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Investment Securities (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2019
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	109,621			$	1,623			$	58			$	111,186
Mortgage-backed securities:
Federal National Mortgage Association			251,417				2,251				367				253,301
Federal Home Loan Mortgage Corporation			36,290				263				256				36,297
Government National Mortgage Association			4,815				67				—				4,882
Collateralized mortgage obligations:
Federal National Mortgage Association			119				—				1				118
Federal Home Loan Mortgage Corporation			35				—				—				35
Privately issued			—				690				—				690
Total mortgage-backed securities			292,676				3,271				624				295,323
Total available for sale securities		$	402,297			$	4,894			$	682			$	406,509
Securities held to maturity:
State and political subdivisions		$	200,274			$	3,527			$	19			$	203,782
Mortgage-backed securities:
Federal National Mortgage Association			10,977				152				33				11,096
Federal Home Loan Mortgage Corporation			4,145				72				65				4,152
Government National Mortgage Association			39,587				186				217				39,556
Collateralized mortgage obligations:
Federal National Mortgage Association			56,428				123				592				55,959
Federal Home Loan Mortgage Corporation			71,293				272				535				71,030
Government National Mortgage Association			15,906				17				93				15,830
Total mortgage-backed securities			198,336				822				1,535				197,623
Total held to maturity securities		$	398,610			$	4,349			$	1,554			$	401,405
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 June 30,								Six months ended June 30,
		2019				2018				2019				2018
Proceeds from sales		$	39,667			$	5,768			$	44,615			$	5,768
Gross realized gains			203				9				203				9
Gross realized losses			37				2				90				2

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 June 30, 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		$	21,794			$	21,721
Due from one to five years			105,018				106,314
Due after five years through ten years			173,807				176,526
Due after ten years			101,678				101,948
Total available for sale securities		$	402,297			$	406,509
Debt securities held to maturity:
Due in one year or less		$	47,189			$	47,565
Due from one to five years			131,918				134,551
Due after five years through ten years			58,251				58,541
Due after ten years			161,252				160,748
Total held to maturity securities		$	398,610			$	401,405

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
June 30, 2019
Securities available for sale:
U.S. Government agency and government sponsored    enterprises		$	—			$	—			$	18,952			$	58			$	18,952			$	58
Mortgage-backed securities:
Federal National Mortgage Association			14,209				28				59,305				339				73,514				367
Federal Home Loan Mortgage Corporation			—				—				24,333				256				24,333				256
Government National Mortgage Association			—				—				—				—				—				—
Collateralized mortgage obligations:
Federal National Mortgage Association			67				1				16				—				83				1
Federal Home Loan Mortgage Corporation			—				—				5				—				5				—
Total mortgage-backed securities			14,276				29				83,659				595				97,935				624
Total available for sale securities			14,276				29				102,611				653				116,887				682
Securities held to maturity:
State and political subdivisions			—				—				4,631				19				4,631				19
Mortgage-backed securities:
Federal National Mortgage Association			2,422				3				3,442				30				5,864				33
Federal Home Loan Mortgage Corporation			—				—				2,643				65				2,643				65
Government National Mortgage Association			—				—				19,077				217				19,077				217
Collateralized mortgage obligations:
Federal National Mortgage Association			6,763				8				37,056				584				43,819				592
Federal Home Loan Mortgage Corporation			—				—				52,528				535				52,528				535
Government National Mortgage Association			—				—				11,586				93				11,586				93
Total mortgage-backed securities			9,185				11				126,332				1,524				135,517				1,535
Total held to maturity securities			9,185				11				130,963				1,543				140,148				1,554
Total temporarily impaired securities		$	23,461			$	40			$	233,574			$	2,196			$	257,035			$	2,236
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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