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v3.19.1

Securities | 3 Months Ended
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Mar. 31, 2019
Securities |
Securities | Note 3: Securities The table below provides the amortized cost, unrealized gains and losses and fair values of securities summarized by major category (dollars in thousands):
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
March 31, 2019: |  | Cost |  | Gains |  | Losses |  | Value
Available for sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 64,506 |  | $ | 76 |  | $ | (273) |  | $ | 64,309
Obligations of U.S. government corporations and agencies |  |  | 323,686 |  |  | 2,122 |  |  | (388) |  |  | 325,420
Obligations of states and political subdivisions |  |  | 281,473 |  |  | 2,357 |  |  | (352) |  |  | 283,478
Commercial mortgage-backed securities |  |  | 55,926 |  |  | 29 |  |  | (393) |  |  | 55,562
Residential mortgage-backed securities |  |  | 1,051,556 |  |  | 4,512 |  |  | (6,307) |  |  | 1,049,761
Corporate debt securities |  |  | 138,913 |  |  | 933 |  |  | (81) |  |  | 139,765
Total |  | $ | 1,916,060 |  | $ | 10,029 |  | $ | (7,794) |  | $ | 1,918,295
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 15,846 |  | $ | 132 |  | $ | (3) |  | $ | 15,975
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
December 31, 2018: |  | Cost |  | Gains |  | Losses |  | Value
Available for sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 25,824 |  | $ | 1 |  | $ | (414) |  | $ | 25,411
Obligations of U.S. government corporations and agencies |  |  | 53,096 |  |  | 7 |  |  | (761) |  |  | 52,342
Obligations of states and political subdivisions |  |  | 171,131 |  |  | 484 |  |  | (1,571) |  |  | 170,044
Commercial mortgage-backed securities |  |  | 2,003 |  |  | — |  |  | (61) |  |  | 1,942
Residential mortgage-backed securities |  |  | 322,646 |  |  | 245 |  |  | (7,143) |  |  | 315,748
Corporate debt securities |  |  | 132,513 |  |  | 61 |  |  | (376) |  |  | 132,198
Total |  | $ | 707,213 |  | $ | 798 |  | $ | (10,326) |  | $ | 697,685
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 33,947 |  | $ | 68 |  | $ | (87) |  | $ | 33,928
Commercial mortgage-backed securities |  |  | 59,054 |  |  | 11 |  |  | (1,003) |  |  | 58,062
Residential mortgage-backed securities |  |  | 515,659 |  |  | 1,748 |  |  | (6,037) |  |  | 511,370
Total |  | $ | 608,660 |  | $ | 1,827 |  | $ | (7,127) |  | $ | 603,360
In adopting ASU 2017-12, the Company reassessed classification of certain investments during the first quarter of 2019 and transferred $573.6 million of securities from held to maturity to available for sale. The transfer occurred at fair value and had a related unrealized loss of $4.8 million recorded in other comprehensive income. The amortized cost and fair value of debt securities, by contractual maturity or pre-refunded date, are shown below. Mortgages underlying mortgage-backed securities may be called or prepaid; therefore, actual maturities could differ from the contractual maturities. All mortgage-backed securities were issued by U.S. government agencies and corporations (dollars in thousands).
|  | Available for sale |  | Held to maturity
|  | Amortized |  | Fair |  | Amortized |  | Fair
March 31, 2019: |  | Cost |  | Value |  | Cost |  | Value
Due in one year or less |  | $ | 166,786 |  | $ | 166,734 |  | $ | 1,914 |  | $ | 1,913
Due after one year through five years |  |  | 517,731 |  |  | 519,968 |  |  | 12,807 |  |  | 12,909
Due after five years through ten years |  |  | 276,057 |  |  | 277,308 |  |  | 1,125 |  |  | 1,153
Due after ten years |  |  | 955,486 |  |  | 954,285 |  |  | — |  |  | —
Total |  | $ | 1,916,060 |  | $ | 1,918,295 |  | $ | 15,846 |  | $ | 15,975
Realized gains and losses related to sales and calls of securities available for sale are summarized as follows (dollars in thousands):
|  | Three Months Ended March 31,
|  | 2019 |  | 2018
Gross security gains |  | $ | 184 |  | $ | —
Gross security (losses) |  |  | — |  |  | —
Security gains (losses), net(1) |  | $ | 184 |  | $ | —
| (1) |  | Security gains (losses), net reported on the Consolidated Statements of Income in 2019 includes gains of equity securities, excluded in this table.
Investment securities with carrying amounts of $564.0 million and $498.3 million on March 31, 2019 and December 31, 2018, respectively, were pledged as collateral for public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law. Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows (dollars in thousands):
| For less than |  | For greater |  |  |  |  |  |
| 12 months, gross |  | than 12 months, gross |  | Total, gross
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
March 31, 2019: | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 7,484 |  | $ | (2) |  | $ | 24,505 |  | $ | (271) |  | $ | 31,989 |  | $ | (273)
Obligations of U.S. government corporations and agencies |  | 750 |  |  | (2) |  |  | 50,966 |  |  | (386) |  |  | 51,716 |  |  | (388)
Obligations of states and political subdivisions |  | 11,453 |  |  | (28) |  |  | 63,959 |  |  | (324) |  |  | 75,412 |  |  | (352)
Commercial mortgage-backed securities |  | — |  |  | — |  |  | 430 |  |  | (393) |  |  | 430 |  |  | (393)
Residential mortgage-backed securities |  | 16,083 |  |  | (9) |  |  | 551,248 |  |  | (6,298) |  |  | 567,331 |  |  | (6,307)
Corporate debt securities |  | 7,561 |  |  | (16) |  |  | 20,369 |  |  | (65) |  |  | 27,930 |  |  | (81)
Total temporarily impaired securities | $ | 43,331 |  | $ | (57) |  | $ | 711,477 |  | $ | (7,737) |  | $ | 754,808 |  | $ | (7,794)
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | — |  | $ | — |  | $ | 2,301 |  | $ | (3) |  | $ | 2,301 |  | $ | (3)
| For less than |  | For greater |  |  |  |  |  |
| 12 months, gross |  | than 12 months, gross |  | Total, gross
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
December 31, 2018: | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 995 |  | $ | (4) |  | $ | 24,343 |  | $ | (410) |  | $ | 25,338 |  | $ | (414)
Obligations of U.S. government corporations and agencies |  | 749 |  |  | (3) |  |  | 50,744 |  |  | (758) |  |  | 51,493 |  |  | (761)
Obligations of states and political subdivisions |  | 49,893 |  |  | (460) |  |  | 77,651 |  |  | (1,111) |  |  | 127,544 |  |  | (1,571)
Commercial mortgage-backed securities |  | — |  |  | — |  |  | 1,942 |  |  | (61) |  |  | 1,942 |  |  | (61)
Residential mortgage-backed securities |  | 48,387 |  |  | (496) |  |  | 247,573 |  |  | (6,647) |  |  | 295,960 |  |  | (7,143)
Corporate debt securities |  | 90,713 |  |  | (268) |  |  | 15,083 |  |  | (108) |  |  | 105,796 |  |  | (376)
Total temporarily impaired securities | $ | 190,737 |  | $ | (1,231) |  | $ | 417,336 |  | $ | (9,095) |  | $ | 608,073 |  | $ | (10,326)
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 9,531 |  | $ | (33) |  | $ | 9,538 |  | $ | (54) |  | $ | 19,069 |  | $ | (87)
Commercial mortgage-backed securities |  | 12,067 |  |  | (212) |  |  | 45,041 |  |  | (791) |  |  | 57,108 |  |  | (1,003)
Residential mortgage-backed securities |  | 77,071 |  |  | (974) |  |  | 245,128 |  |  | (5,063) |  |  | 322,199 |  |  | (6,037)
Total temporarily impaired securities | $ | 98,669 |  | $ | (1,219) |  | $ | 299,707 |  | $ | (5,908) |  | $ | 398,376 |  | $ | (7,127)
Securities are periodically evaluated for other-than-temporary impairment (“OTTI”). As of March 31, 2019, the Company’s security portfolio consisted of 1,354 securities. The total number of securities in the investment portfolio in an unrealized loss position as of March 31, 2019 was 366 and represented an unrealized loss of 1.02% of the aggregate amortized cost. The unrealized losses relate to changes in market interest rates and market conditions that do not represent credit-related impairments. Furthermore, the Company does not intend to sell such securities and it is more likely than not that the Company will recover the amortized cost prior to being required to sell the securities. Full collection of the amounts due according to the contractual terms of the securities is expected; therefore, the Company does not consider these investments to be OTTI at March 31, 2019. As of March 31, 2019, the Company did not hold general obligation bonds of any single issuer, the aggregate of which exceeded 10% of the Company’s stockholders’ equity.

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