INVESTMENTS

12 Months Ended

Dec. 31, 2019

Investments [Abstract]

Investment [text block]

Note 4 – Investments

Investments available-for-sale

The amortized cost and estimated fair values of investments available-for-sale at December 31 are presented in the following table:

			2019								2018
					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. treasuries and government agencies			$	260,294	$	887	$	(2,686)	$	258,495	$	300,338	$	370	$	(4,030)	$	296,678
State and municipal				229,309		4,377		(37)		233,649		280,725		2,080		(781)		282,024
Mortgage-backed and asset-backed				568,373		3,268		(882)		570,759		355,267		653		(7,405)		348,515
Corporate debt				9,100		452		-		9,552		9,100		140		-		9,240
Trust preferred				310		-		-		310		310		-		-		310
	Total debt securities			1,067,386		8,984		(3,605)		1,072,765		945,740		3,243		(12,216)		936,767
Marketable equity securities				568		-		-		568		568		-		-		568
		Total investments available-for-sale	$	1,067,954	$	8,984	$	(3,605)	$	1,073,333	$	946,308	$	3,243	$	(12,216)	$	937,335

Any unrealized losses in the U.S. treasuries and government agencies, state and municipal or mortgage-backed and asset-backed securities at December 31, 2019 are the result of changes in interest rates. These declines are considered temporary in nature and will decline over time and recover as these securities approach maturity.

The mortgage-backed and asset backed portfolio at December 31, 2019 is composed entirely of either the most senior tranches of GNMA, FNMA or FHLMC collateralized mortgage obligations ($153.4 million), GNMA, FNMA or FHLMC mortgage-backed securities ($347.1 million) and SBA asset-backed securities ($70.3 million). The Company does not intend to sell these securities and has sufficient liquidity to hold these securities for an adequate period of time, which may be maturity, to allow for any anticipated recovery in fair value.

Gross unrealized losses and fair values by length of time that individual available-for-sale securities have been in an unrealized loss position at December 31 are presented in the following table:

		2019
						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. treasuries and government agencies			12	$	151,132	$	2,211	$	475	$	2,686
State and municipal			3		7,227		37		-		37
Mortgage-backed and asset-backed			35		184,784		508		374		882
	Total		50	$	343,143	$	2,756	$	849	$	3,605

		2018
						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. treasuries and government agencies			33	$	194,135	$	452	$	3,578	$	4,030
State and municipal			80		78,232		569		212		781
Mortgage-backed			110		308,254		1,592		5,813		7,405
	Total		223	$	580,621	$	2,613	$	9,603	$	12,216

The estimated fair values of debt securities available-for-sale by contractual maturity at December 31 are provided in the following table. The Company has allocated mortgage-backed and asset-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.

		2019
		One Year		One to		Five to		After Ten
(In thousands)		or less		Five Years		Ten Years		Years		Total
U.S. treasuries and government agencies		$	69,799	$	96,709	$	-	$	91,987	$	258,495
State and municipal			33,311		76,723		75,820		47,795		233,649
Mortgage-backed and asset-backed			852		7,125		55,226		507,556		570,759
Corporate debt			-		-		9,552		-		9,552
Trust preferred			-		-		-		310		310
	Total available-for-sale debt securities	$	103,962	$	180,557	$	140,598	$	647,648	$	1,072,765
		2018
		One Year		One to		Five to		After Ten
(In thousands)		or less		Five Years		Ten Years		Years		Total
U.S. treasuries and government agencies		$	6,952	$	159,223	$	50,479	$	80,024	$	296,678
State and municipal			56,650		104,597		98,112		22,665		282,024
Mortgage-backed and asset-backed			145		13,010		52,555		282,805		348,515
Corporate debt			-		-		9,240		-		9,240
Trust preferred			-		-		-		310		310
	Total available-for-sale debt securities	$	63,747	$	276,830	$	210,386	$	385,804	$	936,767

At December 31, 2019 and 2018, investments available-for-sale with a book value of $424.8 million and $477.3 million, respectively, were pledged as collateral for certain government deposits and for other purposes as required or permitted by law. The outstanding balance of no single issuer, except for U.S. government agency securities, exceeded ten percent of stockholders' equity at December 31, 2019 and 2018.

Equity securities

Other equity securities at the dates indicated are presented in the following table:

(In thousands)		2019		2018
Federal Reserve Bank stock		$	22,559	$	22,456
Federal Home Loan Bank of Atlanta stock			29,244		50,933
	Total equity securities	$	51,803	$	73,389

Securities gains

Gross realized gains and losses on all investments for the years ended December 31 are presented in the following table:

(In thousands)		2019		2018		2017
Gross realized gains from sales of investments available-for-sale		$	14	$	2,519	$	-
Gross realized losses from sales of investments available-for-sale			(2)		(2,343)		-
Net gains from calls of investments available-for-sale			65		14		32
Gross realized gains from sales of equity securities			-		-		1,241
	Net securities gains	$	77	$	190	$	1,273