Securities (Tables)

9 Months Ended

Sep. 30, 2018

The amortized cost and fair value of securities available for sale as of September 30, 2018 and December 31, 2017, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the securities may be called or prepaid with or without prepayment penalties.


		September 30, 2018
(Dollars in thousands)						Gross		Gross
		Amortized		Fair		Unrealized		Unrealized
Securities Available for Sale		Cost		Value		Gains		Losses
Type and Maturity
Obligations of U.S. Government agencies and corporations
Within one year	$	6,000	$	5,997	$	-	$	(3)
After one year but within five years		24,997		23,916		-		(1,081)
After five years but within ten years		3,999		3,789		-		(210)
		34,996		33,702		-		(1,294)
Obligations of state and political subdivisions
Within one year		1,053		1,051		-		(2)
After one year but within five years		14,250		14,016		6		(240)
After five years but within ten years		4,648		4,448		2		(202)
		19,951		19,515		8		(444)
Mortgage-backed securities		89,357		85,433		-		(3,924)
Total securities available for sale	$	144,304	$	138,650	$	8	$	(5,662)


		December 31, 2017
(Dollars in thousands)						Gross		Gross
		Amortized		Fair		Unrealized		Unrealized
Securities Available for Sale		Cost		Value		Gains		Losses
Type and Maturity
Obligations of U.S. Government agencies and corporations
Within one year	$	6,000	$	5,969	$	-	$	(31)
After one year but within five years		15,000		14,689		-		(311)
After five years but within ten years		13,998		13,556		-		(442)
		34,998		34,214		-		(784)
Obligations of state and political subdivisions
Within one year		2,521		2,516		-		(5)
After one year but within five years		13,959		13,955		50		(54)
After five years but within ten years		8,611		8,510		18		(119)
		25,091		24,981		68		(178)
Mortgage-backed securities		94,945		93,510		38		(1,473)
Equity securities		922		1,119		197		-
Total	$	155,956	$	153,824	$	303	$	(2,435)

Summary of Proceeds and Realized Gain/(Loss)

The following table summarizes proceeds received from sales or calls of available for sale investment securities transactions and the resulting realized gains and losses.


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	September 30,				September 30,
	2018		2017		2018		2017
Gross proceeds from sales and calls of securities	$	-	$	10,166	$	4,285	$	21,800
Securities available for sale:
Gross realized gains from sold and called securities	$	-	$	30	$	-	$	539
Gross realized losses from sold and called securities		-		(28)		(15)		(32)
Gross gains from business combinations		-		-		-		3
Net (losses) gains	$	-	$	2	$	(15)	$	510

Schedule of Gross Unrealized Losses and Fair Value

The following tables show gross unrealized losses and fair values of securities available for sale, aggregated by category and length of time the individual securities have been in a continuous unrealized loss position, at September 30, 2018 and December 31, 2017:


	Unrealized Losses at September 30, 2018
	Less Than 12 Months					12 Months or More					Total
	Number					Number					Number
(Dollars in thousands)	of	Fair		Unrealized		of	Fair		Unrealized		of	Fair		Unrealized
	Securities	Value		Losses		Securities	Value		Losses		Securities	Value		Losses
Obligations of U.S.
Government agencies
and corporations	-	$	-	$	-	20	$	33,702	$	(1,294)	20	$	33,702	$	(1,294)
Obligations of state and
political subdivisions	21		10,804		(121)	8		6,208		(323)	29		17,012		(444)
Mortgage-backed
securities	9		19,484		(609)	37		65,949		(3,315)	46		85,433		(3,924)
Total temporarily
impaired
securities	30	$	30,288	$	(730)	65	$	105,859	$	(4,932)	95	$	136,147	$	(5,662)


	Unrealized Losses at December 31, 2017
	Less Than 12 Months					12 Months or More					Total
	Number					Number					Number
(Dollars in thousands)	of	Fair		Unrealized		of	Fair		Unrealized		of	Fair		Unrealized
	Securities	Value		Losses		Securities	Value		Losses		Securities	Value		Losses
Obligations of U.S.
Government agencies
and corporations	5	$	10,845	$	(157)	15	$	23,369	$	(627)	20	$	34,214	$	(784)
Obligations of state and
political subdivisions	23		10,491		(70)	6		3,862		(108)	29		14,353		(178)
Mortgage-backed
securities	23		51,050		(518)	20		38,740		(955)	43		89,790		(1,473)
Total debt securities	51		72,386		(745)	41		65,971		(1,690)	92		138,357		(2,435)
Equity securities	1		9		-	1		4		-	2		13		-
Total temporarily
impaired
securities	52	$	72,395	$	(745)	42	$	65,975	$	(1,690)	94	$	138,370	$	(2,435)