XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.19.2

Securities | 6 Months Ended
--- | ---
Jun. 30, 2019
Securities |
Securities | Note 3: Securities ​ The table below provides the amortized cost, unrealized gains and losses and fair values of debt securities summarized by major category (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  | ​ |  | Gross |  | Gross |  |  | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
June 30, 2019: |  | Cost |  | Gains |  | Losses |  | Value
Debt securities available for sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 58,308 | ​ | $ | 260 | ​ | $ | (33) | ​ | $ | 58,535
Obligations of U.S. government corporations and agencies | ​ |  | 287,444 | ​ |  | 3,370 | ​ |  | (48) | ​ |  | 290,766
Obligations of states and political subdivisions | ​ |  | 274,301 | ​ |  | 4,683 | ​ |  | (54) | ​ |  | 278,930
Commercial mortgage-backed securities | ​ | ​ | 122,510 | ​ | ​ | 1,678 | ​ | ​ | (33) | ​ | ​ | 124,155
Residential mortgage-backed securities | ​ |  | 951,998 | ​ |  | 10,394 | ​ |  | (1,255) | ​ |  | 961,137
Corporate debt securities | ​ |  | 133,053 | ​ |  | 1,514 | ​ |  | (17) | ​ |  | 134,550
Total | ​ | $ | 1,827,614 | ​ | $ | 21,899 | ​ | $ | (1,440) | ​ | $ | 1,848,073
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt securities held to maturity |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Obligations of states and political subdivisions(1) | ​ | $ | 15,708 | ​ | $ | 226 | ​ | $ | — | ​ | $ | 15,934
(1) | Gross unrealized losses less than one thousand dollars.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  | ​ |  | Gross |  | Gross |  |  | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
December 31, 2018: |  | Cost |  | Gains |  | Losses |  | Value
Debt securities 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
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt securities 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 the 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).
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Debt securities available for sale | ​ | Debt securities held to maturity
​ |  | Amortized |  | Fair |  | Amortized |  | Fair
June 30, 2019: |  | Cost |  | Value |  | Cost |  | Value
Due in one year or less | ​ | $ | 220,023 | ​ | $ | 220,304 | ​ | $ | 2,724 | ​ | $ | 2,729
Due after one year through five years | ​ |  | 418,649 | ​ |  | 424,241 | ​ |  | 11,861 | ​ |  | 12,035
Due after five years through ten years | ​ |  | 263,388 | ​ |  | 267,989 | ​ |  | 1,123 | ​ |  | 1,170
Due after ten years | ​ |  | 925,554 | ​ |  | 935,539 | ​ |  | — | ​ |  | —
Total | ​ | $ | 1,827,614 | ​ | $ | 1,848,073 | ​ | $ | 15,708 | ​ | $ | 15,934
​ Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ |  | 2019 |  | 2018 |  | 2019 |  | 2018
Gross security gains | ​ | $ | 391 | ​ | $ | — | ​ | $ | 391 | ​ | $ | —
Gross security (losses) | ​ | ​ | (401) |  | ​ | — |  | ​ | (584) |  | ​ | —
Net (losses) gains on sales of securities(1) | ​ | $ | (10) | ​ | $ | — | ​ | $ | (193) | ​ | $ | —
| (1) | Net (losses) gains on sales of securities reported on the unaudited Consolidated Statements of Income includes sale of equity securities, excluded in this table.
​ Debt securities with carrying amounts of $755.1 million and $498.3 million on June 30, 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 debt 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
June 30, 2019: | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Debt securities available for sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | $ | — | ​ | $ | — | ​ | $ | 24,768 | ​ | $ | (33) | ​ | $ | 24,768 | ​ | $ | (33)
Obligations of U.S. government corporations and agencies(1) | ​ | 51 | ​ | ​ | — | ​ | ​ | 22,468 | ​ | ​ | (48) | ​ | ​ | 22,519 | ​ | ​ | (48)
Obligations of states and political subdivisions | ​ | 1,394 | ​ | ​ | (8) | ​ | ​ | 24,192 | ​ | ​ | (46) | ​ | ​ | 25,586 | ​ | ​ | (54)
Commercial mortgage-backed securities | ​ | — | ​ | ​ | — | ​ | ​ | 14,746 | ​ | ​ | (33) | ​ | ​ | 14,746 | ​ | ​ | (33)
Residential mortgage-backed securities |  | 13,629 | ​ |  | (8) | ​ |  | 183,552 | ​ |  | (1,247) | ​ |  | 197,181 | ​ |  | (1,255)
Corporate debt securities |  | 1,765 | ​ |  | (7) | ​ |  | 15,049 | ​ |  | (10) | ​ |  | 16,814 | ​ |  | (17)
Total temporarily impaired securities | $ | 16,839 | ​ | $ | (23) | ​ | $ | 284,775 | ​ | $ | (1,417) | ​ | $ | 301,614 | ​ | $ | (1,440)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt securities held to maturity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Obligations of states and political subdivisions(1) | $ | — | ​ | $ | — | ​ | $ | 500 | ​ | $ | — | ​ | $ | 500 | ​ | $ | —
| (1) | Unrealized losses less than one thousand dollars.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 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
Debt securities 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)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt securities 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)
​ Debt securities are periodically evaluated for other-than-temporary impairment (“OTTI”). As of June 30, 2019, the Company’s debt security portfolio consisted of 1,273 securities. The total number of debt securities in the investment portfolio in an unrealized loss position as of June 30, 2019 was 126 and represented an unrealized loss of 0.47% 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 debt securities. Full collection of the amounts due according to the contractual terms of the debt securities is expected; therefore, the Company does not consider these investments to be OTTI at June 30, 2019. As of June 30, 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.

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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration