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Securities
 6 Months Ended
Jun. 30, 2016
Securities [Abstract]  
Securities

6.         Securities



The amortized cost, gross unrealized gains and losses, and fair value of securities were as follows:





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

June 30, 2016



 

 

 

 

Gross

 

Gross

 

 

 



 

Amortized

 

Unrealized

 

Unrealized

 

Fair



 

Cost

 

Gains

 

Losses

 

Value



 

(In Thousands)

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

 54,932 

 

$

 3,421 

 

$

 (4)

 

$

 58,349 

Corporate obligations

 

 

 3,211 

 

 

 117 

 

 

 -

 

 

 3,328 

Mortgage-backed securities-

 

 

 

 

 

 

 

 

 

 

 

 

government sponsored entities

 

 

 66,986 

 

 

 757 

 

 

 (52)

 

 

 67,691 

Total debt securities

 

 

 125,129 

 

 

 4,295 

 

 

 (56)

 

 

 129,368 

Equity securities-financial services

 

 

 292 

 

 

 61 

 

 

 -

 

 

 353 



 

$

 125,421 

 

$

 4,356 

 

$

 (56)

 

$

 129,721 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



















 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2015



 

 

 

 

Gross

 

Gross

 

 

 



 

Amortized

 

Unrealized

 

Unrealized

 

Fair



 

Cost

 

Gains

 

Losses

 

Value



 

 

 

 

 

 

 

 

 

 

 

 



 

(In Thousands)

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agencies

 

$

 9,275 

 

$

 2 

 

$

 (108)

 

$

 9,169 

States and political subdivisions

 

 

 59,120 

 

 

 1,747 

 

 

 (112)

 

 

 60,755 

Corporate obligations

 

 

 4,933 

 

 

 45 

 

 

 (4)

 

 

 4,974 

Mortgage-backed securities-government

 

 

 

 

 

 

 

 

 

 

 

 

sponsored entities

 

 

 64,491 

 

 

 23 

 

 

 (945)

 

 

 63,569 

Total debt securities

 

 

 137,819 

 

 

 1,817 

 

 

 (1,169)

 

 

 138,467 

Equity securities-financial services

 

 

 292 

 

 

 92 

 

 

 -

 

 

 384 



 

$

 138,111 

 

$

 1,909 

 

$

 (1,169)

 

$

 138,851 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 





The following tables show the Company’s investments’ gross unrealized losses and fair value aggregated by length of time that individual securities have been in a continuous unrealized loss position (in thousands):







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



June 30, 2016



Less than 12 Months

 

12 Months or More

 

Total



Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

States and political subdivisions

$

 -

 

$

 -

 

$

 720 

 

$

 (4)

 

$

 720 

 

$

 (4)

Mortgage-backed securities-government sponsored entities

 

 1,058 

 

 

 (3)

 

 

 11,366 

 

 

 (49)

 

 

 12,424 

 

 

 (52)



$

 1,058 

 

$

 (3)

 

$

 12,086 

 

$

 (53)

 

$

 13,144 

 

$

 (56)







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



December 31, 2015



Less than 12 Months

 

12 Months or More

 

Total



Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

U.S. Government agencies

$

 6,058 

 

$

 (71)

 

$

 2,109 

 

$

 (37)

 

$

 8,167 

 

$

 (108)

States and political subdivisions

 

 9,086 

 

 

 (99)

 

 

 1,417 

 

 

 (13)

 

 

 10,503 

 

 

 (112)

Corporate obligations

 

 2,221 

 

 

 (4)

 

 

 -

 

 

 -

 

 

 2,221 

 

 

 (4)

Mortgage-backed securities-government sponsored entities

 

 40,300 

 

 

 (432)

 

 

 16,595 

 

 

 (513)

 

 

 56,895 

 

 

 (945)



$

 57,665 

 

$

 (606)

 

$

 20,121 

 

$

 (563)

 

$

 77,786 

 

$

 (1,169)









At June 30, 2016, the Company has 1 debt security in an unrealized loss position in the less than twelve months category and 13 debt securities in the twelve months or more category. In Management’s opinion the unrealized losses reflect changes in interest rates subsequent to the acquisition of specific securities.  No other-than-temporary-impairment charges were recorded in 2016.  Management believes that all unrealized losses represent temporary impairment of the securities as the Company does not have the intent to sell the securities and it is more likely than not that it will not have to sell the securities before recovery of its cost basis.



The amortized cost and fair value of debt securities as of June 30, 2016 by contractual maturity are shown below.  Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.







 

 

 

 

 

 



 

 

 

 

 

 



 

Available for Sale

 

 

Amortized Cost

 

Fair Value



 

 

(In Thousands)



 

 

 

 

 

 

Due in one year or less

 

$

 385 

 

$

 395 

Due after one year through five years

 

 

 4,595 

 

 

 4,749 

Due after five years through ten years

 

 

 5,815 

 

 

 6,038 

Due after ten years

 

 

 47,348 

 

 

 50,495 



 

 

 

 

 

 

Mortgage-backed securities-government sponsored agencies

 

 

 66,986 

 

 

 67,691 



 

$

 125,129 

 

$

 129,368 



Gross realized gains and gross realized losses on sales of securities available for sale were as follows (in thousands):









 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months

 

Six Months



 

Ended June 30,

 

Ended June 30,



 

2016

 

2015

 

2016

 

2015

Gross realized gains

 

$

 205 

 

$

 134 

 

$

 270 

 

$

 445 

Gross realized losses

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Net realized gain

 

$

 205 

 

$

 134 

 

$

 270 

 

$

 445 

Proceeds from sales of securities

 

$

 16,492 

 

$

 9,408 

 

$

 31,776 

 

$

 23,384