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Securities (Tables)
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Fair Value of Securities
The fair value of securities is as follows:
                                 
 
September 30, 2019
 
 
Amortized
Cost
 
  
Gross
Unrealized
Gains
 
  
Gross
Unrealized
Losses
 
  
Fair
Value
 
Available for sale
 
 
 
  
 
 
  
 
 
  
 
 
U.S. Treasury and federal agencies
  $
9,915
    $
2
    $
(8
 )   $
 
 
9,909
 
State and municipal
   
337,336
     
11,374
     
(1,609
 )    
347,101
 
Federal agency collateralized mortgage obligations
   
243,366
     
3,141
     
(424
 )    
246,083
 
Federal agency mortgage-backed pools
   
144,880
     
1,125
     
(408
 )    
145,597
 
Corporate notes
   
17,618
     
922
     
—
      
18,540
 
                                 
Total available for sale investment securities
  $
 
 
753,115
    $
16,564
    $
(2,449
 )   $
767,230
 
                                 
Held to maturity
 
 
 
  
 
 
  
 
 
  
 
 
State and municipal
  $
192,736
    $
7,335
    $
(99
 )   $
199,972
 
Federal agency collateralized mortgage obligations
   
4,714
     
11
     
(9
 )    
4,716
 
Federal agency mortgage-backed pools
   
12,856
     
200
     
(26
 )    
13,030
 
                                 
Total held to maturity investment securities
  $
210,306
    $
7,546
    $
(134
 )   $
217,718
 
                                 
       
 
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
 
                                 
 
 
 
 
 
 
 
 
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 September 30, 2019 and December 31, 2018, 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.
                                 
 
September 30, 2019
   
December 31, 2018
 
 
Amortized
Cost
 
  
Fair
Value
 
  
Amortized
Cost
 
  
Fair
Value
 
Available for sale
 
 
 
  
 
 
  
 
 
  
 
 
Within one year
  $
40,283
    $
40,168
    $
20,532
    $
20,448
 
One to five years
   
41,593
     
41,671
     
42,476
     
41,705
 
Five to ten years
   
102,753
     
107,719
     
107,839
     
107,107
 
After ten years
   
180,240
     
185,992
     
67,020
     
67,349
 
                                 
   
364,869
     
375,550
     
237,867
     
236,609
 
Federal agency collateralized mortgage obligations
   
243,366
     
246,083
     
187,563
     
185,003
 
Federal agency mortgage-backed pools
   
144,880
     
145,597
     
183,479
     
178,736
 
                                 
Total available for sale investment securities
  $
  753,115
    $
  767,230
    $
  608,909
    $
  600,348
 
                                 
Held to maturity
 
 
 
  
 
 
  
 
 
  
 
 
Within one year
  $
6,413
    $
6,479
    $
70
    $
70
 
One to five years
   
54,558
     
55,545
     
48,732
     
49,324
 
Five to ten years
   
98,134
     
101,776
     
101,809
     
101,533
 
After ten years
   
33,631
     
36,172
     
40,658
     
38,749
 
                                 
   
192,736
     
199,972
     
191,269
     
189,676
 
Federal agency collateralized mortgage obligations
   
4,714
     
4,716
     
5,144
     
5,030
 
Federal agency mortgage-backed pools
   
12,856
     
13,030
     
13,699
     
13,567
 
                                 
Total held to maturity investment securities
  $
210,306
    $
217,718
    $
210,112
    $
208,273
 
                                 
 
 
 
 
 
 
 
 
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.
 
September 30, 2019
 
  
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
  $
4,407
    $
(8
 )   $
—  
     $
—  
     $
4,407
    $
(8
 )
State and municipal
   
109,512
     
(1,531
 )    
9,681
     
(177
 )    
119,193
     
(1,708
 )
Federal agency collateralized mortgage obligations
   
42,097
     
(150
 )    
24,652
     
(283
 )    
66,749
     
(433
 )
Federal agency mortgage-backed pools
   
25,463
     
(77
 )    
41,511
     
(357
 )    
66,974
     
(434
 )
                                                 
Total temporarily impaired securities
  $
181,479
    $
(1,766
 )   $
75,844
    $
(817
 )   $
257,323
    $
(2,583
 )
                                                 
       
  
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
 )
                                                 
Sales of Securities Available for Sale
Information regarding security proceeds, gross gains and gross losses are presented below.
 
Three Months Ended
   
Nine Months Ended
 
  
September 30
   
September 30
 
  
2019
 
  
2018
 
  
2019
 
  
2018
 
Sales of securities available for sale
 
 
 
  
 
 
  
 
 
  
 
 
Proceeds
  $
 
  —  
    $
 
7,485
     $
91,635
    $
17,321
 
Gross gains
   
—  
     
—  
      
158
​​​​​​​
     
37
 
Gross losses
   
—  
      
(122
)
    
(243
 )    
(148
 )