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Securities (Tables)
6 Months Ended
Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Schedule of available for sale securities
The following table summarizes available-for-sale securities held by the Company at June 30, 2018:
 
Available-for-Sale Securities
June 30, 2018
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
(in thousands)
 

 
 

 
 

 
 

Obligations of U.S. Government sponsored entities
$
498,540

 
$
0

 
$
10,941

 
$
487,599

Obligations of U.S. states and political subdivisions
87,510

 
74

 
1,374

 
86,210

Mortgage-backed securities – residential, issued by
 

 
 

 
 

 
 

U.S. Government agencies
124,343

 
261

 
4,728

 
119,876

U.S. Government sponsored entities
672,859

 
305

 
25,387

 
647,777

Non-U.S. Government agencies or sponsored entities
53

 
0

 
0

 
53

U.S. corporate debt securities
2,500

 
0

 
325

 
2,175

 Total available-for-sale securities
$
1,385,805

 
$
640

 
$
42,755

 
$
1,343,690

 
 The following table summarizes available-for-sale securities held by the Company at December 31, 2017:  
 
Available-for-Sale Securities
December 31, 2017
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
(in thousands)
 

 
 

 
 

 
 

Obligations of U.S. Government sponsored entities
$
507,248

 
$
278

 
$
3,333

 
$
504,193

Obligations of U.S. states and political subdivisions
91,659

 
281

 
421

 
91,519

Mortgage-backed securities – residential, issued by
 

 
 

 
 

 
 

U.S. Government agencies
139,747

 
659

 
2,671

 
137,735

U.S. Government sponsored entities
667,767

 
1,045

 
12,634

 
656,178

Non-U.S. Government agencies or sponsored entities
75

 
0

 
0

 
75

U.S. corporate debt securities
2,500

 
0

 
338

 
2,162

Total debt securities
1,408,996

 
2,263

 
19,397

 
1,391,862

Equity securities
1,000

 
0

 
87

 
913

Total available-for-sale securities
$
1,409,996

 
$
2,263

 
$
19,484

 
$
1,392,775

Schedule of held to maturity securities
The following table summarizes held-to-maturity securities held by the Company at June 30, 2018:  
 
Held-to-Maturity Securities
June 30, 2018
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
(in thousands)
 

 
 

 
 

 
 

Obligations of U.S. Government sponsored entities
$
131,507

 
$
0

 
$
2,230

 
$
129,277

Obligations of U.S. states and political subdivisions
7,906

 
42

 
4

 
7,944

Total held-to-maturity debt securities
$
139,413

 
$
42

 
$
2,234

 
$
137,221

 
The following table summarizes held-to-maturity securities held by the Company at December 31, 2017:  
 
Held-to-Maturity Securities
December 31, 2017
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
(in thousands)
 

 
 

 
 

 
 

Obligations of U.S. Government sponsored entities
$
131,707

 
$
1,103

 
$
90

 
$
132,720

Obligations of U.S. states and political subdivisions
7,509

 
93

 
7

 
7,595

Total held-to-maturity debt securities
$
139,216

 
$
1,196

 
$
97

 
$
140,315

Schedule of available for sale securities with unrealized losses
The following table summarizes available-for-sale securities that had unrealized losses at June 30, 2018:  
 
Less than 12 Months
 
12 Months or Longer
 
Total
(in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Obligations of U.S. Government sponsored entities
$
434,523

 
$
9,116

 
$
53,076

 
$
1,825

 
$
487,599

 
$
10,941

Obligations of U.S. states and political subdivisions
55,903

 
852

 
11,026

 
522

 
66,929

 
1,374

 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities – residential, issued by
 

 
 

 
 

 
 

 
 

 
 

U.S. Government agencies
20,321

 
749

 
87,043

 
3,979

 
107,364

 
4,728

U.S. Government sponsored entities
226,916

 
6,178

 
406,749

 
19,209

 
633,665

 
25,387

U.S. corporate debt securities
0

 
0

 
2,175

 
325

 
2,175

 
325

Total available-for-sale securities
$
737,663

 
$
16,895

 
$
560,069

 
$
25,860

 
$
1,297,732

 
$
42,755

   
The following table summarizes available-for-sale securities that had unrealized losses at December 31, 2017:  
 
Less than 12 Months
 
12 Months or Longer
 
Total
(in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Obligations of U.S. Government sponsored entities
$
319,545

 
$
2,301

 
$
39,791

 
$
1,032

 
$
359,336

 
$
3,333

Obligations of U.S. states and political subdivisions
39,571

 
219

 
11,729

 
202

 
51,300

 
421

 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities – residential, issued by
 

 
 

 
 

 
 

 
 

 
 

U.S. Government agencies
33,056

 
452

 
86,562

 
2,219

 
119,618

 
2,671

U.S. Government sponsored entities
208,524

 
1,941

 
410,767

 
10,693

 
619,291

 
12,634

U.S. corporate debt securities
0

 
0

 
2,163

 
338

 
2,163

 
338

Equity securities
0

 
0

 
913

 
87

 
913

 
87

Total available-for-sale securities
$
600,696

 
$
4,913

 
$
551,925

 
$
14,571

 
$
1,152,621

 
$
19,484

Schedule held-to-maturity securities with unrealized losses
The following table summarizes held-to-maturity securities that had unrealized losses at June 30, 2018.
 
Less than 12 Months
 
12 Months or Longer
 
Total
(in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Obligations of U.S. Government sponsored entities
$
129,278

 
$
2,230

 
$
0

 
$
0

 
$
129,278

 
$
2,230

 
 
 
 
 
 
 
 
 
 
 
 
Obligations of U.S. states and political subdivisions
3,181

 
4

 
0

 
0

 
3,181

 
4

Total held-to-maturity securities
$
132,459

 
$
2,234

 
$
0

 
$
0

 
$
132,459

 
$
2,234

 

The following table summarizes held-to-maturity securities that had unrealized losses at December 31, 2017.

 
Less than 12 Months
 
12 Months or Longer
 
Total
(in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Obligations of U.S. Government sponsored entities
$
20,505

 
$
90

 
$
0

 
$
0

 
$
20,505

 
$
90

 
 
 
 
 
 
 
 
 
 
 
 
Obligations of U.S. states and political subdivisions
5,094

 
7

 
0

 
0

 
5,094

 
7

Total held-to-maturity securities
$
25,599

 
$
97

 
$
0

 
$
0

 
$
25,599

 
$
97

Schedule of amortized cost and estimated fair value of debt securities by contractual maturity
The amortized cost and estimated fair value of debt securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities are shown separately since they are not due at a single maturity date.

June 30, 2018
 

 
 

(in thousands)
Amortized Cost
 
Fair Value
Available-for-sale securities:
 

 
 

Due in one year or less
$
72,650

 
$
72,406

Due after one year through five years
335,687

 
329,350

Due after five years through ten years
166,258

 
160,972

Due after ten years
13,955

 
13,256

Total
588,550

 
575,984

Mortgage-backed securities
797,255

 
767,706

Total available-for-sale debt securities
$
1,385,805

 
$
1,343,690


December 31, 2017
 

 
 

(in thousands)
Amortized Cost
 
Fair Value
Available-for-sale securities:
 

 
 

Due in one year or less
$
51,909

 
$
51,932

Due after one year through five years
368,846

 
367,377

Due after five years through ten years
162,061

 
160,374

Due after ten years
18,591

 
18,191

Total
601,407

 
597,874

Mortgage-backed securities
807,589

 
793,988

Total available-for-sale debt securities
$
1,408,996

 
$
1,391,862


June 30, 2018
 

 
 

(in thousands)
Amortized Cost
 
Fair Value
Held-to-maturity securities:
 

 
 

Due in one year or less
$
7,264

 
$
7,268

Due after one year through five years
76,894

 
75,655

Due after five years through ten years
55,255

 
54,298

Total held-to-maturity debt securities
$
139,413

 
$
137,221


December 31, 2017
 

 
 

(in thousands)
Amortized Cost
 
Fair Value
Held-to-maturity securities:
 

 
 

Due in one year or less
$
5,980

 
$
5,979

Due after one year through five years
51,936

 
52,227

Due after five years through ten years
81,300

 
82,109

Due after ten years
0

 
0

Total held-to-maturity debt securities
$
139,216

 
$
140,315