SECURITIES (Tables)
|
6 Months Ended |
Jun. 30, 2018 |
Amortized Cost and Fair Value of Securities Available-for-Sale |
The amortized cost and fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income are listed below.
|
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed securities (issued by
government-sponsored entities) |
|
$ |
186,157 |
|
|
$ |
— |
|
|
$ |
(5,919 |
) |
|
$ |
180,238 |
|
|
|
$ |
186,157 |
|
|
$ |
— |
|
|
$ |
(5,919 |
) |
|
$ |
180,238 |
|
December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed securities (issued by
government-sponsored entities) |
|
$ |
163,374 |
|
|
$ |
36 |
|
|
$ |
(1,819 |
) |
|
$ |
161,591 |
|
State and political subdivisions |
|
|
195 |
|
|
— |
|
|
|
— |
|
|
|
195 |
|
Equity securities |
|
|
500 |
|
|
|
— |
|
|
|
(14 |
) |
|
|
486 |
|
|
|
$ |
164,069 |
|
|
$ |
36 |
|
|
$ |
(1,833 |
) |
|
$ |
162,272 |
|
|
Amortized Cost and Fair Value of Securities Held-to-Maturity |
The amortized cost and fair value of held-to-maturity securities and the related gross unrecognized gains and losses are listed in the following table.
|
|
Amortized
Cost |
|
|
Gross
Unrecognized
Gains |
|
|
Gross
Unrecognized
Losses |
|
|
Fair
Value |
|
June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-maturity securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government-sponsored entities |
|
$ |
5,358 |
|
|
$ |
— |
|
|
$ |
(24 |
) |
|
$ |
5,334 |
|
Residential mortgage-backed (securities issued by
government sponsored entities) |
|
|
481,294 |
|
|
|
255 |
|
|
|
(12,521 |
) |
|
|
469,028 |
|
Corporate |
|
|
22,993 |
|
|
|
372 |
|
|
|
(35 |
) |
|
|
23,330 |
|
Small Business Administration loan pools |
|
|
1,884 |
|
|
|
— |
|
|
|
(34 |
) |
|
|
1,850 |
|
State and political subdivisions |
|
|
154,466 |
|
|
|
736 |
|
|
|
(1,732 |
) |
|
|
153,470 |
|
|
|
$ |
665,995 |
|
|
$ |
1,363 |
|
|
$ |
(14,346 |
) |
|
$ |
653,012 |
|
December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-maturity securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government-sponsored entities |
|
$ |
998 |
|
|
$ |
— |
|
|
$ |
(13 |
) |
|
$ |
985 |
|
Residential mortgage-backed (securities issued by
government sponsored entities) |
|
|
383,875 |
|
|
|
573 |
|
|
|
(4,866 |
) |
|
|
379,582 |
|
Corporate |
|
|
22,991 |
|
|
|
355 |
|
|
|
— |
|
|
|
23,346 |
|
Small Business Administration loan pools |
|
|
2,048 |
|
|
|
— |
|
|
|
(14 |
) |
|
|
2,034 |
|
State and political subdivisions |
|
|
125,550 |
|
|
|
1,694 |
|
|
|
(447 |
) |
|
|
126,797 |
|
|
|
$ |
535,462 |
|
|
$ |
2,622 |
|
|
$ |
(5,340 |
) |
|
$ |
532,744 |
|
|
Fair Value and Amortized Cost of Debt Securities by Contractual Maturity |
The fair value and amortized cost of debt securities at June 30, 2018, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.
|
|
Available-for-Sale |
|
|
Held-to-Maturity |
|
|
|
Amortized
Cost |
|
|
Fair
Value |
|
|
Amortized
Cost |
|
|
Fair
Value |
|
Within one year |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,055 |
|
|
$ |
5,057 |
|
One to five years |
|
|
— |
|
|
|
— |
|
|
|
35,190 |
|
|
|
35,342 |
|
Five to ten years |
|
— |
|
|
— |
|
|
|
56,830 |
|
|
|
57,288 |
|
After ten years |
|
|
— |
|
|
|
— |
|
|
|
87,626 |
|
|
|
86,297 |
|
Mortgage-backed securities |
|
|
186,157 |
|
|
|
180,238 |
|
|
|
481,294 |
|
|
|
469,028 |
|
Total debt securities |
|
$ |
186,157 |
|
|
$ |
180,238 |
|
|
$ |
665,995 |
|
|
$ |
653,012 |
|
|
Proceeds from Sales and Associated Gains and Losses Reclassified from Other comprehensive Income to Income |
The proceeds from sales and the associated gains and losses on available-for-sale securities reclassified from other comprehensive income to income are listed in the table below.
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Proceeds |
|
$ |
— |
|
|
$ |
3,083 |
|
|
$ |
— |
|
|
$ |
6,522 |
|
Gross gains |
|
|
— |
|
|
|
83 |
|
|
|
— |
|
|
|
96 |
|
Gross losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Income tax expense on net realized gains |
|
|
— |
|
|
|
32 |
|
|
|
— |
|
|
|
37 |
|
|
Available for Sale Securities [Member] |
|
Summary of Gross Unrealized Losses and Fair Value of Securities |
The following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2018 and December 31, 2017.
|
|
Less Than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
|
|
Fair
Value |
|
|
Unrealized
Loss |
|
|
Fair
Value |
|
|
Unrealized
Loss |
|
|
Fair
Value |
|
|
Unrealized
Loss |
|
June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed (issued by
government-sponsored entities) |
|
$ |
127,047 |
|
|
$ |
(3,265 |
) |
|
$ |
52,954 |
|
|
$ |
(2,654 |
) |
|
$ |
180,001 |
|
|
$ |
(5,919 |
) |
Total temporarily impaired securities |
|
$ |
127,047 |
|
|
$ |
(3,265 |
) |
|
$ |
52,954 |
|
|
$ |
(2,654 |
) |
|
$ |
180,001 |
|
|
$ |
(5,919 |
) |
December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed (issued by
government-sponsored entities) |
|
$ |
78,884 |
|
|
$ |
(437 |
) |
|
$ |
58,540 |
|
|
$ |
(1,382 |
) |
|
$ |
137,424 |
|
|
$ |
(1,819 |
) |
Equity securities |
|
|
— |
|
|
|
— |
|
|
|
486 |
|
|
|
(14 |
) |
|
|
486 |
|
|
|
(14 |
) |
Total temporarily impaired securities |
|
$ |
78,884 |
|
|
$ |
(437 |
) |
|
$ |
59,026 |
|
|
$ |
(1,396 |
) |
|
$ |
137,910 |
|
|
$ |
(1,833 |
) |
|
Held to Maturity Securities [Member] |
|
Summary of Gross Unrealized Losses and Fair Value of Securities |
|
|
Less Than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
|
|
Fair
Value |
|
|
Unrealized
Loss |
|
|
Fair
Value |
|
|
Unrealized
Loss |
|
|
Fair
Value |
|
|
Unrealized
Loss |
|
June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-maturity securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government-sponsored entities |
|
$ |
2,374 |
|
|
$ |
(1 |
) |
|
$ |
975 |
|
|
$ |
(23 |
) |
|
$ |
3,349 |
|
|
$ |
(24 |
) |
Residential mortgage-backed (issued by
government-sponsored entities) |
|
|
185,445 |
|
|
|
(4,663 |
) |
|
|
181,293 |
|
|
|
(9,301 |
) |
|
|
366,738 |
|
|
|
(13,964 |
) |
Corporate |
|
|
5,166 |
|
|
|
(114 |
) |
|
|
— |
|
|
|
— |
|
|
|
5,166 |
|
|
|
(114 |
) |
Small Business Administration loan pools |
|
|
846 |
|
|
|
(16 |
) |
|
|
1,004 |
|
|
|
(40 |
) |
|
|
1,850 |
|
|
|
(56 |
) |
State and political subdivisions |
|
|
64,467 |
|
|
|
(944 |
) |
|
|
26,545 |
|
|
|
(1,135 |
) |
|
|
91,012 |
|
|
|
(2,079 |
) |
Total temporarily impaired securities |
|
$ |
258,298 |
|
|
$ |
(5,738 |
) |
|
$ |
209,817 |
|
|
$ |
(10,499 |
) |
|
$ |
468,115 |
|
|
$ |
(16,237 |
) |
December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-maturity securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government-sponsored entities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
985 |
|
|
$ |
(13 |
) |
|
$ |
985 |
|
|
$ |
(13 |
) |
Residential mortgage-backed (issued by
government-sponsored entities) |
|
|
147,281 |
|
|
|
(1,263 |
) |
|
|
198,239 |
|
|
|
(5,030 |
) |
|
|
345,520 |
|
|
|
(6,293 |
) |
Corporate |
|
|
5,312 |
|
|
|
(16 |
) |
|
|
— |
|
|
|
— |
|
|
|
5,312 |
|
|
|
(16 |
) |
Small Business Administration loan pools |
|
|
926 |
|
|
|
(1 |
) |
|
|
1,108 |
|
|
|
(38 |
) |
|
|
2,034 |
|
|
|
(39 |
) |
State and political subdivisions |
|
|
22,100 |
|
|
|
(123 |
) |
|
|
26,387 |
|
|
|
(439 |
) |
|
|
48,487 |
|
|
|
(562 |
) |
Total temporarily impaired securities |
|
$ |
175,619 |
|
|
$ |
(1,403 |
) |
|
$ |
226,719 |
|
|
$ |
(5,520 |
) |
|
$ |
402,338 |
|
|
$ |
(6,923 |
) |
|