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v3.19.1

Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Available For Sale And Held For Maturity Securities [Table Text Block] | The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at March 31, 2019 and December 31, 2018 were as follows (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Fair Value
March 31, 2019 |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations & agencies | $ | 190,845 |  |  | $ | 926 |  |  | $ | (1,044 | ) |  | $ | 190,727 |
Obligations of states and political subdivisions | 188,572 |  |  | 2,996 |  |  | (465 | ) |  | 191,103 |
Mortgage-backed securities: GSE residential | 312,159 |  |  | 1,399 |  |  | (2,074 | ) |  | 311,484 |
Other securities | 2,278 |  |  | 26 |  |  | — |  |  | 2,304 |
Total available-for-sale | $ | 693,854 |  |  | $ | 5,347 |  |  | $ | (3,583 | ) |  | $ | 695,618 |
Held-to-maturity: |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations & agencies | $ | 69,462 |  |  | $ | 11 |  |  | $ | (730 | ) |  | $ | 68,743 |
December 31, 2018 |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations & agencies | $ | 201,380 |  |  | $ | 504 |  |  | $ | (3,235 | ) |  | $ | 198,649 |
Obligations of states and political subdivisions | 193,195 |  |  | 1,224 |  |  | (1,840 | ) |  | 192,579 |
Mortgage-backed securities: GSE residential | 304,372 |  |  | 486 |  |  | (6,186 | ) |  | 298,672 |
Other securities | 2,278 |  |  | 96 |  |  | — |  |  | 2,374 |
Total available-for-sale | $ | 701,225 |  |  | $ | 2,310 |  |  | $ | (11,261 | ) |  | $ | 692,274 |
Held-to-maturity: |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations & agencies | $ | 69,436 |  |  | $ | — |  |  | $ | (1,527 | ) |  | $ | 67,909 |
Realized Gains and Losses From Sale of Securities | Realized gains and losses resulting from sales of securities were as follows during the three months ended March 31, 2019 and 2018 (in thousands):
| Three months ended March 31,
| 2019 |  | 2018
Gross gains | $ | 84 |  |  | $ | 20 |
Gross losses | (30 | ) |  | — |
Investments Classified by Contractual Maturity Date | The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost, at March 31, 2019 and the weighted average yield for each range of maturities (dollars in thousands):
| One year or less |  | After 1 through 5 years |  | After 5 through 10 years |  | After ten years |  | Total
Available-for-sale: |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 148,125 |  |  | $ | 42,602 |  |  | $ | — |  |  | $ | — |  |  | $ | 190,727 |
Obligations of state and political subdivisions | 26,862 |  |  | 85,494 |  |  | 77,798 |  |  | 949 |  |  | 191,103 |
Mortgage-backed securities: GSE residential | 657 |  |  | 214,585 |  |  | 96,242 |  |  | — |  |  | 311,484 |
Other securities | — |  |  | 2,014 |  |  | — |  |  | 290 |  |  | 2,304 |
Total available-for-sale investments | $ | 175,644 |  |  | $ | 344,695 |  |  | $ | 174,040 |  |  | $ | 1,239 |  |  | $ | 695,618 |
Weighted average yield | 2.64 | % |  | 2.85 | % |  | 2.92 | % |  | 3.06 | % |  | 2.82 | %
Full tax-equivalent yield | 2.79 | % |  | 3.12 | % |  | 3.43 | % |  | 4.07 | % |  | 3.12 | %
Held to Maturity: |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 49,940 |  |  | $ | 19,522 |  |  | $ | — |  |  | $ | — |  |  | $ | 69,462 |
Weighted average yield | 1.83 | % |  | 2.06 | % |  | — | % |  | — | % |  | 1.90 | %
Full tax-equivalent yield | 1.83 | % |  | 2.06 | % |  | — | % |  | — | % |  | 1.90 | %
The weighted average yields are calculated on the basis of the amortized cost and effective yields weighted for the scheduled maturity of each security. Tax-equivalent yields have been calculated using a 21% tax rate. With the exception of obligations of the U.S. Treasury and other U.S. government agencies and corporations, there were no investment securities of any single issuer, the book value of which exceeded 10% of stockholders' equity at March 31, 2019.
Fair value of investments with sustained gross unrealized losses | The following table presents the aging of gross unrealized losses and fair value by investment category as of March 31, 2019 and December 31, 2018 (in thousands):
| Less than 12 months |  | 12 months or more |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
March 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 998 |  |  | $ | — |  |  | $ | 82,772 |  |  | $ | (1,044 | ) |  | $ | 83,770 |  |  | $ | (1,044 | )
Obligations of states and political subdivisions | 1,382 |  |  | (3 | ) |  | 30,225 |  |  | (462 | ) |  | 31,607 |  |  | (465 | )
Mortgage-backed securities: GSE residential | 1,952 |  |  | (5 | ) |  | 199,536 |  |  | (2,069 | ) |  | 201,488 |  |  | (2,074 | )
Total | $ | 4,332 |  |  | $ | (8 | ) |  | $ | 312,533 |  |  | $ | (3,575 | ) |  | $ | 316,865 |  |  | $ | (3,583 | )
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | — |  |  | $ | — |  |  | $ | 63,775 |  |  | $ | (730 | ) |  | $ | 63,775 |  |  | $ | (730 | )
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 16,095 |  |  | $ | (148 | ) |  | $ | 105,549 |  |  | $ | (3,087 | ) |  | $ | 121,644 |  |  | $ | (3,235 | )
Obligations of states and political subdivisions | 38,782 |  |  | (450 | ) |  | 42,741 |  |  | (1,390 | ) |  | 81,523 |  |  | (1,840 | )
Mortgage-backed securities: GSE residential | 81,435 |  |  | (1,150 | ) |  | 171,321 |  |  | (5,036 | ) |  | 252,756 |  |  | (6,186 | )
Total | $ | 136,312 |  |  | $ | (1,748 | ) |  | $ | 319,611 |  |  | $ | (9,513 | ) |  | $ | 455,923 |  |  | $ | (11,261 | )
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 19,683 |  |  | $ | (147 | ) |  | $ | 48,226 |  |  | $ | (1,380 | ) |  | $ | 67,909 |  |  | $ | (1,527 | )
Credit Losses Recognized on Investments | Credit Losses Recognized on Investments. The following table provides information about the trust preferred security for which only a credit loss was recognized in income and other losses were recorded in other comprehensive income (loss) for the three months ended March 31, 2019 and 2018 (in thousands).
| Accumulated Credit Losses
| March 31, 2019 |  | March 31, 2018
Credit losses on trust preferred securities held |  |  |
Beginning of period | $ | — |  |  | $ | 1,111 |
Additions related to OTTI losses not previously recognized | — |  |  | — |
Reductions due to sales / (recoveries) | — |  |  | — |
Reductions due to change in intent or likelihood of sale | — |  |  | — |
Additions related to increases in previously recognized OTTI losses | — |  |  | — |
Reductions due to increases in expected cash flows | — |  |  | — |
End of period | $ | — |  |  | $ | 1,111 |
On May 29, 2018 the Company sold its trust preferred security. This sale resulted in recovery of all of the book value of the security. The net proceeds exceeded the aggregate book value of these securities by approximately $846,000 and this amount was recorded as a security gain during the second quarter of 2018.

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- Definition Tabular disclosure of available-for-sale and held-for-maturity securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures. + References No definition available. + Details
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- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
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- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27340-111563 + Details
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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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