 | ) |  | 1 |  | $ | 1,008 |  |  | $ | (3 | )
Obligations of states and political subdivisions | 26 |  | 33,902 |  |  | (365 | ) |  | 0 |  | — |  |  | — |  |  | 26 |  | 33,902 |  |  | (365 | )
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 37 |  | 233,179 |  |  | (1,504 | ) |  | 16 |  | 20,775 |  |  | (312 | ) |  | 53 |  | 253,954 |  |  | (1,816 | )
Government agency collateralized mortgage obligations | 11 |  | 45,319 |  |  | (262 | ) |  | 0 |  | — |  |  | — |  |  | 11 |  | 45,319 |  |  | (262 | )
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 1 |  | 4,976 |  |  | (23 | ) |  | 2 |  | 1,190 |  |  | (1 | ) |  | 3 |  | 6,166 |  |  | (24 | )
Government agency collateralized mortgage obligations | 1 |  | 4,910 |  |  | (109 | ) |  | 0 |  | — |  |  | — |  |  | 1 |  | 4,910 |  |  | (109 | )
Trust preferred securities | 0 |  | — |  |  | — |  |  | 2 |  | 9,986 |  |  | (2,167 | ) |  | 2 |  | 9,986 |  |  | (2,167 | )
Other debt securities | 3 |  | 8,737 |  |  | (131 | ) |  | 1 |  | 741 |  |  | (1 | ) |  | 4 |  | 9,478 |  |  | (132 | )
Total | 79 |  | $ | 331,023 |  |  | $ | (2,394 | ) |  | 22 |  | $ | 33,700 |  |  | $ | (2,484 | ) |  | 101 |  | $ | 364,723 |  |  | $ | (4,878 | )

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