Securities (Tables)

9 Months Ended

Sep. 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
September 30, 2018	Cost		Gains		Losses		Value
Securities available-for-sale
U.S. Treasuries	$	4,005	$	-	$	(151)	$	3,854
U.S. government agencies		11,881		-		(178)		11,703
U.S. government agencies mortgage-backed		15,474		-		(708)		14,766
States and political subdivisions		278,604		398		(6,738)		272,264
Collateralized mortgage obligations		67,762		118		(2,920)		64,960
Asset-backed securities		108,622		991		(440)		109,173
Collateralized loan obligations		65,555		162		(99)		65,618
Total securities available-for-sale	$	551,903	$	1,669	$	(11,234)	$	542,338


			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	$	1,500	4.78	%	$	1,502
Due after one year through five years		4,005	1.85			3,854
Due after five years through ten years		6,688	3.03			6,626
Due after ten years		282,297	3.00			275,839
		294,490	3.00			287,821
Mortgage-backed and collateralized mortgage obligations		83,236	3.21			79,726
Asset-backed securities		108,622	3.22			109,173
Collateralized loan obligations		65,555	4.71			65,618
Total securities available-for-sale	$	551,903	3.28	%	$	542,338

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:


	September 30, 2018
	Amortized		Fair
Issuer	Cost		Value
GCO Education Loan Funding Corp	$	27,711	$	27,788
Towd Point Mortgage Trust		34,390		33,181
Student Loan Marketing Association		25,798		26,134

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
September 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	$	151	$	3,854	1	$	151	$	3,854
U.S. government agencies	3		109		7,829	1		69		3,874	4		178		11,703
U.S. government agencies mortgage-backed	6		287		7,357	7		421		7,409	13		708		14,766
States and political subdivisions	55		3,843		174,924	9		2,895		28,218	64		6,738		203,142
Collateralized mortgage obligations	4		714		25,620	8		2,206		33,342	12		2,920		58,962
Asset-backed securities	3		79		7,526	5		361		30,240	8		440		37,766
Collateralized loan obligations	4		85		24,502	1		14		7,986	5		99		32,488
Total securities available-for-sale	75	$	5,117	$	247,758	32	$	6,117	$	114,923	107	$	11,234	$	362,681


	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				Nine Months Ended
		September 30,				September 30,
Securities available-for-sale	2018		2017		2018		2017
Proceeds from sales of securities	$	1,917	$	51,620	$	94,663	$	152,476
Gross realized gains on securities		23		474		370		911
Gross realized losses on securities		(10)		(371)		(10)		(1,076)
Securities realized gains (losses), net	$	13	$	103	$	360	$	(165)
Income tax (expense) benefit on net realized gains (losses)		(2)		(42)		(100)		24