Securities (Tables)
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12 Months Ended |
Dec. 31, 2017 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Amortized cost and fair value of securities held to maturity |
The amortized cost and fair value of securities held to maturity were as follows as of the dates presented: | | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | December 31, 2017 | | | | | | | | Obligations of other U.S. Government agencies and corporations | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| Obligations of states and political subdivisions | — |
| | — |
| | — |
| | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| December 31, 2016 | | | | | | | | Obligations of other U.S. Government agencies and corporations | $ | 14,101 |
| | $ | 4 |
| | $ | (187 | ) | | $ | 13,918 |
| Obligations of states and political subdivisions | 342,181 |
| | 8,572 |
| | (1,778 | ) | | 348,975 |
| | $ | 356,282 |
| | $ | 8,576 |
| | $ | (1,965 | ) | | $ | 362,893 |
|
|
| Amortized cost and fair value of securities available for sale |
The amortized cost and fair value of securities available for sale were as follows as of the dates presented: | | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | December 31, 2017 | | | | | | | | Obligations of other U.S. Government agencies and corporations | $ | 3,554 |
| | $ | 40 |
| | $ | (30 | ) | | $ | 3,564 |
| Obligations of states and political subdivisions | 228,589 |
| | 6,161 |
| | (269 | ) | | 234,481 |
| Residential mortgage backed securities: | | | | | | | | Government agency mortgage backed securities | 196,121 |
| | 888 |
| | (3,059 | ) | | 193,950 |
| Government agency collateralized mortgage obligations | 180,258 |
| | 133 |
| | (3,752 | ) | | 176,639 |
| Commercial mortgage backed securities: | | | | | | | | Government agency mortgage backed securities | 31,015 |
| | 389 |
| | (234 | ) | | 31,170 |
| Government agency collateralized mortgage obligations | 5,019 |
| | 1 |
| | (14 | ) | | 5,006 |
| Trust preferred securities | 12,442 |
| | — |
| | (3,054 | ) | | 9,388 |
| Other debt securities | 17,106 |
| | 260 |
| | (76 | ) | | 17,290 |
| | $ | 674,104 |
| | $ | 7,872 |
| | $ | (10,488 | ) | | $ | 671,488 |
|
| | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | December 31, 2016 | | | | | | | | Obligations of other U.S. Government agencies and corporations | $ | 2,066 |
| | $ | 92 |
| | $ | — |
| | $ | 2,158 |
| Residential mortgage backed securities: | | | | | | | | Government agency mortgage backed securities | 414,019 |
| | 1,941 |
| | (6,643 | ) | | 409,317 |
| Government agency collateralized mortgage obligations | 171,362 |
| | 831 |
| | (3,367 | ) | | 168,826 |
| Commercial mortgage backed securities: | | | | | | | | Government agency mortgage backed securities | 50,628 |
| | 696 |
| | (461 | ) | | 50,863 |
| Government agency collateralized mortgage obligations | 2,528 |
| | 38 |
| | (16 | ) | | 2,550 |
| Trust preferred securities | 23,749 |
| | — |
| | (5,360 | ) | | 18,389 |
| Other debt securities | 22,053 |
| | 310 |
| | (218 | ) | | 22,145 |
| Other equity securities | — |
| | — |
| | — |
| | — |
| | $ | 686,405 |
| | $ | 3,908 |
| | $ | (16,065 | ) | | $ | 674,248 |
|
|
| Gross realized gains and gross realized losses on sales of securities available for sale |
Securities sold during the twelve months ended December 31, 2017, all of which were securities available for sale, were as follows: | | | | | | | | | | | | | | Carrying Value | | Net Proceeds | | Gain/(Loss) | Obligations of other U.S. Government agencies and corporations | $ | 11,088 |
| | $ | 10,974 |
| | $ | (114 | ) | Obligations of states and political subdivisions | 110,019 |
| | 112,199 |
| | 2,180 |
| Residential mortgage backed securities: | | | | | | Government agency mortgage backed securities | 264,924 |
| | 263,217 |
| | (1,707 | ) | Government agency collateralized mortgage obligations | 72,153 |
| | 71,781 |
| | (372 | ) | Commercial mortgage backed securities: | | | | | | Government agency mortgage backed securities | 14,104 |
| | 14,082 |
| | (22 | ) | Government agency collateralized mortgage obligations | 6,289 |
| | 6,289 |
| | — |
| Trust preferred securities | 9,346 |
| | 9,403 |
| | 57 |
| Other debt securities | 7,269 |
| | 7,395 |
| | 126 |
| | $ | 495,192 |
| | $ | 495,340 |
| | $ | 148 |
|
Gross realized gains and gross realized losses on sales of securities available for sale were as follows for the periods presented: | | | | | | | | | | | | | | Year Ended December 31, | | 2017 | | 2016 | | 2015 | Gross gains on sales of securities available for sale | $ | 2,497 |
| | $ | 1,257 |
| | $ | 96 |
| Gross losses on sales of securities available for sale | (2,349 | ) | | (71 | ) | | — |
| Gain on sales of securities available for sale, net | $ | 148 |
| | $ | 1,186 |
| | $ | 96 |
|
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| Amortized cost and fair value of securities by contractual maturity |
The amortized cost and fair value of securities at December 31, 2017 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties. | | | | | | | | | | Available for Sale | | Amortized Cost | | Fair Value | Due within one year | $ | 23,584 |
| | $ | 23,843 |
| Due after one year through five years | 71,430 |
| | 73,379 |
| Due after five years through ten years | 81,302 |
| | 83,212 |
| Due after ten years | 75,410 |
| | 74,292 |
| Residential mortgage backed securities: | | | | Government agency mortgage backed securities | 196,121 |
| | 193,950 |
| Government agency collateralized mortgage obligations | 180,258 |
| | 176,639 |
| Commercial mortgage backed securities: | | | | Government agency mortgage backed securities | 31,015 |
| | 31,170 |
| Government agency collateralized mortgage obligations | 5,019 |
| | 5,006 |
| Other debt securities | 9,965 |
| | 9,997 |
| | $ | 674,104 |
| | $ | 671,488 |
|
|
| Unrealized losses and fair value by investment category |
The following table presents the gross unrealized losses and fair value of investment securities, aggregated by investment category and the length of time the investments have been in a continuous unrealized loss position, as of the dates presented: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or More | | Total | | # | | Fair Value | | Unrealized Losses | | # | | Fair Value | | Unrealized Losses | | # | | Fair Value | | Unrealized Losses | Held to Maturity: | | | | | | | | | | | | | | | | | | December 31, 2016 | | | | | | | | | | | | | | | | | | Obligations of other U.S. Government agencies and corporations | 4 | | $ | 11,915 |
| | $ | (187 | ) | | 0 | | $ | — |
| | $ | — |
| | 4 | | $ | 11,915 |
| | $ | (187 | ) | Obligations of states and political subdivisions | 102 | | 83,362 |
| | (1,778 | ) | | 0 | | — |
| | — |
| | 102 | | 83,362 |
| | (1,778 | ) | Total | 106 | | $ | 95,277 |
| | $ | (1,965 | ) | | 0 | | $ | — |
| | $ | — |
| | 106 | | $ | 95,277 |
| | $ | (1,965 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or More | | Total | | # | | Fair Value | | Unrealized Losses | | # | | Fair Value | | Unrealized Losses | | # | | Fair Value | | Unrealized Losses | Available for Sale: | | | | | | | | | | | | | | | | | | December 31, 2017 | | | | | | | | | | | | | | | | | | Obligations of other U.S. Government agencies and corporations | 1 | | $ | 497 |
| | $ | (3 | ) | | 2 | | $ | 1,999 |
| | $ | (27 | ) | | 3 | | $ | 2,496 |
| | $ | (30 | ) | Obligations of states and political subdivisions | 23 | | 11,860 |
| | (59 | ) | | 12 | | 7,728 |
| | (210 | ) | | 35 | | $ | 19,588 |
| | $ | (269 | ) | Residential mortgage backed securities: | | | | | | | | | | | | | | | | | | Government agency mortgage backed securities | 29 | | 64,595 |
| | (659 | ) | | 44 | | 89,414 |
| | (2,400 | ) | | 73 | | 154,009 |
| | (3,059 | ) | Government agency collateralized mortgage obligations | 33 | | 102,509 |
| | (1,470 | ) | | 29 | | 62,406 |
| | (2,282 | ) | | 62 | | 164,915 |
| | (3,752 | ) | Commercial mortgage backed securities: | | | | | | | | | | | | | | | | | | Government agency mortgage backed securities | 2 | | 5,629 |
| | (17 | ) | | 3 | | 5,872 |
| | (217 | ) | | 5 | | 11,501 |
| | (234 | ) | Government agency collateralized mortgage obligations | 1 | | 4,986 |
| | (14 | ) | | 0 | | — |
| | — |
| | 1 | | 4,986 |
| | (14 | ) | Trust preferred securities | 0 | | — |
| | — |
| | 2 | | 9,388 |
| | (3,054 | ) | | 2 | | 9,388 |
| | (3,054 | ) | Other debt securities | 2 | | 756 |
| | (12 | ) | | 2 | | 6,308 |
| | (64 | ) | | 4 | | 7,064 |
| | (76 | ) | Other equity securities |
| | — |
| | — |
| | 0 | | — |
| | — |
| | 0 | | — |
| | — |
| Total | 91 | | $ | 190,832 |
| | $ | (2,234 | ) | | 94 | | $ | 183,115 |
| | $ | (8,254 | ) | | 185 | | $ | 373,947 |
| | $ | (10,488 | ) | December 31, 2016 | | | | | | | | | | | | | | | | | | Obligations of other U.S. Government agencies and corporations | 0 | | $ | — |
| | $ | — |
| | 0 | | $ | — |
| | $ | — |
| | 0 | | $ | — |
| | $ | — |
| Residential mortgage backed securities: | | | | | | | | | | | | | | | | | | Government agency mortgage backed securities | 131 | | 298,400 |
| | (6,042 | ) | | 5 | | 11,504 |
| | (601 | ) | | 136 | | 309,904 |
| | (6,643 | ) | Government agency collateralized mortgage obligations | 40 | | 97,356 |
| | (1,845 | ) | | 14 | | 33,786 |
| | (1,522 | ) | | 54 | | 131,142 |
| | (3,367 | ) | Commercial mortgage backed securities: | | | | | | | | | | | | | | | | | | Government agency mortgage backed securities | 9 | | 21,933 |
| | (453 | ) | | 2 | | 1,101 |
| | (8 | ) | | 11 | | 23,034 |
| | (461 | ) | Government agency collateralized mortgage obligations | 1 | | 1,729 |
| | (16 | ) | | 0 | | — |
| | — |
| | 1 | | 1,729 |
| | (16 | ) | Trust preferred securities | 0 | | — |
| | — |
| | 3 | | 18,389 |
| | (5,360 | ) | | 3 | | 18,389 |
| | (5,360 | ) | Other debt securities | 3 | | 7,946 |
| | (208 | ) | | 2 | | 2,475 |
| | (10 | ) | | 5 | | 10,421 |
| | (218 | ) | Other equity securities | 0 | | — |
| | — |
| | 0 | | — |
| | — |
| | 0 | | — |
| | — |
| Total | 184 | | $ | 427,364 |
| | $ | (8,564 | ) | | 26 | | $ | 67,255 |
| | $ | (7,501 | ) | | 210 | | $ | 494,619 |
| | $ | (16,065 | ) |
|
| Investments in pooled trust preferred securities |
The following table provides information regarding the Company’s investments in pooled trust preferred securities at December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | Name | | Single/ Pooled | | Class/ Tranche | | Amortized Cost | | Fair Value | | Unrealized Loss | | Lowest Credit Rating | | Issuers Currently in Deferral or Default | XXIII | | Pooled | | B-2 | | $ | 8,310 |
| | $ | 6,086 |
| | $ | (2,224 | ) | | BB | | 16% | XXVI | | Pooled | | B-2 | | 4,132 |
| | 3,302 |
| | (830 | ) | | Ba1 | | 19% | | | | | | | $ | 12,442 |
| | $ | 9,388 |
| | $ | (3,054 | ) | | | | |
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| Cumulative credit related losses recognized in earnings |
The following table provides a summary of the cumulative credit related losses recognized in earnings for which a portion of OTTI has been recognized in other comprehensive income: | | | | | | | | | | | | | | | | 2017 | | 2016 | Balance at January 1 | $ | (3,337 | ) | | $ | (3,337 | ) | Additions related to credit losses for which OTTI was not previously recognized | — |
| | — |
| Increases in credit loss for which OTTI was previously recognized | — |
| | — |
| Reductions for securities sold during the period | $ | 3,076 |
| | $ | — |
| Balance at December 31 | $ | (261 | ) | | $ | (3,337 | ) |
|