Securities (Tables)
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9 Months Ended |
Sep. 30, 2019 |
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| Investments, Debt and Equity Securities [Abstract] |
|
| Summary of Investment Securities Available for Sale |
The following is a summary of securities available for sale as of the dates indicated:
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Amortized Cost |
|
Gross Unrealized Gain |
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Gross Unrealized Loss |
|
Estimated Fair Value |
|
(in thousands) |
September 30, 2019 |
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|
|
|
|
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U.S. Treasury securities |
$ |
39,877 |
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|
$ |
292 |
|
|
$ |
— |
|
|
$ |
40,169 |
|
U.S. government agency and sponsored agency obligations: |
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|
|
|
|
|
Mortgage-backed securities |
395,486 |
|
|
4,224 |
|
|
(236 |
) |
|
399,474 |
|
Collateralized mortgage obligations |
164,267 |
|
|
1,216 |
|
|
(484 |
) |
|
164,999 |
|
Debt securities |
16,974 |
|
|
208 |
|
|
(9 |
) |
|
17,173 |
|
Total U.S. government agency and sponsored agency obligations |
576,727 |
|
|
5,648 |
|
|
(729 |
) |
|
581,646 |
|
Total securities available for sale |
$ |
616,604 |
|
|
$ |
5,940 |
|
|
$ |
(729 |
) |
|
$ |
621,815 |
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|
|
|
|
|
|
|
December 31, 2018 |
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U.S. Treasury securities |
$ |
39,768 |
|
|
$ |
69 |
|
|
$ |
(7 |
) |
|
$ |
39,830 |
|
U.S. government agency and sponsored agency obligations: |
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|
|
|
|
|
|
Mortgage-backed securities |
300,957 |
|
|
61 |
|
|
(5,984 |
) |
|
295,034 |
|
Collateralized mortgage obligations |
124,550 |
|
|
74 |
|
|
(2,332 |
) |
|
122,292 |
|
Debt securities |
7,499 |
|
|
— |
|
|
(97 |
) |
|
7,402 |
|
Total U.S. government agency and sponsored agency obligations |
433,006 |
|
|
135 |
|
|
(8,413 |
) |
|
424,728 |
|
Municipal bonds-tax exempt |
110,670 |
|
|
197 |
|
|
(517 |
) |
|
110,350 |
|
Total securities available for sale |
$ |
583,444 |
|
|
$ |
401 |
|
|
$ |
(8,937 |
) |
|
$ |
574,908 |
|
|
| Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity |
The amortized cost and estimated fair value of securities as of September 30, 2019, by contractual or expected maturity, are shown below. Collateralized mortgage obligations are included in the table shown below based on their expected maturities. All other securities are included based on their contractual maturities.
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Available for Sale |
|
Amortized Cost |
|
Estimated Fair Value |
|
(in thousands) |
Within one year |
$ |
33,218 |
|
|
$ |
33,329 |
|
Over one year through five years |
155,626 |
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|
156,521 |
|
Over five years through ten years |
210,178 |
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|
212,575 |
|
Over ten years |
217,582 |
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|
219,390 |
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Total |
$ |
616,604 |
|
|
$ |
621,815 |
|
|
| Available for Sale Securities, Continuous Unrealized Loss Position, Fair Value |
Gross unrealized losses on securities available for sale, the estimated fair value of the related securities and the number of securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows as of September 30, 2019 and December 31, 2018:
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Holding Period |
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Less Than 12 Months |
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12 Months or More |
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Total |
|
Gross Unrealized Loss |
|
Estimated Fair Value |
|
Number of Securities |
|
Gross Unrealized Loss |
|
Estimated Fair Value |
|
Number of Securities |
|
Gross Unrealized Loss |
|
Estimated Fair Value |
|
Number of Securities |
|
(in thousands, except number of securities) |
September 30, 2019 |
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U.S. government agency and sponsored agency obligations |
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|
Mortgage-backed securities |
$ |
(65 |
) |
|
$ |
34,927 |
|
|
17 |
|
|
$ |
(171 |
) |
|
$ |
19,712 |
|
|
14 |
|
|
$ |
(236 |
) |
|
$ |
54,639 |
|
|
31 |
|
Collateralized mortgage obligations |
(60 |
) |
|
16,173 |
|
|
5 |
|
|
(424 |
) |
|
44,584 |
|
|
37 |
|
|
(484 |
) |
|
60,757 |
|
|
42 |
|
Debt securities |
(1 |
) |
|
1,499 |
|
|
1 |
|
|
(8 |
) |
|
2,991 |
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|
1 |
|
|
(9 |
) |
|
4,490 |
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|
2 |
|
Total U.S. government agency and sponsored agency obligations |
(126 |
) |
|
52,599 |
|
|
23 |
|
|
(603 |
) |
|
67,287 |
|
|
52 |
|
|
(729 |
) |
|
119,886 |
|
|
75 |
|
Total |
$ |
(126 |
) |
|
$ |
52,599 |
|
|
23 |
|
|
$ |
(603 |
) |
|
$ |
67,287 |
|
|
52 |
|
|
$ |
(729 |
) |
|
$ |
119,886 |
|
|
75 |
|
|
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December 31, 2018 |
|
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|
U.S. Treasury securities |
$ |
(7 |
) |
|
$ |
14,797 |
|
|
2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
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|
$ |
(7 |
) |
|
$ |
14,797 |
|
|
2 |
|
U.S. government agency and sponsored agency obligations |
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|
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|
Mortgage-backed securities |
(226 |
) |
|
41,527 |
|
|
10 |
|
|
(5,758 |
) |
|
244,550 |
|
|
106 |
|
|
$ |
(5,984 |
) |
|
$ |
286,077 |
|
|
116 |
|
Collateralized mortgage obligations |
(59 |
) |
|
13,732 |
|
|
3 |
|
|
(2,273 |
) |
|
92,532 |
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|
49 |
|
|
(2,332 |
) |
|
106,264 |
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|
52 |
|
Debt securities |
— |
|
|
— |
|
|
— |
|
|
(97 |
) |
|
7,402 |
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|
3 |
|
|
(97 |
) |
|
7,402 |
|
|
3 |
|
Total U.S. government agency and sponsored agency obligations |
(285 |
) |
|
55,259 |
|
|
13 |
|
|
(8,128 |
) |
|
344,484 |
|
|
158 |
|
|
(8,413 |
) |
|
399,743 |
|
|
171 |
|
Municipal bonds-tax exempt |
(29 |
) |
|
8,196 |
|
|
5 |
|
|
(488 |
) |
|
65,644 |
|
|
30 |
|
|
(517 |
) |
|
73,840 |
|
|
35 |
|
Total |
$ |
(321 |
) |
|
$ |
78,252 |
|
|
20 |
|
|
$ |
(8,616 |
) |
|
$ |
410,128 |
|
|
188 |
|
|
$ |
(8,937 |
) |
|
$ |
488,380 |
|
|
208 |
|
|
| Realized Gains and Losses on Sales of Investment Securities |
Realized gains and losses on sales of securities and proceeds from sales of securities were as follows for the periods indicated:
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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
(in thousands) |
Gross realized gains on sales of securities |
$ |
— |
|
|
$ |
19 |
|
|
$ |
1,359 |
|
|
$ |
87 |
|
Gross realized losses on sales of securities |
— |
|
|
— |
|
|
(64 |
) |
|
(957 |
) |
Net realized gains (losses) on sales of securities |
$ |
— |
|
|
$ |
19 |
|
|
$ |
1,295 |
|
|
$ |
(870 |
) |
|
|
|
|
|
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Proceeds from sales of securities |
$ |
— |
|
|
$ |
3,426 |
|
|
$ |
113,306 |
|
|
$ |
34,751 |
|
|