Investment Securities (Tables)
|
6 Months Ended |
Jun. 30, 2017 |
Investments, Debt and Equity Securities [Abstract] |
|
Amortized Cost and Fair Value of Available-for-Sale Investment Securities |
The amortized cost and estimated fair value of investment securities at June 30, 2017 and December 31, 2016 are summarized as follows (in thousands): | | | | | | | | | | | | | | | | | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | June 30, 2017 | | | | | | | | Available-for-Sale: | | | | | | | | U.S. Treasury notes | $ | 21,135 |
| | $ | 77 |
| | $ | 3 |
| | $ | 21,209 |
| U.S. Agency notes | 96,921 |
| | 161 |
| | 1,134 |
| | 95,948 |
| U.S. Agency mortgage-backed securities | 74,949 |
| | 73 |
| | 1,061 |
| | 73,961 |
| Municipal securities: | |
| | |
| | |
| | |
| Non-taxable | 111,651 |
| | 902 |
| | 758 |
| | 111,795 |
| Taxable | 22,420 |
| | 246 |
| | 63 |
| | 22,603 |
| Mutual funds | 2,546 |
| | — |
| | 39 |
| | 2,507 |
| Trust preferred securities | 49 |
| | 1 |
| | — |
| | 50 |
| Equity securities | 632 |
| | 88 |
| | 5 |
| | 715 |
| | $ | 330,303 |
| | $ | 1,548 |
| | $ | 3,063 |
| | $ | 328,788 |
| | | | | | | | | Held-to-Maturity: | | | | | | | | Municipal securities: | | | | | | | | Non-taxable | $ | 33,282 |
| | $ | 95 |
| | $ | 122 |
| | $ | 33,255 |
| Taxable | 5,155 |
| | — |
| | 124 |
| | 5,031 |
| | $ | 38,437 |
| | $ | 95 |
| | $ | 246 |
| | $ | 38,286 |
| | | | | | | | | December 31, 2016 | | | | | | | | Available-for-Sale: | | | | | | | | U.S. Treasury notes | $ | 28,180 |
| | $ | 41 |
| | $ | 76 |
| | $ | 28,145 |
| U.S. Agency notes | 87,098 |
| | 150 |
| | 1,848 |
| | 85,400 |
| U.S. Agency mortgage-backed securities | 72,402 |
| | 89 |
| | 1,444 |
| | 71,047 |
| Municipal securities: | |
| | |
| | |
| | |
| Non-taxable | 114,064 |
| | 574 |
| | 1,623 |
| | 113,015 |
| Taxable | 19,710 |
| | 220 |
| | 85 |
| | 19,845 |
| Mutual funds | 2,527 |
| | — |
| | 45 |
| | 2,482 |
| Trust preferred securities | 49 |
| | — |
| | 1 |
| | 48 |
| Equity securities | 632 |
| | 55 |
| | 10 |
| | 677 |
| | $ | 324,662 |
| | $ | 1,129 |
| | $ | 5,132 |
| | $ | 320,659 |
| | | | | | | | | Held-to-Maturity: | | | | | | | | Municipal securities: | | | | | | | | Non-taxable | $ | 31,015 |
| | $ | 56 |
| | $ | 352 |
| | $ | 30,719 |
| Taxable | 9,988 |
| | — |
| | 217 |
| | 9,771 |
| | $ | 41,003 |
| | $ | 56 |
| | $ | 569 |
| | $ | 40,490 |
|
|
Securities in a Continuous Loss Position |
Information concerning investment securities with gross unrealized losses at June 30, 2017 and December 31, 2016, aggregated by length of time that individual securities have been in a continuous loss position, is as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | Less than Twelve Months | | Twelve Months or Greater | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | June 30, 2017 | | | | | | | | Available-for-Sale: | | | | | | | | U.S. Treasury notes | $ | 1,300 |
| | $ | 3 |
| | $ | — |
| | $ | — |
| U.S. Agency notes | 78,483 |
| | 1,134 |
| | — |
| | — |
| U.S. Agency mortgage-backed securities | 58,733 |
| | 939 |
| | 3,271 |
| | 122 |
| Municipal securities: | |
| | |
| | | | | Non-taxable | 39,578 |
| | 758 |
| | — |
| | — |
| Taxable | 10,833 |
| | 62 |
| | 450 |
| | 1 |
| Mutual funds | 1,225 |
| | 30 |
| | 282 |
| | 9 |
| Trust preferred securities | — |
| | — |
| | — |
| | — |
| Equity securities | 24 |
| | 1 |
| | 29 |
| | 4 |
| | $ | 190,176 |
| | $ | 2,927 |
| | $ | 4,032 |
| | $ | 136 |
| | | | | | | | | Held-to-Maturity: | | | | | | | | Municipal securities: | | | | | | | | Non-taxable | $ | 19,188 |
| | 78 |
| | 2,622 |
| | 44 |
| Taxable | 3,176 |
| | 124 |
| | — |
| | — |
| | $ | 22,364 |
| | $ | 202 |
| | $ | 2,622 |
| | $ | 44 |
| | | | | | | | | December 31, 2016 | | | | | | | | Available-for-Sale: | | | | | | | | U.S. Treasury notes | $ | 16,076 |
| | $ | 76 |
| | $ | — |
| | $ | — |
| U.S. Agency notes | 69,784 |
| | 1,848 |
| | — |
| | — |
| U.S. Agency mortgage-backed securities | 64,564 |
| | 1,310 |
| | 3,518 |
| | 134 |
| Municipal securities: | |
| | |
| | |
| | | Non-taxable | 72,867 |
| | 1,621 |
| | 451 |
| | 2 |
| Taxable | 9,721 |
| | 82 |
| | 450 |
| | 3 |
| Mutual funds | 1,205 |
| | 37 |
| | 277 |
| | 8 |
| Trust preferred securities | 49 |
| | 1 |
| | — |
| | — |
| Equity securities | 201 |
| | 10 |
| | — |
| | — |
| | $ | 234,467 |
| | $ | 4,985 |
| | $ | 4,696 |
| | $ | 147 |
| | | | | | | | | Held-to-Maturity: | | | | | | | | Municipal securities: | | | | | | | | Non-taxable | $ | 20,429 |
| | $ | 251 |
| | $ | 2,564 |
| | $ | 101 |
| Taxable | 8,030 |
| | 217 |
| | — |
| | — |
| | $ | 28,459 |
| | $ | 468 |
| | $ | 2,564 |
| | $ | 101 |
|
|
Investments Classified by Contractual Maturity Date |
Contractual maturities of investment securities at June 30, 2017 were as follows (in thousands). Actual maturities may differ from contractual maturities when issuers have the right to call or prepay obligations. | | | | | | | | | | | | | | | | | | Available-for-Sale | | Held-to-Maturity | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | Due within one year | $ | 12,940 |
| | $ | 12,981 |
| | $ | 6,191 |
| | $ | 6,221 |
| Due from one to five years | 110,596 |
| | 111,142 |
| | 4,082 |
| | 4,064 |
| Due from five to ten years | 121,060 |
| | 120,190 |
| | 10,322 |
| | 10,266 |
| Due after ten years | 7,531 |
| | 7,242 |
| | 17,842 |
| | 17,735 |
| | 252,127 |
| | 251,555 |
| | 38,437 |
| | 38,286 |
| U.S. Agency mortgage-backed securities | 74,949 |
| | 73,961 |
| | — |
| | — |
| Mutual funds | 2,546 |
| | 2,507 |
| | — |
| | — |
| Trust preferred securities | 49 |
| | 50 |
| | — |
| | — |
| Equity securities | 632 |
| | 715 |
| | — |
| | — |
| | $ | 330,303 |
| | $ | 328,788 |
| | $ | 38,437 |
| | $ | 38,286 |
|
|
Realized Gain (Loss) on Investments |
Certain information concerning the sale of investment securities available-for-sale for the three and six months ended June 30, 2017 and 2016 was as follows (in thousands): | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2017 | | 2016 | | 2017 | | 2016 | Proceeds from sales | $ | 12,243 |
| | $ | 16,100 |
| | $ | 12,243 |
| | $ | 36,529 |
| Gross realized gains | 140 |
| | 300 |
| | 140 |
| | 671 |
| Gross realized losses | — |
| | 21 |
| | — |
| | 21 |
|
|