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Securities
 6 Months Ended
Jun. 30, 2017
Securities [Abstract]  
Securities

6.         Securities



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





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

June 30, 2017



 

 

 

 

Gross

 

Gross

 

 

 



 

Amortized

 

Unrealized

 

Unrealized

 

Fair



 

Cost

 

Gains

 

Losses

 

Value



 

(In Thousands)

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

 2,003 

 

$

 -

 

$

 (9)

 

$

 1,994 

States and political subdivisions

 

 

 128,343 

 

 

 1,510 

 

 

 (1,215)

 

 

 128,638 

Corporate obligations

 

 

 10,162 

 

 

 44 

 

 

 (92)

 

 

 10,114 

Mortgage-backed securities-

 

 

 

 

 

 

 

 

 

 

 

 

government sponsored entities

 

 

 162,670 

 

 

 37 

 

 

 (3,212)

 

 

 159,495 

Total debt securities

 

 

 303,178 

 

 

 1,591 

 

 

 (4,528)

 

 

 300,241 

Equity securities-financial services

 

 

 292 

 

 

 134 

 

 

 -

 

 

 426 



 

$

 303,470 

 

$

 1,725 

 

$

 (4,528)

 

$

 300,667 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 















 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2016



 

 

 

 

Gross

 

Gross

 

 

 



 

Amortized

 

Unrealized

 

Unrealized

 

Fair



 

Cost

 

Gains

 

Losses

 

Value



 

 

 

 

 

 

 

 

 

 

 

 



 

(In Thousands)

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

 2,005 

 

$

 -

 

$

 (8)

 

$

 1,997 

States and political subdivisions

 

 

 127,585 

 

 

 884 

 

 

 (3,368)

 

 

 125,101 

Corporate obligations

 

 

 10,255 

 

 

 37 

 

 

 (180)

 

 

 10,112 

Mortgage-backed securities-government

 

 

 

 

 

 

 

 

 

 

 

 

sponsored entities

 

 

 169,124 

 

 

 26 

 

 

 (4,220)

 

 

 164,930 

Total debt securities

 

 

 308,969 

 

 

 947 

 

 

 (7,776)

 

 

 302,140 

Equity securities-financial services

 

 

 320 

 

 

 104 

 

 

 -

 

 

 424 



 

$

 309,289 

 

$

 1,051 

 

$

 (7,776)

 

$

 302,564 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 







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, 2017



Less than 12 Months

 

12 Months or More

 

Total



Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

U.S. Treasury securities

$

 1,994 

 

$

 (9)

 

$

 -

 

$

 -

 

$

 1,994 

 

$

 (9)

States and political subdivisions

 

 78,120 

 

 

 (1,212)

 

 

 208 

 

 

 (3)

 

 

 78,328 

 

 

 (1,215)

Corporate obligations

 

 6,923 

 

 

 (92)

 

 

 -

 

 

 -

 

 

 6,923 

 

 

 (92)

Mortgage-backed securities-government sponsored entities

 

 148,255 

 

 

 (2,973)

 

 

 9,071 

 

 

 (239)

 

 

 157,326 

 

 

 (3,212)



$

 235,292 

 

$

 (4,286)

 

$

 9,279 

 

$

 (242)

 

$

 244,571 

 

$

 (4,528)







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



December 31, 2016



Less than 12 Months

 

12 Months or More

 

Total



Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

U.S. Treasury securities

$

 1,997 

 

$

 (8)

 

$

 -

 

$

 -

 

$

 1,997 

 

$

 (8)

States and political subdivisions

 

 90,109 

 

 

 (3,362)

 

 

 205 

 

 

 (6)

 

 

 90,314 

 

 

 (3,368)

Corporate obligations

 

 6,895 

 

 

 (180)

 

 

 -

 

 

 -

 

 

 6,895 

 

 

 (180)

Mortgage-backed securities-government sponsored entities

 

 152,614 

 

 

 (3,912)

 

 

 9,967 

 

 

 (308)

 

 

 162,581 

 

 

 (4,220)



$

 251,615 

 

$

 (7,462)

 

$

 10,172 

 

$

 (314)

 

$

 261,787 

 

$

 (7,776)







At June 30, 2017, the Company has 215 debt securities in an unrealized loss position in the less than twelve months category and 12 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 2017.  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, 2017 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

 

$

 4,192 

 

$

 4,205 

Due after one year through five years

 

 

 19,620 

 

 

 19,566 

Due after five years through ten years

 

 

 48,419 

 

 

 47,889 

Due after ten years

 

 

 68,277 

 

 

 69,086 



 

 

 

 

 

 

Mortgage-backed securities-government sponsored agencies

 

 

 162,670 

 

 

 159,495 



 

$

 303,178 

 

$

 300,241 



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,



 

2017

 

2016

 

2017

 

2016

Gross realized gains

 

$

 31 

 

$

 205 

 

$

 43 

 

$

 270 

Gross realized losses

 

 

 -

 

 

 -

 

 

 (6)

 

 

 -

Net realized gain

 

$

 31 

 

$

 205 

 

$

 37 

 

$

 270 

Proceeds from sales of securities

 

$

 1,831 

 

$

 16,492 

 

$

 1,835 

 

$

 31,776 







Securities with a carrying value of $226,759,000 and $110,266,000 at June 30, 2017 and 2016, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law.  The increase reflects pledging requirements resulting from the acquisition of Delaware Bancshares, Inc. (“Delaware”).