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Securities (Tables)

12 Months Ended

Dec. 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
December 31, 2018		Cost			Gains			Losses			Value
Securities available-for-sale
U.S. Treasuries		$	4,006		$	-		$	(83)		$	3,923
U.S. government agencies			11,112			-			(161)			10,951
U.S. government agencies mortgage-backed			14,407			45			(377)			14,075
States and political subdivisions			277,112			1,916			(4,961)			274,067
Collateralized mortgage obligations			66,494			79			(2,144)			64,429
Asset-backed securities			108,574			1,165			(225)			109,514
Collateralized loan obligations			65,162			24			(897)			64,289
Total securities available-for-sale		$	546,867		$	3,229		$	(8,848)		$	541,248


					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		$	494		0.56	%		$	495
Due after one year through five years			6,910		2.00				6,861
Due after five years through ten years			6,202		3.25				6,275
Due after ten years			278,624		3.02				275,310
			292,230		2.99				288,941
Mortgage-backed and collateralized mortgage obligations			80,901		3.24				78,504
Asset-backed securities			108,574		3.65				109,514
Collateralized loan obligations			65,162		5.05				64,289
Total securities available-for-sale		$	546,867		3.41	%		$	541,248

Schedule of amortized cost and fair value of securities that exceed 10% of stockholders equity


		December 31, 2018
		Amortized			Fair
Issuer		Cost			Value
GCO Education Loan Funding Corp		$	27,739		$	27,763
Towd Point Mortgage Trust			34,308			33,318
Student Loan Marketing Association (“SLMA”)			25,808			26,119

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
December 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		$	83		$	3,923		1		$	83		$	3,923
U.S. government agencies		3			100			7,385		1			61			3,566		4			161			10,951
U.S. government agencies mortgage-backed		-			-			-		11			377			11,439		11			377			11,439
States and political subdivisions		4			126			17,713		33			4,835			110,326		37			4,961			128,039
Collateralized mortgage obligations		2			309			15,211		10			1,835			43,687		12			2,144			58,898
Asset-backed securities		-			-			-		4			225			16,473		4			225			16,473
Collateralized loan obligations		7			721			46,547		1			176			7,824		8			897			54,371
Total securities available-for-sale		16		$	1,256		$	86,856		61		$	7,592		$	197,238		77		$	8,848		$	284,094


		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



			Years ended December 31,
Securities available-for-sale			2018			2017			2016
Proceeds from sales of securities			$	94,663		$	232,462		$	306,400
Gross realized gains on securities				369			2,367			1,675
Gross realized losses on securities				(9)			(1,893)			(3,888)
Securities realized gains (losses), net			$	360		$	474		$	(2,213)
Income tax (expense) benefit on net realized gains (losses)			$	(100)		$	(198)		$	882
Effective tax rate applied				27.8	%		41.8	%		39.9	%