Securities (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2018	Cost		Gains		Losses		Value
Securities available-for-sale
U.S. Treasuries	$	4,004	$	-	$	(128)	$	3,876
U.S. government agencies		12,369		-		(153)		12,216
U.S. government agencies mortgage-backed		14,011		-		(604)		13,407
States and political subdivisions		279,007		1,640		(4,535)		276,112
Corporate bonds		685		21		(6)		700
Collateralized mortgage obligations		63,778		60		(2,406)		61,432
Asset-backed securities		110,053		1,011		(1,801)		109,263
Collateralized loan obligations		66,489		223		(74)		66,638
Total securities available-for-sale	$	550,396	$	2,955	$	(9,707)	$	543,644


			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	$	10,550	2.10	%	$	10,540
Due after one year through five years		4,689	2.20			4,576
Due after five years through ten years		5,343	3.27			5,413
Due after ten years		275,483	2.98			272,375
		296,065	2.94			292,904
Mortgage-backed and collateralized mortgage obligations		77,789	3.11			74,839
Asset-backed securities		110,053	3.23			109,263
Collateralized loan obligations		66,489	4.34			66,638
Total securities available-for-sale	$	550,396	3.19	%	$	543,644

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:


	June 30, 2018
	Amortized		Fair
Issuer	Cost		Value
GCO Education Loan Funding Corp	$	27,685	$	26,754
Towd Point Mortgage Trust		28,966		28,080
Student Loan Marketing Association		25,780		26,176

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
June 30, 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	$	128	$	3,876	-	$	-	$	-	1	$	128	$	3,876
U.S. government agencies	4		153		12,216	-		-		-	4		153		12,216
U.S. government agencies mortgage-backed	7		356		8,968	5		248		4,439	12		604		13,407
States and political subdivisions	43		3,264		141,455	2		1,271		3,849	45		4,535		145,304
Corporate bonds	-		-		-	1		6		198	1		6		198
Collateralized mortgage obligations	3		399		20,353	9		2,007		37,782	12		2,406		58,135
Asset-backed securities	3		65		8,451	6		1,736		56,539	9		1,801		64,990
Collateralized loan obligations	3		60		17,364	1		14		7,986	4		74		25,350
Total securities available-for-sale	64	$	4,425	$	212,683	24	$	5,282	$	110,793	88	$	9,707	$	323,476


	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


		Three Months Ended				Six Months Ended
		June 30,				June 30,
Securities available-for-sale	2018		2017		2018		2017
Proceeds from sales of securities	$	90,224	$	36,468	$	92,746	$	100,856
Gross realized gains on securities		312		71		347		437
Gross realized losses on securities		-		(202)		-		(704)
Securities realized gains (losses), net	$	312	$	(131)	$	347	$	(267)
Income tax (expense) benefit on net realized gains (losses)		(88)		52		(98)		106