Securities (Tables)

12 Months Ended

Dec. 31, 2017

Investments, Debt and Equity Securities [Abstract]

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

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	)

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	)