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Investments (Tables) | 9 Months Ended
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Sep. 30, 2018
Investments [Abstract] |
Aggregate Carrying And Approximate Market Values Of Available-For-Sale Securities | The amortized cost and estimated fair values of the Company's securities are shown in the following table (in thousands):
| September 30, 2018 | December 31, 2017
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Securities available-for-sale: |  |  |  |  |  |  |  |
U.S. Treasuries and U.S. |  |  |  |  |  |  |  |
government agencies | $ | 1 |  | $ | — |  | $ | — |  | $ | 1 |  | $ | 2 |  | $ | — |  | $ | — |  | $ | 2 |
Obligations of states and |  |  |  |  |  |  |  |  |  |  |  |  |
political subdivisions | 92,972 |  | 265 |  | 1,673 |  | 91,564 |  | 94,552 |  | 2,051 |  | 407 |  | 96,196 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies | 469,810 |  | 222 |  | 22,286 |  | 447,746 |  | 425,559 |  | 1,093 |  | 7,305 |  | 419,347 |
Private label | 523 |  | 6 |  | — |  | 529 |  | 649 |  | 3 |  | — |  | 652 |
Trust preferred securities | 4,772 |  | 26 |  | — |  | 4,798 |  | 4,764 |  | 26 |  | 54 |  | 4,736 |
Corporate securities(1) | 17,086 |  | 7 |  | 172 |  | 16,921 |  | 21,916 |  | 475 |  | 123 |  | 22,268 |
Total Debt Securities | 585,164 |  | 526 |  | 24,131 |  | 561,559 |  | 547,442 |  | 3,648 |  | 7,889 |  | 543,201 |
Marketable equity securities | — |  | — |  | — |  | — |  | 2,136 |  | 3,563 |  | — |  | 5,699 |
Investment funds | 1,526 |  | — |  | 82 |  | 1,444 |  | 1,525 |  | — |  | 36 |  | 1,489 |
Total Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale | $ | 586,690 |  | $ | 526 |  | $ | 24,213 |  | $ | 563,003 |  | $ | 551,103 |  | $ | 7,211 |  | $ | 7,925 |  | $ | 550,389 |
Aggregate Carrying And Approximate Market Values Of Held-To-Maturity Securities |
Securities held-to-maturity: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
U.S. government agencies | $ | 53,812 |  | $ | — |  | $ | 971 |  | $ | 52,841 |  | $ | 60,449 |  | $ | 1,222 |  | $ | 25 |  | $ | 61,646 |
Trust preferred securities | 4,000 |  | — |  | — |  | 4,000 |  | 4,000 |  | — |  | — |  | 4,000 |
Total Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity | $ | 57,812 |  | $ | — |  | $ | 971 |  | $ | 56,841 |  | $ | 64,449 |  | $ | 1,222 |  | $ | 25 |  | $ | 65,646 |
Aggregate Carrying And Approximate Market Values of Marketable and Non-Marketable Securities |
Other investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-marketable equity securities | $ | 17,316 |  | $ | — |  | $ | — |  | $ | 17,316 |  | $ | 14,147 |  | $ | — |  | $ | — |  | $ | 14,147 |
Marketable equity securities(1) | 11,559 |  | — |  | — |  | 11,559 |  | — |  | — |  | — |  | — |
Total Other Investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities | $ | 28,875 |  | $ | — |  | $ | — |  | $ | 28,875 |  | $ | 14,147 |  | $ | — |  | $ | — |  | $ | 14,147 |
(1) Effective January 1, 2018, the Company's equity and perpetual preferred securities are measured at fair value through net income.
Gross Unrealized Losses And Fair Value Of Investments | The following table shows the gross unrealized losses and fair value of the Company’s investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):
| September 30, 2018
Less Than Twelve Months | Twelve Months or Greater | Total
Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss
Securities available-for-sale: |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 45,560 |  | $ | 653 |  | $ | 19,197 |  | $ | 1,020 |  | $ | 64,757 |  | $ | 1,673 |
Mortgage-backed securities: |  |  |  |  |  |  |  |
U.S. Government agencies | 239,964 |  | 8,325 |  | 191,172 |  | 13,961 |  | 431,136 |  | 22,286 |
Corporate securities | 14,922 |  | 172 |  | — |  | — |  | 14,922 |  | 172 |
Investment funds | 1,500 |  | 82 |  | — |  | — |  | 1,500 |  | 82 |
Total available-for-sale | $ | 301,946 |  | $ | 9,232 |  | $ | 210,369 |  | $ | 14,981 |  | $ | 512,315 |  | $ | 24,213 |
Securities held-to-maturity: |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |
U.S. Government agencies | $ | 52,841 |  | $ | 971 |  | $ | — |  | $ | — |  | $ | 52,841 |  | $ | 971 |
Total held-to-maturity | $ | 52,841 |  | $ | 971 |  | $ | — |  | $ | — |  | $ | 52,841 |  | $ | 971 |
| December 31, 2017
Less Than Twelve Months | Twelve Months or Greater | Total
Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss
Securities available-for-sale: |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 4,913 |  | $ | 28 |  | $ | 19,440 |  | $ | 379 |  | $ | 24,353 |  | $ | 407 |
Mortgage-backed securities: |  |  |  |  |  |  |  |
U.S. Government agencies | 172,807 |  | 1,887 |  | 140,226 |  | 5,418 |  | 313,033 |  | 7,305 |
Trust preferred securities | 4,475 |  | 54 |  | — |  | — |  | 4,475 |  | 54 |
Corporate securities | 3,357 |  | 49 |  | 2,350 |  | 74 |  | 5,707 |  | 123 |
Investment funds | 1,500 |  | 36 |  | — |  | — |  | 1,500 |  | 36 |
Total available-for-sale | $ | 187,052 |  | $ | 2,054 |  | $ | 162,016 |  | $ | 5,871 |  | $ | 349,068 |  | $ | 7,925 |
Securities held-to-maturity: |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |
U.S. Government agencies | $ | 7,182 |  | $ | 25 |  | $ | — |  | $ | — |  | $ | 7,182 |  | $ | 25 |
Total held-to-maturity | $ | 7,182 |  | $ | 25 |  | $ | — |  | $ | — |  | $ | 7,182 |  | $ | 25 |
Amortized Cost And Estimated Fair Value Of Debt Securities By Contractual Maturity | The amortized cost and estimated fair value of debt securities at September 30, 2018, by contractual maturity, are shown in the following table (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Mortgage-backed securities have been allocated to their respective maturity groupings based on their contractual maturity.
| Amortized Cost | Estimated Fair Value
Available-for-Sale Debt Securities |  |
Due in one year or less | $ | 2,685 |  | $ | 2,684 |
Due after one year through five years | 10,504 |  | 10,493 |
Due after five years through ten years | 81,069 |  | 76,996 |
Due after ten years | 490,906 |  | 471,386 |
Total | $ | 585,164 |  | $ | 561,559 |
Held-to-Maturity Debt Securities |  |  |  |
Due in one year or less | $ | — |  | $ | — |
Due after one year through five years | — |  | — |
Due after five years through ten years | — |  | — |
Due after ten years | 57,812 |  | 56,841 |
Total | $ | 57,812 |  | $ | 56,841 |
Gross Gains And Losses Realized | . Additionally, on January 1, 2018, the Company reclassified $2.7 million, net of deferred taxes, from other comprehensive income to retained earnings on the consolidated balance sheets to recognize the prior period fair value impact of these securities. During the nine months ended September 30, 2017, the Company realized $4.3 million of investment gains. These gains represented partial recoveries of impairment charges previously recognized on pooled trust preferred securities. As a result of these sales, the Company no longer holds any pooled trust preferred securities in its investment portfolio.
| Three months ended September 30, | Nine months ended September 30,
| 2018 | 2017 | 2018 | 2017
Equity and perpetual preferred securities: |  |  |  |
Unrealized gains recognized on securities still held | $ | 383 |  | $ | — |  | $ | 1,155 |  | $ | — |
Gross realized gains on securities sold | $ | — |  | $ | — |  | — |  | 4,276 |
Gross realized losses on securities sold | — |  | — |  | — |  | — |
Net investment security gains | $ | — |  | $ | — |  | $ | — |  | $ | 4,276 |

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27290-111563 + Details
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