Securities Available-for-Sale (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Unrealized Gain (Loss) on Investments [Table Text Block] |
The following table summarizes the amortized cost and fair value of securities available-for-sale at March 31, 2018 and December 31, 2017 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss).
|
|
|
|
Gross |
|
Gross |
|
|
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
Fair |
|
Cost |
|
Gains |
|
Losses |
|
Value |
| March 31, 2018 |
(dollars in thousands) |
| Investment securities available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal agency obligations |
$ |
53,318 |
|
$ |
29 |
|
$ |
(876 |
) |
|
$ |
52,471 |
| Residential mortgage pass-through securities |
|
192,537 |
|
|
180 |
|
|
(3,960 |
) |
|
|
188,757 |
| Commercial mortgage pass-through securities |
|
4,020 |
|
|
- |
|
|
(61 |
) |
|
|
3,959 |
| Obligations of U.S. states and political subdivisions |
|
128,941 |
|
|
1,167 |
|
|
(2,738 |
) |
|
|
127,370 |
| Trust preferred securities |
|
4,577 |
|
|
120 |
|
|
(83 |
) |
|
|
4,614 |
| Corporate bonds and notes |
|
29,302 |
|
|
93 |
|
|
(392 |
) |
|
|
29,003 |
| Asset-backed securities |
|
11,463 |
|
|
53 |
|
|
(22 |
) |
|
|
11,494 |
| Certificates of deposit |
|
621 |
|
|
2 |
|
|
- |
|
|
|
623 |
| Other securities |
|
6,031 |
|
|
- |
|
|
- |
|
|
|
6,031 |
| Total securities available-for-sale |
$ |
430,810 |
|
$ |
1,644 |
|
$ |
(8,132 |
) |
|
$ |
424,322 |
| |
|
|
|
|
Gross |
|
Gross |
|
|
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
Fair |
|
Cost |
|
Gains |
|
Losses |
|
Value |
| December 31, 2017 |
(dollars in thousands) |
| Investment securities available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal agency obligations |
$ |
56,297 |
|
$ |
141 |
|
$ |
(416 |
) |
|
$ |
56,022 |
| Residential mortgage pass-through securities |
|
183,509 |
|
|
330 |
|
|
(1,948 |
) |
|
|
181,891 |
| Commercial mortgage pass-through securities |
|
4,054 |
|
|
3 |
|
|
(3 |
) |
|
|
4,054 |
| Obligations of U.S. states and political subdivisions |
|
130,723 |
|
|
1,739 |
|
|
(1,334 |
) |
|
|
131,128 |
| Trust preferred securities |
|
4,577 |
|
|
205 |
|
|
(111 |
) |
|
|
4,671 |
| Corporate bonds and notes |
|
29,801 |
|
|
163 |
|
|
(271 |
) |
|
|
29,693 |
| Asset-backed securities |
|
12,021 |
|
|
66 |
|
|
(37 |
) |
|
|
12,050 |
| Certificates of deposit |
|
621 |
|
|
4 |
|
|
- |
|
|
|
625 |
| Equity securities |
|
11,843 |
|
|
235 |
|
|
(350 |
) |
|
|
11,728 |
| Other securities |
|
3,422 |
|
|
- |
|
|
- |
|
|
|
3,422 |
| Total securities available-for-sale |
$ |
436,868 |
|
$ |
2,886 |
|
$ |
(4,470 |
) |
|
$ |
435,284 |
|
| Investments Classified by Contractual Maturity Date [Table Text Block] |
The following table presents information for investments in securities available-for-sale at March 31, 2018, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. Securities not due at a single maturity date are shown separately.
|
March 31, 2018 |
|
Amortized |
|
Fair |
|
Cost |
|
Value |
|
(dollars in thousands) |
| Investment Securities Available-for-Sale: |
|
|
|
|
|
| Due in one year or less |
$ |
9,526 |
|
$ |
9,518 |
| Due after one year through five years |
|
28,768 |
|
|
28,857 |
| Due after five years through ten years |
|
36,318 |
|
|
36,369 |
| Due after ten years |
|
153,610 |
|
|
150,831 |
| Residential mortgage pass-through securities |
|
192,537 |
|
|
188,757 |
| Commercial mortgage pass-through securities |
|
4,020 |
|
|
3,959 |
| Other securities |
|
6,031 |
|
|
6,031 |
| Total securities available-for-sale |
$ |
430,810 |
|
$ |
424,322 |
|
| Schedule of Realized Gain (Loss) [Table Text Block] |
Gross gains and losses from the sales of securities available-for-sale for the three months ended March 31, 2018 and 2017 were as follows:
|
|
Three Months Ended |
|
|
March 31, |
|
|
2018 |
|
2017 |
|
|
(dollars in thousands) |
| Proceeds |
|
$ |
- |
|
$ |
29,543 |
|
| |
| Gross gains on sales of securities |
|
$ |
- |
|
$ |
1,596 |
|
| Gross losses on sales of securities |
|
|
- |
|
|
- |
|
| Net gains on sales of securities |
|
|
- |
|
|
1,596 |
|
| Less: tax provision on net gains |
|
|
- |
|
|
(579 |
) |
| Net gains on sales of securities, after tax |
|
$ |
- |
|
$ |
1,017 |
|
| Schedule of Unrealized Loss on Investments [Table Text Block] |
The following tables indicate gross unrealized losses not recognized in income and fair value, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position at March 31, 2018 and December 31, 2017:
|
|
March 31, 2018 |
|
|
Total |
|
Less than 12 Months |
|
12 Months or Longer |
|
|
Fair |
|
Unrealized |
|
Fair |
|
Unrealized |
|
Fair |
|
Unrealized |
|
|
Value |
|
Losses |
|
Value |
|
Losses |
|
Value |
|
Losses |
|
|
(dollars in thousands) |
| Investment Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Available-for-Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Federal agency obligation |
|
$ |
47,303 |
|
$ |
(876 |
) |
|
$ |
35,987 |
|
$ |
(538 |
) |
|
$ |
11,316 |
|
$ |
(338 |
) |
| Residential mortgage pass-through securities |
|
|
179,661 |
|
|
(3,960 |
) |
|
|
142,446 |
|
|
(2,428 |
) |
|
|
37,215 |
|
|
(1,532 |
) |
| Commercial mortgage pass-through securities |
|
|
3,959 |
|
|
(61 |
) |
|
|
3,959 |
|
|
(61 |
) |
|
|
- |
|
|
- |
|
| Obligations of U.S. states and political subdivisions |
|
|
68,741 |
|
|
(2,738 |
) |
|
|
31,497 |
|
|
(630 |
) |
|
|
37,244 |
|
|
(2,108 |
) |
| Trust preferred securities |
|
|
1,496 |
|
|
(83 |
) |
|
|
- |
|
|
- |
|
|
|
1,496 |
|
|
(83 |
) |
| Corporate bonds and notes |
|
|
19,693 |
|
|
(392 |
) |
|
|
10,637 |
|
|
(87 |
) |
|
|
9,056 |
|
|
(305 |
) |
| Asset-backed securities |
|
|
2,907 |
|
|
(22 |
) |
|
|
923 |
|
|
(11 |
) |
|
|
1,984 |
|
|
(11 |
) |
| Total Temporarily Impaired Securities |
|
$ |
323,760 |
|
$ |
(8,132 |
) |
|
$ |
225,449 |
|
$ |
(3,755 |
) |
|
$ |
98,311 |
|
$ |
(4,377 |
) |
| |
|
|
December 31, 2017 |
|
|
Total |
|
Less than 12 Months |
|
12 Months or Longer |
|
|
Fair |
|
Unrealized |
|
Fair |
|
Unrealized |
|
Fair |
|
Unrealized |
|
|
Value |
|
Losses |
|
Value |
|
Losses |
|
Value |
|
Losses |
|
|
(dollars in thousands) |
| Investment Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Available-for-Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Federal agency obligation |
|
$ |
39,813 |
|
$ |
(416 |
) |
|
$ |
28,407 |
|
$ |
(213 |
) |
|
$ |
11,406 |
|
$ |
(203 |
) |
| Residential mortgage pass-through securities |
|
|
148,574 |
|
|
(1,948 |
) |
|
|
117,556 |
|
|
(1,146 |
) |
|
|
31,018 |
|
|
(802 |
) |
| Commercial mortgage pass-through securities |
|
|
1,198 |
|
|
(3 |
) |
|
|
1,198 |
|
|
(3 |
) |
|
|
- |
|
|
- |
|
| Obligations of U.S. states and political subdivisions |
|
|
57,685 |
|
|
(1,334 |
) |
|
|
17,909 |
|
|
(246 |
) |
|
|
39,776 |
|
|
(1,088 |
) |
| Trust preferred securities |
|
|
1,469 |
|
|
(111 |
) |
|
|
- |
|
|
- |
|
|
|
1,469 |
|
|
(111 |
) |
| Corporate bonds and notes |
|
|
11,074 |
|
|
(271 |
) |
|
|
1,965 |
|
|
(21 |
) |
|
|
9,109 |
|
|
(250 |
) |
| Asset-backed securities |
|
|
7,428 |
|
|
(37 |
) |
|
|
993 |
|
|
(2 |
) |
|
|
6,435 |
|
|
(35 |
) |
| Equity securities |
|
|
11,116 |
|
|
(350 |
) |
|
|
- |
|
|
- |
|
|
|
11,116 |
|
|
(350 |
) |
| Total Temporarily Impaired Securities |
|
$ |
278,357 |
|
$ |
(4,470 |
) |
|
$ |
168,028 |
|
$ |
(1,631 |
) |
|
$ |
110,329 |
|
$ |
(2,839 |
) |
|