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Securities (Tables) | 9 Months Ended
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Sep. 30, 2019
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
September 30, 2019 |  | Cost |  | Gains |  | Losses |  | Value
Securities available-for-sale |  |  |  |  |  |  |  |
U.S. Treasuries |  | $ | 4,009 |  | $ | 29 |  | $ | - |  | $ | 4,038
U.S. government agencies |  |  | 9,304 |  |  | - |  |  | (161) |  |  | 9,143
U.S. government agencies mortgage-backed |  |  | 16,338 |  |  | 619 |  |  | (17) |  |  | 16,940
States and political subdivisions |  |  | 227,680 |  |  | 11,962 |  |  | (915) |  |  | 238,727
Collateralized mortgage obligations |  |  | 62,965 |  |  | 1,216 |  |  | (60) |  |  | 64,121
Asset-backed securities |  |  | 82,106 |  |  | 1,243 |  |  | (167) |  |  | 83,182
Collateralized loan obligations |  |  | 72,454 |  |  | 46 |  |  | (229) |  |  | 72,271
Total securities available-for-sale |  | $ | 474,856 |  | $ | 15,115 |  | $ | (1,549) |  | $ | 488,422
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
December 31, 2018 |  | Cost |  | Gains |  | Losses |  | Value
Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 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
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 |  | $ | 736 |  | 1.92 | % |  | $ | 736 |
Due after one year through five years |  |  | 4,655 |  | 1.88 |  |  |  | 4,687 |
Due after five years through ten years |  |  | 4,645 |  | 3.29 |  |  |  | 4,944 |
Due after ten years |  |  | 230,957 |  | 3.04 |  |  |  | 241,541 |
|  |  | 240,993 |  | 3.02 |  |  |  | 251,908 |
Mortgage-backed and collateralized mortgage obligations |  |  | 79,303 |  | 3.15 |  |  |  | 81,061 |
Asset-backed securities |  |  | 82,106 |  | 3.27 |  |  |  | 83,182 |
Collateralized loan obligations |  |  | 72,454 |  | 4.53 |  |  |  | 72,271 |
Total securities available-for-sale |  | $ | 474,856 |  | 3.31 | % |  | $ | 488,422 |
Schedule of amortized cost and fair value of securities that exceed 10% of stockholders equity | The Company has invested in securities issued from two originators that individually amount to over 10% of the Company’s stockholders equity. Information regarding these two issuers and the value of the securities issued follows:
|  | September 30, 2019
|  | Amortized |  | Fair
Issuer |  | Cost |  | Value
GCO Education Loan Funding Corp |  | $ | 27,840 |  | $ | 27,744
Towd Point Mortgage Trust |  |  | 33,744 |  |  | 34,378
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, 2019 |  | 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 |  | - |  | $ | - |  | $ | - |  | - |  | $ | - |  | $ | - |  | - |  | $ | - |  | $ | -
U.S. government agencies |  | - |  |  | - |  |  | - |  | 4 |  |  | 161 |  |  | 9,143 |  | 4 |  |  | 161 |  |  | 9,143
U.S. government agencies mortgage-backed |  | 3 |  |  | 7 |  |  | 3,044 |  | 2 |  |  | 10 |  |  | 848 |  | 5 |  |  | 17 |  |  | 3,892
States and political subdivisions |  | 3 |  |  | 326 |  |  | 15,526 |  | 2 |  |  | 589 |  |  | 6,757 |  | 5 |  |  | 915 |  |  | 22,283
Collateralized mortgage obligations |  | 2 |  |  | 44 |  |  | 9,320 |  | 3 |  |  | 16 |  |  | 2,332 |  | 5 |  |  | 60 |  |  | 11,652
Asset-backed securities |  | 2 |  |  | 101 |  |  | 29,389 |  | 1 |  |  | 66 |  |  | 3,213 |  | 3 |  |  | 167 |  |  | 32,602
Collateralized loan obligations |  | 5 |  |  | 56 |  |  | 26,932 |  | 4 |  |  | 173 |  |  | 25,030 |  | 9 |  |  | 229 |  |  | 51,962
Total securities available-for-sale |  | 15 |  | $ | 534 |  | $ | 84,211 |  | 16 |  | $ | 1,015 |  | $ | 47,323 |  | 31 |  | $ | 1,549 |  | $ | 131,534
|  | 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
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 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |
Proceeds from sales of securities |  | $ | 57,228 |  | $ | 1,917 |  | $ | 177,824 |  | $ | 94,663 |
Gross realized gains on securities |  |  | 3,841 |  |  | 23 |  |  | 5,432 |  |  | 370 |
Gross realized losses on securities |  |  | (378) |  |  | (10) |  |  | (956) |  |  | (10) |
Net realized gains |  | $ | 3,463 |  | $ | 13 |  | $ | 4,476 |  | $ | 360 |
Income tax expense on net realized gains |  | $ | (973) |  | $ | (3) |  | $ | (1,257) |  | $ | (100) |
Effective tax rate applied |  |  | 28.1 | % |  | 23.1 | % |  | 28.1 | % |  | 27.8 | %

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