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Investments (Tables)

6 Months Ended

Jun. 30, 2019

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): 

		June 30, 2019
Available-for-Sale Securities		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Debt securities:
U.S. Government agencies		$	18,167			$	17			$	(281	)		$	17,903
Obligations of states and political subdivisions		26,577				2,798				—				29,375
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		225,045				1,559				(1,663		)		224,941
Private label mortgage and asset backed securities		190,682				4,296				(165		)		194,813
Corporate debt securities		9,000				179				—				9,179
Total available-for-sale		$	469,471			$	8,849			$	(2,109	)		$	476,211

		December 31, 2018
Available-for-Sale Securities		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
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
Total available-for-sale		$	470,162			$	3,214			$	(9,471	)		$	463,905

Realized gains and losses

Proceeds and gross realized gains (losses) from the sales or calls of investment securities for the periods ended June 30, 2019 and 2018 are shown below (in thousands):

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
Available-for-Sale Securities		2019				2018				2019				2018
Proceeds from sales or calls		$	150,441			$	62,301			$	203,426			$	131,617
Gross realized gains from sales or calls		2,508				249				3,607				1,316
Gross realized losses from sales or calls		(49		)		(167		)		(96		)		(419		)

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): 

		June 30, 2019
		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		$	—			$	—			$	16,923			$	(281	)		$	16,923			$	(281	)
Obligations of states and political subdivisions		—				—				—				—				—				—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		80,111				(953		)		40,549				(710		)		120,660				(1,663		)
Private label mortgage and asset backed securities		19,089				(126		)		2,171				(39		)		21,260				(165		)
Total available-for-sale		$	99,200			$	(1,079	)		$	59,643			$	(1,030	)		$	158,843			$	(2,109	)

		December 31, 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		$	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 mortgage and asset backed securities		31,325				(195		)		84,784				(3,576		)		116,109				(3,771		)
Total available-for-sale		$	118,138			$	(972	)		$	238,832			$	(8,499	)		$	356,970			$	(9,471	)

Credit losses recorded in earnings

The following tables provide a roll forward for the six months ended June 30, 2019 and 2018 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 Six Months Ended June 30,
(In thousands)		2019				2018
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

		June 30, 2019
Available-for-Sale Securities		Amortized Cost				Estimated Fair Value
Within one year		$	—			$	—
After one year through five years		2,496				2,642
After five years through ten years		9,145				9,763
After ten years		14,936				16,970
		26,577				29,375
Investment securities not due at a single maturity date:
U.S. Government agencies		18,167				17,903
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		225,045				224,941
Private label mortgage and asset backed securities		190,682				194,813
Corporate debt securities		9,000				9,179
Total available-for-sale		$	469,471			$	476,211

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- Definition

Tabular disclosure of fair value of investments in debt and equity securities in an unrealized loss position categorized neither as held-to-maturity nor trading securities.

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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.

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

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-Publisher FASB
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-Section 50
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