INVESTMENT SECURITIES AVAILABLE FOR SALE

3 Months Ended

Mar. 31, 2019

Investment Securities Available For Sale [Abstract]

INVESTMENT SECURITIES AVAILABLE FOR SALE

2.  INVESTMENT SECURITIES AVAILABLE FOR SALE

A summary of amortized cost and approximate fair value of investment securities available for sale included in the consolidated statements of condition as of March 31, 2019 and December 31, 2018 follows:

	March 31, 2019
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
U.S. government-sponsored agencies	$	86,678	$	85	$	(411	)	$	86,352
Mortgage-backed securities – residential		275,641		936		(2,246	)		274,331
SBA pool securities		3,644		—		(43	)		3,601
State and political subdivisions		17,123		37		(63	)		17,097
Corporate bond		3,000		19		—			3,019
Total	$	386,086	$	1,077	$	(2,763	)	$	384,400

	December 31, 2018
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
U.S. government-sponsored agencies	$	102,915	$	82	$	(984	)	$	102,013
Mortgage-backed securities – residential		254,383		418		(3,439	)		251,362
SBA pool securities		3,883		—		(44	)		3,839
State and political subdivisions		17,729		27		(146	)		17,610
Corporate bond		3,000		112		—			3,112
Total	$	381,910	$	639	$	(4,613	)	$	377,936

The following tables present the Company’s available for sale securities in a continuous unrealized loss position and the approximate fair value of these investments as of March 31, 2019 and December 31, 2018.

	March 31, 2019
	Duration of Unrealized Loss
	Less Than 12 Months					12 Months or Longer					Total
	Approximate					Approximate					Approximate
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(In thousands)	Value		Losses			Value		Losses			Value		Losses
U.S. government-sponsored agencies	$	—	$	—		$	38,571	$	(411	)	$	38,571	$	(411	)
Mortgage-backed securities-residential		24,456		(142	)		130,964		(2,104	)		155,420		(2,246	)
SBA pool securities		—		—			3,601		(43	)		3,601		(43	)
State and political subdivisions		—		—			5,108		(63	)		5,108		(63	)
Total	$	24,456	$	(142	)	$	178,244	$	(2,621	)	$	202,700	$	(2,763	)

	December 31, 2018
	Duration of Unrealized Loss
	Less Than 12 Months					12 Months or Longer					Total
	Approximate					Approximate					Approximate
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(In thousands)	Value		Losses			Value		Losses			Value		Losses
U.S. government-sponsored agencies	$	18,840	$	(103	)	$	33,600	$	(881	)	$	52,440	$	(984	)
Mortgage-backed securities-residential		51,697		(303	)		136,130		(3,136	)		187,827		(3,439	)
SBA pool securities		—		—			3,839		(44	)		3,839		(44	)
State and political subdivisions		421		(1	)		7,274		(145	)		7,695		(146	)
Total	$	70,958	$	(407	)	$	180,843	$	(4,206	)	$	251,801	$	(4,613	)

Management believes that the unrealized losses on investment securities available for sale are temporary and are due to interest rate fluctuations and/or volatile market conditions rather than the credit worthiness of the issuers.  As of March 31, 2019, the Company does not intend to sell these securities nor is it likely that it will be required to sell the securities before their anticipated recovery; therefore, none of the securities in an unrealized loss position were determined to be other-than-temporarily impaired.

During the first quarter of 2018, the Company adopted ASU 2016-01 “Financial Instruments” which resulted in the reclassification of the Company’s investment in the CRA investment fund from available for sale to an equity security. This security had a gain of $59 thousandfor the three months ended March 31, 2019.  This amount is included in securities gains/(losses) on the Consolidated Statements of Income.