Securities Available for Sale (Tables)

3 Months Ended

Mar. 31, 2018

Available-for-sale Securities [Abstract]

Schedule of amortized costs and fair values of securities AFS

	March 31, 2018
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross  Unrealized  Losses		Fair Value
U.S. government agency securities	$	26,707	$	-	$	522	$	26,185
State, county and municipals		179,951		75		4,117		175,909
Mortgage-backed securities		155,040		106		4,023		151,123
Corporate debt securities		48,314		210		611		47,913
Total	$	410,012	$	391	$	9,273	$	401,130

	December 31, 2017
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross  Unrealized  Losses		Fair Value
U.S. government agency securities	$	26,586	$	-	$	377	$	26,209
State, county and municipals		186,128		180		2,264		184,044
Mortgage-backed securities		157,705		160		2,333		155,532
Corporate debt securities		36,387		449		39		36,797
Equity securities *		1,287		1,284		-		2,571
Total	$	408,093	$	2,073	$	5,013	$	405,153

* Effective January 1, 2018, the Company adopted ASU 2016-01, which requires equity securities with readily determinable fair values to be measured at fair value with changes in the fair value recognized through net income. Such securities are no longer reflected as securities AFS. As a result of this accounting change, in the first quarter of 2018 the Company recognized a cumulative-effect adjustment from accumulated other comprehensive income to retained earnings of approximately $0.9 million in the consolidated statement of stockholders’ equity for the net of tax impact of the unrealized gain on equity securities as of the date of adoption and recognized a loss of $25,000 in the consolidated statements of income for the change in fair value on equity securities since adoption. In addition, the approximately $2.5 million current fair value of equity securities is now reflected within other investments on the consolidated balance sheets rather than as securities AFS. Prior periods have not been restated for the impact of this accounting change. See Note 1 for additional information on this new accounting standard.

Schedule of unrealized losses and fair value

	March 31, 2018
	Less than 12 months				12 months or more				Total
($ in thousands)	Fair  Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities
U.S. government agency securities	$	10,364	$	162	$	15,821	$	360	$	26,185	$	522		2
State, county and municipals		110,719		2,137		48,123		1,980		158,842		4,117		468
Mortgage-backed securities		73,606		1,522		65,367		2,501		138,973		4,023		228
Corporate debt securities		31,632		611		-		-		31,632		611		16
Total	$	226,321	$	4,432	$	129,311	$	4,841	$	355,632	$	9,273		714

	December 31, 2017
	Less than 12 months				12 months or more				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair  Value		Unrealized Losses		Number of Securities
U.S. government agency securities	$	26,209	$	377	$	-	$	-	$	26,209	$	377		2
State, county and municipals		110,157		1,097		49,326		1,167		159,483		2,264		465
Mortgage-backed securities		72,210		735		65,537		1,598		137,747		2,333		215
Corporate debt securities		10,172		39		-		-		10,172		39		5
Total	$	218,748	$	2,248	$	114,863	$	2,765	$	333,611	$	5,013		687

Schedule of amortized cost and fair value classified by contractual maturities

	March 31, 2018
(in thousands)	Amortized Cost		Fair Value
Due in less than one year	$	17,307	$	17,278
Due in one year through five years		128,152		126,324
Due after five years through ten years		102,246		98,947
Due after ten years		7,267		7,458
		254,972		250,007
Mortgage-backed securities		155,040		151,123
Securities available for sale	$	410,012	$	401,130