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SECURITIES (Tables)
12 Months Ended
Dec. 31, 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 were as follows.

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair Value

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities (issued by

   government-sponsored entities)

 

$

173,503

 

 

$

12

 

 

$

(4,640

)

 

$

168,875

 

 

 

$

173,503

 

 

$

12

 

 

$

(4,640

)

 

$

168,875

 

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 were as follows.

 

 

 

Amortized

Cost

 

 

Gross

Unrecognized

Gains

 

 

Gross

Unrecognized

Losses

 

 

Fair Value

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored entities

 

$

3,873

 

 

$

7

 

 

$

(20

)

 

$

3,860

 

Residential mortgage-backed securities (issued by

   government sponsored entities)

 

 

567,766

 

 

 

2,354

 

 

 

(9,653

)

 

 

560,467

 

Corporate

 

 

22,993

 

 

 

234

 

 

 

(326

)

 

 

22,901

 

Small Business Administration loan pools

 

 

1,746

 

 

 

 

 

(18

)

 

 

1,728

 

State and political subdivisions

 

 

151,978

 

 

 

804

 

 

 

(1,749

)

 

 

151,033

 

 

 

$

748,356

 

 

$

3,399

 

 

$

(11,766

)

 

$

739,989

 

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 December 31, 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

 

$

 

 

$

 

 

$

6,425

 

 

$

6,474

 

One to five years

 

 

 

 

 

 

36,413

 

 

 

36,586

 

Five to ten years

 

 

 

 

 

 

54,205

 

 

 

54,275

 

After ten years

 

 

 

 

 

 

83,547

 

 

 

82,187

 

Mortgage-backed securities

 

 

173,503

 

 

 

168,875

 

 

 

567,766

 

 

 

560,467

 

Total debt securities

 

$

173,503

 

 

$

168,875

 

 

$

748,356

 

 

$

739,989

 

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 below.

 

 

 

2018

 

 

2017

 

 

2016

 

Proceeds

 

$

 

 

$

84,087

 

 

$

70,957

 

Gross gains

 

 

 

 

 

271

 

 

 

893

 

Gross losses

 

 

 

 

 

 

 

 

 

Income tax expense on net realized gains

 

 

 

 

 

103

 

 

 

342

 

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 December 31, 2018 and 2017.

 

 

 

Less Than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair

Value

 

 

Unrealized

Loss

 

 

Fair

Value

 

 

Unrealized

Loss

 

 

Fair

Value

 

 

Unrealized

Loss

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage-backed (issued by

   government-sponsored entities)

 

$

48,332

 

 

$

(575

)

 

$

115,844

 

 

$

(4,065

)

 

$

164,176

 

 

$

(4,640

)

Total temporarily impaired securities

 

$

48,332

 

 

$

(575

)

 

$

115,844

 

 

$

(4,065

)

 

$

164,176

 

 

$

(4,640

)

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

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored entities

 

$

1,882

 

 

$

(3

)

 

$

982

 

 

$

(17

)

 

$

2,864

 

 

$

(20

)

Residential mortgage-backed (issued by

   government-sponsored entities)

 

 

31,270

 

 

 

(356

)

 

 

294,127

 

 

 

(10,579

)

 

 

325,397

 

 

 

(10,935

)

Corporate

 

 

7,500

 

 

 

(326

)

 

 

5,182

 

 

 

(49

)

 

 

12,682

 

 

 

(375

)

Small Business Administration loan pools

 

 

 

 

 

 

 

 

1,728

 

 

 

(37

)

 

 

1,728

 

 

 

(37

)

State and political subdivisions

 

 

40,415

 

 

 

(473

)

 

 

45,137

 

 

 

(1,561

)

 

 

85,552

 

 

 

(2,034

)

Total temporarily impaired securities

 

$

81,067

 

 

$

(1,158

)

 

$

347,156

 

 

$

(12,243

)

 

$

428,223

 

 

$

(13,401

)

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

)