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Investments (Tables) | 9 Months Ended
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Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract] |
Available-for-sale securities reconciliation | The following table sets forth the carrying values and estimated fair values of our investment securities portfolio at the dates indicated (in thousands):
|  | September 30, 2018
Available-for-Sale Securities |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 22,728 |  |  | $ | — |  |  | $ | (485 | ) |  | $ | 22,243 |
Obligations of states and political subdivisions |  | 65,839 |  |  | 1,566 |  |  | (1,291 | ) |  | 66,114 |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 250,331 |  |  | 249 |  |  | (6,632 | ) |  | 243,948 |
Private label mortgage and asset backed securities |  | 106,200 |  |  | 749 |  |  | (4,557 | ) |  | 102,392 |
Total available-for-sale |  | $ | 445,098 |  |  | $ | 2,564 |  |  | $ | (12,965 | ) |  | $ | 434,697 |
|  | December 31, 2017
Available-for-Sale Securities |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 65,994 |  |  | $ | 667 |  |  | $ | (74 | ) |  | $ | 66,587 |
Obligations of states and political subdivisions |  | 136,955 |  |  | 6,240 |  |  | (90 | ) |  | 143,105 |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 237,210 |  |  | 601 |  |  | (2,903 | ) |  | 234,908 |
Private label mortgage and asset backed securities |  | 91,033 |  |  | 924 |  |  | (1,276 | ) |  | 90,681 |
Total available-for-sale |  | $ | 531,192 |  |  | $ | 8,432 |  |  | $ | (4,343 | ) |  | $ | 535,281 |
Realized gains and losses | Proceeds and gross realized gains (losses) from the sales or calls of investment securities for the periods ended September 30, 2018 and 2017 are shown below (in thousands):
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
Available-for-Sale Securities |  | 2018 |  | 2017 |  | 2018 |  | 2017
Proceeds from sales or calls |  | $ | 102,555 |  |  | $ | 26,286 |  |  | $ | 234,175 |  |  | $ | 101,286 |
Gross realized gains from sales or calls |  | 580 |  |  | 210 |  |  | 1,896 |  |  | 3,601 |
Gross realized losses from sales or calls |  | (200 | ) |  | (41 | ) |  | (619 | ) |  | (793 | )
Securities in a continuous unrealized loss position | Investment securities, aggregated by investment category, with unrealized losses as of the dates indicated are summarized and classified according to the duration of the loss period as follows (in thousands):
|  | September 30, 2018
|  | Less than 12 Months |  | 12 Months or More |  | Total
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
Available-for-Sale Securities |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 16,539 |  |  | $ | (349 | ) |  | $ | 5,704 |  |  | $ | (136 | ) |  | $ | 22,243 |  |  | $ | (485 | )
Obligations of states and political subdivisions |  | 42,967 |  |  | (1,139 | ) |  | 3,080 |  |  | (152 | ) |  | 46,047 |  |  | (1,291 | )
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 130,925 |  |  | (3,482 | ) |  | 52,418 |  |  | (3,150 | ) |  | 183,343 |  |  | (6,632 | )
Private label mortgage and asset backed securities |  | 44,766 |  |  | (1,921 | ) |  | 50,442 |  |  | (2,636 | ) |  | 95,208 |  |  | (4,557 | )
Total available-for-sale |  | $ | 235,197 |  |  | $ | (6,891 | ) |  | $ | 111,644 |  |  | $ | (6,074 | ) |  | $ | 346,841 |  |  | $ | (12,965 | )
|  | December 31, 2017
|  | Less than 12 Months |  | 12 Months or More |  | Total
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
Available-for-Sale Securities |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 8,201 |  |  | $ | (47 | ) |  | $ | 6,741 |  |  | $ | (27 | ) |  | $ | 14,942 |  |  | $ | (74 | )
Obligations of states and political subdivisions |  | 1,627 |  |  | (3 | ) |  | 3,357 |  |  | (87 | ) |  | 4,984 |  |  | (90 | )
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 82,604 |  |  | (822 | ) |  | 64,488 |  |  | (2,081 | ) |  | 147,092 |  |  | (2,903 | )
Private label mortgage and asset backed securities |  | 88,312 |  |  | (1,276 | ) |  | — |  |  | — |  |  | 88,312 |  |  | (1,276 | )
Total available-for-sale |  | $ | 180,744 |  |  | $ | (2,148 | ) |  | $ | 74,586 |  |  | $ | (2,195 | ) |  | $ | 255,330 |  |  | $ | (4,343 | )
Credit losses recorded in earnings | The following tables provide a roll forward for the nine months month periods ended September 30, 2018 and 2017 of investment securities credit losses recorded in earnings. The beginning balance represents the credit loss component for which OTTI occurred on debt securities in prior periods. Additions represent the first time a debt security was credit impaired or when subsequent credit impairments have occurred on securities for which OTTI credit losses have been previously recognized.
|  | For the Nine Months Ended September 30,
(In thousands) |  | 2018 |  | 2017
Beginning balance |  | $ | 874 |  |  | $ | 874 |
Amounts related to credit loss for which an OTTI charge was not previously recognized |  | — |  |  | — |
Increases to the amount related to credit loss for which OTTI was previously recognized |  | — |  |  | — |
Realized gain for securities sold |  | — |  |  | — |
Ending balance |  | $ | 874 |  |  | $ | 874 |
Investments by contractual maturity |
|  | September 30, 2018
Available-for-Sale Securities |  | Amortized Cost |  | Estimated Fair Value
Within one year |  | $ | — |  |  | $ | — |
After one year through five years |  | 2,754 |  |  | 2,874 |
After five years through ten years |  | 14,275 |  |  | 14,272 |
After ten years |  | 48,810 |  |  | 48,968 |
|  | 65,839 |  |  | 66,114 |
Investment securities not due at a single maturity date: |  |  |  |  |  |
U.S. Government agencies |  | 22,728 |  |  | 22,243 |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 250,331 |  |  | 243,948 |
Private label mortgage and asset backed securities |  | 106,200 |  |  | 102,392 |
Total available-for-sale |  | $ | 445,098 |  |  | $ | 434,697 |

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- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27340-111563 + Details
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