XML 62 R26.htm IDEA: XBRL DOCUMENT v3.20.1

Investment Securities (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	9,587			$	492			$	—			$	10,079
Mortgage-backed securities:
Federal National Mortgage Association			284,725				14,302				217				298,810
Federal Home Loan Mortgage Corporation			83,977				2,597				—				86,574
Government National Mortgage Association			20,271				338				165				20,444
Collateralized mortgage obligations:
Federal National Mortgage Association			23,182				530				36				23,676
Federal Home Loan Mortgage Corporation			4,808				—				48				4,760
Privately issued			—				502				—				502
Total mortgage-backed securities			416,963				18,269				466				434,766
Total available for sale securities		$	426,550			$	18,761			$	466			$	444,845
Securities held to maturity:
State and political subdivisions		$	187,401			$	2,797			$	3			$	190,195
Mortgage-backed securities:
Federal National Mortgage Association			11,908				530				—				12,438
Federal Home Loan Mortgage Corporation			6,703				245				—				6,948
Government National Mortgage Association			43,727				1,313				—				45,040
Collateralized mortgage obligations:
Federal National Mortgage Association			39,216				1,263				—				40,479
Federal Home Loan Mortgage Corporation			46,854				1,855				—				48,709
Government National Mortgage Association			10,443				319				—				10,762
Total mortgage-backed securities			158,851				5,525				—				164,376
Total held to maturity securities			346,252			$	8,322			$	3			$	354,571
Allowance for credit losses - securities			(13	)
Total held to maturity securities, net		$	346,239
December 31, 2019
Securities available for sale:
U.S. Government agency 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

(3.) INVESTMENT SECURITIES (Continued)

		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
December 31, 2019 (continued)
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

Sales of Securities Available for Sale

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

		Three months ended March 31,
		2020				2019
Proceeds from sales		$	20,257			$	4,948
Gross realized gains			230				—
Gross realized losses			9				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, 2020 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		$	-			$	-
Due from one to five years			49,466				51,454
Due after five years through ten years			160,496				170,193
Due after ten years			216,588				223,198
Total available for sale securities		$	426,550			$	444,845
Debt securities held to maturity:
Due in one year or less		$	54,240			$	54,455
Due from one to five years			121,443				123,697
Due after five years through ten years			32,208				33,278
Due after ten years			138,361				143,141
Total held to maturity securities		$	346,252			$	354,571

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, 2020
Securities available for sale:
U.S. Government agency and government sponsored    enterprises		$	—			$	—			$	—			$	—			$	—			$	—
Mortgage-backed securities:
Federal National Mortgage Association			5,502				217				—				—				5,502				217
Federal Home Loan Mortgage Corporation			—				—				—				—				—				—
Government National Mortgage Association			5,681				165				—				—				5,681				165
Collateralized mortgage obligations:
Federal National Mortgage Association			3,808				36				8				—				3,816				36
Federal Home Loan Mortgage Corporation			4,761				48				—				—				4,761				48
Total mortgage-backed securities			19,752				466				8				—				19,760				466
Total available for sale securities			19,752				466				8				—				19,760				466
Total temporarily impaired securities		$	19,752			$	466			$	8			$	-			$	19,760			$	466
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				0				—				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

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

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of realized gains and losses on investments reported in the statement of income.

+ References

No definition available.

+ Details

Name:	us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ 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

+ Details

Name:	us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of unrealized gains and losses on investments.

+ References

No definition available.

+ Details

Name:	us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration