INVESTMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2017 |
Amortized cost and Estimated fair values of Investments Available-for-sale |
Investments available-for-sale The amortized cost and estimated fair values of investments available-for-sale at the dates indicated are presented in the following table: | | | | | June 30, 2017 | | December 31, 2016 | | | | | | | | | Gross | | Gross | | Estimated | | | | | Gross | | Gross | | Estimated | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | | Amortized | | Unrealized | | Unrealized | | Fair | (In thousands) | | Cost | | Gains | | Losses | | Value | | Cost | | Gains | | Losses | | Value | U.S. government agencies | | $ | 114,346 | | $ | - | | $ | (1,985) | | $ | 112,361 | | $ | 124,314 | | $ | 32 | | $ | (2,556) | | $ | 121,790 | State and municipal | | | 315,972 | | | 9,039 | | | (78) | | | 324,933 | | | 281,090 | | | 7,180 | | | (586) | | | 287,684 | Mortgage-backed | | | 332,578 | | | 2,762 | | | (3,065) | | | 332,275 | | | 314,029 | | | 2,851 | | | (4,169) | | | 312,711 | Corporate debt | | | 9,100 | | | 289 | | | - | | | 9,389 | | | 9,100 | | | 34 | | | - | | | 9,134 | Trust preferred | | | 931 | | | - | | | (23) | | | 908 | | | 1,089 | | | - | | | (77) | | | 1,012 | | Total debt securities | | | 772,927 | | | 12,090 | | | (5,151) | | | 779,866 | | | 729,622 | | | 10,097 | | | (7,388) | | | 732,331 | Marketable equity securities | | | 212 | | | - | | | - | | | 212 | | | 1,223 | | | - | | | - | | | 1,223 | | | Total investments available-for-sale | | $ | 773,139 | | $ | 12,090 | | $ | (5,151) | | $ | 780,078 | | $ | 730,845 | | $ | 10,097 | | $ | (7,388) | | $ | 733,554 |
|
Activity of OTTI on investment Securities Due to Credit Losses Recognized in Earnings |
The following table provides the activity of OTTI on investment securities due to credit losses recognized in earnings for the period indicated: (In thousands) | | | OTTI Losses | Cumulative credit losses on investment securities, through December 31, 2016 | | $ | 531 | | | | | Additions for credit losses not previously recognized | | | - | | | | | Cumulative credit losses on investment securities through June 30, 2017 | | $ | 531 | | | | |
|
Other Equity Securities |
Equity securities Other equity securities at the dates indicated are presented in the following table: (In thousands) | | June 30, 2017 | | December 31, 2016 | Federal Reserve Bank stock | | $ | 8,366 | | $ | 8,334 | Federal Home Loan Bank of Atlanta stock | | | 33,047 | | | 37,760 | | Total equity securities | | $ | 41,413 | | $ | 46,094 |
|
Available-for-Sale Securities |
|
Gross Unrealized Losses and Fair Value by Length of Time |
Gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in an unrealized loss position at the dates indicated are presented in the following table: | | | June 30, 2017 | | | | | | | | | | Continuous Unrealized | | | | | | | | | | | | Losses Existing for: | | | | | Number | | | | | | | | | | | Total | | | | of | | | | | Less than | | More than | | Unrealized | (Dollars in thousands) | | Securities | | Fair Value | | 12 months | | 12 months | | Losses | U.S. government agencies | | | 11 | | $ | 92,362 | | $ | 1,985 | | $ | - | | $ | 1,985 | State and municipal | | | 15 | | | 12,760 | | | 38 | | | 40 | | | 78 | Mortgage-backed | | | 36 | | | 186,396 | | | 2,900 | | | 165 | | | 3,065 | Trust preferred | | | 1 | | | 908 | | | 23 | | | - | | | 23 | | Total | | | 63 | | $ | 292,426 | | $ | 4,946 | | $ | 205 | | $ | 5,151 |
| | | December 31, 2016 | | | | | | | | | | Continuous Unrealized | | | | | | | | | | | | Losses Existing for: | | | | | Number | | | | | | | | | | | Total | | | | of | | | | | Less than | | More than | | Unrealized | (Dollars in thousands) | | Securities | | Fair Value | | 12 months | | 12 months | | Losses | U.S. government agencies | | | 12 | | $ | 96,788 | | $ | 2,556 | | $ | - | | $ | 2,556 | State and municipal | | | 53 | | | 48,010 | | | 516 | | | 70 | | | 586 | Mortgage-backed | | | 37 | | | 212,844 | | | 3,971 | | | 198 | | | 4,169 | Trust preferred | | | 1 | | | 1,012 | | | - | | | 77 | | | 77 | | Total | | | 103 | | $ | 358,654 | | $ | 7,043 | | $ | 345 | | $ | 7,388 |
|
Amortized Cost and Estimated Fair Values of Investment Securities |
The amortized cost and estimated fair values of debt securities available-for-sale by contractual maturity at the dates indicated are provided in the following table. The Company has allocated mortgage-backed securities into the four maturity groupings reflected in the following table using the expected average life of the individual securities based on statistics provided by independent third party industry sources. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with or without prepayment penalties. | | | June 30, 2017 | | December 31, 2016 | | | | | | | Estimated | | | | | Estimated | | | | Amortized | | Fair | | Amortized | | Fair | (In thousands) | | Cost | | Value | | Cost | | Value | Due in one year or less | | $ | 9,400 | | $ | 9,503 | | $ | 7,493 | | $ | 7,541 | Due after one year through five years | | | 156,757 | | | 162,574 | | | 156,953 | | | 162,233 | Due after five years through ten years | | | 267,567 | | | 269,361 | | | 282,468 | | | 282,713 | Due after ten years | | | 339,203 | | | 338,428 | | | 282,708 | | | 279,844 | | Total debt securities available for sale | | $ | 772,927 | | $ | 779,866 | | $ | 729,622 | | $ | 732,331 |
|