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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Available For Sale And Held For Maturity Securities [Table Text Block]
The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at September 30, 2019 and December 31, 2018 were as follows (in thousands):
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized (Losses)
 
Fair Value
September 30, 2019
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations & agencies
$
165,765

 
$
1,481

 
$
(144
)
 
$
167,102

Obligations of states and political subdivisions
181,038

 
6,303

 
(11
)
 
187,330

Mortgage-backed securities: GSE residential
373,267

 
5,832

 
(255
)
 
378,844

Other securities
3,278

 
144

 
—

 
3,422

Total available-for-sale
$
723,348

 
$
13,760

 
$
(410
)
 
$
736,698

Held-to-maturity:
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations & agencies
$
69,515

 
$
104

 
$
(127
)
 
$
69,492

 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations & agencies
$
201,380

 
$
504

 
$
(3,235
)
 
$
198,649

Obligations of states and political subdivisions
193,195

 
1,224

 
(1,840
)
 
192,579

Mortgage-backed securities: GSE residential
304,372

 
486

 
(6,186
)
 
298,672

Other securities
2,278

 
96

 
—

 
2,374

Total available-for-sale
$
701,225

 
$
2,310

 
$
(11,261
)
 
$
692,274

Held-to-maturity:
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations & agencies
$
69,436

 
$
—

 
$
(1,527
)
 
$
67,909
Realized Gains and Losses From Sale of Securities
Realized gains and losses resulting from sales of securities were as follows during the nine months ended September 30, 2019 and 2018 (in thousands):
 
Three months ended September 30,
 
Nine months ended September 30,
 
2019
 
2018
 
2019
 
2018
Gross gains
$
51

 
$
—

 
$
365

 
$
941

Gross losses
—

 
—

 
(42
)
 
(40
)
Investments Classified by Contractual Maturity Date
The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost, at September 30, 2019 and the weighted average yield for each range of maturities (dollars in thousands):
 
One year or less
 
After 1 through 5 years
 
After 5 through 10 years
 
After ten years
 
Total
Available-for-sale:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
136,829

 
$
30,273

 
$
—

 
$
—

 
$
167,102

Obligations of state and political subdivisions
30,912

 
76,032

 
79,380

 
1,006

 
187,330

Mortgage-backed securities: GSE residential
1,887

 
355,026

 
21,931

 
—

 
378,844

Other securities
2,005

 
1,006

 
—

 
411

 
3,422

Total available-for-sale investments
$
171,633

 
$
462,337

 
$
101,311

 
$
1,417

 
$
736,698

Weighted average yield
2.64
%
 
2.82
%
 
3.02
%
 
3.07
%
 
2.80
%
Full tax-equivalent yield
2.83
%
 
3.00
%
 
3.94
%
 
4.08
%
 
3.09
%
Held to Maturity:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
59,510

 
$
10,005

 
$
—

 
$
—

 
$
69,515

Weighted average yield
1.83
%
 
1.04
%
 
—
%
 
—
%
 
1.72
%
Full tax-equivalent yield
1.83
%
 
1.04
%
 
—
%
 
—
%
 
1.72
%

The weighted average yields are calculated on the basis of the amortized cost and effective yields weighted for the scheduled maturity of each security. Tax-equivalent yields have been calculated using a 21% tax rate.  With the exception of obligations of the U.S. Treasury and other U.S. government agencies and corporations, there were no investment securities of any single issuer, the book value of which exceeded 10% of stockholders' equity at September 30, 2019.
Fair value of investments with sustained gross unrealized losses
The following table presents the aging of gross unrealized losses and fair value by investment category as of September 30, 2019 and December 31, 2018 (in thousands):
 
Less than 12 months
 
12 months or more
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
30,404

 
$
(109
)
 
$
8,979

 
$
(35
)
 
$
39,383

 
$
(144
)
Obligations of states and political subdivisions
4,945

 
(9
)
 
643

 
(2
)
 
5,588

 
(11
)
Mortgage-backed securities: GSE residential
28,622

 
(66
)
 
21,950

 
(189
)
 
50,572

 
(255
)
Total
$
63,971

 
$
(184
)
 
$
31,572

 
$
(226
)
 
$
95,543

 
$
(410
)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
2,487

 
$
(13
)
 
$
29,451

 
$
(114
)
 
$
31,938

 
$
(127
)
December 31, 2018
 

 
 

 
 

 
 

 
 

 
 

Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
16,095

 
$
(148
)
 
$
105,549

 
$
(3,087
)
 
$
121,644

 
$
(3,235
)
Obligations of states and political subdivisions
38,782

 
(450
)
 
42,741

 
(1,390
)
 
81,523

 
(1,840
)
Mortgage-backed securities: GSE residential
81,435

 
(1,150
)
 
171,321

 
(5,036
)
 
252,756

 
(6,186
)
Total
$
136,312

 
$
(1,748
)
 
$
319,611

 
$
(9,513
)
 
$
455,923

 
$
(11,261
)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
19,683

 
$
(147
)
 
$
48,226

 
$
(1,380
)
 
$
67,909

 
$
(1,527
)
Credit Losses Recognized on Investments
Credit Losses Recognized on Investments. The following table provides information about the trust preferred security for which only a credit loss was recognized in income and other losses were recorded in other comprehensive income (loss) for the nine months ended September 30, 2019 and 2018 (in thousands).

 
Accumulated Credit Losses
 
September 30, 2019
 
September 30, 2018
Credit losses on trust preferred securities held
 
 
 
Beginning of period
$
—

 
$
1,111

Additions related to OTTI losses not previously recognized
—

 
—

Reductions due to sales / (recoveries)
—

 
(1,111
)
Reductions due to change in intent or likelihood of sale
—

 
—

Additions related to increases in previously recognized OTTI losses
—

 
—

Reductions due to increases in expected cash flows
—

 
—

End of period
$
—

 
$
—



On May 29, 2018 the Company sold its trust preferred security. This sale resulted in recovery of all of the book value of the security. The net proceeds exceeded the aggregate book value of these securities by approximately $846,000 and this amount was recorded as a security gain during the second quarter of 2018.