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Securities (Tables) | 3 Months Ended
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Mar. 31, 2018
Securities |
Schedule of amortized cost and fair value of the securities portfolio and corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss |
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
March 31, 2018 |  | Cost |  | Gains |  | Losses |  | Value
Securities available-for-sale |  |  |  |  |  |  |  |
U.S. Treasuries |  | $ | 4,003 |  | $ | - |  | $ | (108) |  | $ | 3,895
U.S. government agencies |  |  | 12,788 |  |  | - |  |  | (58) |  |  | 12,730
U.S. government agencies mortgage-backed |  |  | 14,331 |  |  | - |  |  | (487) |  |  | 13,844
States and political subdivisions |  |  | 287,825 |  |  | 2,046 |  |  | (4,331) |  |  | 285,540
Corporate bonds |  |  | 685 |  |  | 23 |  |  | (5) |  |  | 703
Collateralized mortgage obligations |  |  | 65,561 |  |  | 71 |  |  | (1,888) |  |  | 63,744
Asset-backed securities |  |  | 111,493 |  |  | 1,264 |  |  | (1,887) |  |  | 110,870
Collateralized loan obligations |  |  | 59,305 |  |  | 334 |  |  | (23) |  |  | 59,616
Total securities available-for-sale |  | $ | 555,991 |  | $ | 3,738 |  | $ | (8,787) |  | $ | 550,942
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
December 31, 2017 |  | Cost |  | Gains |  | Losses |  | Value
Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 4,002 |  | $ | - |  | $ | (55) |  | $ | 3,947
U.S. government agencies |  |  | 13,062 |  |  | 8 |  |  | (9) |  |  | 13,061
U.S. government agencies mortgage-backed |  |  | 12,372 |  |  | 7 |  |  | (165) |  |  | 12,214
States and political subdivisions |  |  | 272,240 |  |  | 7,116 |  |  | (1,264) |  |  | 278,092
Corporate bonds |  |  | 823 |  |  | 21 |  |  | (11) |  |  | 833
Collateralized mortgage obligations |  |  | 66,892 |  |  | 202 |  |  | (1,155) |  |  | 65,939
Asset-backed securities |  |  | 113,983 |  |  | 862 |  |  | (1,913) |  |  | 112,932
Collateralized loan obligations |  |  | 54,271 |  |  | 251 |  |  | (101) |  |  | 54,421
Total securities available-for-sale |  | $ | 537,645 |  | $ | 8,467 |  | $ | (4,673) |  | $ | 541,439
Schedule of fair value, amortized cost and weighted average yield of debt securities by contractual maturity along with securities not due at a single maturity date, primarily mortgage-backed securities (MBS), asset-backed securities, and collateralized loan obligations |
|  |  |  |  | Weighted |  |  |  |  |
|  | Amortized |  | Average |  |  | Fair |
Securities available-for-sale |  | Cost |  | Yield |  |  | Value |
Due in one year or less |  | $ | 18,800 |  | 1.90 | % |  | $ | 18,645 |
Due after one year through five years |  |  | 4,207 |  | 1.96 |  |  |  | 4,095 |
Due after five years through ten years |  |  | 5,919 |  | 3.34 |  |  |  | 6,017 |
Due after ten years |  |  | 276,375 |  | 2.96 |  |  |  | 274,111 |
|  |  | 305,301 |  | 2.89 |  |  |  | 302,868 |
Mortgage-backed and collateralized mortgage obligations |  |  | 79,892 |  | 2.98 |  |  |  | 77,588 |
Asset-backed securities |  |  | 111,493 |  | 2.93 |  |  |  | 110,870 |
Collateralized loan obligations |  |  | 59,305 |  | 4.64 |  |  |  | 59,616 |
Total securities available-for-sale |  | $ | 555,991 |  | 3.10 | % |  | $ | 550,942 |
Schedule of amortized cost and fair value of securities that exceed 10% of stockholders equity | The Company has invested in securities issued from three originators that individually amount to over 10% of the Company’s stockholders equity. Information regarding these three issuers and the value of the securities issued follows:
|  | March 31, 2018
|  | Amortized |  | Fair
Issuer |  | Cost |  | Value
GCO Education Loan Funding Corp |  | $ | 27,651 |  | $ | 26,687
Towd Point Mortgage Trust |  |  | 29,174 |  |  | 28,659
Student Loan Marketing Association |  |  | 25,737 |  |  | 26,213
Schedule of securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position |
|  | Less than 12 months |  | 12 months or more |  |  |  |  |  |  |  |
March 31, 2018 |  | in an unrealized loss position |  | in an unrealized loss position |  | Total
|  | Number of |  | Unrealized |  | Fair |  | Number of |  | Unrealized |  | Fair |  | Number of |  | Unrealized |  | Fair
Securities available-for-sale |  | Securities |  | Losses |  | Value |  | Securities |  | Losses |  | Value |  | Securities |  | Losses |  | Value
U.S. Treasuries |  | 1 |  | $ | 108 |  | $ | 3,895 |  | - |  | $ | - |  | $ | - |  | 1 |  | $ | 108 |  | $ | 3,895
U.S. government agencies |  | 4 |  |  | 58 |  |  | 12,730 |  | - |  |  | - |  |  | - |  | 4 |  |  | 58 |  |  | 12,730
U.S. government agencies mortgage-backed |  | 7 |  |  | 254 |  |  | 9,130 |  | 5 |  |  | 233 |  |  | 4,714 |  | 12 |  |  | 487 |  |  | 13,844
States and political subdivisions |  | 42 |  |  | 3,068 |  |  | 140,012 |  | 2 |  |  | 1,263 |  |  | 3,742 |  | 44 |  |  | 4,331 |  |  | 143,754
Corporate bonds |  | - |  |  | - |  |  | - |  | 1 |  |  | 5 |  |  | 200 |  | 1 |  |  | 5 |  |  | 200
Collateralized mortgage obligations |  | 4 |  |  | 110 |  |  | 21,191 |  | 8 |  |  | 1,778 |  |  | 38,589 |  | 12 |  |  | 1,888 |  |  | 59,780
Asset-backed securities |  | 1 |  |  | 46 |  |  | 1,603 |  | 6 |  |  | 1,841 |  |  | 56,385 |  | 7 |  |  | 1,887 |  |  | 57,988
Collateralized loan obligations |  | 2 |  |  | 23 |  |  | 12,991 |  | - |  |  | - |  |  | - |  | 2 |  |  | 23 |  |  | 12,991
Total securities available-for-sale |  | 61 |  | $ | 3,667 |  | $ | 201,552 |  | 22 |  | $ | 5,120 |  | $ | 103,630 |  | 83 |  | $ | 8,787 |  | $ | 305,182
|  | Less than 12 months |  | 12 months or more |  |  |  |  |  |  |  |
December 31, 2017 |  | in an unrealized loss position |  | in an unrealized loss position |  | Total
|  | Number of |  | Unrealized |  |  | Fair |  | Number of |  | Unrealized |  |  | Fair |  | Number of |  | Unrealized |  |  | Fair
Securities available-for-sale |  | Securities |  | Losses |  |  | Value |  | Securities |  | Losses |  |  | Value |  | Securities |  | Losses |  |  | Value
U.S. Treasuries |  | 1 |  | $ | 55 |  | $ | 3,947 |  | - |  | $ | - |  | $ | - |  | 1 |  | $ | 55 |  | $ | 3,947
U.S. government agencies |  | 2 |  |  | 9 |  |  | 6,550 |  | - |  |  | - |  |  | - |  | 2 |  |  | 9 |  |  | 6,550
U.S. government agencies mortgage-backed |  | 4 |  |  | 24 |  |  | 5,501 |  | 5 |  |  | 141 |  |  | 4,843 |  | 9 |  |  | 165 |  |  | 10,344
States and political subdivisions |  | 13 |  |  | 1,237 |  |  | 45,985 |  | 1 |  |  | 27 |  |  | 1,512 |  | 14 |  |  | 1,264 |  |  | 47,497
Corporate bonds |  | - |  |  | - |  |  | - |  | 1 |  |  | 11 |  |  | 332 |  | 1 |  |  | 11 |  |  | 332
Collateralized mortgage obligations |  | 3 |  |  | 31 |  |  | 11,534 |  | 8 |  |  | 1,124 |  |  | 40,219 |  | 11 |  |  | 1,155 |  |  | 51,753
Asset-backed securities |  | - |  |  | - |  |  | - |  | 7 |  |  | 1,913 |  |  | 61,745 |  | 7 |  |  | 1,913 |  |  | 61,745
Collateralized loan obligations |  | 3 |  |  | 101 |  |  | 29,313 |  | - |  |  | - |  |  | - |  | 3 |  |  | 101 |  |  | 29,313
Total securities available-for-sale |  | 26 |  | $ | 1,457 |  | $ | 102,830 |  | 22 |  | $ | 3,216 |  | $ | 108,651 |  | 48 |  | $ | 4,673 |  | $ | 211,481
Schedule of proceeds from sale and gross realized gains and losses on sale of securities |
|  |  | March 31, |  |
Securities available-for-sale |  | 2018 |  | 2017 |  |
Proceeds from sales of securities |  | $ | 2,522 |  | $ | 64,388 |  |
Gross realized gains on securities |  |  | 35 |  |  | 366 |  |
Gross realized losses on securities |  |  | - |  |  | (502) |  |
Securities realized gains (losses), net |  | $ | 35 |  | $ | (136) |  |
Income tax expense (benefit) on net realized gains (losses) |  |  | 10 |  |  | (54) |  |

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