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v3.20.1

Securities (Tables) | 3 Months Ended
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Mar. 31, 2020
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
March 31, 2020 |  | Cost 1 |  | Gains |  | Losses |  | Value
Securities available-for-sale |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 4,011 |  | $ | 141 |  | $ | - |  | $ | 4,152
U.S. government agencies |  |  | 7,870 |  |  | - |  |  | (147) |  |  | 7,723
U.S. government agencies mortgage-backed |  |  | 16,021 |  |  | 1,234 |  |  | - |  |  | 17,255
States and political subdivisions |  |  | 244,429 |  |  | 12,353 |  |  | (1,687) |  |  | 255,095
Collateralized mortgage obligations |  |  | 56,104 |  |  | 709 |  |  | (3,410) |  |  | 53,403
Asset-backed securities |  |  | 82,005 |  |  | 210 |  |  | (4,488) |  |  | 77,727
Collateralized loan obligations |  |  | 36,104 |  |  | 69 |  |  | (1,834) |  |  | 34,339
Total securities available-for-sale |  | $ | 446,544 |  | $ | 14,716 |  | $ | (11,566) |  | $ | 449,694
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
December 31, 2019 |  | Cost 1 |  | Gains |  | Losses |  | Value
Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 4,010 |  | $ | 26 |  | $ | - |  | $ | 4,036
U.S. government agencies |  |  | 8,502 |  |  | - |  |  | (165) |  |  | 8,337
U.S. government agencies mortgage-backed |  |  | 16,164 |  |  | 443 |  |  | (19) |  |  | 16,588
States and political subdivisions |  |  | 240,399 |  |  | 11,207 |  |  | (2,431) |  |  | 249,175
Collateralized mortgage obligations |  |  | 57,059 |  |  | 963 |  |  | (38) |  |  | 57,984
Asset-backed securities |  |  | 82,114 |  |  | 617 |  |  | (887) |  |  | 81,844
Collateralized loan obligations |  |  | 66,898 |  |  | 29 |  |  | (243) |  |  | 66,684
Total securities available-for-sale |  | $ | 475,146 |  | $ | 13,285 |  | $ | (3,783) |  | $ | 484,648
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 |  | $ | 6,606 |  | 2.42 | % |  | $ | 6,625 |
Due after one year through five years |  |  | 6,287 |  | 2.11 |  |  |  | 6,509 |
Due after five years through ten years |  |  | 16,117 |  | 2.96 |  |  |  | 16,506 |
Due after ten years |  |  | 227,300 |  | 3.01 |  |  |  | 237,330 |
|  |  | 256,310 |  | 2.97 |  |  |  | 266,970 |
Mortgage-backed and collateralized mortgage obligations |  |  | 72,125 |  | 3.30 |  |  |  | 70,658 |
Asset-backed securities |  |  | 82,005 |  | 2.75 |  |  |  | 77,727 |
Collateralized loan obligations |  |  | 36,104 |  | 3.59 |  |  |  | 34,339 |
Total securities available-for-sale |  | $ | 446,544 |  | 3.03 | % |  | $ | 449,694 |
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:
|  | March 31, 2020
(in thousands) |  | Amortized |  | Fair
Issuer |  | Cost |  | Value
GCO Education Loan Funding Corp |  | $ | 27,911 |  | $ | 26,501
Towd Point Mortgage Trust |  |  | 33,360 |  |  | 31,996
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 |  |  |  |  |  |  |  |
March 31, 2020 |  | 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. government agencies |  | - |  | $ | - |  | $ | - |  | 4 |  | $ | 147 |  | $ | 7,723 |  | 4 |  | $ | 147 |  | $ | 7,723
States and political subdivisions |  | 4 |  |  | 588 |  |  | 25,038 |  | 2 |  |  | 1,099 |  |  | 5,904 |  | 6 |  |  | 1,687 |  |  | 30,942
Collateralized mortgage obligations |  | 12 |  |  | 3,339 |  |  | 35,811 |  | 2 |  |  | 71 |  |  | 1,051 |  | 14 |  |  | 3,410 |  |  | 36,862
Asset-backed securities |  | 9 |  |  | 2,530 |  |  | 36,074 |  | 2 |  |  | 1,958 |  |  | 29,244 |  | 11 |  |  | 4,488 |  |  | 65,318
Collateralized loan obligations |  | 3 |  |  | 849 |  |  | 16,140 |  | 2 |  |  | 985 |  |  | 11,187 |  | 5 |  |  | 1,834 |  |  | 27,327
Total securities available-for-sale |  | 28 |  | $ | 7,306 |  | $ | 113,063 |  | 12 |  | $ | 4,260 |  | $ | 55,109 |  | 40 |  | $ | 11,566 |  | $ | 168,172
|  | Less than 12 months |  | 12 months or more |  |  |  |  |  |  |  |
December 31, 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. government agencies |  | - |  |  | - |  |  | - |  | 4 |  |  | 165 |  |  | 8,337 |  | 4 |  |  | 165 |  |  | 8,337
U.S. government agencies mortgage-backed |  | 3 |  |  | 10 |  |  | 3,018 |  | 2 |  |  | 9 |  |  | 843 |  | 5 |  |  | 19 |  |  | 3,861
States and political subdivisions |  | 6 |  |  | 1,665 |  |  | 41,043 |  | 2 |  |  | 766 |  |  | 6,593 |  | 8 |  |  | 2,431 |  |  | 47,636
Collateralized mortgage obligations |  | 2 |  |  | 26 |  |  | 9,054 |  | 2 |  |  | 12 |  |  | 1,209 |  | 4 |  |  | 38 |  |  | 10,263
Asset-backed securities |  | 4 |  |  | 839 |  |  | 54,540 |  | 1 |  |  | 48 |  |  | 3,238 |  | 5 |  |  | 887 |  |  | 57,778
Collateralized loan obligations |  | 4 |  |  | 62 |  |  | 21,927 |  | 4 |  |  | 181 |  |  | 25,020 |  | 8 |  |  | 243 |  |  | 46,947
Total securities available-for-sale |  | 19 |  | $ | 2,602 |  | $ | 129,582 |  | 15 |  | $ | 1,181 |  | $ | 45,240 |  | 34 |  | $ | 3,783 |  | $ | 174,822
Schedule of proceeds from sale and gross realized gains and losses on sale of securities |
|  |  | Three Months Ended |
|  |  | March 31, |
Securities available-for-sale |  | 2020 |  | 2019 |
Proceeds from sales of securities |  | $ | 18,126 |  | $ | 81,524 |
Gross realized gains on securities |  |  | 17 |  |  | 605 |
Gross realized losses on securities |  |  | (41) |  |  | (578) |
Net realized (losses) gains |  | $ | (24) |  | $ | 27 |
Income tax benefit (expense) on net realized (losses) gains |  | $ | 7 |  | $ | (8) |
Effective tax rate applied |  |  | 29.2 | % |  | 29.6 | %

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