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Securities (Tables) | 9 Months Ended
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Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Estimated Fair Value of Securities Available-for-Sale and Held-to-Maturity | The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity at September 30, 2019, and December 31, 2018, are as follows (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
At September 30, 2019 |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 124,050 |  |  | $ | 1,520 |  |  | $ | (119 | ) |  | $ | 125,451 |
State and municipal obligations | 1,250 |  |  | 1 |  |  | — |  |  | 1,251 |
Total investment securities | 125,300 |  |  | 1,521 |  |  | (119 | ) |  | 126,702 |
Mortgage-backed securities - FNMA | 601 |  |  | 5 |  |  | — |  |  | 606 |
Total debt securities available-for-sale | $ | 125,901 |  |  | $ | 1,526 |  |  | $ | (119 | ) |  | $ | 127,308 |
Debt securities held-to-maturity: |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 9,981 |  |  | $ | 2 |  |  | $ | (2 | ) |  | $ | 9,981 |
State and municipal obligations | 134,626 |  |  | 1,247 |  |  | (259 | ) |  | 135,614 |
Corporate debt securities | 81,233 |  |  | 915 |  |  | (3,369 | ) |  | 78,779 |
Total investment securities | 225,840 |  |  | 2,164 |  |  | (3,630 | ) |  | 224,374 |
Mortgage-backed securities: |  |  |  |  |  |  |
FHLMC | 219,047 |  |  | 2,194 |  |  | (569 | ) |  | 220,672 |
FNMA | 259,192 |  |  | 2,566 |  |  | (503 | ) |  | 261,255 |
GNMA | 116,730 |  |  | 1,268 |  |  | (169 | ) |  | 117,829 |
SBA | 2,908 |  |  | — |  |  | (74 | ) |  | 2,834 |
Total mortgage-backed securities | 597,877 |  |  | 6,028 |  |  | (1,315 | ) |  | 602,590 |
Total debt securities held-to-maturity | $ | 823,717 |  |  | $ | 8,192 |  |  | $ | (4,945 | ) |  | $ | 826,964 |
Total debt securities | $ | 949,618 |  |  | $ | 9,718 |  |  | $ | (5,064 | ) |  | $ | 954,272 |
At December 31, 2018 |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |
Investment securities - U.S. government and agency obligations | $ | 100,524 |  |  | $ | 163 |  |  | $ | (963 | ) |  | $ | 99,724 |
Mortgage-backed securities - FNMA | 998 |  |  | — |  |  | (5 | ) |  | 993 |
Total debt securities available-for-sale | $ | 101,522 |  |  | $ | 163 |  |  | $ | (968 | ) |  | $ | 100,717 |
Debt securities held-to-maturity: |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 14,975 |  |  | $ | — |  |  | $ | (130 | ) |  | $ | 14,845 |
State and municipal obligations | 123,987 |  |  | 67 |  |  | (1,697 | ) |  | 122,357 |
Corporate debt securities | 66,834 |  |  | 126 |  |  | (4,984 | ) |  | 61,976 |
Total investment securities | 205,796 |  |  | 193 |  |  | (6,811 | ) |  | 199,178 |
Mortgage-backed securities: |  |  |  |  |  |  |
FHLMC | 237,703 |  |  | 159 |  |  | (5,110 | ) |  | 232,752 |
FNMA | 277,266 |  |  | 753 |  |  | (6,030 | ) |  | 271,989 |
GNMA | 127,611 |  |  | 198 |  |  | (2,360 | ) |  | 125,449 |
SBA | 3,527 |  |  | — |  |  | (80 | ) |  | 3,447 |
Total mortgage-backed securities | 646,107 |  |  | 1,110 |  |  | (13,580 | ) |  | 633,637 |
Total debt securities held-to-maturity | $ | 851,903 |  |  | $ | 1,303 |  |  | $ | (20,391 | ) |  | $ | 832,815 |
Total debt securities | $ | 953,425 |  |  | $ | 1,466 |  |  | $ | (21,359 | ) |  | $ | 933,532 |
Carrying Value of Held-to-Maturity Investment Securities | The carrying value of the debt securities held-to-maturity at September 30, 2019, and December 31, 2018, is as follows (in thousands):
| September 30, 2019 |  | December 31, 2018
Amortized cost | $ | 823,717 |  |  | $ | 851,903 |
Net loss on date of transfer from available-for-sale | (13,347 | ) |  | (13,347 | )
Accretion of net unrealized loss on securities reclassified as held-to-maturity | 8,883 |  |  | 8,254 |
Carrying value | $ | 819,253 |  |  | $ | 846,810 |
Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity | The amortized cost and estimated fair value of investment securities at September 30, 2019 by contractual maturity are shown below (in thousands). Actual maturities may differ from contractual maturities in instances where issuers have the right to call or prepay obligations with or without call or prepayment penalties. At September 30, 2019, corporate debt securities with an amortized cost of $61.0 million and estimated fair value of $58.3 million were callable prior to the maturity date.
September 30, 2019 | Amortized Cost |  | Estimated Fair Value
Less than one year | $ | 71,705 |  |  | $ | 71,726 |
Due after one year through five years | 190,181 |  |  | 192,486 |
Due after five years through ten years | 75,453 |  |  | 72,747 |
Due after ten years | 13,801 |  |  | 14,117 |
| $ | 351,140 |  |  | $ | 351,076 |
Estimated Fair Value and Unrealized Loss for Securities Available-for-Sale and Held-to-Maturity | The estimated fair value and unrealized losses of debt securities available-for-sale and held-to-maturity at September 30, 2019 and December 31, 2018, segregated by the duration of the unrealized losses, are as follows (in thousands):
| At September 30, 2019
| Less than 12 months |  | 12 months or longer |  | Total
| Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
Investment securities - U.S. government and agency obligations | $ | 5,011 |  |  | $ | (9 | ) |  | $ | 32,363 |  |  | $ | (110 | ) |  | $ | 37,374 |  |  | $ | (119 | )
Total debt securities available-for-sale | 5,011 |  |  | (9 | ) |  | 32,363 |  |  | (110 | ) |  | 37,374 |  |  | (119 | )
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | — |  |  | — |  |  | 4,999 |  |  | (2 | ) |  | 4,999 |  |  | (2 | )
State and municipal obligations | 22,526 |  |  | (71 | ) |  | 18,348 |  |  | (188 | ) |  | 40,874 |  |  | (259 | )
Corporate debt securities | — |  |  | — |  |  | 42,660 |  |  | (3,369 | ) |  | 42,660 |  |  | (3,369 | )
Total investment securities | 22,526 |  |  | (71 | ) |  | 66,007 |  |  | (3,559 | ) |  | 88,533 |  |  | (3,630 | )
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
FHLMC | 13,132 |  |  | (32 | ) |  | 41,799 |  |  | (537 | ) |  | 54,931 |  |  | (569 | )
FNMA | 13,475 |  |  | (31 | ) |  | 43,134 |  |  | (472 | ) |  | 56,609 |  |  | (503 | )
GNMA | 22,261 |  |  | (56 | ) |  | 24,936 |  |  | (113 | ) |  | 47,197 |  |  | (169 | )
SBA | — |  |  | — |  |  | 2,834 |  |  | (74 | ) |  | 2,834 |  |  | (74 | )
Total mortgage-backed securities | 48,868 |  |  | (119 | ) |  | 112,703 |  |  | (1,196 | ) |  | 161,571 |  |  | (1,315 | )
Total debt securities held-to-maturity | 71,394 |  |  | (190 | ) |  | 178,710 |  |  | (4,755 | ) |  | 250,104 |  |  | (4,945 | )
Total debt securities | $ | 76,405 |  |  | $ | (199 | ) |  | $ | 211,073 |  |  | $ | (4,865 | ) |  | $ | 287,478 |  |  | $ | (5,064 | )
| At December 31, 2018
| Less than 12 months |  | 12 months or longer |  | Total
| Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
Investment securities - U.S. government and agency obligations | $ | 985 |  |  | $ | (3 | ) |  | $ | 66,438 |  |  | $ | (960 | ) |  | $ | 67,423 |  |  | $ | (963 | )
Mortgage-backed securities - FNMA | 993 |  |  | (5 | ) |  | — |  |  | — |  |  | 993 |  |  | (5 | )
Total debt securities available-for-sale | 1,978 |  |  | (8 | ) |  | 66,438 |  |  | (960 | ) |  | 68,416 |  |  | (968 | )
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | — |  |  | — |  |  | 14,845 |  |  | (130 | ) |  | 14,845 |  |  | (130 | )
State and municipal obligations | 2,856 |  |  | (4 | ) |  | 106,073 |  |  | (1,693 | ) |  | 108,929 |  |  | (1,697 | )
Corporate debt securities | 2,470 |  |  | (21 | ) |  | 43,059 |  |  | (4,963 | ) |  | 45,529 |  |  | (4,984 | )
Total investment securities | 5,326 |  |  | (25 | ) |  | 163,977 |  |  | (6,786 | ) |  | 169,303 |  |  | (6,811 | )
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
FHLMC | 46,615 |  |  | (159 | ) |  | 147,763 |  |  | (4,951 | ) |  | 194,378 |  |  | (5,110 | )
FNMA | 27,594 |  |  | (125 | ) |  | 185,328 |  |  | (5,905 | ) |  | 212,922 |  |  | (6,030 | )
GNMA | 35,221 |  |  | (535 | ) |  | 59,468 |  |  | (1,825 | ) |  | 94,689 |  |  | (2,360 | )
SBA | 3,447 |  |  | (80 | ) |  | — |  |  | — |  |  | 3,447 |  |  | (80 | )
Total mortgage-backed securities | 112,877 |  |  | (899 | ) |  | 392,559 |  |  | (12,681 | ) |  | 505,436 |  |  | (13,580 | )
Total debt securities held-to-maturity | 118,203 |  |  | (924 | ) |  | 556,536 |  |  | (19,467 | ) |  | 674,739 |  |  | (20,391 | )
Total debt securities | $ | 120,181 |  |  | $ | (932 | ) |  | $ | 622,974 |  |  | $ | (20,427 | ) |  | $ | 743,155 |  |  | $ | (21,359 | )
Amortized Cost, Estimated Fair Value and Credit Rating of Corporate Debt Securities | At September 30, 2019, the amortized cost, estimated fair value and credit rating of the individual corporate debt securities in an unrealized loss position for greater than one year are as follows (in thousands):
Security Description | Amortized Cost |  | Estimated Fair Value |  | Credit Rating Moody’s/ S&P
Chase Capital | $ | 10,000 |  |  | $ | 9,200 |  |  | Baa1/BBB-
Wells Fargo Capital | 5,000 |  |  | 4,625 |  |  | A1/BBB
Huntington Capital | 5,000 |  |  | 4,450 |  |  | Baa2/BB+
Keycorp Capital | 5,000 |  |  | 4,525 |  |  | Baa2/BB+
PNC Capital | 5,000 |  |  | 4,600 |  |  | Baa1/BBB-
State Street Capital | 5,000 |  |  | 4,613 |  |  | A3/BBB
SunTrust Capital | 5,000 |  |  | 4,625 |  |  | Not Rated/BB+
Celgene | 1,511 |  |  | 1,508 |  |  | Baa2/BBB+
Southern Company | 1,507 |  |  | 1,505 |  |  | Baa2/BBB+
BB&T | 1,506 |  |  | 1,505 |  |  | A2/A-
AT&T Inc. | 1,505 |  |  | 1,504 |  |  | Baa2/BBB
| $ | 46,029 |  |  | $ | 42,660 |  |  |

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