Investment securities (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Summary of Amortized Cost of Securities and Fair Values |
The amortized cost of securities and their fair values at December 31, 2018 and 2017 are shown below: | | | | | | | | | | | | | | | | | | | | December 31, 2018 | | | | Amortized cost |
| | Gross unrealized gains |
| | Gross unrealized losses |
| | Fair Value |
| Investment Securities | | | | | | | | | Available-for-sale debt securities | | | | | | | | | U.S. government agency securities | | $ | 1,000 |
| | $ | — |
| | $ | (11 | ) | | $ | 989 |
| Mortgage-backed securities - residential | | 520,654 |
| | 1,191 |
| | (13,265 | ) | | 508,580 |
| Municipals, tax exempt | | 138,994 |
| | 1,565 |
| | (1,672 | ) | | 138,887 |
| Treasury securities | | 7,385 |
| | — |
| | (143 | ) | | 7,242 |
| Total | | $ | 668,033 |
| | $ | 2,756 |
| | $ | (15,091 | ) | | $ | 655,698 |
|
As of December 31, 2018, the Company also had $3,107 in marketable equity securities recorded at fair value. Net losses of $81 were recognized due to changes in fair value of these securities during the year ended December 31, 2018. As of January 1, 2018, the Company adopted ASU 2016-01 (See Note 1) and reclassified $3,604 of other securities without readily determinable market values to other assets. | | | | | | | | | | | | | | | | | | | | December 31, 2017 | | | | Amortized cost |
| | Gross unrealized gains |
| | Gross unrealized losses |
| | Fair Value |
| Investment Securities | | | | | | | | | Available-for-sale debt securities | | | | | | | | | U.S. government agency securities | | $ | 999 |
| | $ | — |
| | $ | (13 | ) | | $ | 986 |
| Mortgage-backed securities - residential | | 425,557 |
| | 374 |
| | (7,150 | ) | | 418,781 |
| Municipals, tax exempt | | 107,127 |
| | 2,692 |
| | (568 | ) | | 109,251 |
| Treasury securities | | 7,345 |
| | — |
| | (93 | ) | | 7,252 |
| Total debt securities | | 541,028 |
| | 3,066 |
| | (7,824 | ) | | 536,270 |
| Equity securities | | 7,870 |
| | 1 |
| | (149 | ) | | 7,722 |
| Total securities available-for-sale | | $ | 548,898 |
| | $ | 3,067 |
| | $ | (7,973 | ) | | $ | 543,992 |
|
|
| Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity |
Therefore, mortgage-backed securities are not included in the maturity categories in the following maturity summary. | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | | 2018 | | | 2017 | | | | Available-for-sale | | | Available-for-sale | | | | Amortized cost |
| | Fair value |
| | Amortized cost |
| | Fair value |
| Due in one year or less | | $ | 15,883 |
| | $ | 16,028 |
| | $ | 905 |
| | $ | 925 |
| Due in one to five years | | 13,806 |
| | 13,740 |
| | 28,332 |
| | 28,878 |
| Due in five to ten years | | 18,539 |
| | 18,387 |
| | 19,218 |
| | 19,588 |
| Due in over ten years | | 99,151 |
| | 98,963 |
| | 67,016 |
| | 68,098 |
| | | 147,379 |
| | 147,118 |
| | 115,471 |
| | 117,489 |
| Mortgage-backed securities - residential | | 520,654 |
| | 508,580 |
| | 425,557 |
| | 418,781 |
| Total debt securities | | $ | 668,033 |
| | $ | 655,698 |
| | $ | 541,028 |
| | $ | 536,270 |
|
|
| Summary of Sales of Available-for-Sale Securities |
Sales of available-for-sale securities were as follows: | | | | | | | | | | | | | | | | Year Ended December 31, | | | | 2018 |
| | 2017 |
| | 2016 |
| Proceeds from sales | | $ | 2,742 |
| | $ | 94,743 |
| | $ | 271,148 |
| Gross realized gains | | 8 |
| | 1,277 |
| | 4,755 |
| Gross realized losses | | 44 |
| | 48 |
| | 348 |
|
|
| Schedule of Gross Unrealized Losses |
The Company also recognized $1 and $1 on gains related to the early call of available for sale securities during the years ended December 31, 2018 and December 31, 2017, respectively. The following tables show gross unrealized losses at December 31, 2018 and 2017, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2018 | | | | Less than 12 months | | | 12 months or more | | | Total | | | | Fair Value |
| | Unrealized Loss |
| | Fair Value |
| | Unrealized Loss |
| | Fair Value |
| | Unrealized loss |
| U.S. government agency securities | | $ | — |
| | $ | — |
| | $ | 989 |
| | $ | (11 | ) | | $ | 989 |
| | $ | (11 | ) | Mortgage-backed securities - residential | | 60,347 |
| | (478 | ) | | 335,769 |
| | (12,787 | ) | | 396,116 |
| | (13,265 | ) | Municipals, tax exempt | | 27,511 |
| | (366 | ) | | 25,343 |
| | (1,306 | ) | | 52,854 |
| | (1,672 | ) | Treasury securities | | — |
| | — |
| | 7,242 |
| | (143 | ) | | 7,242 |
| | (143 | ) | Total debt securities | | $ | 87,858 |
| | $ | (844 | ) | | $ | 369,343 |
| | $ | (14,247 | ) | | $ | 457,201 |
| | $ | (15,091 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2017 | | | | Less than 12 months | | | 12 months or more | | | Total | | | | Fair Value |
| | Unrealized Loss |
| | Fair Value |
| | Unrealized Loss |
| | Fair Value |
| | Unrealized loss |
| U.S. government agency securities | | $ | — |
| | $ | — |
| | $ | 986 |
| | $ | (13 | ) | | $ | 986 |
| | $ | (13 | ) | Mortgage-backed securities - residential | | 107,611 |
| | (980 | ) | | 290,258 |
| | (6,170 | ) | | 397,869 |
| | (7,150 | ) | Municipals, tax exempt | | 7,354 |
| | (101 | ) | | 20,112 |
| | (467 | ) | | 27,466 |
| | (568 | ) | Treasury securities | | 7,252 |
| | (93 | ) | | — |
| | — |
| | 7,252 |
| | (93 | ) | Total debt securities | | 122,217 |
| | (1,174 | ) | | 311,356 |
| | (6,650 | ) | | 433,573 |
| | (7,824 | ) | Equity securities | | — |
| | — |
| | 3,050 |
| | (149 | ) | | 3,050 |
| | (149 | ) | | | $ | 122,217 |
| | $ | (1,174 | ) | | $ | 314,406 |
| | $ | (6,799 | ) | | $ | 436,623 |
| | $ | (7,973 | ) |
|