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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2019

Investments [Abstract]

Amortized Cost And Fair Value Of Investment Securities

The amortized cost and fair value of investment securities are summarized below (in thousands):

		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
March 31, 2019
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	145,072			$	113			$	809			$	144,376
Mortgage-backed securities:
Federal National Mortgage Association			240,973				202				2,366				238,809
Federal Home Loan Mortgage Corporation			38,903				86				634				38,355
Government National Mortgage Association			5,103				22				5				5,120
Collateralized mortgage obligations:
Federal National Mortgage Association			127				—				1				126
Federal Home Loan Mortgage Corporation			36				—				—				36
Privately issued			—				723				—				723
Total mortgage-backed securities			285,142				1,033				3,006				283,169
Total available for sale securities		$	430,214			$	1,146			$	3,815			$	427,545
Securities held to maturity:
State and political subdivisions		$	232,160			$	2,236			$	225			$	234,171
Mortgage-backed securities:
Federal National Mortgage Association			11,276				69				114				11,231
Federal Home Loan Mortgage Corporation			4,167				27				109				4,085
Government National Mortgage Association			39,844				50				520				39,374
Collateralized mortgage obligations:
Federal National Mortgage Association			59,584				31				1,474				58,141
Federal Home Loan Mortgage Corporation			75,029				6				1,624				73,411
Government National Mortgage Association			16,924				—				363				16,561
Total mortgage-backed securities			206,824				183				4,204				202,803
Total held to maturity securities		$	438,984			$	2,419			$	4,429			$	436,974
December 31, 2018
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	155,102			$	—			$	3,074			$	152,028
Mortgage-backed securities:
Federal National Mortgage Association			258,984				44				6,325				252,703
Federal Home Loan Mortgage Corporation			35,962				13				1,275				34,700
Government National Mortgage Association			5,364				21				76				5,309
Collateralized mortgage obligations:
Federal National Mortgage Association			133				—				—				133
Federal Home Loan Mortgage Corporation			37				—				—				37
Privately issued			—				767				—				767
Total mortgage-backed securities			300,480				845				7,676				293,649
Total available for sale securities		$	455,582			$	845			$	10,750			$	445,677

(4.) INVESTMENT SECURITIES (Continued)

		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
December 31, 2018 (continued)
Securities held to maturity:
State and political subdivisions		$	234,845			$	876			$	1,211			$	234,510
Mortgage-backed securities:
Federal National Mortgage Association			11,602				8				261				11,349
Federal Home Loan Mortgage Corporation			4,583				—				193				4,390
Government National Mortgage Association			37,450				14				923				36,541
Collateralized mortgage obligations:
Federal National Mortgage Association			62,103				1				2,179				59,925
Federal Home Loan Mortgage Corporation			78,200				—				2,597				75,603
Government National Mortgage Association			17,798				—				535				17,263
Total mortgage-backed securities			211,736				23				6,688				205,071
Total held to maturity securities		$	446,581			$	899			$	7,899			$	439,581

Sales Of Securities Available For Sale

Sales of securities available for sale were as follows (in thousands):

		Three months ended March 31,
		2019				2018
Proceeds from sales		$	4,948			$	—
Gross realized gains			—				—
Gross realized losses			53				—

Scheduled Maturities Of Securities Available For Sale And Securities Held To Maturity

The scheduled maturities of securities available for sale and securities held to maturity at March 31, 2019 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		$	28,200			$	28,009
Due from one to five years			137,192				136,577
Due after five years through ten years			183,515				182,284
Due after ten years			81,307				80,675
Total available for sale securities		$	430,214			$	427,545
Debt securities held to maturity:
Due in one year or less		$	49,502			$	49,598
Due from one to five years			147,735				149,579
Due after five years through ten years			74,536				73,735
Due after ten years			167,211				164,062
Total held to maturity securities		$	438,984			$	436,974

Investments Gross Unrealized Losses And Fair Value

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
March 31, 2019
Securities available for sale:
U.S. Government agency and government sponsored    enterprises		$	—			$	—			$	112,425			$	809			$	112,425			$	809
Mortgage-backed securities:
Federal National Mortgage Association			—				—				224,846				2,366				224,846				2,366
Federal Home Loan Mortgage Corporation			—				—				31,365				634				31,365				634
Government National Mortgage Association			—				—				4,522				5				4,522				5
Collateralized mortgage obligations:
Federal National Mortgage Association			70				1				19				—				89				1
Federal Home Loan Mortgage Corporation			—				—				6				—				6				—
Total mortgage-backed securities			70				1				260,758				3,005				260,828				3,006
Total available for sale securities			70				1				373,183				3,814				373,253				3,815
Securities held to maturity:
State and political subdivisions			2,717				1				24,312				224				27,029				225
Mortgage-backed securities:
Federal National Mortgage Association			—				—				7,696				114				7,696				114
Federal Home Loan Mortgage Corporation			—				—				2,619				109				2,619				109
Government National Mortgage Association			6,518				16				21,908				504				28,426				520
Collateralized mortgage obligations:
Federal National Mortgage Association			—				—				56,114				1,474				56,114				1,474
Federal Home Loan Mortgage Corporation			—				—				72,277				1,624				72,277				1,624
Government National Mortgage Association			—				—				16,561				363				16,561				363
Total mortgage-backed securities			6,518				16				177,175				4,188				183,693				4,204
Total held to maturity securities			9,235				17				201,487				4,412				210,722				4,429
Total temporarily impaired securities		$	9,305			$	18			$	574,670			$	8,226			$	583,975			$	8,244
December 31, 2018
Securities available for sale:
U.S. Government agencies and government sponsored    enterprises		$	—			$	—			$	152,028			$	3,074			$	152,028			$	3,074
Mortgage-backed securities:
Federal National Mortgage Association			251				1				247,615				6,324				247,866				6,325
Federal Home Loan Mortgage Corporation			—				—				33,918				1,275				33,918				1,275
Government National Mortgage Association			—				—				4,667				76				4,667				76
Collateralized mortgage obligations:
Federal National Mortgage Association			—				—				56				—				56				—
Federal Home Loan Mortgage Corporation			—				—				6				—				6				—
Total mortgage-backed securities			251				1				286,262				7,675				286,513				7,676
Total available for sale securities			251				1				438,290				10,749				438,541				10,750

(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, 2018 (continued)
Securities held to maturity:
State and political subdivisions			35,751				91				49,534				1,120				85,285				1,211
Mortgage-backed securities:
Federal National Mortgage Association			1,518				3				8,695				258				10,213				261
Federal Home Loan Mortgage Corporation			1,467				5				2,923				188				4,390				193
Government National Mortgage Association			11,783				82				22,516				841				34,299				923
Collateralized mortgage obligations:
Federal National Mortgage Association			—				—				57,973				2,179				57,973				2,179
Federal Home Loan Mortgage Corporation			—				—				75,603				2,597				75,603				2,597
Government National Mortgage Association			—				—				17,263				535				17,263				535
Total mortgage-backed securities			14,768				90				184,973				6,598				199,741				6,688
Total held to maturity securities			50,519				181				234,507				7,718				285,026				7,899
Total temporarily impaired securities		$	50,770			$	182			$	672,797			$	18,467			$	723,567			$	18,649

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+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27290-111563

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