Securities Available-for-Sale (Tables)
|
9 Months Ended |
Sep. 30, 2019 |
|---|
| 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 September 30, 2019 and December 31, 2018 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss).
|
|
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
|
September 30, 2019 |
(dollars in thousands) |
|
Securities available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal agency obligations |
$ |
23,712 |
|
|
$ |
824 |
|
|
$ |
(1 |
) |
|
$ |
24,535 |
|
Residential mortgage pass-through securities |
|
215,378 |
|
|
|
1,286 |
|
|
|
(859 |
) |
|
|
215,805 |
|
Commercial mortgage pass-through securities |
|
5,017 |
|
|
|
73 |
|
|
|
- |
|
|
|
5,090 |
|
Obligations of U.S. states and political subdivisions |
|
140,870 |
|
|
|
3,222 |
|
|
|
(436 |
) |
|
|
143,656 |
|
Corporate bonds and notes |
|
28,135 |
|
|
|
308 |
|
|
|
(193 |
) |
|
|
28,250 |
|
Asset-backed securities |
|
6,132 |
|
|
|
3 |
|
|
|
(41 |
) |
|
|
6,094 |
|
Certificates of deposit |
|
148 |
|
|
|
2 |
|
|
|
- |
|
|
|
150 |
|
Other securities |
|
2,269 |
|
|
|
- |
|
|
|
- |
|
|
|
2,269 |
|
Total securities available-for-sale |
$ |
421,661 |
|
|
$ |
5,718 |
|
|
$ |
(1,530 |
) |
|
$ |
425,849 |
|
|
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
|
December 31, 2018 |
(dollars in thousands) |
|
Securities available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal agency obligations |
$ |
45,509 |
|
|
$ |
51 |
|
|
$ |
(605 |
) |
|
$ |
44,955 |
|
Residential mortgage pass-through securities |
|
189,721 |
|
|
|
85 |
|
|
|
(4,602 |
) |
|
|
185,204 |
|
Commercial mortgage pass-through securities |
|
3,919 |
|
|
|
- |
|
|
|
(45 |
) |
|
|
3,874 |
|
Obligations of U.S. states and political subdivisions |
|
141,496 |
|
|
|
1,091 |
|
|
|
(3,402 |
) |
|
|
139,185 |
|
Corporate bonds and notes |
|
26,308 |
|
|
|
45 |
|
|
|
(540 |
) |
|
|
25,813 |
|
Asset-backed securities |
|
9,685 |
|
|
|
22 |
|
|
|
(16 |
) |
|
|
9,691 |
|
Certificates of deposit |
|
319 |
|
|
|
3 |
|
|
|
- |
|
|
|
322 |
|
Other securities |
|
2,990 |
|
|
|
- |
|
|
|
- |
|
|
|
2,990 |
|
Total securities available-for-sale |
$ |
419,947 |
|
|
$ |
1,297 |
|
|
$ |
(9,210 |
) |
|
$ |
412,034 |
|
| Investments Classified by Contractual Maturity Date [Table Text Block] |
The following table presents information for investments in securities available-for-sale at September 30, 2019, 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.
|
|
September 30, 2019 |
|
|
Amortized
Cost |
|
Fair
Value |
|
|
(dollars in thousands) |
|
Securities available-for-sale: |
|
|
|
|
|
|
Due in one year or less |
$ |
4,309 |
|
$ |
4,333 |
|
Due after one year through five years |
|
28,344 |
|
|
28,503 |
|
Due after five years through ten years |
|
24,060 |
|
|
24,757 |
|
Due after ten years |
|
142,284 |
|
|
145,092 |
|
Residential mortgage pass-through securities |
|
215,378 |
|
|
215,804 |
|
Commercial mortgage pass-through securities |
|
5,017 |
|
|
5,091 |
|
Other securities |
|
2,269 |
|
|
2,269 |
|
Total securities available-for-sale |
$ |
421,661 |
|
$ |
425,849 |
|
| Schedule of Realized Gain (Loss) [Table Text Block] |
Gross gains and losses from the sales of securities for periods presented were as follows:
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
|
(dollars in thousands) |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Proceeds |
$ |
33,432 |
|
|
$ |
- |
|
$ |
183,728 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross gains on sales of securities |
|
1 |
|
|
|
- |
|
|
401 |
|
|
|
- |
|
Gross losses on sales of securities |
|
(280 |
) |
|
|
- |
|
|
(681 |
) |
|
|
- |
|
Net losses on sales of securities |
|
(279 |
) |
|
|
- |
|
|
(280 |
) |
|
|
- |
|
Tax provision on net losses |
|
62 |
|
|
|
- |
|
|
62 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net losses on sales of securities, after tax |
$ |
(217 |
) |
|
$ |
- |
|
$ |
(218 |
) |
|
$ |
- |
|
| 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 September 30, 2019 and December 31, 2018:
|
|
September 30, 2019 |
|
|
Total |
|
Less than 12 Months |
|
12 Months or Longer |
|
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
|
|
(dollars in thousands) |
|
Investment Securities Available-for-Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal agency obligation |
$ |
95 |
|
$ |
(1 |
) |
|
$ |
- |
|
$ |
- |
|
|
$ |
95 |
|
$ |
(1 |
) |
|
Residential mortgage pass-through securities |
|
110,586 |
|
|
(859 |
) |
|
|
47,169 |
|
|
(210 |
) |
|
|
63,417 |
|
|
(649 |
) |
|
Obligations of U.S. states and political subdivisions |
|
31,550 |
|
|
(436 |
) |
|
|
4,054 |
|
|
- |
|
|
|
27,496 |
|
|
(436 |
) |
|
Corporate bonds and notes |
|
5,286 |
|
|
(193 |
) |
|
|
2,462 |
|
|
(38 |
) |
|
|
2,824 |
|
|
(155 |
) |
|
Asset-backed securities |
|
5,316 |
|
|
(41 |
) |
|
|
2,427 |
|
|
(7 |
) |
|
|
2,889 |
|
|
(34 |
) |
|
Total temporarily impaired securities |
$ |
152,833 |
|
$ |
(1,530 |
) |
|
$ |
56,112 |
|
$ |
(255 |
) |
|
$ |
96,721 |
|
$ |
(1,275 |
) |
|
|
December 31, 2018 |
|
|
Total |
|
Less than 12 Months |
|
12 Months or Longer |
|
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
|
|
|
(dollars in thousands) |
|
|
Investment Securities Available-for-Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal agency obligation |
$ |
35,472 |
|
$ |
(605 |
) |
|
$ |
810 |
|
$ |
(1 |
) |
|
$ |
34,662 |
|
$ |
(604 |
) |
|
Residential mortgage pass-through securities |
|
178,365 |
|
|
(4,602 |
) |
|
|
42,040 |
|
|
(393 |
) |
|
|
136,325 |
|
|
(4,209 |
) |
|
Commercial mortgage pass-through securities |
|
3,874 |
|
|
(45 |
) |
|
|
- |
|
|
- |
|
|
|
3,874 |
|
|
(45 |
) |
|
Obligations of U.S. states and political subdivisions |
|
64,367 |
|
|
(3,402 |
) |
|
|
7,765 |
|
|
(21 |
) |
|
|
56,602 |
|
|
(3,381 |
) |
|
Corporate bonds and notes |
|
15,534 |
|
|
(540 |
) |
|
|
7,767 |
|
|
(133 |
) |
|
|
7,767 |
|
|
(407 |
) |
|
Asset-backed securities |
|
3,957 |
|
|
(16 |
) |
|
|
2,219 |
|
|
(11 |
) |
|
|
1,738 |
|
|
(5 |
) |
|
Total Temporarily Impaired Securities |
$ |
301,569 |
|
$ |
(9,210 |
) |
|
$ |
60,601 |
|
$ |
(559 |
) |
|
$ |
240,968 |
|
$ |
(8,651 |
) |
|