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v3.19.1

Securities (Tables) | 3 Months Ended
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Mar. 31, 2019
Securities |
Schedule of amortized cost, unrealized gains and losses and fair values of securities classified available for sale and held to maturity | 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
Schedule of amortized cost and fair value of debt securities available for sale and held to maturity by contractual maturity | 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
Schedule of realized gains and losses related to sales of securities | 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 |  | $ | —
Security gains (losses), net reported on the Consolidated Statements of Income in 2019 includes gains of equity securities, excluded in this table.
Schedule of securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position | 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)

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