Investment Securities (Tables)

6 Months Ended

Jun. 30, 2018

Investments, Debt and Equity Securities [Abstract]

Schedule of Available For Sale, Held-to-Maturity, and Restricted Equity Securities

The following table summarizes the amortized cost and estimated fair value of investment securities at June 30, 2018:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	306,286,000	$	144,000	$	(9,052,000	)	$	297,378,000
State and political subdivisions	4,955,000		$	—	(263,000		)	4,692,000
Other equity securities	2,978,000		—		—			2,978,000
	$	314,219,000	$	144,000	$	(9,315,000	)	$	305,048,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	11,155,000	$	—	$	(584,000	)	$	10,571,000
Mortgage-backed securities	20,585,000		404,000		(365,000		)	20,624,000
State and political subdivisions	224,037,000		1,274,000		(4,490,000		)	220,821,000
Corporate securities	4,300,000		—		—			4,300,000
	$	260,077,000	$	1,678,000	$	(5,439,000	)	$	256,316,000
Restricted equity securities
Federal Home Loan Bank Stock	$	11,326,000	$	—	$	—		$	11,326,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	12,363,000	$	—	$	—		$	12,363,000

The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2017:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	293,689,000	$	722,000	$	(4,422,000	)	$	289,989,000
State and political subdivisions	6,860,000		16,000		(107,000		)	6,769,000
Other equity securities	3,296,000		121,000		(3,000		)	3,414,000
	$	303,845,000	$	859,000	$	(4,532,000	)	$	300,172,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	11,155,000	$	—	$	(180,000	)	$	10,975,000
Mortgage-backed securities	23,284,000		568,000		(128,000		)	23,724,000
State and political subdivisions	217,828,000		3,931,000		(1,103,000		)	220,656,000
Corporate securities	4,300,000		—		—			4,300,000
	$	256,567,000	$	4,499,000	$	(1,411,000	)	$	259,655,000
Restricted equity securities
Federal Home Loan Bank Stock	$	9,321,000	$	—	$	—		$	9,321,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	10,358,000	$	—	$	—		$	10,358,000

The following table summarizes the amortized cost and estimated fair value of investment securities at June 30, 2017:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	290,379,000	$	1,381,000	$	(2,769,000	)	$	288,991,000
State and political subdivisions	15,401,000		486,000		(59,000		)	15,828,000
Other equity securities	3,266,000		65,000		(4,000		)	3,327,000
	$	309,046,000	$	1,932,000	$	(2,832,000	)	$	308,146,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	11,152,000	$	—	$	(181,000	)	$	10,971,000
Mortgage-backed securities	27,224,000		820,000		(41,000		)	28,003,000
State and political subdivisions	201,447,000		3,573,000		(2,056,000		)	202,964,000
Corporate securities	4,300,000		—		—			4,300,000
	$	244,123,000	$	4,393,000	$	(2,278,000	)	$	246,238,000
Restricted equity securities
Federal Home Loan Bank Stock	$	11,274,000	$	—	$	—		$	11,274,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	12,311,000	$	—	$	—		$	12,311,000

Contractual Maturities of Investment Securities

The following table summarizes the contractual maturities of investment securities at June 30, 2018:



	Securities available for sale				Securities to be held to maturity
	Amortized Cost		Fair Value (Estimated)		Amortized Cost		Fair Value (Estimated)
Due in 1 year or less	$	34,000	$	34,000	$	1,327,000	$	1,329,000
Due in 1 to 5 years	9,349,000		9,341,000		23,621,000		23,698,000
Due in 5 to 10 years	71,309,000		69,745,000		155,096,000		153,240,000
Due after 10 years	230,549,000		222,950,000		80,033,000		78,049,000
Equity securities	2,978,000		2,978,000		—		—
	$	314,219,000	$	305,048,000	$	260,077,000	$	256,316,000

The following table summarizes the contractual maturities of investment securities at December 31, 2017:



	Securities available for sale				Securities to be held to maturity
	Amortized Cost		Fair Value (Estimated)		Amortized Cost		Fair Value (Estimated)
Due in 1 year or less	$	111,000	$	112,000	$	635,000	$	637,000
Due in 1 to 5 years	841,000		842,000		18,059,000		18,164,000
Due in 5 to 10 years	29,003,000		29,177,000		37,182,000		37,719,000
Due after 10 years	270,594,000		266,627,000		200,691,000		203,135,000
Equity securities	3,296,000		3,414,000		—		—
	$	303,845,000	$	300,172,000	$	256,567,000	$	259,655,000

The following table summarizes the contractual maturities of investment securities at June 30, 2017:



	Securities available for sale				Securities to be held to maturity
	Amortized Cost		Fair Value (Estimated)		Amortized Cost		Fair Value (Estimated)
Due in 1 year or less	$	26,000	$	26,000	$	707,000	$	710,000
Due in 1 to 5 years	1,722,000		1,758,000		14,536,000		14,813,000
Due in 5 to 10 years	34,382,000		35,099,000		41,373,000		42,251,000
Due after 10 years	269,650,000		267,936,000		187,507,000		188,464,000
Equity securities	3,266,000		3,327,000		—		—
	$	309,046,000	$	308,146,000	$	244,123,000	$	246,238,000

Schedule of Securities Gains and Losses

The following table shows securities gains and losses for the six months and quarters ended June 30, 2018 and 2017:



	For the six months ended June 30,				For the quarter ended June 30,
	2018		2017		2018		2017
Proceeds from sales of securities	$	459,000	$	3,000	$	—	$	—
Gross realized gains	136,000		3,000		—		—
Gross realized losses	—		—		—		—
Net gain	$	136,000	$	3,000	$	—	$	—
Related income taxes	$	29,000	$	1,000	$	—	$	—

Schedule of Securities Temporarily Impaired

Information regarding securities temporarily impaired as of June 30, 2018 is summarized below:



	Less than 12 months					12 months or more					Total
	Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses
U.S. Government-sponsored agencies	$	6,882,000	$	(373,000	)	$	3,689,000	$	(211,000	)	$	10,571,000	$	(584,000	)
Mortgage-backed securities	202,673,000		(5,660,000		)	91,977,000		(3,757,000		)	294,650,000		(9,417,000		)
State and political subdivisions	70,674,000		(1,728,000		)	36,909,000		(3,025,000		)	107,583,000		(4,753,000		)
	$	280,229,000	$	(7,761,000	)	$	132,575,000	$	(6,993,000	)	$	412,804,000	$	(14,754,000	)

As of December 31, 2017, there were 241 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 157 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of December 31, 2017 is summarized below:



	Less than 12 months					12 months or more					Total
	Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses
U.S. Government-sponsored agencies	$	7,161,000	$	(94,000	)	$	3,814,000	$	(86,000	)	$	10,975,000	$	(180,000	)
Mortgage-backed securities	132,025,000		(1,857,000		)	101,707,000		(2,693,000		)	233,732,000		(4,550,000		)
State and political subdivisions	9,425,000		(149,000		)	38,864,000		(1,061,000		)	48,289,000		(1,210,000		)
Other equity securities	—		—			9,000		(3,000		)	9,000		(3,000		)
	$	148,611,000	$	(2,100,000	)	$	144,394,000	$	(3,843,000	)	$	293,005,000	$	(5,943,000	)

As of June 30, 2017, there were 235 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 15 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of June 30, 2017 is summarized below:



	Less than 12 months					12 months or more					Total
	Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses
U.S. Government-sponsored agencies	$	7,972,000	$	(181,000	)	$	—	$	—		$	7,972,000	$	(181,000	)
Mortgage-backed securities	170,966,000		(2,613,000		)	7,643,000		(197,000		)	178,609,000		(2,810,000		)
State and political subdivisions	55,952,000		(2,115,000		)	—		—			55,952,000		(2,115,000		)
Other equity securities	69,000		(1,000		)	9,000		(3,000		)	78,000		(4,000		)
	$	234,959,000	$	(4,910,000	)	$	7,652,000	$	(200,000	)	$	242,611,000	$	(5,110,000	)