XML 45 R11.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Investment Securities | 12 Months Ended
--- | ---
Dec. 31, 2019
Investments [Abstract] |
Investment Securities |
(3.) | INVESTMENT SECURITIES
The amortized cost and fair value of investment securities are summarized below (in thousands).
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government sponsored enterprises |  | $ | 26,440 |  |  | $ | 437 |  |  | $ | - |  |  | $ | 26,877 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 293,873 |  |  |  | 2,263 |  |  |  | 1,380 |  |  |  | 294,756 |
Federal Home Loan Mortgage Corporation |  |  | 52,733 |  |  |  | 318 |  |  |  | 172 |  |  |  | 52,879 |
Government National Mortgage Association |  |  | 14,065 |  |  |  | 60 |  |  |  | 4 |  |  |  | 14,121 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 23,834 |  |  |  | - |  |  |  | 57 |  |  |  | 23,777 |
Federal Home Loan Mortgage Corporation |  |  | 4,907 |  |  |  | - |  |  |  | 18 |  |  |  | 4,889 |
Privately issued |  |  | - |  |  |  | 618 |  |  |  | - |  |  |  | 618 |
Total mortgage-backed securities |  |  | 389,412 |  |  |  | 3,259 |  |  |  | 1,631 |  |  |  | 391,040 |
Total available for sale securities |  | $ | 415,852 |  |  | $ | 3,696 |  |  | $ | 1,631 |  |  | $ | 417,917 |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | $ | 192,215 |  |  | $ | 3,803 |  |  | $ | - |  |  | $ | 196,018 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 12,049 |  |  |  | 227 |  |  |  | 6 |  |  |  | 12,270 |
Federal Home Loan Mortgage Corporation |  |  | 6,995 |  |  |  | 77 |  |  |  | 47 |  |  |  | 7,025 |
Government National Mortgage Association |  |  | 45,758 |  |  |  | 306 |  |  |  | 128 |  |  |  | 45,936 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 41,561 |  |  |  | 150 |  |  |  | 256 |  |  |  | 41,455 |
Federal Home Loan Mortgage Corporation |  |  | 49,389 |  |  |  | 307 |  |  |  | 103 |  |  |  | 49,593 |
Government National Mortgage Association |  |  | 11,033 |  |  |  | 12 |  |  |  | 83 |  |  |  | 10,962 |
Total mortgage-backed securities |  |  | 166,785 |  |  |  | 1,079 |  |  |  | 623 |  |  |  | 167,241 |
Total held to maturity securities |  | $ | 359,000 |  |  | $ | 4,882 |  |  | $ | 623 |  |  | $ | 363,259 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies 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 |
(3.) | INVESTMENT SECURITIES (Continued)
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair 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 |
Investment securities with a total fair value of $676.9 million and $751.0 million at December 31, 2019 and 2018, respectively, were pledged as collateral to secure public deposits and for other purposes required or permitted by law. Interest and dividends on securities for the years ended December 31 are summarized as follows (in thousands):
|  | 2019 |  |  | 2018 |  |  | 2017 |
Taxable interest and dividends |  | $ | 14,382 |  |  | $ | 16,510 |  |  | $ | 17,886 |
Tax-exempt interest and dividends |  |  | 4,150 |  |  |  | 5,091 |  |  |  | 5,869 |
Total interest and dividends on securities |  | $ | 18,532 |  |  | $ | 21,601 |  |  | $ | 23,755 |
Sales of securities available for sale for the years ended December 31 were as follows (in thousands):
|  | 2019 |  |  | 2018 |  |  | 2017 |
Proceeds from sales |  | $ | 178,059 |  |  | $ | 29,851 |  |  | $ | 50,084 |
Gross realized gains |  |  | 2,391 |  |  |  | 73 |  |  |  | 1,266 |
Gross realized losses |  |  | 714 |  |  |  | 200 |  |  |  | 6 |
(3.) | INVESTMENT SECURITIES (Continued)
The scheduled maturities of securities available for sale and securities held to maturity at December 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 Cost |  |  | Fair Value |
Debt securities available for sale: |  |  |  |  |  |  |  |
Due in one year or less |  | $ | - |  |  | $ | - |
Due from one to five years |  |  | 64,382 |  |  |  | 65,028 |
Due after five years through ten years |  |  | 167,809 |  |  |  | 168,755 |
Due after ten years |  |  | 183,661 |  |  |  | 184,134 |
Total available for sale securities |  | $ | 415,852 |  |  | $ | 417,917 |
Debt securities held to maturity: |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 54,606 |  |  | $ | 54,937 |
Due from one to five years |  |  | 124,235 |  |  |  | 127,172 |
Due after five years through ten years |  |  | 34,838 |  |  |  | 35,494 |
Due after ten years |  |  | 145,321 |  |  |  | 145,656 |
Total held to maturity securities |  | $ | 359,000 |  |  | $ | 363,259 |
(3.) | 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 as of December 31 are summarized as follows (in thousands):
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government sponsored enterprises |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 104,634 |  |  |  | 1,277 |  |  |  | 7,196 |  |  |  | 103 |  |  |  | 111,830 |  |  |  | 1,380 |
Federal Home Loan Mortgage Corporation |  |  | 10,347 |  |  |  | 11 |  |  |  | 9,409 |  |  |  | 161 |  |  |  | 19,756 |  |  |  | 172 |
Government National Mortgage Association |  |  | 533 |  |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 533 |  |  |  | 4 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 8,803 |  |  |  | 57 |  |  |  | 8 |  |  |  | - |  |  |  | 8,811 |  |  |  | 57 |
Federal Home Loan Mortgage Corporation |  |  | 4,889 |  |  |  | 18 |  |  |  | - |  |  |  | - |  |  |  | 4,889 |  |  |  | 18 |
Total mortgage-backed securities |  |  | 129,206 |  |  |  | 1,367 |  |  |  | 16,613 |  |  |  | 264 |  |  |  | 145,819 |  |  |  | 1,631 |
Total available for sale securities |  |  | 129,206 |  |  |  | 1,367 |  |  |  | 16,613 |  |  |  | 264 |  |  |  | 145,819 |  |  |  | 1,631 |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 2,388 |  |  |  | 6 |  |  |  | - |  |  |  | - |  |  |  | 2,388 |  |  |  | 6 |
Federal Home Loan Mortgage Corporation |  |  | 2,967 |  |  |  | 19 |  |  |  | 2,598 |  |  |  | 28 |  |  |  | 5,565 |  |  |  | 47 |
Government National Mortgage Association |  |  | 11,155 |  |  |  | 61 |  |  |  | 5,625 |  |  |  | 67 |  |  |  | 16,780 |  |  |  | 128 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 9,120 |  |  |  | 40 |  |  |  | 13,486 |  |  |  | 216 |  |  |  | 22,606 |  |  |  | 256 |
Federal Home Loan Mortgage Corporation |  |  | 15,127 |  |  |  | 30 |  |  |  | 7,988 |  |  |  | 73 |  |  |  | 23,115 |  |  |  | 103 |
Government National Mortgage Association |  |  | 8,760 |  |  |  | 72 |  |  |  | 892 |  |  |  | 11 |  |  |  | 9,652 |  |  |  | 83 |
Total mortgage-backed securities |  |  | 49,517 |  |  |  | 228 |  |  |  | 30,589 |  |  |  | 395 |  |  |  | 80,106 |  |  |  | 623 |
Total held to maturity securities |  |  | 49,517 |  |  |  | 228 |  |  |  | 30,589 |  |  |  | 395 |  |  |  | 80,106 |  |  |  | 623 |
Total temporarily impaired securities |  | $ | 178,723 |  |  | $ | 1,595 |  |  | $ | 47,202 |  |  | $ | 659 |  |  | $ | 225,925 |  |  | $ | 2,254 |
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 |
(3.) | 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 |
The total number of security positions in the investment portfolio in an unrealized loss position at December 31, 2019 was 91 compared to 571 at December 31, 2018. At December 31, 2019, the Company had positions in 34 investment securities with a fair value of $47.2 million and a total unrealized loss of $659 thousand that have been in a continuous unrealized loss position for more than 12 months. At December 31, 2019, there were a total of 57 securities positions in the Company’s investment portfolio with a fair value of $178.7 million and a total unrealized loss of $1.6 million that had been in a continuous unrealized loss position for less than 12 months. At December 31, 2018, the Company had positions in 435 investment securities with a fair value of $672.8 million and a total unrealized loss of $18.5 million that have been in a continuous unrealized loss position for more than 12 months. At December 31, 2018, there were a total of 136 securities positions in the Company’s investment portfolio with a fair value of $50.8 million and a total unrealized loss of $182 thousand 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 years ended December 31, 2019, 2018 and 2017. Based on management’s review and evaluation of the Company’s debt securities as of December 31, 2019, the debt securities with unrealized losses were not considered to be OTTI. As of December 31, 2019, 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 December 31, 2019, 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.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration