XML 27 R13.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Investments | 9 Months Ended
--- | ---
Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract] |
Investments | INVESTMENTS The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity:
| September 30, 2017
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale securities: |  |  |  |  |  |  |
Obligations of U.S. Government-sponsored enterprises | $ | 99,866 |  |  | $ | 271 |  |  | $ | (14 | ) |  | $ | 100,123 |
Obligations of states and political subdivisions | 32,684 |  |  | 887 |  |  | (229 | ) |  | 33,342 |
Agency mortgage-backed securities | 470,941 |  |  | 1,760 |  |  | (3,045 | ) |  | 469,656 |
Total securities available for sale | $ | 603,491 |  |  | $ | 2,918 |  |  | $ | (3,288 | ) |  | $ | 603,121 |
Held to maturity securities: |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 14,704 |  |  | $ | 159 |  |  | $ | (15 | ) |  | $ | 14,848 |
Agency mortgage-backed securities | 61,464 |  |  | 93 |  |  | (145 | ) |  | 61,412 |
Total securities held to maturity | $ | 76,168 |  |  | $ | 252 |  |  | $ | (160 | ) |  | $ | 76,260 |
| December 31, 2016
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale securities: |  |  |  |  |  |  |
Obligations of U.S. Government-sponsored enterprises | $ | 107,312 |  |  | $ | 348 |  |  | $ | — |  |  | $ | 107,660 |
Obligations of states and political subdivisions | 36,486 |  |  | 630 |  |  | (485 | ) |  | 36,631 |
Agency mortgage-backed securities | 319,345 |  |  | 1,101 |  |  | (3,940 | ) |  | 316,506 |
Total securities available for sale | $ | 463,143 |  |  | $ | 2,079 |  |  | $ | (4,425 | ) |  | $ | 460,797 |
Held to maturity securities: |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 14,759 |  |  | $ | 11 |  |  | $ | (242 | ) |  | $ | 14,528 |
Agency mortgage-backed securities | 65,704 |  |  | 45 |  |  | (638 | ) |  | 65,111 |
Total securities held to maturity | $ | 80,463 |  |  | $ | 56 |  |  | $ | (880 | ) |  | $ | 79,639 |
At September 30, 2017, and December 31, 2016, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government-sponsored enterprises. Available for sale securities having a fair value of $449.8 million and $407.3 million at September 30, 2017, and December 31, 2016, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions. The amortized cost and estimated fair value of debt securities at September 30, 2017, by contractual maturity, are shown below. 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. The weighted average life of the mortgage-backed securities is approximately 4 years.
| Available for sale |  | Held to maturity
(in thousands) | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due in one year or less | $ | 2,940 |  |  | $ | 2,960 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 110,538 |  |  | 111,122 |  |  | 184 |  |  | 194 |
Due after five years through ten years | 15,710 |  |  | 16,241 |  |  | 12,996 |  |  | 13,126 |
Due after ten years | 3,362 |  |  | 3,142 |  |  | 1,524 |  |  | 1,528 |
Agency mortgage-backed securities | 470,941 |  |  | 469,656 |  |  | 61,464 |  |  | 61,412 |
| $ | 603,491 |  |  | $ | 603,121 |  |  | $ | 76,168 |  |  | $ | 76,260 |
The following table represents a summary of investment securities that had an unrealized loss:
| September 30, 2017
Less than 12 months |  | 12 months or more |  | Total
(in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Obligations of U.S. Government-sponsored enterprises | $ | 10,127 |  |  | $ | 14 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,127 |  |  | $ | 14 |
Obligations of states and political subdivisions | 4,907 |  |  | 244 |  |  | — |  |  | — |  |  | 4,907 |  |  | 244 |
Agency mortgage-backed securities | 332,037 |  |  | 2,721 |  |  | 11,307 |  |  | 469 |  |  | 343,344 |  |  | 3,190 |
| $ | 347,071 |  |  | $ | 2,979 |  |  | $ | 11,307 |  |  | $ | 469 |  |  | $ | 358,378 |  |  | $ | 3,448 |
| December 31, 2016
Less than 12 months |  | 12 months or more |  | Total
(in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Obligations of states and political subdivisions | $ | 21,361 |  |  | $ | 408 |  |  | $ | 3,553 |  |  | $ | 320 |  |  | $ | 24,914 |  |  | $ | 728 |
Agency mortgage-backed securities | 267,734 |  |  | 4,084 |  |  | 12,883 |  |  | 493 |  |  | 280,617 |  |  | 4,577 |
| $ | 289,095 |  |  | $ | 4,492 |  |  | $ | 16,436 |  |  | $ | 813 |  |  | $ | 305,531 |  |  | $ | 5,305 |
The unrealized losses at both September 30, 2017, and December 31, 2016, were primarily attributable to changes in market interest rates since the securities were purchased. Management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include among other considerations (1) the present value of the cash flows expected to be collected compared to the amortized cost of the security, (2) duration and magnitude of the decline in value, (3) the financial condition of the issuer or issuers, (4) structure of the security, and (5) the intent to sell the security or whether it is more likely than not the Company would be required to sell the security before its anticipated recovery in market value. At September 30, 2017, management performed its quarterly analysis of all securities with an unrealized loss and concluded no individual securities were other-than-temporarily impaired.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=4738149 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2289146 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration