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Securities (Tables)

12 Months Ended

Dec. 31, 2018

Securities [Abstract]

Amortized Cost and Fair Value of Available-for-sale Securities

The amortized cost and fair value of debt securities at December 31, 2018 are summarized as follows:

Available-for-Sale

(in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
U.S. Treasury and government agencies		$	219,358			$	48			$	(1,468	)		$	217,938
State and political subdivisions			126,280				633				(2,425	)			124,488
U.S. government sponsored agency mortgage-backed securities			255,969				397				(5,547	)			250,819
Other debt securities			507				0				(6	)			501
Total available-for-sale securities		$	602,114			$	1,078			$	(9,446	)		$	593,746

The amortized cost and fair value of securities at December 31, 2017 are summarized as follows:

Available-for-Sale

(in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
U.S. Treasury and government agencies		$	211,574			$	170			$	(1,172	)		$	210,572
State and political subdivisions			144,159				2,017				(1,161	)			145,015
U.S. government sponsored agency mortgage-backed securities			208,959				357				(4,007	)			205,309
Other debt securities			507				0				0				507
Total debt securities			565,199				2,544				(6,340	)			561,403
CRA investment funds			25,000				76				(718	)			24,358
Total available-for-sale securities		$	590,199			$	2,620			$	(7,058	)		$	585,761

Amortized Cost and Fair Value of Held-to-maturity Securities

The amortized cost and fair value of debt securities at December 31, 2018 are summarized as follows:

Held-to-Maturity

(in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
State and political subdivisions		$	649			$	0			$	0			$	649
Total held-to-maturity securities		$	649			$	0			$	0			$	649

The amortized cost and fair value of securities at December 31, 2017 are summarized as follows:

Held-to-Maturity

(in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
State and political subdivisions		$	659			$	1			$	0			$	660
Total held-to-maturity securities		$	659			$	1			$	0			$	660

Amortized Cost and Fair Value of Securities by Contractual Maturity

The amortized cost and fair value of debt securities at December 31, 2018 by contractual maturity are shown below.  Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

		Available-for-Sale								Held-to-Maturity
(in thousands)		Amortized Cost				Fair Value				Amortized Cost				Fair Value
Due in one year or less		$	65,507			$	65,393			$	0			$	0
Due after one through five years			93,465				92,943				649				649
Due after five through ten years			84,350				83,231				0				0
Due after ten years			102,316				100,859				0				0
U.S. government sponsored agency mortgage-backed securities			255,969				250,819				0				0
Other debt securities			507				501				0				0
Total debt securities		$	602,114			$	593,746			$	649			$	649

Available for Sale Securities and Held-to-Maturity Securities, Continuous Unrealized Loss Position

The following tables provide the amortized cost, gross unrealized losses, and fair market value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31, 2018 that are not deemed to be other-than-temporarily impaired.  There were no held-to-maturity securities that were deemed to be impaired as of December 31, 2018.

Available-for-Sale

(in thousands)		Amortized Cost				Gross Unrealized Losses				Fair Value
Less Than 12 Months
U.S. Treasury and government agencies		$	78,905			$	(271	)		$	78,634
State and political subdivisions			21,707				(194	)			21,513
U.S. government sponsored agency mortgage-backed securities			61,940				(377	)			61,563
Other debt securities			507				(6	)			501
Total <12 months temporarily impaired AFS securities			163,059				(848	)			162,211
12 Months or More
U.S. Treasury and government agencies			97,955				(1,197	)			96,758
State and political subdivisions			51,911				(2,231	)			49,680
U.S. government sponsored agency mortgage-backed securities			147,658				(5,170	)			142,488
Other debt securities			0				0				0
Total ≥12 months temporarily impaired AFS securities			297,524				(8,598	)			288,926
Total
U.S. Treasury and government agencies			176,860				(1,468	)			175,392
State and political subdivisions			73,618				(2,425	)			71,193
U.S. government sponsored agency mortgage-backed securities			209,598				(5,547	)			204,051
Other debt securities			507				(6	)			501
Total temporarily impaired AFS securities		$	460,583			$	(9,446	)		$	451,137

The following tables provide the amortized cost, gross unrealized losses, and fair market value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31, 2017 that are not deemed to be other-than-temporarily impaired.  There were no held-to-maturity securities that were deemed to be impaired as of December 31, 2017.

Available-for-Sale

(in thousands)		Amortized Cost				Gross Unrealized Losses				Fair Value
Less Than 12 Months
U.S. Treasury and government agencies		$	136,688			$	(840	)		$	135,848
State and political subdivisions			34,283				(416	)			33,867
U.S. government sponsored agency mortgage-backed securities			62,768				(643	)			62,125
Other debt securities			0				0				0
Total debt securities			233,739				(1,899	)			231,840
CRA investment funds			7,500				(105	)			7,395
Total <12 months temporarily impaired AFS securities			241,239				(2,004	)			239,235
12 Months or More
U.S. Treasury and government agencies			23,885				(332	)			23,553
State and political subdivisions			16,930				(745	)			16,185
U.S. government sponsored agency mortgage-backed securities			117,827				(3,364	)			114,463
Other debt securities			0				0				0
Total debt securities			158,642				(4,441	)			154,201
CRA investment funds			15,000				(613	)			14,387
Total ≥12 months temporarily impaired AFS securities			173,642				(5,054	)			168,588
Total
U.S. Treasury and government agencies			160,573				(1,172	)			159,401
State and political subdivisions			51,213				(1,161	)			50,052
U.S. government sponsored agency mortgage-backed securities			180,595				(4,007	)			176,588
Other debt securities			0				0				0
Total debt securities			392,381				(6,340	)			386,041
CRA investment funds			22,500				(718	)			21,782
Total temporarily impaired AFS securities		$	414,881			$	(7,058	)		$	407,823

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- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27232-111563

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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
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