Securities (Tables)
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9 Months Ended |
Sep. 30, 2017 |
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| Cash and Cash Equivalents [Abstract] |
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| Securities Available for Sale |
Securities available for sale at September 30, 2017 and
December 31, 2016 are as follows:
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September 30,
2017 |
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December 31,
2016 |
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Amortized |
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Unrealized |
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Fair |
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Amortized |
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Unrealized |
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Fair |
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Cost |
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Gains |
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Losses |
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Value |
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Cost |
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Gains |
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Losses |
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Value |
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U.S. Gov’t sponsored entities
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$ |
121,022 |
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$ |
780 |
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|
$ |
(206 |
) |
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$ |
121,596 |
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$ |
139,823 |
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$ |
1,107 |
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$ |
(579 |
) |
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$ |
140,351 |
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State & political subdivisions
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138,825 |
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4,911 |
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(266 |
) |
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143,470 |
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153,492 |
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4,194 |
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(649 |
) |
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157,037 |
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Residential & multi-family mortgage
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103,962 |
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485 |
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(1,194 |
) |
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103,253 |
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136,807 |
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551 |
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(2,382 |
) |
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134,976 |
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Corporate notes & bonds
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17,610 |
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85 |
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(426 |
) |
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17,269 |
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18,299 |
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77 |
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(962 |
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17,414 |
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Pooled trust preferred
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0 |
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0 |
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0 |
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0 |
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|
800 |
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1,249 |
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0 |
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2,049 |
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Pooled SBA
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38,417 |
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406 |
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(619 |
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38,204 |
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43,450 |
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505 |
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(918 |
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43,037 |
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Other equity securities
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1,020 |
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0 |
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(51 |
) |
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969 |
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1,020 |
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0 |
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(49 |
) |
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971 |
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Total
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$ |
420,856 |
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$ |
6,667 |
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$ |
(2,762 |
) |
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$ |
424,761 |
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$ |
493,691 |
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$ |
7,683 |
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$ |
(5,539 |
) |
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$ |
495,835 |
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| Trading Securities |
Trading securities at September 30, 2017 and December 31,
2016 are as follows:
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September 30,
2017 |
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December 31,
2016 |
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Corporate equity securities
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$ |
4,095 |
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$ |
3,312 |
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Mutual funds
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1,371 |
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|
1,037 |
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Certificates of deposit
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205 |
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202 |
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Corporate notes and bonds
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257 |
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254 |
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U.S. Government sponsored entities
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53 |
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53 |
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Total
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$ |
5,981 |
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$ |
4,858 |
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| Securities with Unrealized Losses Aggregated by Investment Category and Length of Time that Individual Securities have been in Continuous Unrealized Loss Position |
Securities with unrealized losses at September 30, 2017 and
December 31, 2016, aggregated by investment category and
length of time that individual securities have been in a continuous
unrealized loss position, are as follows:
September 30, 2017
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Less than 12
Months |
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12 Months or
More |
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Total |
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Description of Securities
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Fair
Value |
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Unrealized
Loss |
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Fair
Value |
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Unrealized
Loss |
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Fair
Value |
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Unrealized
Loss |
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U.S. Gov’t sponsored entities
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$ |
50,112 |
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$ |
(204 |
) |
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$ |
3,398 |
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$ |
(2 |
) |
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$ |
53,510 |
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$ |
(206 |
) |
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State & political subdivisions
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3,562 |
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(50 |
) |
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1,524 |
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(216 |
) |
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5,086 |
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(266 |
) |
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Residential & multi-family mortgage
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33,692 |
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(259 |
) |
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44,212 |
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(935 |
) |
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77,904 |
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(1,194 |
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Corporate notes & bonds
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0 |
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(0 |
) |
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9,068 |
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(426 |
) |
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9,068 |
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(426 |
) |
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Pooled SBA
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4,671 |
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(67 |
) |
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18,780 |
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(552 |
) |
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23,451 |
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(619 |
) |
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Other equity securities
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0 |
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(0 |
) |
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969 |
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(51 |
) |
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969 |
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(51 |
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$ |
92,037 |
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$ |
(580 |
) |
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$ |
77,951 |
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$ |
(2,182 |
) |
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$ |
169,988 |
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$ |
(2,762 |
) |
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December 31, 2016
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Less than 12
Months |
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12 Months or
More |
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Total |
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Fair
Value |
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Unrealized
Loss |
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Fair
Value |
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Unrealized
Loss |
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Fair
Value |
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|
Unrealized
Loss |
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|
U.S. Gov’t sponsored entities
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$ |
90,380 |
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$ |
(579 |
) |
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$ |
0 |
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$ |
(0 |
) |
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$ |
90,380 |
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$ |
(579 |
) |
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State & political subdivisions
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32,353 |
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(448 |
) |
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264 |
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(201 |
) |
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32,617 |
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(649 |
) |
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Residential and multi-family mortgage
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65,598 |
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(1,255 |
) |
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34,611 |
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(1,127 |
) |
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100,209 |
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(2,382 |
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Corporate notes & bonds
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2,089 |
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(11 |
) |
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8,476 |
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(951 |
) |
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10,565 |
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(962 |
) |
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Pooled SBA
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6,481 |
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(126 |
) |
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20,560 |
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(792 |
) |
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27,041 |
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(918 |
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Other equity securities
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0 |
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(0 |
) |
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|
971 |
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(49 |
) |
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|
971 |
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(49 |
) |
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$ |
196,901 |
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$ |
(2,419 |
) |
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$ |
64,882 |
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$ |
(3,120 |
) |
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$ |
261,783 |
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$ |
(5,539 |
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| Roll-Forward of Other-Than-Temporary Impairment Amount Related to Credit Losses |
A roll-forward of the other-than-temporary impairment amount
related to credit losses for the three and nine months ended
September 30, 2017 and 2016 is as follows:
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Three months ended
September 30, |
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Nine months ended
September 30, |
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2017 |
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2016 |
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2017 |
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2016 |
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Balance of credit losses on debt securities for which a portion of
other-than-temporary impairment was recognized in earnings,
beginning of period
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$ |
0 |
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$ |
2,071 |
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$ |
2,071 |
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$ |
4,054 |
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Credit losses previously recognized on securities sold during the
period
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0 |
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0 |
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(2,071 |
) |
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(1,983 |
) |
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Additional credit loss for which other-than-temporary impairment
was not previously recognized
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0 |
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0 |
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0 |
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0 |
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Additional credit loss for which other-than-temporary impairment
was previously recognized
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0 |
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0 |
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0 |
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0 |
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Balance of credit losses on debt securities for which a portion of
other-than-temporary impairment was recognized in earnings, end of
period
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$ |
0 |
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$ |
2,071 |
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$ |
0 |
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$ |
2,071 |
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| Information Pertaining to Security Sales |
Information pertaining to security sales on available for sale
securities is as follows:
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Proceeds |
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Gross
Gains |
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Gross
Losses |
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Three months ended September 30, 2017
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$ |
7,757 |
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$ |
76 |
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|
($ |
71 |
) |
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Three months ended September 30, 2016
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$ |
0 |
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$ |
0 |
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$ |
0 |
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Nine months ended September 30, 2017
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$ |
15,374 |
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$ |
1,614 |
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($ |
71 |
) |
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Nine months ended September 30, 2016
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$ |
4,420 |
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$ |
1,005 |
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$ |
0 |
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| Schedule of Contractual Maturity of Securities Available for Sale, Excluding Equity Securities |
The following is a schedule of the contractual maturity of
securities available for sale, excluding equity securities, at
September 30, 2017:
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Amortized |
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Fair |
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Cost |
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|
Value |
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1 year or less
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$ |
49,501 |
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$ |
49,346 |
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1 year – 5 years
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|
164,006 |
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|
167,361 |
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5 years – 10 years
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|
57,416 |
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|
59,157 |
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After 10 years
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|
6,534 |
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|
6,471 |
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|
|
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|
277,457 |
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|
282,335 |
|
|
Residential and multi-family mortgage
|
|
|
103,962 |
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|
|
103,253 |
|
|
Pooled SBA
|
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|
38,417 |
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|
38,204 |
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Total debt securities
|
|
$ |
419,836 |
|
|
$ |
423,792 |
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