Securities (Tables)

3 Months Ended

Mar. 31, 2018

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)