Investment Securities (Tables)

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Available-for-sale securities reconciliation

The following tables set forth the carrying values and estimated fair values of our investment securities portfolio at the dates indicated (in thousands):



	December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-Sale Securities
Debt Securities:
U.S. Government agencies	$	21,723	$	—	$	(402	)	$	21,321
Obligations of states and political subdivisions	79,886		2,205		(587		)	81,504
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	239,388		253		(4,711		)	234,930
Private label mortgage and asset backed securities	129,165		756		(3,771		)	126,150
	$	470,162	$	3,214	$	(9,471	)	$	463,905



	December 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-Sale Securities
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
`	$	531,192	$	8,432	$	(4,343	)	$	535,281

Securities in a continuous unrealized loss position

Investment securities with unrealized losses at December 31, 2018 and 2017 are summarized and classified according to the duration of the loss period as follows (in thousands):



	December 31, 2018
	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Available-for-Sale Securities
Debt Securities:
U.S. Government agencies	$	14,891	$	(254	)	$	6,430	$	(148	)	$	21,321	$	(402	)
Obligations of states and political subdivisions	10,056		(99		)	22,945		(488		)	33,001		(587		)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	61,866		(424		)	124,673		(4,287		)	186,539		(4,711		)
Private label residential mortgage and asset backed securities	31,325		(195		)	84,784		(3,576		)	116,109		(3,771		)
	$	118,138	$	(972	)	$	238,832	$	(8,499	)	$	356,970	$	(9,471	)



	December 31, 2017
	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Available-for-Sale Securities
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 residential mortgage backed securities	88,312		(1,276		)	—		—			88,312		(1,276		)
	$	180,744	$	(2,148	)	$	74,586	$	(2,195	)	$	255,330	$	(4,343	)

Realized gains and losses

Proceeds and gross realized gains (losses) on investment securities for the years ended December 31, 2018, 2017, and 2016 are shown below (in thousands):



	Years Ended December 31,
	2018			2017			2016
Available-for-Sale Securities
Proceeds from sales or calls	$	246,824		$	228,405		$	167,163
Gross realized gains from sales or calls	$	1,976		$	4,701		$	2,223
Gross realized losses from sales or calls	$	(662	)	$	(1,899	)	$	(999	)
Held-to-Maturity Securities
Proceeds from sales and calls	$	—		$	—		$	9,257
Gross realized gains from sales or calls	$	—		$	—		$	696

Credit losses recorded in earnings

The following table provides a rollforward for the years ended December 31, 2018 and 2017 of investment securities credit losses recorded in earnings (in thousands). 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.



	Years ended December 31,
	2018		2017
Beginning balance of credit losses recognized	$	874	$	874
Amounts related to credit loss for which an OTTI charge was not previously recognized	—		—
Realized losses for securities sold	—		—
Ending balance of credit losses recognized	$	874	$	874

Investments by contractual maturity

The amortized cost and estimated fair value of available-for-sale investment securities at December 31, 2018 and 2017 by contractual maturity are shown in the two tables below (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.



	December 31, 2018				December 31, 2017
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Within one year	$	—	$	—	$	1,893	$	1,914
After one year through five years	2,769		2,899		7,149		7,316
After five years through ten years	21,831		22,278		22,043		22,696
After ten years	55,286		56,327		105,870		111,179
	79,886		81,504		136,955		143,105
Investment securities not due at a single maturity date:
Treasuries	—		—		—		—
U.S. Government agencies	21,723		21,321		65,994		66,587
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	239,388		234,930		237,210		234,908
Private label mortgage and asset backed securities	129,165		126,150		91,033		90,681
	$	470,162	$	463,905	$	531,192	$	535,281