Investment Securities Investment Securities (Tables)

12 Months Ended

Dec. 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 December 31, 2019 and 2018 were as follows (in thousands):



December 31, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations & agencies	$	106,428	$	952	$	(60	)	$	107,320
Obligations of states and political subdivisions	172,460		5,990		(17		)	178,433
Mortgage-backed securities: GSE residential	391,307		5,331		(512		)	396,126
Other securities	4,028		141		—			4,169
Total available-for-sale	$	674,223	$	12,414	$	(589	)	$	686,048
Held-to-maturity:
U.S. Treasury securities and obligations of U.S. government corporations & agencies	$	69,542	$	99	$	(69	)	$	69,572
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

Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]

As described above, the Company’s investments in trust preferred securities experienced fair value deterioration due to credit losses but were not otherwise other-than-temporarily impaired. The following table provides information about those trust preferred securities for which only a credit loss was recognized in income and other losses were recorded in other comprehensive income (loss) for the years ended December 31, 2019, 2018 and 2017 (in thousands).



	Accumulated Credit Losses as of December 31:
	2019		2018			2017
Credit losses on trust preferred securities held:
Beginning of period	$	—	$	1,111		$	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	$	—	$	—		$	1,111

On May 29, 2018 the Company sold its trust preferred security. This sale resulted in a recovery of all of the book value of the security. The net proceeds exceed 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.

Realized Gain (Loss) on Investments [Table Text Block]

Proceeds from sales of investment securities, realized gains and losses and income tax expense were as follows during the years ended December 31, 2019, 2018 and 2017 (in thousands):



	2019			2018			2017
Proceeds from sales	$	60,900		$	13,152		$	159,663
Gross gains	875			941			773
Gross losses	(73		)	(40		)	(157		)
Income tax expense	233			261			216

Schedule of Unrealized Loss on Investments [Table Text Block]

The following table presents the aging of gross unrealized losses and fair value by investment category as of December 31, 2019 and 2018 (in thousands):



	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
December 31, 2019
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	23,375	$	(60	)	$	—	$	—		$	23,375	$	(60	)
Obligations of states and political subdivisions	3,469		(16		)	347		(1		)	3,816		(17		)
Mortgage-backed securities: GSE residential	67,080		(322		)	20,888		(190		)	87,968		(512		)
Total	$	93,924	$	(398	)	$	21,235	$	(191	)	$	115,159	$	(589	)
Held-to-maturity:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	14,996	$	(25	)	$	24,565	$	(44	)	$	39,561	$	(69	)
December 31, 2018
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	)

Investments Classified by Contractual Maturity Date [Table Text Block]

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 December 31, 2019 and the weighted average yield for each range of maturities (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	$	97,088		$	10,232		$	—		$	—		$	107,320
Obligations of state and political subdivisions	30,565			68,896			77,953			1,019			178,433
Mortgage-backed securities: GSE residential	1,517			296,145			98,464			—			396,126
Other securities	2,002			1,754			—			413			4,169
Total investments	$	131,172		$	377,027		$	176,417		$	1,432		$	686,048
Weighted average yield	2.70		%	2.88		%	2.81		%	3.07		%	2.83		%
Full tax-equivalent yield	2.94		%	3.08		%	3.32		%	4.08		%	3.12		%
Held-to-maturity:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	64,511		$	5,031		$	—		$	—		$	69,542
Weighted average yield	1.89		%	2.06		%	—		%	—		%	1.90		%
Full tax-equivalent yield	1.89		%	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 December 31, 2019.

Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Table Text Block]



	Amortized Cost		Estimated Fair Value
Available-for-sale:
Due in one year or less	$	128,892	$	129,656
Due after one-five years	78,637		80,882
Due after five-ten years	74,167		77,953
Due after ten years	1,220		1,431
	282,916		289,922
Mortgage-backed securities: GSE residential	391,307		396,126
Total available-for-sale	674,223		686,048
Held-to-maturity:
Due in one year or less	64,511		64,501
Due after one-five years	5,031		5,071
Total held-to-maturity	$	69,542	$	69,572

Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.