Investment in Securities (Tables)

9 Months Ended

Sep. 30, 2018

Investment in Securities [Abstract]

Investments in Securities

Investments in securities at September 30, 2018, December 31, 2017 and September 30, 2017 consisted of the following:

	September 30, 2018				December 31, 2017				September 30, 2017
			Estimated				Estimated				Estimated
	Cost		Market Value		Cost		Market Value		Cost		Market Value
	(In thousands)
Securities carried at FVTNI (trading securities for comparative periods):
US Government Obligations	$	-	$	-	$	-	$	-	$	59,905	$	59,954
Common stocks		18,154		28,666		26		34		24		31
Mutual Funds		44		44		11		11		11		11
Closed-end funds		951		994		-		-		-		-
Total securities carried at FVTNI		19,149		29,704		37		45		59,940		59,996
Available for sale securities:
Common stocks		-		-		17,441		36,637		21,319		41,315
Closed-end funds		-		-		99		108		99		114
Total available for sale securities		-		-		17,540		36,745		21,418		41,429
Total investments in securities	$	19,149	$	29,704	$	17,577	$	36,790	$	81,358	$	101,425

Reclassifications Out of Accumulated Other Comprehensive Income

The following table identifies all reclassifications out of accumulated other comprehensive income (“AOCI”) into income for the three and nine months ended September 30, 2017 (in thousands).  (No disclosure is needed for the three and nine months ended September 30, 2018 due to the adoption of ASU 2016-01.)

Amount								Affected Line Items	Reason for
Reclassified								in the Statements	Reclassification
from AOCI								Of Income	from AOCI
Three months ended				Nine months ended
September 30, 2017				September 30, 2017
	$	20			$	20		Net gain from investments	Realized gain on sale of AFS securities
		2,821				2,855		Other operating expenses/net gain from investments	Realized gain on donation of AFS securities
	$	2,841			$	2,875		Income before income taxes
		(1,051	)			(1,064	)	Income tax provision
	$	1,790			$	1,811		Net income

Available-for-sale Securities

The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available for sale investments as of December 31, 2017 and September 30, 2017.  (No disclosures are required as of September 30, 2018 due to the adoption of ASU 2016-01.)

	December 31, 2017
			Gross			Gross			Estimated
			Unrealized			Unrealized			Market
	Cost		Gains			Losses			Value
	(In thousands)
Common stocks	$	17,441		$	19,196		$	-		$	36,637
Closed-end funds		99			9			-			108
Total available for sale securities	$	17,540		$	19,205		$	-		$	36,745
	September 30, 2017
			Gross			Gross			Estimated
			Unrealized			Unrealized			Market
	Cost		Gains			Losses			Value
	(In thousands)
Common stocks	$	21,319		$	19,996		$	-		$	41,315
Closed-end funds		99			15			-			114
Total available for sale securities	$	21,418		$	20,011		$	-		$	41,429