Securities (Tables)

9 Months Ended

Sep. 30, 2019

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	%