XML 37 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments (Tables)
 9 Months Ended
Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
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
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
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
Investments Classified by Contractual Maturity Date
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
Schedule of Unrealized Loss on Investments
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