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Investment Securities | 9 Months Ended
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Sep. 30, 2018
Investments [Abstract] |
Investment Securities | (4.)INVESTMENT SECURITIES The amortized cost and fair value of investment securities are summarized below (in thousands):
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency and government sponsored enterprises |  | $ | 157,786 |  |  |  | — |  |  | $ | 5,977 |  |  | $ | 151,809 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 275,416 |  |  |  | 39 |  |  |  | 10,778 |  |  |  | 264,677 |
Federal Home Loan Mortgage Corporation |  |  | 37,088 |  |  |  | 10 |  |  |  | 1,847 |  |  |  | 35,251 |
Government National Mortgage Association |  |  | 5,650 |  |  |  | 21 |  |  |  | 126 |  |  |  | 5,545 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 139 |  |  |  | — |  |  |  | — |  |  |  | 139 |
Federal Home Loan Mortgage Corporation |  |  | 39 |  |  |  | — |  |  |  | — |  |  |  | 39 |
Privately issued |  |  | — |  |  |  | 850 |  |  |  | — |  |  |  | 850 |
Total mortgage-backed securities |  |  | 318,332 |  |  |  | 920 |  |  |  | 12,751 |  |  |  | 306,501 |
Total available for sale securities |  | $ | 476,118 |  |  | $ | 920 |  |  | $ | 18,728 |  |  | $ | 458,310 |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  |  | 241,637 |  |  |  | 519 |  |  |  | 2,192 |  |  |  | 239,964 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 12,032 |  |  |  | — |  |  |  | 467 |  |  |  | 11,565 |
Federal Home Loan Mortgage Corporation |  |  | 4,616 |  |  |  | — |  |  |  | 272 |  |  |  | 4,344 |
Government National Mortgage Association |  |  | 35,708 |  |  |  | — |  |  |  | 1,253 |  |  |  | 34,455 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 65,130 |  |  |  | — |  |  |  | 3,270 |  |  |  | 61,860 |
Federal Home Loan Mortgage Corporation |  |  | 81,676 |  |  |  | — |  |  |  | 4,103 |  |  |  | 77,573 |
Government National Mortgage Association |  |  | 18,824 |  |  |  | — |  |  |  | 867 |  |  |  | 17,957 |
Total mortgage-backed securities |  |  | 217,986 |  |  |  | — |  |  |  | 10,232 |  |  |  | 207,754 |
Total held to maturity securities |  | $ | 459,623 |  |  | $ | 519 |  |  | $ | 12,424 |  |  | $ | 447,718 |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency and government sponsored enterprises |  | $ | 163,025 |  |  | $ | 122 |  |  | $ | 1,258 |  |  | $ | 161,889 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 311,830 |  |  |  | 313 |  |  |  | 3,220 |  |  |  | 308,923 |
Federal Home Loan Mortgage Corporation |  |  | 41,290 |  |  |  | 76 |  |  |  | 675 |  |  |  | 40,691 |
Government National Mortgage Association |  |  | 12,051 |  |  |  | 193 |  |  |  | 12 |  |  |  | 12,232 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 217 |  |  |  | 1 |  |  |  | 1 |  |  |  | 217 |
Federal Home Loan Mortgage Corporation |  |  | 45 |  |  |  | — |  |  |  | — |  |  |  | 45 |
Privately issued |  |  | — |  |  |  | 976 |  |  |  | — |  |  |  | 976 |
Total mortgage-backed securities |  |  | 365,433 |  |  |  | 1,559 |  |  |  | 3,908 |  |  |  | 363,084 |
Total available for sale securities |  | $ | 528,458 |  |  | $ | 1,681 |  |  | $ | 5,166 |  |  | $ | 524,973 |
(4.)INVESTMENT SECURITIES (Continued)
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
December 31, 2017 (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  |  | 283,557 |  |  |  | 2,317 |  |  |  | 662 |  |  |  | 285,212 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 9,732 |  |  |  | 16 |  |  |  | 88 |  |  |  | 9,660 |
Federal Home Loan Mortgage Corporation |  |  | 3,213 |  |  |  | — |  |  |  | 119 |  |  |  | 3,094 |
Government National Mortgage Association |  |  | 26,841 |  |  |  | — |  |  |  | 330 |  |  |  | 26,511 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 76,432 |  |  |  | — |  |  |  | 1,958 |  |  |  | 74,474 |
Federal Home Loan Mortgage Corporation |  |  | 93,810 |  |  |  | 3 |  |  |  | 2,165 |  |  |  | 91,648 |
Government National Mortgage Association |  |  | 22,881 |  |  |  | 5 |  |  |  | 502 |  |  |  | 22,384 |
Total mortgage-backed securities |  |  | 232,909 |  |  |  | 24 |  |  |  | 5,162 |  |  |  | 227,771 |
Total held to maturity securities |  | $ | 516,466 |  |  | $ | 2,341 |  |  | $ | 5,824 |  |  | $ | 512,983 |
Investment securities with a total fair value of $788.9 million and $838.4 million at September 30, 2018 and December 31, 2017, respectively, were pledged as collateral to secure public deposits and for other purposes required or permitted by law. Sales and calls of securities available for sale were as follows (in thousands):
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Proceeds from sales |  | $ | 21,470 |  |  | $ | 24,117 |  |  | $ | 27,238 |  |  | $ | 49,424 |
Gross realized gains |  |  | 64 |  |  |  | 190 |  |  |  | 73 |  |  |  | 606 |
Gross realized losses |  |  | 159 |  |  |  | 6 |  |  |  | 161 |  |  |  | 6 |
The scheduled maturities of securities available for sale and securities held to maturity at September 30, 2018 are shown below (in thousands). Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
|  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
Debt securities available for sale: |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 35,676 |  |  | $ | 35,471 |
Due from one to five years |  |  | 139,223 |  |  |  | 135,043 |
Due after five years through ten years |  |  | 214,640 |  |  |  | 204,681 |
Due after ten years |  |  | 86,579 |  |  |  | 83,115 |
Total available for sale securities |  | $ | 476,118 |  |  | $ | 458,310 |
Debt securities held to maturity: |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 49,829 |  |  | $ | 49,878 |
Due from one to five years |  |  | 150,749 |  |  |  | 150,479 |
Due after five years through ten years |  |  | 83,277 |  |  |  | 79,898 |
Due after ten years |  |  | 175,768 |  |  |  | 167,463 |
Total held to maturity securities |  | $ | 459,623 |  |  | $ | 447,718 |
(4.)INVESTMENT SECURITIES (Continued) Unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (in thousands):
|  | Less than 12 months |  |  | 12 months or longer |  |  |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  |  |  | Unrealized |  |  |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  |  |  | Losses |  |  |  |  | Value |  |  | Losses |
September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency and government sponsored enterprises |  | $ | 88,647 |  |  | $ | 2,621 |  |  | $ | 63,162 |  |  |  |  | $ | 3,356 |  |  |  |  | $ | 151,809 |  |  | $ | 5,977 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 54,316 |  |  |  | 1,380 |  |  |  | 208,371 |  |  |  |  |  | 9,398 |  |  |  |  |  | 262,687 |  |  |  | 10,778 |
Federal Home Loan Mortgage Corporation |  |  | 2,374 |  |  |  | 80 |  |  |  | 32,041 |  |  |  |  |  | 1,767 |  |  |  |  |  | 34,415 |  |  |  | 1,847 |
Government National Mortgage Association |  |  | 4,125 |  |  |  | 121 |  |  |  | 742 |  |  |  |  |  | 5 |  |  |  |  |  | 4,867 |  |  |  | 126 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | — |  |  |  | — |  |  |  | 58 |  |  |  |  |  | — |  |  |  |  |  | 58 |  |  |  | — |
Federal Home Loan Mortgage Corporation |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  |  |  | — |  |  |  |  |  | 6 |  |  |  | — |
Total mortgage-backed securities |  |  | 60,815 |  |  |  | 1,581 |  |  |  | 241,218 |  |  |  |  |  | 11,170 |  |  |  |  |  | 302,033 |  |  |  | 12,751 |
Total available for sale securities |  |  | 149,462 |  |  |  | 4,202 |  |  |  | 304,380 |  |  |  |  |  | 14,526 |  |  |  |  |  | 453,842 |  |  |  | 18,728 |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  |  | 105,290 |  |  |  | 858 |  |  |  | 28,646 |  |  |  |  |  | 1,334 |  |  |  |  |  | 133,936 |  |  |  | 2,192 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 5,467 |  |  |  | 151 |  |  |  | 6,098 |  |  |  |  |  | 316 |  |  |  |  |  | 11,565 |  |  |  | 467 |
Federal Home Loan Mortgage Corporation |  |  | 1,455 |  |  |  | 30 |  |  |  | 2,889 |  |  |  |  |  | 242 |  |  |  |  |  | 4,344 |  |  |  | 272 |
Government National Mortgage Association |  |  | 17,258 |  |  |  | 374 |  |  |  | 17,197 |  |  |  |  |  | 879 |  |  |  |  |  | 34,455 |  |  |  | 1,253 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 1,982 |  |  |  | 41 |  |  |  | 59,878 |  |  |  |  |  | 3,229 |  |  |  |  |  | 61,860 |  |  |  | 3,270 |
Federal Home Loan Mortgage Corporation |  |  | 9,845 |  |  |  | 390 |  |  |  | 67,728 |  |  |  |  |  | 3,713 |  |  |  |  |  | 77,573 |  |  |  | 4,103 |
Government National Mortgage Association |  |  | 1,020 |  |  |  | 15 |  |  |  | 16,937 |  |  |  |  |  | 852 |  |  |  |  |  | 17,957 |  |  |  | 867 |
Total mortgage-backed securities |  |  | 37,027 |  |  |  | 1,001 |  |  |  | 170,727 |  |  |  |  |  | 9,231 |  |  |  |  |  | 207,754 |  |  |  | 10,232 |
Total held to maturity securities |  |  | 142,317 |  |  |  | 1,859 |  |  |  | 199,373 |  |  |  |  |  | 10,565 |  |  |  |  |  | 341,690 |  |  |  | 12,424 |
Total temporarily impaired securities |  | $ | 291,779 |  |  | $ | 6,061 |  |  | $ | 503,753 |  |  |  |  | $ | 25,091 |  |  |  |  | $ | 795,532 |  |  | $ | 31,152 |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government sponsored enterprises |  | $ | 95,046 |  |  | $ | 571 |  |  | $ | 31,561 |  |  |  |  | $ | 687 |  |  |  |  | $ | 126,607 |  |  | $ | 1,258 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 201,754 |  |  |  | 1,855 |  |  |  | 67,383 |  |  |  |  |  | 1,365 |  |  |  |  |  | 269,137 |  |  |  | 3,220 |
Federal Home Loan Mortgage Corporation |  |  | 20,446 |  |  |  | 192 |  |  |  | 15,601 |  |  |  |  |  | 483 |  |  |  |  |  | 36,047 |  |  |  | 675 |
Government National Mortgage Association |  |  | 2,432 |  |  |  | — |  |  |  | 880 |  |  |  |  |  | 12 |  |  |  |  |  | 3,312 |  |  |  | 12 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | — |  |  |  | — |  |  |  | 119 |  |  |  |  |  | 1 |  |  |  |  |  | 119 |  |  |  | 1 |
Federal Home Loan Mortgage Corporation |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  |  |  | — |  |  |  |  |  | 8 |  |  |  | — |
Total mortgage-backed securities |  |  | 224,632 |  |  |  | 2,047 |  |  |  | 83,991 |  |  |  |  |  | 1,861 |  |  |  |  |  | 308,623 |  |  |  | 3,908 |
Total available for sale securities |  |  | 319,678 |  |  |  | 2,618 |  |  |  | 115,552 |  |  |  |  |  | 2,548 |  |  |  |  |  | 435,230 |  |  |  | 5,166 |
(4.)INVESTMENT SECURITIES (Continued)
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
December 31, 2017 (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  |  | 36,368 |  |  |  | 295 |  |  |  | 14,492 |  |  |  | 367 |  |  |  | 50,860 |  |  |  | 662 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 3,766 |  |  |  | 29 |  |  |  | 2,694 |  |  |  | 59 |  |  |  | 6,460 |  |  |  | 88 |
Federal Home Loan Mortgage Corporation |  |  | — |  |  |  | — |  |  |  | 3,094 |  |  |  | 119 |  |  |  | 3,094 |  |  |  | 119 |
Government National Mortgage Association |  |  | 17,327 |  |  |  | 136 |  |  |  | 9,184 |  |  |  | 194 |  |  |  | 26,511 |  |  |  | 330 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 16,830 |  |  |  | 202 |  |  |  | 57,645 |  |  |  | 1,756 |  |  |  | 74,475 |  |  |  | 1,958 |
Federal Home Loan Mortgage Corporation |  |  | 23,727 |  |  |  | 337 |  |  |  | 66,467 |  |  |  | 1,828 |  |  |  | 90,194 |  |  |  | 2,165 |
Government National Mortgage Association |  |  | 15,401 |  |  |  | 340 |  |  |  | 5,635 |  |  |  | 162 |  |  |  | 21,036 |  |  |  | 502 |
Total mortgage-backed securities |  |  | 77,051 |  |  |  | 1,044 |  |  |  | 144,719 |  |  |  | 4,118 |  |  |  | 221,770 |  |  |  | 5,162 |
Total held to maturity securities |  |  | 113,419 |  |  |  | 1,339 |  |  |  | 159,211 |  |  |  | 4,485 |  |  |  | 272,630 |  |  |  | 5,824 |
Total temporarily impaired securities |  | $ | 433,097 |  |  | $ | 3,957 |  |  | $ | 274,763 |  |  | $ | 7,033 |  |  | $ | 707,860 |  |  | $ | 10,990 |
The total number of security positions in the investment portfolio in an unrealized loss position at September 30, 2018 was 750 compared to 411 at December 31, 2017. At September 30, 2018, the Company had positions in 308 investment securities with a fair value of $503.8 million and a total unrealized loss of $25.1 million that have been in a continuous unrealized loss position for more than 12 months. At September 30, 2018, there were a total of 442 securities positions in the Company’s investment portfolio with a fair value of $291.8 million and a total unrealized loss of $6.1 million that had been in a continuous unrealized loss position for less than 12 months. At December 31, 2017, the Company had positions in 172 investment securities with a fair value of $274.8 million and a total unrealized loss of $7.0 million that had been in a continuous unrealized loss position for more than 12 months. At December 31, 2017, there were a total of 239 securities positions in the Company’s investment portfolio with a fair value of $433.1 million and a total unrealized loss of $4.0 million that had been in a continuous unrealized loss position for less than 12 months. The unrealized loss on investment securities was predominantly caused by changes in market interest rates subsequent to purchase. The fair value of most of the investment securities in the Company’s portfolio fluctuates as market interest rates change. The Company reviews investment securities on an ongoing basis for the presence of other than temporary impairment (“OTTI”) with formal reviews performed quarterly. When evaluating debt securities for OTTI, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intention to sell the debt security or whether it is more likely than not that it will be required to sell the debt security before its anticipated recovery. The assessment of whether OTTI exists involves a high degree of subjectivity and judgment and is based on the information then available to management. There was no impairment recorded during the nine months ended September 30, 2018 and 2017. Based on management’s review and evaluation of the Company’s debt securities as of September 30, 2018, the debt securities with unrealized losses were not considered to be OTTI. As of September 30, 2018, the Company did not intend to sell any of the securities in a loss position and believes that it is not likely that it will be required to sell any such securities before the anticipated recovery of amortized cost. Accordingly, as of September 30, 2018, management has concluded that unrealized losses on its investment securities are temporary and no further impairment loss has been realized in the Company’s consolidated statements of income.

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