XML 146 R43.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Securities (Tables)
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Fair Value of Securities
The fair value of securities is as follows:
 
December 31, 2019
 
  
Amortized
Cost
 
  
Gross
Unrealized
Gains
 
  
Gross
Unrealized
Losses
 
  
Fair
Value
 
Available for sale
 
 
 
  
 
 
  
 
 
  
 
 
U.S. Treasury and federal agencies
  $
1,415
    $
—  
     $
 (2
 )   $
1,413
 
State and municipal
   
396,931
     
11,288
     
(2,451
 )    
405,768
 
Federal agency collateralized mortgage obligations
   
267,272
     
2,543
     
(563
 )    
269,252
 
Federal agency mortgage-backed pools
   
145,623
     
1,207
     
(258
 )    
146,572
 
Corporate notes
   
10,848
     
923
     
—  
      
11,771
 
                                 
Total available for sale investment securities
  $
822,089
    $
 15,961
    $
 (3,274
 )   $
834,776
 
                                 
Held to maturity
 
 
 
  
 
 
  
 
 
  
 
 
State and municipal
  $
190,767
    $
7,129
    $
 (54
 )   $
197,842
 
Federal agency collateralized mortgage obligations
   
4,560
     
13
     
(5
 )    
4,568
 
Federal agency mortgage-backed pools
   
12,572
     
194
     
(29
 )    
12,737
 
                                 
Total held to maturity investment securities
  $
207,899
    $
7,336
    $
 (88
 )   $
215,147
 
                                 
  
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 December 31, 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.
                                 
 
December 31, 2019
   
December 31, 2018
 
 
Amortized
Cost
 
  
Fair
Value
 
  
Amortized
Cost
 
  
Fair
Value
 
Available for sale
 
 
 
  
 
 
  
 
 
  
 
 
Within one year
  $
37,386
    $
37,321
    $
20,532
    $
20,448
 
One to five years
   
41,230
     
41,293
     
42,476
     
41,705
 
Five to ten years
   
117,004
     
122,145
     
107,839
     
107,107
 
After ten years
   
213,574
     
218,193
     
67,020
     
67,349
 
                                 
   
409,194
     
418,952
     
237,867
     
236,609
 
Federal agency collateralized mortgage obligations
   
267,272
     
269,252
     
187,563
     
185,003
 
Federal agency mortgage-backed pools
   
145,623
     
146,572
     
183,479
     
178,736
 
                                 
Total available for sale investment securities
  $
822,089
    $
834,776
    $
608,909
    $
600,348
 
                                 
Held to maturity
 
 
 
  
 
 
  
 
 
  
 
 
Within one year
  $
7,811
    $
7,874
    $
70
    $
70
 
One to five years
   
56,037
     
57,048
     
48,732
     
49,324
 
Five to ten years
   
94,756
     
98,480
     
101,809
     
101,533
 
After ten years
   
32,163
     
34,440
     
40,658
     
38,749
 
                                 
   
190,767
     
197,842
     
191,269
     
189,676
 
Federal agency collateralized mortgage obligations
   
4,560
     
4,568
     
5,144
     
5,030
 
Federal agency mortgage-backed pools
   
12,572
     
12,737
     
13,699
     
13,567
 
                                 
Total held to maturity investment securities
  $
207,899
    $
215,147
    $
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.
                                                 
 
December 31, 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
  $
1,413
     $
(2
 )   $
—  
     $
—  
     $
1,413
    $
(2
 )
State and municipal
   
129,942
     
(2,374
 )    
6,279
     
(131
 )    
136,221
     
(2,505
 )
Federal agency collateralized mortgage obligations
   
68,043
     
(308
 )    
23,301
     
(260
 )    
91,344
     
(568
 )
Federal agency mortgage-backed pools
   
24,740
     
(104
 )    
37,822
     
(183
 )    
62,562
     
(287
 )
                                                 
Total temporarily impaired securities
  $
224,138
    $
(2,788
 )   $
67,402
    $
(574
 )   $
291,540
    $
(3,362
 )
                                                 
 
 
 
 
 
 
 
 
                                                 
 
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.
                         
 
Years Ended December 31
 
 
2019
 
  
2018
 
  
2017
 
Sales of securities available for sale
 
 
 
  
 
 
  
 
 
Proceeds
  $
98,425
    $
38,519
    $
5,490
 
Gross gains
   
168
     
37
     
151
 
Gross losses
   
(243
 )    
(480
 )    
(113
 )