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Securities (Tables)

9 Months Ended

Sep. 30, 2019

Securities [Abstract]

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

The amortized cost and fair value of securities at September 30, 2019 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		$	193,376			$	610			$	(619	)		$	193,367
State and political subdivisions			101,593				3,146				(37	)			104,702
U.S. government sponsored agency mortgage-backed securities			316,745				4,806				(1,088	)			320,463
Other debt securities			31,450				0				(6	)			31,444
Total available-for-sale securities		$	643,164			$	8,562			$	(1,750	)		$	649,976

The amortized cost and fair value of 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

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

The amortized cost and fair value of securities at September 30, 2019 are summarized as follows:  Held-to-Maturity

(in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
State and political subdivisions		$	517			$	0			$	0			$	517
Total held-to-maturity securities		$	517			$	0			$	0			$	517

The amortized cost and fair value of 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

Amortized Cost and Fair Value of Securities by Contractual Maturity

The amortized cost and fair value of debt securities at September 30, 2019 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		$	34,370			$	34,394			$	517			$	517
Due after one through five years			88,607				89,169				0				0
Due after five through ten years			94,121				94,255				0				0
Due after ten years			77,871				80,251				0				0
U.S. government sponsored agency mortgage-backed securities			316,745				320,463				0				0
Other debt securities			31,450				31,444				0				0
Total debt securities		$	643,164			$	649,976			$	517			$	517

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 September 30, 2019 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 September 30, 2019.

Available-for-Sale

(in thousands)		Amortized Cost				Gross Unrealized Losses				Fair Value
Less Than 12 Months
U.S. Treasury and government agencies		$	25,253			$	(153	)		$	25,100
State and political subdivisions			8,358				(37	)			8,321
U.S. government sponsored agency mortgage-backed securities			17,634				(70	)			17,564
Other debt securities			12,303				(6	)			12,297
Total <12 months temporarily impaired AFS securities			63,548				(266	)			63,282
12 Months or More
U.S. Treasury and government agencies			86,397				(466	)			85,931
State and political subdivisions			0				0				0
U.S. government sponsored agency mortgage-backed securities			104,959				(1,018	)			103,941
Other debt securities			0				0				0
Total ≥12 months temporarily impaired AFS securities			191,356				(1,484	)			189,872
Total
U.S. Treasury and government agencies			111,650				(619	)			111,031
State and political subdivisions			8,358				(37	)			8,321
U.S. government sponsored agency mortgage-backed securities			122,593				(1,088	)			121,505
Other debt securities			12,303				(6	)			12,297
Total temporarily impaired AFS securities		$	254,904			$	(1,750	)		$	253,154

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

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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=118939692&loc=d3e27232-111563

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+ References

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