XML 39 R28.htm IDEA: XBRL DOCUMENT v3.19.1
Securities (Tables)
 3 Months Ended
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost and estimated fair value of investments in debt securities
The amortized cost and fair value of investments in debt securities at March 31, 2019 were as follows (dollars in thousands):
 
March 31, 2019
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
 
Fair Value
Securities available for sale:
 
 
 
 
 
 
 
Federal agencies and GSEs
$
132,087

 
$
905

 
$
2,020

 
$
130,972

Mortgage-backed and CMOs
108,999

 
725

 
1,247

 
108,477

State and municipal
77,560

 
609

 
199

 
77,970

Corporate
6,799

 
75

 
4

 
6,870

Total securities available for sale
$
325,445

 
$
2,314

 
$
3,470

 
$
324,289

The Company adopted ASU 2016-01 effective January 1, 2018 and had equity securities with a fair value of $2,069,000 at March 31, 2019 and recognized in income a $319,000 change in the fair value of equity securities during the first three months of 2019. During the three months ended March 31, 2019, the Company sold $80,000 in equity securities at fair value. The Company had equity securities with a fair value of $2,320,000 at March 31, 2018 and recognized in income a $113,000 change in the fair value of equity securities during the first quarter of 2018.
The amortized cost and fair value of investments in debt securities at December 31, 2018 were as follows (dollars in thousands):
 
December 31, 2018
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
 
Fair Value
Securities available for sale:
 
 
 
 
 
 
 
Federal agencies and GSEs
$
137,070

 
$
442

 
$
3,473

 
$
134,039

Mortgage-backed and CMOs
113,883

 
385

 
2,401

 
111,867

State and municipal
80,022

 
411

 
531

 
79,902

Corporate
6,799

 
68

 
22

 
6,845

Total securities available for sale
$
337,774

 
$
1,306

 
$
6,427

 
$
332,653
Cost of restricted stock
The cost of restricted stock at March 31, 2019 and December 31, 2018 was as follows (dollars in thousands):
 
March 31, 2019
 
December 31, 2018
FRB stock
$
3,631

 
$
3,621

FHLB stock
1,668

 
1,626

Total restricted stock
$
5,299

 
$
5,247
Fair value of gross unrealized losses by investment
The table below shows estimated fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2018 (dollars in thousands):
 
Total
 
Less than 12 Months
 
12 Months or More
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Federal agencies and GSEs
$
103,797

 
$
3,473

 
$
14,982

 
$
8

 
$
88,815

 
$
3,465

Mortgage-backed and CMOs
86,852

 
2,401

 
5,473

 
15

 
81,379

 
2,386

State and municipal
39,755

 
531

 
7,199

 
18

 
32,556

 
513

Corporate
484

 
22

 
—

 
—

 
484

 
22

Total
$
230,888

 
$
6,427

 
$
27,654

 
$
41

 
$
203,234

 
$
6,386

The following table shows estimated fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2019.  The reference point for determining when securities are in an unrealized loss position is month-end.  Therefore, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period.
Available for sale securities that have been in a continuous unrealized loss position, at March 31, 2019, are as follows (dollars in thousands):
 
Total
 
Less than 12 Months
 
12 Months or More
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Federal agencies and GSEs
$
90,268

 
$
2,020

 
$
—

 
$
—

 
$
90,268

 
$
2,020

Mortgage-backed and CMOs
78,494

 
1,247

 
244

 
1

 
78,250

 
1,246

State and municipal
28,916

 
199

 
2,250

 
2

 
26,666

 
197

Corporate
495

 
4

 
—

 
—

 
495

 
4

Total
$
198,173

 
$
3,470

 
$
2,494

 
$
3

 
$
195,679

 
$
3,467
Schedule of gross realized gains and losses on and proceeds from sale of securities
The following table presents the gross realized gains and losses on and the proceeds from the sale of securities available for sale during the three months ended March 31, 2019 and 2018 (dollars in thousands):
 
Three Months Ended March 31, 2019
Realized gains (losses):
 
Gross realized gains
$
—

Gross realized losses
—

Net realized gains
$
—

Proceeds from sales of securities
$
—

 
 
 
Three Months Ended March 31, 2018
Realized gains (losses):
 
Gross realized gains
$
105

Gross realized losses
(97
)
Net realized gains
$
8

Proceeds from sales of securities
$
22,066