Securities (Tables)
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6 Months Ended |
Jun. 30, 2018 |
Investments, Debt and Equity Securities [Abstract] |
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Amortized Cost and Estimated Fair Value of Securities Available-for-Sale |
The amortized cost and estimated fair value of securities
available-for-sale and the
corresponding amounts of gross unrealized gains and losses
recognized in accumulated other comprehensive income were as
follows:
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June 30, 2018
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
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Estimated
Fair Value |
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Securities available-for-sale
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Obligations of U.S. Government agencies
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$ |
99,566,635 |
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$ |
— |
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$ |
4,269,911 |
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$ |
95,296,724 |
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Mortgage backed securities
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278,584,218 |
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6,438 |
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12,561,575 |
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266,029,081 |
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State, County, Municipals
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107,211,506 |
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78,334 |
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4,863,460 |
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102,426,380 |
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Total
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$ |
485,362,359 |
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$ |
84,772 |
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$ |
21,694,946 |
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$ |
463,752,185 |
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December 31, 2017
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Amortized
Cost |
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Unrealized
Gains |
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Unrealized
Losses |
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Estimated
Fair Value |
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Securities available-for-sale
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Obligations of U.S. Government agencies
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$ |
180,647,580 |
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$ |
— |
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$ |
4,199,022 |
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$ |
176,448,558 |
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Mortgage backed securities
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213,707,125 |
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43,197 |
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5,327,265 |
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208,423,057 |
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State, County, Municipals
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118,786,297 |
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849,364 |
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2,535,126 |
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117,100,535 |
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Other investments
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2,865,294 |
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208,933 |
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— |
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3,074,227 |
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Total
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$ |
516,006,296 |
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$ |
1,101,494 |
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$ |
12,061,413 |
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$ |
505,046,377 |
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Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity |
The amortized cost and estimated fair value of securities by
contractual maturity at June 30, 2018 and December 31,
2017 are shown below. Actual maturities may differ from contractual
maturities because issuers have the right to call or prepay certain
obligations.
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June 30,
2018 |
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December 31,
2017 |
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Amortized
Cost |
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Estimated
Fair Value |
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Amortized
Cost |
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Estimated
Fair Value |
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Available-for-sale |
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Due in one year or less
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$ |
1,817,972 |
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$ |
1,820,005 |
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$ |
3,398,727 |
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$ |
3,421,576 |
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Due after one year through five years
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97,858,493 |
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94,124,451 |
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75,887,288 |
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74,589,829 |
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Due after five years through ten years
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31,088,580 |
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29,855,611 |
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55,691,854 |
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54,740,055 |
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Due after ten years
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354,597,314 |
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337,952,118 |
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381,028,427 |
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372,294,917 |
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Total
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$ |
485,362,359 |
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$ |
463,752,185 |
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$ |
516,006,296 |
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$ |
505,046,377 |
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Summary of Unrealized Loss Information for Available-for-sale Securities |
A summary of unrealized loss information for securities
available-for-sale, categorized
by security type follows (in thousands):
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June 30, 2018 |
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Less than 12 months |
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12 months or more |
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Total |
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Description of Securities
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Fair
Value |
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Unrealized
Losses |
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Fair
Value |
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Unrealized
Losses |
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Fair
Value |
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Unrealized
Losses |
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Obligations of U.S. government agencies
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$ |
15,119,779 |
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$ |
647,021 |
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$ |
80,176,945 |
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$ |
3,622,890 |
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$ |
95,296,724 |
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$ |
4,269,911 |
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Mortgage backed securities
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93,958,426 |
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3,434,432 |
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171,878,931 |
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9,127,143 |
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265,837,357 |
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12,561,575 |
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State, County, Municipal
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25,411,940 |
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806,404 |
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64,746,595 |
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4,057,056 |
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90,158,535 |
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4,863,460 |
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Total
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$ |
134,490,145 |
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$ |
4,887,857 |
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$ |
316,802,471 |
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$ |
16,807,089 |
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$ |
451,292,616 |
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$ |
21,694,946 |
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December 31, 2017 |
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Less than 12 months |
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12 months or more |
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Total |
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Description of Securities
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Fair
Value |
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Unrealized
Losses |
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Fair
Value |
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Unrealized
Losses |
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Fair
Value |
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Unrealized
Losses |
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Obligations of U.S. government agencies
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$ |
15,681,866 |
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$ |
223,534 |
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$ |
160,766,691 |
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$ |
3,975,488 |
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$ |
176,448,557 |
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$ |
4,199,022 |
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Mortgage backed securities
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88,499,852 |
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1,613,091 |
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116,753,236 |
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3,714,175 |
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205,253,088 |
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5,327,266 |
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State, County, Municipal
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7,117,600 |
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59,041 |
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66,973,174 |
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2,476,084 |
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74,090,774 |
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2,535,125 |
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Total
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$ |
111,299,318 |
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$ |
1,895,666 |
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$ |
344,493,101 |
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$ |
10,165,747 |
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$ |
455,792,419 |
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$ |
12,061,413 |
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