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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Amortized cost and estimated fair value of held to maturity securities and available for sale securities by contractual maturity
The following table shows the amortized cost and the estimated fair value of the held-to-maturity securities and available-for-sale securities at December 31, 2018 and 2017, by contractual maturity within each type:
 
At December 31, 2018
 
At December 31, 2017
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government corporations and agencies:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
After 1 year to 5 years
$
6,996

 
$
—

 
$
(104
)
 
$
6,892

 
$
6,995

 
$
—

 
$
(77
)
 
$
6,918

 
6,996

 
—

 
(104
)
 
6,892

 
6,995

 
—

 
(77
)
 
6,918

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
After 5 years to 10 years
11,573

 
—

 
(135
)
 
11,438

 
8,944

 
—

 
(51
)
 
8,893

Over 10 years
124,065

 
287

 
(1,107
)
 
123,245

 
39,625

 
44

 
(160
)
 
39,509

 
135,638

 
287

 
(1,242
)
 
134,683

 
48,569

 
44

 
(211
)
 
48,402

Total
$
142,634

 
$
287

 
$
(1,346
)
 
$
141,575

 
$
55,564

 
$
44

 
$
(288
)
 
$
55,320

Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government corporations and agencies:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Within 1 year
$
15,108

 
$
—

 
$
(90
)
 
$
15,018

 
$
1,499

 
$
—

 
$
(3
)
 
$
1,496

After 1 year to 5 years
303

 
—

 
(6
)
 
297

 
15,590

 
—

 
(125
)
 
15,465


15,411

 
—

 
(96
)
 
15,315

 
17,089

 
—

 
(128
)
 
16,961

State and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Within 1 year
5,900

 
4

 
(6
)
 
5,898

 
2,721

 
1

 
(6
)
 
2,716

After 1 year to 5 years
15,459

 
36

 
(56
)
 
15,439

 
16,787

 
33

 
(44
)
 
16,776

After 5 years to 10 years
43,923

 
318

 
(163
)
 
44,078

 
54,846

 
897

 
(73
)
 
55,670

Over 10 years
—

 
—

 
—

 
—

 
3,120

 
15

 
—

 
3,135


65,282

 
358

 
(225
)
 
65,415

 
77,474

 
946

 
(123
)
 
78,297

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
After 1 year to 5 years
5,799

 
3

 
(70
)
 
5,732

 
3,913

 
12

 
(26
)
 
3,899

After 5 years to 10 years
49,904

 
6

 
(1,381
)
 
48,529

 
51,428

 
5

 
(852
)
 
50,581

Over 10 years
100,873

 
26

 
(3,398
)
 
97,501

 
133,237

 
87

 
(2,383
)
 
130,941


156,576

 
35

 
(4,849
)
 
151,762

 
188,578

 
104

 
(3,261
)
 
185,421

Collateralized mortgage obligations:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
After 5 years to 10 years
1,677

 
—

 
(78
)
 
1,599

 
2,103

 
—

 
(82
)
 
2,021

Over 10 years
1,305

 
—

 
(16
)
 
1,289

 
1,567

 
14

 
—

 
1,581


2,982

 
—

 
(94
)
 
2,888

 
3,670

 
14

 
(82
)
 
3,602

Corporate bonds:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Within 1 year
7,806

 
—

 
(68
)
 
7,738

 
10,006

 
—

 
(5
)
 
10,001

After 1 year to 5 years
18,508

 
1

 
(332
)
 
18,177

 
24,885

 
20

 
(147
)
 
24,758

After 5 years to 10 years
16,146

 
—

 
(392
)
 
15,754

 
16,669

 
71

 
(296
)
 
16,444

Over 10 years
60,000

 
—

 
(8,542
)
 
51,458

 
60,000

 
—

 
(4,027
)
 
55,973


102,460

 
1

 
(9,334
)
 
93,127

 
111,560

 
91

 
(4,475
)
 
107,176

Equity securities*
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No stated maturity
N/A

 
N/A

 
N/A

 
N/A

 
6,395

 
667

 
(1
)
 
7,061


N/A

 
N/A

 
N/A

 
N/A

 
6,395

 
667

 
(1
)
 
7,061

Total
$
342,711

 
$
394

 
$
(14,598
)
 
$
328,507

 
$
404,766

 
$
1,822

 
$
(8,070
)
 
$
398,518
Information Related to Sales of Securities Available-for-Sale
The following table presents information related to sales of securities available-for-sale during the years ended December 31, 2018, 2017 and 2016:
 
For the Years Ended December 31,
(Dollars in thousands)
2018
 
2017
 
2016
Securities available-for-sale:
 
 
 
 
 
Proceeds from sales
$
1,010

 
$
7,069

 
$
77,290

Gross realized gains on sales
10

 
74

 
600

Gross realized losses on sales
—

 
26

 
82

Tax expense related to net realized gains on sales
2

 
17

 
181
Schedule of Securities in Unrealized Loss Position
The following table shows the fair value of securities that were in an unrealized loss position at December 31, 2018 and 2017 by the length of time those securities were in a continuous loss position. For the investment securities in an unrealized loss position, the Corporation has concluded, based on its analysis, that the unrealized losses are primarily caused by the movement of interest rates and current market conditions and are not an other-than-temporary impairment of the securities. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the par value of the investment. It is more likely than not that the Corporation will not be required to sell the investments before a recovery of carrying value.
 
Less than
Twelve Months
 
Twelve Months
or Longer
 
Total
(Dollars in thousands)
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
At December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. government corporations and agencies
$
—

 
$
—

 
$
6,892

 
$
(104
)
 
$
6,892

 
$
(104
)
Residential mortgage-backed securities
48,192

 
(472
)
 
34,501

 
(770
)
 
82,693

 
(1,242
)
Total
$
48,192

 
$
(472
)
 
$
41,393

 
$
(874
)
 
$
89,585

 
$
(1,346
)
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
U.S. government corporations and agencies
$
—

 
$
—

 
$
15,315

 
$
(96
)
 
$
15,315

 
$
(96
)
State and political subdivisions
9,311

 
(61
)
 
15,302

 
(164
)
 
24,613

 
(225
)
Residential mortgage-backed securities
7,099

 
(106
)
 
141,924

 
(4,743
)
 
149,023

 
(4,849
)
Collateralized mortgage obligations
1,289

 
(16
)
 
1,599

 
(78
)
 
2,888

 
(94
)
Corporate bonds
16,896

 
(235
)
 
75,730

 
(9,099
)
 
92,626

 
(9,334
)
Total
$
34,595

 
$
(418
)
 
$
249,870

 
$
(14,180
)
 
$
284,465

 
$
(14,598
)
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. government corporations and agencies
$
6,919

 
$
(77
)
 
$
—

 
$
—

 
$
6,919

 
$
(77
)
Residential mortgage-backed securities
40,881

 
(211
)
 
—

 
—

 
40,881

 
(211
)
Total
$
47,800

 
$
(288
)
 
$
—

 
$
—

 
$
47,800

 
$
(288
)
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
U.S. government corporations and agencies
$
5,213

 
$
(38
)
 
$
11,749

 
$
(90
)
 
$
16,962

 
$
(128
)
State and political subdivisions
18,457

 
(91
)
 
6,332

 
(32
)
 
24,789

 
(123
)
Residential mortgage-backed securities
32,217

 
(210
)
 
141,371

 
(3,051
)
 
173,588

 
(3,261
)
Collateralized mortgage obligations
—

 
—

 
2,021

 
(82
)
 
2,021

 
(82
)
Corporate bonds
18,464

 
(1,016
)
 
71,957

 
(3,459
)
 
90,421

 
(4,475
)
Equity securities
—

 
(1
)
 
4

 
—

 
4

 
(1
)
Total
$
74,351

 
$
(1,356
)
 
$
233,434

 
$
(6,714
)
 
$
307,785

 
$
(8,070
)

At December 31, 2018, gross unrealized losses for securities available-for-sale in an unrealized loss position for twelve months or longer, totaled $14.2 million. Four federal agency bonds, twenty-eight investment grade corporate bonds, 121 federal agency residential mortgage securities, nineteen investment grade municipal bonds and one collateralized mortgage obligation bond had respective unrealized loss positions of $96 thousand, $9.1 million, $4.7 million, $164 thousand and $78 thousand, respectively. The fair value of these 173 securities fluctuate with changes in market conditions which for these underlying securities is primarily due to changes in the interest rate environment. The Corporation does not intend to sell the securities in an unrealized loss position and is unlikely to be required to sell these securities before a recovery of fair value, which may be maturity. Upon review of the attributes of the individual securities, the Corporation concluded these securities were not other-than-temporarily impaired. The Corporation did not recognize any other-than-temporary impairment charges on debt securities for the years ended December 31, 2018, 2017 and 2016.

In conjunction with the adoption of ASU 2016-01, the Corporation recognized a $153 thousand net loss on equity securities during the year ended December 31, 2018 in other noninterest income and the net unrealized loss on equity securities held at December 31, 2018 was $153 thousand. See Note 1, "Summary of Significant Accounting Policies - Accounting Pronouncements Adopted in 2018" for additional information.