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Securities Available for Sale (Tables)
12 Months Ended
Dec. 31, 2018
Investments Debt And Equity Securities [Abstract]  
Summary of the Amortized Cost and Fair Value of Available-for-Sale Investment Securities Corresponding Amounts of Unrealized Gains and Losses

The following table summarizes the amortized cost and fair value of the available-for-sale securities portfolio at December 31, 2018 and 2017 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows:

 

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

 

 

 

 

2018

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

U.S. Treasury and U.S. government sponsored

   entities

 

 

$

6,111

 

 

$

0

 

 

$

(102

)

 

$

6,009

 

State and political subdivisions

 

 

 

211,762

 

 

 

2,075

 

 

 

(1,893

)

 

 

211,944

 

Corporate bonds

 

 

 

1,206

 

 

 

0

 

 

 

(18

)

 

 

1,188

 

Mortgage-backed securities - residential

 

 

 

154,130

 

 

 

84

 

 

 

(4,167

)

 

 

150,047

 

Collateralized mortgage obligations

 

 

 

21,775

 

 

 

72

 

 

 

(775

)

 

 

21,072

 

Small Business Administration

 

 

 

12,292

 

 

 

0

 

 

 

(362

)

 

 

11,930

 

Totals

 

 

$

407,276

 

 

$

2,231

 

 

$

(7,317

)

 

$

402,190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

 

 

 

 

2017

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

U.S. Treasury and U.S. government sponsored

   entities

 

 

$

8,986

 

 

$

0

 

 

$

(69

)

 

$

8,917

 

State and political subdivisions

 

 

 

188,032

 

 

 

3,614

 

 

 

(643

)

 

 

191,003

 

Corporate bonds

 

 

 

1,238

 

 

 

4

 

 

 

(8

)

 

 

1,234

 

Mortgage-backed securities - residential

 

 

 

161,635

 

 

 

419

 

 

 

(1,604

)

 

 

160,450

 

Collateralized mortgage obligations

 

 

 

17,898

 

 

 

0

 

 

 

(777

)

 

 

17,121

 

Small Business Administration

 

 

 

14,608

 

 

 

0

 

 

 

(396

)

 

 

14,212

 

Totals

 

 

$

392,397

 

 

$

4,037

 

 

$

(3,497

)

 

$

392,937

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from Sales of Available-for-Sale Securities and the Associated Gains and Losses

 

The proceeds from sales of available-for-sale securities and the associated gains and losses were as follows:

 

 

 

 

 

 

2018

 

 

 

2017

 

 

 

2016

 

Proceeds

 

 

 

$

16,162

 

 

$

54,497

 

 

$

11,493

 

Gross gains

 

 

 

 

408

 

 

 

727

 

 

 

389

 

Gross losses

 

 

 

 

(125

)

 

 

(723

)

 

 

(316

)

Amortized Cost and Fair Value of the Debt Securities Maturity

The amortized cost and fair value of the debt securities portfolio are shown by expected maturity. Expected maturities may differ from contractual maturities if issuers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

 

Available for sale

 

 

 

 

 

December 31, 2018

 

 

 

 

 

 

 

Amortized

 

 

 

 

 

Maturity

 

 

 

 

 

Cost

 

 

Fair Value

 

Within one year

 

 

 

 

 

$

5,611

 

 

$

5,601

 

One to five years

 

 

 

 

 

 

41,647

 

 

 

41,682

 

Five to ten years

 

 

 

 

 

 

146,439

 

 

 

146,769

 

Beyond ten years

 

 

 

 

 

 

25,382

 

 

 

25,089

 

Mortgage-backed securities, collateralized mortgage obligations and

   Small Business Administration

 

 

188,197

 

 

 

183,049

 

 

 

 

 

Totals

 

$

407,276

 

 

$

402,190

 

Investment Securities with Unrealized Losses

The following table summarizes the investment securities with unrealized losses at December 31, 2018 and 2017 aggregated by major security type and length of time in a continuous unrealized loss position.

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

Description of Securities

 

Value

 

 

Loss

 

 

Value

 

 

Loss

 

 

Value

 

 

Loss

 

U.S. Treasury and U.S. government

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

sponsored entities

 

$

648

 

 

$

(2

)

 

$

5,065

 

 

$

(100

)

 

$

5,713

 

 

$

(102

)

State and political subdivisions

 

 

23,569

 

 

 

(201

)

 

 

64,174

 

 

 

(1,692

)

 

 

87,743

 

 

 

(1,893

)

Corporate bonds

 

 

516

 

 

 

(4

)

 

 

672

 

 

 

(14

)

 

 

1,188

 

 

 

(18

)

Mortgage-backed securities - residential

 

 

13,002

 

 

 

(114

)

 

 

126,200

 

 

 

(4,053

)

 

 

139,202

 

 

 

(4,167

)

Collateralized mortgage obligations

 

 

20

 

 

 

(1

)

 

 

14,003

 

 

 

(774

)

 

 

14,023

 

 

 

(775

)

Small Business Administration

 

 

11

 

 

 

0

 

 

 

11,919

 

 

 

(362

)

 

 

11,930

 

 

 

(362

)

Total temporarily impaired

 

$

37,766

 

 

$

(322

)

 

$

222,033

 

 

$

(6,995

)

 

$

259,799

 

 

$

(7,317

)

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

Description of Securities

 

Value

 

 

Loss

 

 

Value

 

 

Loss

 

 

Value

 

 

Loss

 

U.S. Treasury and U.S. government

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

sponsored entities

 

$

3,970

 

 

$

(34

)

 

$

1,912

 

 

$

(35

)

 

$

5,882

 

 

$

(69

)

State and political subdivisions

 

 

33,188

 

 

 

(220

)

 

 

25,721

 

 

 

(423

)

 

 

58,909

 

 

 

(643

)

Corporate bonds

 

 

397

 

 

 

(3

)

 

 

383

 

 

 

(5

)

 

 

780

 

 

 

(8

)

Mortgage-backed securities - residential

 

 

40,072

 

 

 

(400

)

 

 

53,760

 

 

 

(1,204

)

 

 

93,832

 

 

 

(1,604

)

Collateralized mortgage obligations

 

 

1,701

 

 

 

(22

)

 

 

15,420

 

 

 

(755

)

 

 

17,121

 

 

 

(777

)

Small Business Administration

 

 

0

 

 

 

0

 

 

 

14,182

 

 

 

(396

)

 

 

14,182

 

 

 

(396

)

Total temporarily impaired

 

$

79,328

 

 

$

(679

)

 

$

111,378

 

 

$

(2,818

)

 

$

190,706

 

 

$

(3,497

)