Securities |
The following table summarizes securities held for investment and securities available for sale:
|
|
September 30, 2017 |
|
|
December 31, 2016 |
|
|
|
(Dollars in thousands) |
|
Held for investment, at cost (fair value: $3,098 and $4,403, respectively) |
|
$ |
3,068 |
|
|
$ |
4,365 |
|
Available for sale, at fair value |
|
|
446,941 |
|
|
|
465,468 |
|
Total |
|
$ |
450,009 |
|
|
$ |
469,833 |
|
The following table summarizes the amortized cost and estimated fair values of securities held for investment:
|
|
|
|
|
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Estimated
Fair
Value |
|
September 30, 2017 |
|
(Dollars in thousands) |
|
Mortgage backed securities (1) |
|
$ |
203 |
|
|
$ |
12 |
|
|
$ |
— |
|
|
$ |
215 |
|
States and political subdivisions |
|
|
2,365 |
|
|
|
19 |
|
|
|
(1 |
) |
|
|
2,383 |
|
Other securities |
|
|
500 |
|
|
|
— |
|
|
|
— |
|
|
|
500 |
|
Total |
|
$ |
3,068 |
|
|
$ |
31 |
|
|
$ |
(1 |
) |
|
$ |
3,098 |
|
December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage backed securities (1) |
|
$ |
252 |
|
|
$ |
17 |
|
|
$ |
— |
|
|
$ |
269 |
|
States and political subdivisions |
|
|
3,613 |
|
|
|
25 |
|
|
|
(4 |
) |
|
|
3,634 |
|
Other securities |
|
|
500 |
|
|
|
— |
|
|
|
— |
|
|
|
500 |
|
Total |
|
$ |
4,365 |
|
|
$ |
42 |
|
|
$ |
(4 |
) |
|
$ |
4,403 |
|
The following table summarizes the amortized cost and estimated fair values of securities available for sale:
|
|
|
|
|
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Estimated
Fair
Value |
|
September 30, 2017 |
|
(Dollars in thousands) |
|
U.S. treasuries |
|
$ |
284,874 |
|
|
$ |
693 |
|
|
$ |
(293 |
) |
|
$ |
285,274 |
|
U.S. federal agencies |
|
|
94,150 |
|
|
|
212 |
|
|
|
(251 |
) |
|
|
94,111 |
|
Mortgage backed securities (1) |
|
|
18,621 |
|
|
|
231 |
|
|
|
(577 |
) |
|
|
18,275 |
|
States and political subdivisions |
|
|
42,678 |
|
|
|
773 |
|
|
|
(25 |
) |
|
|
43,426 |
|
Other securities (2) |
|
|
6,351 |
|
|
|
189 |
|
|
|
(685 |
) |
|
|
5,855 |
|
Total |
|
$ |
446,674 |
|
|
$ |
2,098 |
|
|
$ |
(1,831 |
) |
|
$ |
446,941 |
|
December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasuries |
|
$ |
268,763 |
|
|
$ |
700 |
|
|
$ |
(920 |
) |
|
$ |
268,543 |
|
U.S. federal agencies |
|
|
129,674 |
|
|
|
373 |
|
|
|
(405 |
) |
|
|
129,642 |
|
Mortgage backed securities (1) |
|
|
19,949 |
|
|
|
290 |
|
|
|
(567 |
) |
|
|
19,672 |
|
States and political subdivisions |
|
|
40,335 |
|
|
|
836 |
|
|
|
(129 |
) |
|
|
41,042 |
|
Other securities (2) |
|
|
6,594 |
|
|
|
125 |
|
|
|
(150 |
) |
|
|
6,569 |
|
Total |
|
$ |
465,315 |
|
|
$ |
2,324 |
|
|
$ |
(2,171 |
) |
|
$ |
465,468 |
|
|
(1) |
Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies. |
|
(2) |
Primarily consists of equity securities. |
The maturities of securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity.
|
|
September 30, 2017 |
|
|
December 31, 2016 |
|
|
|
Amortized
Cost |
|
|
Estimated
Fair
Value |
|
|
Amortized
Cost |
|
|
Estimated
Fair
Value |
|
|
|
(Dollars in thousands) |
|
Held for Investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contractual maturity of debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Within one year |
|
$ |
1,367 |
|
|
$ |
1,374 |
|
|
$ |
1,561 |
|
|
$ |
1,568 |
|
After one year but within five years |
|
|
1,037 |
|
|
|
1,048 |
|
|
|
1,937 |
|
|
|
1,951 |
|
After five years but within ten years |
|
|
655 |
|
|
|
666 |
|
|
|
707 |
|
|
|
723 |
|
After ten years |
|
|
9 |
|
|
|
10 |
|
|
|
160 |
|
|
|
161 |
|
Total |
|
$ |
3,068 |
|
|
$ |
3,098 |
|
|
$ |
4,365 |
|
|
$ |
4,403 |
|
Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contractual maturity of debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Within one year |
|
$ |
113,844 |
|
|
$ |
113,717 |
|
|
$ |
66,542 |
|
|
$ |
66,662 |
|
After one year but within five years |
|
|
261,600 |
|
|
|
262,299 |
|
|
|
320,150 |
|
|
|
319,839 |
|
After five years but within ten years |
|
|
6,257 |
|
|
|
6,616 |
|
|
|
5,830 |
|
|
|
6,152 |
|
After ten years |
|
|
58,622 |
|
|
|
58,454 |
|
|
|
66,199 |
|
|
|
66,246 |
|
Total debt securities |
|
|
440,323 |
|
|
|
441,086 |
|
|
|
458,721 |
|
|
|
458,899 |
|
Equity securities |
|
|
6,351 |
|
|
|
5,855 |
|
|
|
6,594 |
|
|
|
6,569 |
|
Total |
|
$ |
446,674 |
|
|
$ |
446,941 |
|
|
$ |
465,315 |
|
|
$ |
465,468 |
|
The following table is a summary of the Company’s book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law:
|
|
September 30, 2017 |
|
|
December 31, 2016 |
|
|
|
(Dollars in thousands) |
|
Book value of pledged securities |
|
$ |
398,605 |
|
|
$ |
439,692 |
|
|