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Securities
 6 Months Ended
Jun. 30, 2018
Securities [Abstract]  
Securities

7.         Securities



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





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

June 30, 2018



 

 

 

 

Gross

 

Gross

 

 

 



 

Amortized

 

Unrealized

 

Unrealized

 

Fair



 

Cost

 

Gains

 

Losses

 

Value



 

(In Thousands)

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

 104,115 

 

$

 477 

 

$

 (2,620)

 

$

 101,972 

Corporate obligations

 

 

 8,980 

 

 

 -

 

 

 (270)

 

 

 8,710 

Mortgage-backed securities-

 

 

 

 

 

 

 

 

 

 

 

 

government sponsored entities

 

 

 155,725 

 

 

 3 

 

 

 (6,968)

 

 

 148,760 

Total debt securities

 

$

 268,820 

 

$

 480 

 

$

 (9,858)

 

$

 259,442 



 

 

 

 

 

 

 

 

 

 

 

 





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2017



 

 

 

 

Gross

 

Gross

 

 

 



 

Amortized

 

Unrealized

 

Unrealized

 

Fair



 

Cost

 

Gains

 

Losses

 

Value



 

 

 

 

 

 

 

 

 

 

 

 



 

(In Thousands)

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

 2,001 

 

$

 -

 

$

 (3)

 

$

 1,998 

States and political subdivisions

 

 

 120,000 

 

 

 1,535 

 

 

 (1,057)

 

 

 120,478 

Corporate obligations

 

 

 10,068 

 

 

 16 

 

 

 (95)

 

 

 9,989 

Mortgage-backed securities-government

 

 

 

 

 

 

 

 

 

 

 

 

sponsored entities

 

 

 152,901 

 

 

 17 

 

 

 (4,262)

 

 

 148,656 

Total debt securities

 

$

 284,970 

 

$

 1,568 

 

$

 (5,417)

 

$

 281,121 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

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, 2018



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

$

 36,534 

 

$

 (860)

 

$

 42,947 

 

$

 (1,760)

 

$

 79,481 

 

$

 (2,620)

Corporate obligations

 

 2,065 

 

 

 (22)

 

 

 6,645 

 

 

 (248)

 

 

 8,710 

 

 

 (270)

Mortgage-backed securities-government sponsored entities

 

 29,724 

 

 

 (766)

 

 

 114,524 

 

 

 (6,202)

 

 

 144,248 

 

 

 (6,968)



$

 68,323 

 

$

 (1,648)

 

$

 164,116 

 

$

 (8,210)

 

$

 232,439 

 

$

 (9,858)







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



December 31, 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

$

 -

 

$

 -

 

$

 1,998 

 

$

 (3)

 

$

 1,998 

 

$

 (3)

States and political subdivisions

 

 17,310 

 

 

 (228)

 

 

 44,948 

 

 

 (829)

 

 

 62,258 

 

 

 (1,057)

Corporate obligations

 

 -

 

 

 -

 

 

 6,859 

 

 

 (95)

 

 

 6,859 

 

 

 (95)

Mortgage-backed securities-government sponsored entities

 

 22,250 

 

 

 (320)

 

 

 125,846 

 

 

 (3,942)

 

 

 148,096 

 

 

 (4,262)



$

 39,560 

 

$

 (548)

 

$

 179,651 

 

$

 (4,869)

 

$

 219,211 

 

$

 (5,417)





At June 30, 2018, the Company had 79 debt securities in an unrealized loss position in the less than twelve months category and 160 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 2018.  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, 2018 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

 

$

 2,304 

 

$

 2,320 

Due after one year through five years

 

 

 21,279 

 

 

 20,903 

Due after five years through ten years

 

 

 44,371 

 

 

 42,719 

Due after ten years

 

 

 45,141 

 

 

 44,740 

Mortgage-backed securities-government sponsored entities

 

 

 155,725 

 

 

 148,760 



 

$

 268,820 

 

$

 259,442 



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,



 

2018

 

2017

 

2018

 

2017

Gross realized gains

 

$

 58 

 

$

 31 

 

$

 200 

 

$

 43 

Gross realized losses

 

 

 -

 

 

 -

 

 

 -

 

 

 (6)

Net realized gain

 

$

 58 

 

$

 31 

 

$

 200 

 

$

 37 

Proceeds from sales of securities

 

$

 3,822 

 

$

 1,831 

 

$

 14,583 

 

$

 1,835 







Securities with a carrying value of $219,244,000 and $226,759,000 at June 30, 2018 and 2017, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law.