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Securities
 3 Months Ended
Mar. 31, 2019
Securities [Abstract]  
Securities

7.         Securities



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





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

March 31, 2019



 

 

 

 

Gross

 

Gross

 

 

 



 

Amortized

 

Unrealized

 

Unrealized

 

Fair



 

Cost

 

Gains

 

Losses

 

Value



 

(In Thousands)

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

 97,955 

 

$

 726 

 

$

 (488)

 

$

 98,193 

Corporate obligations

 

 

 8,854 

 

 

 -

 

 

 (107)

 

 

 8,747 

Mortgage-backed securities-

 

 

 

 

 

 

 

 

 

 

 

 

government sponsored entities

 

 

 137,121 

 

 

 52 

 

 

 (3,492)

 

 

 133,681 

Total debt securities

 

$

 243,930 

 

$

 778 

 

$

 (4,087)

 

$

 240,621 



 

 

 

 

 

 

 

 

 

 

 

 





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2018



 

 

 

 

Gross

 

Gross

 

 

 



 

Amortized

 

Unrealized

 

Unrealized

 

Fair



 

Cost

 

Gains

 

Losses

 

Value



 

 

 

 

 

 

 

 

 

 

 

 



 

(In Thousands)

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

 99,218 

 

$

 385 

 

$

 (1,990)

 

$

 97,613 

Corporate obligations

 

 

 8,896 

 

 

 -

 

 

 (256)

 

 

 8,640 

Mortgage-backed securities-government

 

 

 

 

 

 

 

 

 

 

 

 

sponsored entities

 

 

 142,197 

 

 

 25 

 

 

 (5,198)

 

 

 137,024 

Total debt securities

 

$

 250,311 

 

$

 410 

 

$

 (7,444)

 

$

 243,277 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

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):





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



March 31, 2019



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

$

 773 

 

$

 (11)

 

$

 52,523 

 

$

 (477)

 

$

 53,296 

 

$

 (488)

Corporate obligations

 

 -

 

 

 -

 

 

 8,747 

 

 

 (107)

 

 

 8,747 

 

 

 (107)

Mortgage-backed securities-government sponsored entities

 

 1,747 

 

 

 (2)

 

 

 120,061 

 

 

 (3,490)

 

 

 121,808 

 

 

 (3,492)



$

 2,520 

 

$

 (13)

 

$

 181,331 

 

$

 (4,074)

 

$

 183,851 

 

$

 (4,087)







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



December 31, 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

$

 19,140 

 

$

 (390)

 

$

 56,740 

 

$

 (1,600)

 

$

 75,880 

 

$

 (1,990)

Corporate obligations

 

 2,045 

 

 

 (21)

 

 

 6,595 

 

 

 (235)

 

 

 8,640 

 

 

 (256)

Mortgage-backed securities-government sponsored entities

 

 8,444 

 

 

 (22)

 

 

 122,950 

 

 

 (5,176)

 

 

 131,394 

 

 

 (5,198)



$

 29,629 

 

$

 (433)

 

$

 186,285 

 

$

 (7,011)

 

$

 215,914 

 

$

 (7,444)





At March 31, 2019, the Company had two debt securities in an unrealized loss position in the less than twelve months category and 183 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 2019.  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 March 31, 2019 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

 

$

 2,689 

 

$

 2,689 

Due after one year through five years

 

 

 21,030 

 

 

 20,874 

Due after five years through ten years

 

 

 45,176 

 

 

 44,948 

Due after ten years

 

 

 37,914 

 

 

 38,429 



 

 

 106,809 

 

 

 106,940 

Mortgage-backed securities-government sponsored entities

 

 

 137,121 

 

 

 133,681 



 

$

 243,930 

 

$

 240,621 

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







 

 

 

 

 

 



 

 

 

 

 

 



 

Three Months



 

Ended March 31,



 

2019

 

2018

Gross realized gains

 

$

 -

 

$

 142 

Gross realized losses

 

 

 -

 

 

 -

Net realized gain

 

$

 -

 

$

 142 

Proceeds from sales of securities

 

$

 327 

 

$

 10,761 

















Securities with a carrying value of $196,137,000 and $216,435,000 at March 31, 2019 and 2018, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law.