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Investment Securities (Tables)

9 Months Ended

Sep. 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
September 30, 2019
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	71,522			$	1,288			$	14			$	72,796
Mortgage-backed securities:
Federal National Mortgage Association			264,435				4,100				688				267,847
Federal Home Loan Mortgage Corporation			35,080				412				179				35,313
Government National Mortgage Association			4,523				70				—				4,593
Collateralized mortgage obligations:
Federal National Mortgage Association			9,269				—				34				9,235
Federal Home Loan Mortgage Corporation			5,016				—				17				4,999
Privately issued			—				658				—				658
Total mortgage-backed securities			318,323				5,240				918				322,645
Total available for sale securities		$	389,845			$	6,528			$	932			$	395,441
Securities held to maturity:
State and political subdivisions		$	197,743			$	3,529			$	5			$	201,267
Mortgage-backed securities:
Federal National Mortgage Association			10,798				229				1				11,026
Federal Home Loan Mortgage Corporation			4,048				95				26				4,117
Government National Mortgage Association			38,084				375				40				38,419
Collateralized mortgage obligations:
Federal National Mortgage Association			53,179				228				330				53,077
Federal Home Loan Mortgage Corporation			67,548				444				261				67,731
Government National Mortgage Association			14,905				42				98				14,849
Total mortgage-backed securities			188,562				1,413				756				189,219
Total held to maturity securities		$	386,305			$	4,942			$	761			$	390,486
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 September 30,								Nine months ended September 30,
		2019				2018				2019				2018
Proceeds from sales		$	65,427			$	21,470			$	110,042			$	27,238
Gross realized gains			1,608				64				1,811				73
Gross realized losses			—				159				90				161

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 September 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		$	13,730			$	13,702
Due from one to five years			79,480				80,736
Due after five years through ten years			169,611				172,994
Due after ten years			127,024				128,009
Total available for sale securities		$	389,845			$	395,441
Debt securities held to maturity:
Due in one year or less		$	52,692			$	53,043
Due from one to five years			128,065				130,679
Due after five years through ten years			51,848				52,333
Due after ten years			153,700				154,431
Total held to maturity securities		$	386,305			$	390,486

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
September 30, 2019
Securities available for sale:
U.S. Government agency and government sponsored    enterprises		$	—			$	—			$	8,986			$	14			$	8,986			$	14
Mortgage-backed securities:
Federal National Mortgage Association			63,435				548				21,217				140				84,652				688
Federal Home Loan Mortgage Corporation			889				6				9,813				173				10,702				179
Government National Mortgage Association			—				—				—				—				—				—
Collateralized mortgage obligations:
Federal National Mortgage Association			5,178				34				16				—				5,194				34
Federal Home Loan Mortgage Corporation			4,966				17				—				—				4,966				17
Total mortgage-backed securities			74,468				605				31,046				313				105,514				918
Total available for sale securities			74,468				605				40,032				327				114,500				932
Securities held to maturity:
State and political subdivisions			2,011				5				—				—				2,011				5
Mortgage-backed securities:
Federal National Mortgage Association			—				—				1,078				1				1,078				1
Federal Home Loan Mortgage Corporation			—				—				2,621				26				2,621				26
Government National Mortgage Association			848				1				5,799				39				6,647				40
Collateralized mortgage obligations:
Federal National Mortgage Association			8,207				35				23,372				295				31,579				330
Federal Home Loan Mortgage Corporation			11,631				26				22,115				235				33,746				261
Government National Mortgage Association			3,575				52				3,875				46				7,450				98
Total mortgage-backed securities			24,261				114				58,860				642				83,121				756
Total held to maturity securities			26,272				119				58,860				642				85,132				761
Total temporarily impaired securities		$	100,740			$	724			$	98,892			$	969			$	199,632			$	1,693
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=118939692&loc=d3e27290-111563

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