Investment Securities (Tables)
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9 Months Ended |
Sep. 30, 2019 |
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| Investments, Debt and Equity Securities [Abstract] |
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| 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 |
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| 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 | ) |
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| 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.
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| 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 | |
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| 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 | ) |
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| 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 | $ | — |
| | $ | — |
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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.
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