SECURITIES

6 Months Ended

Jun. 30, 2019

Investments Debt And Equity Securities [Abstract]

SECURITIES

NOTE 2 – SECURITIES

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 (loss) are listed below.

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2019
Available-for-sale securities
Residential mortgage-backed securities (issued by    government-sponsored entities)	$	161,422	$	536	$	(876	)	$	161,082
	$	161,422	$	536	$	(876	)	$	161,082
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

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, 2019
Held-to-maturity securities
U.S. Government-sponsored entities	$	3,885	$	25	$	(4	)	$	3,906
Residential mortgage-backed (securities issued by    government sponsored entities)		585,906		9,663		(1,996	)		593,573
Corporate		22,993		352		(77	)		23,268
Small Business Administration loan pools		1,585		44		—			1,629
State and political subdivisions		152,581		3,147		(54	)		155,674
	$	766,950	$	13,231	$	(2,131	)	$	778,050
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

The tables above present unrecognized gains and losses on held-to-maturity securities since date of designation.

The fair value and amortized cost of debt securities at June 30, 2019, 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	$	—	$	—	$	11,772	$	11,795
One to five years		—		—		36,543		37,248
Five to ten years	—		—			54,814		56,024
After ten years		—		—		77,915		79,410
Mortgage-backed securities		161,422		161,082		585,906		593,573
Total debt securities	$	161,422	$	161,082	$	766,950	$	778,050

The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was approximately $789,104 at June 30, 2019 and $800,744 at December 31, 2018.

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, 2019 and December 31, 2018.

	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
June 30, 2019
Available-for-sale securities
Residential mortgage-backed (issued by    government-sponsored entities)	$	4,312	$	(2	)	$	76,259	$	(874	)	$	80,571	$	(876	)
Total temporarily impaired securities	$	4,312	$	(2	)	$	76,259	$	(874	)	$	80,571	$	(876	)
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	)

	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
June 30, 2019
Held-to-maturity securities
U.S. Government-sponsored entities	$	—	$	—		$	995	$	(4	)	$	995	$	(4	)
Residential mortgage-backed (issued by    government-sponsored entities)		173		(2	)		223,036		(2,456	)		223,209		(2,458	)
Corporate		7,785		(77	)		—		—			7,785		(77	)
Small Business Administration loan pools		—		—			883		(2	)		883		(2	)
State and political subdivisions		—		—			9,481		(61	)		9,481		(61	)
Total temporarily impaired securities	$	7,958	$	(79	)	$	234,395	$	(2,523	)	$	242,353	$	(2,602	)
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	)

The tables above present unrealized losses on held-to-maturity securities since the date of purchase, independent of the impact associated with changes in cost basis upon transfer from the available-for-sale designation to the held-to-maturity designation. As of June 30, 2019, the Company held 24 available-for-sale securities and 188 held-to-maturity securities in an unrealized loss position.

Unrealized losses on securities have not been recognized into income because the security issuers are of high credit quality, management does not intend to sell and it is more likely than not that the Company will not be required to sell the securities prior to their anticipated recovery and the decline in fair value is largely due to changes in interest rates.  The fair value is expected to recover as the securities approach maturity.

There were no proceeds from sales of available-for-sale securities during the six months ended June 30, 2019 or 2018.