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Investment Securities | 9 Months Ended
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Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities 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 September 30, 2019 and December 31, 2018 were as follows (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Fair Value
September 30, 2019 |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations & agencies | $ | 165,765 |  |  | $ | 1,481 |  |  | $ | (144 | ) |  | $ | 167,102 |
Obligations of states and political subdivisions | 181,038 |  |  | 6,303 |  |  | (11 | ) |  | 187,330 |
Mortgage-backed securities: GSE residential | 373,267 |  |  | 5,832 |  |  | (255 | ) |  | 378,844 |
Other securities | 3,278 |  |  | 144 |  |  | — |  |  | 3,422 |
Total available-for-sale | $ | 723,348 |  |  | $ | 13,760 |  |  | $ | (410 | ) |  | $ | 736,698 |
Held-to-maturity: |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations & agencies | $ | 69,515 |  |  | $ | 104 |  |  | $ | (127 | ) |  | $ | 69,492 |
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 resulting from sales of securities were as follows during the nine months ended September 30, 2019 and 2018 (in thousands):
| Three months ended September 30, |  | Nine months ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Gross gains | $ | 51 |  |  | $ | — |  |  | $ | 365 |  |  | $ | 941 |
Gross losses | — |  |  | — |  |  | (42 | ) |  | (40 | )
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 September 30, 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 | $ | 136,829 |  |  | $ | 30,273 |  |  | $ | — |  |  | $ | — |  |  | $ | 167,102 |
Obligations of state and political subdivisions | 30,912 |  |  | 76,032 |  |  | 79,380 |  |  | 1,006 |  |  | 187,330 |
Mortgage-backed securities: GSE residential | 1,887 |  |  | 355,026 |  |  | 21,931 |  |  | — |  |  | 378,844 |
Other securities | 2,005 |  |  | 1,006 |  |  | — |  |  | 411 |  |  | 3,422 |
Total available-for-sale investments | $ | 171,633 |  |  | $ | 462,337 |  |  | $ | 101,311 |  |  | $ | 1,417 |  |  | $ | 736,698 |
Weighted average yield | 2.64 | % |  | 2.82 | % |  | 3.02 | % |  | 3.07 | % |  | 2.80 | %
Full tax-equivalent yield | 2.83 | % |  | 3.00 | % |  | 3.94 | % |  | 4.08 | % |  | 3.09 | %
Held to Maturity: |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 59,510 |  |  | $ | 10,005 |  |  | $ | — |  |  | $ | — |  |  | $ | 69,515 |
Weighted average yield | 1.83 | % |  | 1.04 | % |  | — | % |  | — | % |  | 1.72 | %
Full tax-equivalent yield | 1.83 | % |  | 1.04 | % |  | — | % |  | — | % |  | 1.72 | %
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 September 30, 2019. Investment securities carried at approximately $662 million and $628 million at September 30, 2019 and December 31, 2018, respectively, were pledged to secure public deposits and repurchase agreements and for other purposes as permitted or required by law. The following table presents the aging of gross unrealized losses and fair value by investment category as of September 30, 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
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 30,404 |  |  | $ | (109 | ) |  | $ | 8,979 |  |  | $ | (35 | ) |  | $ | 39,383 |  |  | $ | (144 | )
Obligations of states and political subdivisions | 4,945 |  |  | (9 | ) |  | 643 |  |  | (2 | ) |  | 5,588 |  |  | (11 | )
Mortgage-backed securities: GSE residential | 28,622 |  |  | (66 | ) |  | 21,950 |  |  | (189 | ) |  | 50,572 |  |  | (255 | )
Total | $ | 63,971 |  |  | $ | (184 | ) |  | $ | 31,572 |  |  | $ | (226 | ) |  | $ | 95,543 |  |  | $ | (410 | )
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 2,487 |  |  | $ | (13 | ) |  | $ | 29,451 |  |  | $ | (114 | ) |  | $ | 31,938 |  |  | $ | (127 | )
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 | )
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies. At September 30, 2019 there were three available-for sale U.S. Treasury securities and obligations of U.S. government corporations and agencies with a fair value of $8,979,000 and unrealized losses of $35,000 in a continuous unrealized loss position for twelve months or more. At December 31, 2018, there were twenty-three available-for sale U.S. Treasury securities and obligations of U.S. government corporations and agencies with a fair value of $105,549,000 and unrealized losses of $3,087,000 in a continuous unrealized loss position for twelve months or more. At September 30, 2019, there were five held-to-maturity U.S. Treasury securities and obligations of U.S. government corporations and agencies with a fair value of $29,451,000 and unrealized losses of $114,000 in a continuous unrealized loss position for twelve months or more. At December 31, 2018, there were nine held-to-maturity U.S. Treasury securities and obligations of U.S. government corporations and agencies with a fair value of $48,226,000 and unrealized losses of $1,380,000 in a continuous unrealized loss position for twelve months or more. Obligations of states and political subdivisions. At September 30, 2019, there were two obligations of states and political subdivisions with a fair value of $643,000 and unrealized losses of $2,000 in a continuous loss position for twelve months or more. At December 31, 2018, there were eighty-four obligations of states and political subdivisions with a fair value of $42,741,000 and unrealized losses of $1,390,000 in a continuous unrealized loss position for twelve months or more. Mortgage-backed Securities: GSE Residential. At September 30, 2019, there were fourteen mortgage-backed securities with a fair value of $21,950,000 and unrealized losses of $189,000 in a continuous unrealized loss position for twelve months or more. At December 31, 2018, there were sixty-nine mortgage-backed securities with a fair value of $171,321,000 and unrealized losses of $5,036,000 in a continuous unrealized loss position for twelve months or more. The Company does not believe any other individual unrealized loss as of September 30, 2019 represents other than temporary impairment ("OTTI"). However, given the uncertainty of the financial markets, the Company may be required to recognize OTTI losses in future periods with respect to its available for sale investment securities portfolio. The amount and timing of any additional OTTI will depend on the decline in the underlying cash flows of the securities. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized in the period the other-than-temporary impairment is identified. Other-than-temporary Impairment. Upon acquisition of a security, the Company determines whether it is within the scope of the accounting guidance for investments in debt and equity securities or whether it must be evaluated for impairment under the accounting guidance for beneficial interests in securitized financial assets. If the Company determined that a given pooled trust preferred security position would be subject to a write-down or loss, the Company would record the expected credit loss as a charge to earnings. 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 nine months ended September 30, 2019 and 2018 (in thousands).
| Accumulated Credit Losses
| September 30, 2019 |  | September 30, 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) | — |  |  | (1,111 | )
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 | $ | — |  |  | $ | — |
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 The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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