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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2019
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 March 31, 2019 and December 31, 2018, by contractual maturity within each type:
 
At March 31, 2019
 
At December 31, 2018
(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
$
6,997

 
$
—

 
$
(46
)
 
$
6,951

 
$
6,996

 
$
—

 
$
(104
)
 
$
6,892

 
6,997

 
—

 
(46
)
 
6,951

 
6,996

 
—

 
(104
)
 
6,892

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
After 5 years to 10 years
11,005

 
23

 
(54
)
 
10,974

 
11,573

 
—

 
(135
)
 
11,438

Over 10 years
130,468

 
852

 
(285
)
 
131,035

 
124,065

 
287

 
(1,107
)
 
123,245

 
141,473

 
875

 
(339
)
 
142,009

 
135,638

 
287

 
(1,242
)
 
134,683

Total
$
148,470

 
$
875

 
$
(385
)
 
$
148,960

 
$
142,634

 
$
287

 
$
(1,346
)
 
$
141,575

Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government corporations and agencies:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Within 1 year
$
10,067

 
$
—

 
$
(41
)
 
$
10,026

 
$
15,108

 
$
—

 
$
(90
)
 
$
15,018

After 1 year to 5 years
302

 
—

 
(5
)
 
297

 
303

 
—

 
(6
)
 
297


10,369

 
—

 
(46
)
 
10,323

 
15,411

 
—

 
(96
)
 
15,315

State and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Within 1 year
3,483

 
6

 
—

 
3,489

 
5,900

 
4

 
(6
)
 
5,898

After 1 year to 5 years
17,439

 
83

 
(1
)
 
17,521

 
15,459

 
36

 
(56
)
 
15,439

After 5 years to 10 years
40,506

 
458

 
—

 
40,964

 
43,923

 
318

 
(163
)
 
44,078


61,428

 
547

 
(1
)
 
61,974

 
65,282

 
358

 
(225
)
 
65,415

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
After 1 year to 5 years
6,204

 
11

 
(75
)
 
6,140

 
5,799

 
3

 
(70
)
 
5,732

After 5 years to 10 years
46,409

 
14

 
(711
)
 
45,712

 
49,904

 
6

 
(1,381
)
 
48,529

Over 10 years
97,524

 
52

 
(1,663
)
 
95,913

 
100,873

 
26

 
(3,398
)
 
97,501


150,137

 
77

 
(2,449
)
 
147,765

 
156,576

 
35

 
(4,849
)
 
151,762

Collateralized mortgage obligations:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
After 5 years to 10 years
1,589

 
—

 
(60
)
 
1,529

 
1,677

 
—

 
(78
)
 
1,599

Over 10 years
1,260

 
—

 
(3
)
 
1,257

 
1,305

 
—

 
(16
)
 
1,289


2,849

 
—

 
(63
)
 
2,786

 
2,982

 
—

 
(94
)
 
2,888

Corporate bonds:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Within 1 year
8,299

 
—

 
(42
)
 
8,257

 
7,806

 
—

 
(68
)
 
7,738

After 1 year to 5 years
16,512

 
7

 
(104
)
 
16,415

 
18,508

 
1

 
(332
)
 
18,177

After 5 years to 10 years
15,139

 
—

 
(289
)
 
14,850

 
16,146

 
—

 
(392
)
 
15,754

Over 10 years
60,000

 
—

 
(6,722
)
 
53,278

 
60,000

 
—

 
(8,542
)
 
51,458


99,950

 
7

 
(7,157
)
 
92,800

 
102,460

 
1

 
(9,334
)
 
93,127

Total
$
324,733

 
$
631

 
$
(9,716
)
 
$
315,648

 
$
342,711

 
$
394

 
$
(14,598
)
 
$
328,507
Information Related to Sales of Securities Available-for-Sale
The following table presents information related to sales of securities available-for-sale during the three months ended March 31, 2019 and 2018:
 
Three Months Ended March 31,
(Dollars in thousands)
2019
 
2018
Securities available-for-sale:
 
 
 
Proceeds from sales
$
491

 
$
1,010

Gross realized gains on sales
1

 
10

Tax expense related to net realized gains on sales
—

 
2
Amount of Securities in Unrealized Loss Position
The following table shows the fair value of securities that were in an unrealized loss position at March 31, 2019 and December 31, 2018 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 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 March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. government corporations and agencies
$
—

 
$
—

 
$
6,951

 
$
(46
)
 
$
6,951

 
$
(46
)
Residential mortgage-backed securities
8,054

 
(2
)
 
40,353

 
(337
)
 
48,407

 
(339
)
Total
$
8,054

 
$
(2
)
 
$
47,304

 
$
(383
)
 
$
55,358

 
$
(385
)
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
U.S. government corporations and agencies
$
—

 
$
—

 
$
10,323

 
$
(46
)
 
$
10,323

 
$
(46
)
State and political subdivisions
1,045

 
—

 
1,018

 
(1
)
 
2,063

 
(1
)
Residential mortgage-backed securities
—

 
—

 
141,650

 
(2,449
)
 
141,650

 
(2,449
)
Collateralized mortgage obligations
—

 
—

 
2,786

 
(63
)
 
2,786

 
(63
)
Corporate bonds
1,489

 
(10
)
 
88,304

 
(7,147
)
 
89,793

 
(7,157
)
Total
$
2,534

 
$
(10
)
 
$
244,081

 
$
(9,706
)
 
$
246,615

 
$
(9,716
)
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
)