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Securities (Tables)
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Fair Value of Securities
The fair value of securities is as follows:
 
 
 
December 31, 2018
 
 
 
Amortized

Cost
 
 
Gross

Unrealized

Gains
 
 
Gross

Unrealized

Losses
 
 
Fair

Value
 
Available for sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and federal agencies
 
$
16,815
 
 
$
1
 
 
$
(208
)
 
$
16,608
 
State and municipal
 
 
210,386
 
 
 
1,495
 
 
 
(2,578
)
 
 
209,303
 
Federal agency collateralized mortgage obligations
 
 
187,563
 
 
 
625
 
 
 
(3,185
)
 
 
185,003
 
Federal agency mortgage-backed pools
 
 
183,479
 
 
 
80
 
 
 
(4,823
)
 
 
178,736
 
Corporate notes
 
 
10,666
 
 
 
107
 
 
 
(75
)
 
 
10,698
 
Total available for sale investment securities
 
$
608,909
 
 
$
2,308
 
 
$
(10,869
)
 
$
600,348
 
Held to maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
State and municipal
 
$
191,269
 
 
$
1,773
 
 
$
(3,366
)
 
$
189,676
 
Federal agency collateralized mortgage obligations
 
 
5,144
 
 
 
6
 
 
 
(120
)
 
 
5,030
 
Federal agency mortgage-backed pools
 
 
13,699
 
 
 
74
 
 
 
(206
)
 
 
13,567
 
Total held to maturity investment securities
 
$
210,112
 
 
$
1,853
 
 
$
(3,692
)
 
$
208,273
 
 
 
 
December 31, 2017
 
 
 
Amortized

Cost
 
 
Gross

Unrealized
Gains
 
 
Gross

Unrealized
Losses
 
 
Fair

Value
 
Available for sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and federal agencies
 
$
19,277
 
 
$
—
 
 
$
(225
)
 
$
19,052
 
State and municipal
 
 
148,045
 
 
 
2,189
 
 
 
(670
)
 
 
149,564
 
Federal agency collateralized mortgage obligations
 
 
132,871
 
 
 
45
 
 
 
(2,551
)
 
 
130,365
 
Federal agency mortgage-backed pools
 
 
211,487
 
 
 
155
 
 
 
(2,985
)
 
 
208,657
 
Private labeled mortgage-backed pools
 
 
1,650
 
 
 
—
 
 
 
(8
)
 
 
1,642
 
Corporate notes
 
 
272
 
 
 
113
 
 
 
—
 
 
 
385
 
Total available for sale investment securities
 
$
513,602
 
 
$
2,502
 
 
$
(6,439
)
 
$
509,665
 
Held to maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
State and municipal
 
$
179,836
 
 
$
3,493
 
 
$
(2,932
)
 
$
180,397
 
Federal agency collateralized mortgage obligations
 
 
5,734
 
 
 
17
 
 
 
(69
)
 
 
5,682
 
Federal agency mortgage-backed pools
 
 
14,878
 
 
 
216
 
 
 
(88
)
 
 
15,006
 
Total held to maturity investment securities
 
$
200,448
 
 
$
3,726
 
 
$
(3,089
)
 
$
201,085
 
Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity
The amortized cost and fair value of securities available for sale and held-to-maturity at December 31, 2018 and December 31, 2017, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
 
 
December 31, 2018
 
 
December 31, 2017
 
 
 
Amortized

Cost
 
 
Fair

Value
 
 
Amortized

Cost
 
 
Fair

Value
 
Available for sale
 
 
 
 
 
 
 
 
 
 
 
 
Within one year
 
$
20,532
 
 
$
20,448
 
 
$
13,347
 
 
$
13,326
 
One to five years
 
 
42,476
 
 
 
41,705
 
 
 
40,468
 
 
 
40,193
 
Five to ten years
 
 
107,839
 
 
 
107,107
 
 
 
50,473
 
 
 
51,156
 
After ten years
 
 
67,020
 
 
 
67,349
 
 
 
63,306
 
 
 
64,326
 
 
 
 
237,867
 
 
 
236,609
 
 
 
167,594
 
 
 
169,001
 
Federal agency collateralized mortgage obligations
 
 
187,563
 
 
 
185,003
 
 
 
132,871
 
 
 
130,365
 
Federal agency mortgage-backed pools
 
 
183,479
 
 
 
178,736
 
 
 
211,487
 
 
 
208,657
 
Private labeled mortgage-backed pools
 
 
—
 
 
 
—
 
 
 
1,650
 
 
 
1,642
 
Total available for sale investment securities
 
$
608,909
 
 
$
600,348
 
 
$
513,602
 
 
$
509,665
 
Held to maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Within one year
 
$
70
 
 
$
70
 
 
$
1,948
 
 
$
1,934
 
One to five years
 
 
48,732
 
 
 
49,324
 
 
 
40,603
 
 
 
41,531
 
Five to ten years
 
 
101,809
 
 
 
101,533
 
 
 
89,801
 
 
 
91,249
 
After ten years
 
 
40,658
 
 
 
38,749
 
 
 
47,484
 
 
 
45,683
 
 
 
 
191,269
 
 
 
189,676
 
 
 
179,836
 
 
 
180,397
 
Federal agency collateralized mortgage obligations
 
 
5,144
 
 
 
5,030
 
 
 
5,734
 
 
 
5,682
 
Federal agency mortgage-backed pools
 
 
13,699
 
 
 
13,567
 
 
 
14,878
 
 
 
15,006
 
Total held to maturity investment securities
 
$
210,112
 
 
$
208,273
 
 
$
200,448
 
 
$
201,085
 
Gross Unrealized Losses and Fair Value of Company's Investments
 
The following table shows the gross unrealized losses and the fair value of the Company’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
 
 
 
December 31, 2018
 
 
 
Less than 12 Months
 
 
12 Months or More
 
 
Total
 
 
 
Fair

Value
 
 
Unrealized

Losses
 
 
Fair

Value
 
 
Unrealized

Losses
 
 
Fair

Value
 
 
Unrealized

Losses
 
Investment Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and federal agencies
 
$
—
 
 
$
—
 
 
$
9,707
 
 
$
(208
)
 
$
9,707
 
 
$
(208
)
State and municipal
 
 
75,163
 
 
 
(1,628
)
 
 
106,335
 
 
 
(4,316
)
 
 
181,498
 
 
 
(5,944
)
Federal agency collateralized mortgage obligations
 
 
6,450
 
 
 
(25
)
 
 
106,257
 
 
 
(3,280
)
 
 
112,707
 
 
 
(3,305
)
Federal agency mortgage-backed pools
 
 
5,739
 
 
 
(39
)
 
 
175,865
 
 
 
(4,990
)
 
 
181,604
 
 
 
(5,029
)
Corporate notes
 
 
5,263
 
 
 
(75
)
 
 
—
 
 
 
—
 
 
 
5,263
 
 
 
(75
)
Total temporarily impaired securities
 
$
92,615
 
 
$
(1,767
)
 
$
398,164
 
 
$
(12,794
)
 
$
490,779
 
 
$
(14,561
)
 
 
 
December 31, 2017
 
 
 
Less than 12 Months
 
 
12 Months or More
 
 
Total
 
 
 
Fair

Value
 
 
Unrealized

Losses
 
 
Fair

Value
 
 
Unrealized

Losses
 
 
Fair

Value
 
 
Unrealized

Losses
 
Investment Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and federal agencies
 
$
15,882
 
 
$
(180
)
 
$
2,870
 
 
$
(45
)
 
$
18,752
 
 
$
(225
)
State and municipal
 
 
54,312
 
 
 
(2,758
)
 
 
30,691
 
 
 
(844
)
 
 
85,003
 
 
 
(3,602
)
Federal agency collateralized mortgage obligations
 
 
54,006
 
 
 
(589
)
 
 
73,462
 
 
 
(2,031
)
 
 
127,468
 
 
 
(2,620
)
Federal agency mortgage-backed pools
 
 
103,926
 
 
 
(1,019
)
 
 
86,846
 
 
 
(2,054
)
 
 
190,772
 
 
 
(3,073
)
Private labeled mortgage-backed pools
 
 
1,642
 
 
 
(8
)
 
 
—
 
 
 
—
 
 
 
1,642
 
 
 
(8
)
Total temporarily impaired securities
 
$
229,768
 
 
$
(4,554
)
 
$
193,869
 
 
$
(4,974
)
 
$
423,637
 
 
$
(9,528
)
Sales of Securities Available for Sale
Information regarding security proceeds, gross gains and gross losses are presented below.
 
 
 
Years Ended December 31
 
 
 
2018
 
 
2017
 
 
2016
 
Sales of securities available for sale
 
 
 
 
 
 
 
 
 
Proceeds
 
$
38,519
 
 
$
5,490
 
 
$
182,549
 
Gross gains
 
 
37
 
 
 
151
 
 
 
2,646
 
Gross losses
 
 
(480
)
 
 
(113
)
 
 
(810
)