XML 39 R26.htm IDEA: XBRL DOCUMENT v3.19.3
SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule of Securities

The amortized cost, gross unrealized gains and losses and estimated fair value of securities at September 30, 2019 and December 31, 2018 are summarized as follows (in thousands):
 
September 30, 2019
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Trading:
 
 
 
 
 
 
 
Corporate bonds
$
27,203

 
 
 
 
 
$
25,672

 
$
27,203

 
 
 
 
 
$
25,672

Available-for-Sale:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
110,553

 
$
611

 
$
(1,168
)
 
$
109,996

Municipal bonds
102,888

 
5,466

 
(5
)
 
108,349

Corporate bonds
3,757

 
10

 
(1
)
 
3,766

Mortgage-backed or related securities
1,283,866

 
27,643

 
(1,410
)
 
1,310,099

Asset-backed securities
7,746

 
—

 
(48
)
 
7,698

 
$
1,508,810

 
$
33,730

 
$
(2,632
)
 
$
1,539,908

Held-to-Maturity:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
386

 
$
7

 
$
—

 
$
393

Municipal bonds
168,746

 
4,006

 
(1,123
)
 
171,629

Corporate bonds
3,635

 
—

 
(12
)
 
3,623

Mortgage-backed or related securities
57,289

 
1,341

 
(554
)
 
58,076

 
$
230,056

 
$
5,354

 
$
(1,689
)
 
$
233,721



 
December 31, 2018
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Trading:
 
 
 
 
 
 
 
Corporate bonds
$
27,203

 
 
 
 
 
$
25,896

 
$
27,203

 
 
 
 
 
$
25,896

Available-for-Sale:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
151,012

 
$
149

 
$
(2,049
)
 
$
149,112

Municipal bonds
116,548

 
1,806

 
(532
)
 
117,822

Corporate bonds
3,556

 
—

 
(61
)
 
3,495

Mortgage-backed or related securities
1,355,258

 
5,210

 
(16,607
)
 
1,343,861

Asset-backed securities
22,047

 
6

 
(120
)
 
21,933

 
$
1,648,421

 
$
7,171

 
$
(19,369
)
 
$
1,636,223

Held-to-Maturity:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
1,006

 
$
14

 
$
(1
)
 
$
1,019

Municipal bonds
176,663

 
1,727

 
(2,578
)
 
175,812

Corporate bonds
3,736

 
—

 
(13
)
 
3,723

Mortgage-backed or related securities
52,815

 
66

 
(898
)
 
51,983

 
$
234,220

 
$
1,807

 
$
(3,490
)
 
$
232,537
Schedule of Securities with Continuous Loss Position
At September 30, 2019 and December 31, 2018, the gross unrealized losses and the fair value for securities available-for-sale and held-to-maturity aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands):
 
September 30, 2019
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
3,282

 
$
(18
)
 
$
68,910

 
$
(1,150
)
 
$
72,192

 
$
(1,168
)
Municipal bonds
1,043

 
(3
)
 
655

 
(2
)
 
1,698

 
(5
)
Corporate bonds
502

 
—

 
1,001

 
(1
)
 
1,503

 
(1
)
Mortgage-backed or related securities
212,317

 
(1,210
)
 
41,985

 
(200
)
 
254,302

 
(1,410
)
Asset-backed securities
6,396

 
(46
)
 
575

 
(2
)
 
6,971

 
(48
)
 
$
223,540

 
$
(1,277
)
 
$
113,126

 
$
(1,355
)
 
$
336,666

 
$
(2,632
)
Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
Municipal bonds
$
33,287

 
$
(762
)
 
$
20,618

 
$
(361
)
 
$
53,905

 
$
(1,123
)
Corporate bonds
—

 
—

 
488

 
(12
)
 
488

 
(12
)
Mortgage-backed or related securities
11,693

 
(554
)
 
—

 
—

 
11,693

 
(554
)
 
$
44,980

 
$
(1,316
)
 
$
21,106

 
$
(373
)
 
$
66,086

 
$
(1,689
)
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
75,885

 
$
(1,240
)
 
$
50,508

 
$
(809
)
 
$
126,393

 
$
(2,049
)
Municipal bonds
6,422

 
(54
)
 
27,231

 
(478
)
 
33,653

 
(532
)
Corporate bonds
3,199

 
(56
)
 
295

 
(5
)
 
3,494

 
(61
)
Mortgage-backed or related securities
316,074

 
(2,939
)
 
571,989

 
(13,668
)
 
888,063

 
(16,607
)
Asset-backed securities
10,582

 
(24
)
 
9,913

 
(96
)
 
20,495

 
(120
)
 
$
412,162

 
$
(4,313
)
 
$
659,936

 
$
(15,056
)
 
$
1,072,098

 
$
(19,369
)
Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
145

 
$
(1
)
 
$
—

 
$
—

 
$
145

 
$
(1
)
Municipal bonds
29,898

 
(274
)
 
44,637

 
(2,304
)
 
74,535

 
(2,578
)
Corporate bonds
—

 
—

 
487

 
(13
)
 
487

 
(13
)
Mortgage-backed or related securities
10,761

 
(220
)
 
30,035

 
(678
)
 
40,796

 
(898
)
 
$
40,804

 
$
(495
)
 
$
75,159

 
$
(2,995
)
 
$
115,963

 
$
(3,490
)
Schedule of Securities by Contractual Maturity Date
The amortized cost and estimated fair value of securities at September 30, 2019, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties.
 
September 30, 2019
 
Trading
 
Available-for-Sale
 
Held-to-Maturity
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Maturing in one year or less
$
—

 
$
—

 
$
2,421

 
$
2,423

 
$
3,339

 
$
3,341

Maturing after one year through five years
—

 
—

 
54,704

 
55,751

 
62,060

 
63,122

Maturing after five years through ten years
—

 
—

 
373,474

 
388,323

 
43,592

 
45,338

Maturing after ten years through twenty years
27,203

 
25,672

 
228,067

 
234,354

 
91,041

 
92,108

Maturing after twenty years
—

 
—

 
850,144

 
859,057

 
30,024

 
29,812

 
$
27,203

 
$
25,672

 
$
1,508,810

 
$
1,539,908

 
$
230,056

 
$
233,721
Schedule of Pledged Securities
The following table presents, as of September 30, 2019, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):
 
September 30, 2019
 
Carrying Value
 
Amortized Cost
 
Fair
Value
Purpose or beneficiary:
 
 
 
 
 
State and local governments public deposits
$
137,911

 
$
137,163

 
$
141,588

Interest rate swap counterparties
21,849

 
21,427

 
22,077

Repurchase agreements
151,110

 
149,253

 
151,110

Other
2,702

 
2,702

 
2,699

Total pledged securities
$
313,572

 
$
310,545

 
$
317,474