INVESTMENT SECURITIES (Tables)
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6 Months Ended |
Jun. 30, 2017 |
Investments, Debt and Equity Securities [Abstract] |
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Unrealized Gain (Loss) on Investments [Table Text Block] |
The amortized cost, related estimated fair value, and unrealized gains and losses for investment securities classified as “Available-For-Sale” or “Held-to-Maturity” were as follows at June 30, 2017 and December 31, 2016: | | Available-for-Sale Securities | | (Dollars in thousands) | | | | | Gross | | Gross | | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | | | | Cost | | Gains | | Losses | | Value | | June 30, 2017: | | | | | | | | | | | | | | U.S. Treasury securities | | $ | 1,001 | | $ | — | | $ | — | | $ | 1,001 | | Obligations of U.S. Government Corporations and Agencies: | | | | | | | | | | | | | | Mortgage-backed | | | 107,331 | | | 358 | | | (916) | | | 106,773 | | Other | | | 23,717 | | | 147 | | | (268) | | | 23,596 | | Obligations of state and political subdivisions | | | 223,321 | | | 4,591 | | | (1,460) | | | 226,452 | | Corporate debt securities | | | 34,955 | | | 79 | | | (830) | | | 34,204 | | Marketable equity securities | | | 809 | | | 868 | | | — | | | 1,677 | | Total | | $ | 391,134 | | $ | 6,043 | | $ | (3,474) | | $ | 393,703 | | | | Held-to-Maturity Securities | | (Dollars in thousands) | | | | | Gross | | Gross | | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | | | | Cost | | Gains | | Losses | | Value | | June 30, 2017: | | | | | | | | | | | | | | Obligations of U.S. Government Corporations and Agencies: | | | | | | | | | | | | | | Mortgage-backed | | $ | — | | $ | — | | $ | — | | $ | — | | Total | | $ | — | | $ | — | | $ | — | | $ | — | | | | Available-for-Sale Securities | | (Dollars in thousands) | | | | | Gross | | Gross | | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | | | | Cost | | Gains | | Losses | | Value | | December 31, 2016: | | | | | | | | | | | | | | U.S. Treasury securities | | $ | 1,008 | | $ | 2 | | $ | — | | $ | 1,010 | | Obligations of U.S. Government Corporations and Agencies: | | | | | | | | | | | | | | Mortgage-backed | | | 112,155 | | | 83 | | | (1,331) | | | 110,907 | | Other | | | 21,399 | | | 82 | | | (511) | | | 20,970 | | Obligations of state and political subdivisions | | | 211,154 | | | 2,776 | | | (2,796) | | | 211,134 | | Corporate debt securities | | | 35,178 | | | 4 | | | (1,206) | | | 33,976 | | Marketable equity securities | | | 810 | | | 830 | | | — | | | 1,640 | | Total | | $ | 381,704 | | $ | 3,777 | | $ | (5,844) | | $ | 379,637 | | | | Held-to-Maturity Securities | | (Dollars in thousands) | | | | | Gross | | Gross | | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | | | | Cost | | Gains | | Losses | | Value | | December 31, 2016: | | | | | | | | | | | | | | Obligations of U.S. Government Corporations and Agencies: | | | | | | | | | | | | | | Mortgage-backed | | $ | 4 | | $ | — | | $ | — | | $ | 4 | | Total | | $ | 4 | | $ | — | | $ | — | | $ | 4 | |
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Investments Classified by Contractual Maturity Date [Table Text Block] |
The amortized cost, estimated fair value and weighted average yield of debt and equity securities, by contractual maturity, are shown below at June 30, 2017. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. (Dollars in thousands) | | June 30, 2017 | | | | Available-For-Sale | | | Held-To-Maturity | | | | | | | U.S. Government | | | Obligations | | | | | | | | | U.S. Government | | | | | | | Corporations & | | | of State | | | Corporate | | | Marketable | | | Corporations & | | | | U.S. Treasury | | | Agencies | | | & Political | | | Debt | | | Equity | | | Agencies | | | | Securities | | | Obligations1 | | | Subdivisions2 | | | Securities | | | Securities3 | | | Obligations1 | | Within 1 Year: | | | | | | | | | | | | | | | | | | | | | | | | | Amortized cost | | $ | 1,001 | | | $ | — | | | $ | 1,250 | | | $ | 535 | | | $ | — | | | $ | — | | Fair value | | | 1,001 | | | | — | | | | 1,250 | | | | 520 | | | | — | | | | — | | Weighted average yield | | | 0.96 | % | | | — | | | | 1.40 | % | | | 2.78 | % | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | 1 - 5 Years: | | | | | | | | | | | | | | | | | | | | | | | | | Amortized cost | | | — | | | | 16,510 | | | | 27,821 | | | | 11,559 | | | | — | | | | — | | Fair value | | | — | | | | 16,549 | | | | 28,104 | | | | 11,491 | | | | — | | | | — | | Weighted average yield | | | — | | | | 2.15 | % | | | 2.90 | % | | | 2.37 | % | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | 5 - 10 Years: | | | | | | | | | | | | | | | | | | | | | | | | | Amortized cost | | | — | | | | 48,081 | | | | 71,569 | | | | 22,861 | | | | — | | | | — | | Fair value | | | — | | | | 47,308 | | | | 72,654 | | | | 22,193 | | | | — | | | | — | | Weighted average yield | | | — | | | | 2.14 | % | | | 3.29 | % | | | 2.67 | % | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | After 10 Years: | | | | | | | | | | | | | | | | | | | | | | | | | Amortized cost | | | — | | | | 66,457 | | | | 122,681 | | | | — | | | | 809 | | | | — | | Fair value | | | — | | | | 66,512 | | | | 124,444 | | | | — | | | | 1,677 | | | | — | | Weighted average yield | | | — | | | | 1.98 | % | | | 3.59 | % | | | — | | | | 5.44 | % | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | Total: | | | | | | | | | | | | | | | | | | | | | | | | | Amortized cost | | $ | 1,001 | | | $ | 131,048 | | | $ | 223,321 | | | $ | 34,955 | | | $ | 809 | | | $ | — | | Fair value | | | 1,001 | | | | 130,369 | | | | 226,452 | | | | 34,204 | | | | 1,677 | | | | — | | Weighted average yield | | | 0.96 | % | | | 2.06 | % | | | 3.40 | % | | | 2.57 | % | | | 5.44 | % | | | — | | 1Mortgage-backed securities are allocated for maturity reporting at their original maturity date. 2Average yields on tax-exempt obligations of state and political subdivisions have been computed on a tax-equivalent basis using a 34% tax rate. 3Marketable equity securities are not considered to have defined maturities and are included in the after ten year category.
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Schedule of Unrealized Loss on Investments [Table Text Block] |
In accordance with disclosures required by FASB ASC 320-10-50, Investments - Debt and Equity Securities, the summary below shows the gross unrealized losses and fair value of the Corporation’s investments, aggregated by investment category, that individual securities have been in a continuous unrealized loss position for less than 12 months or 12 months or more as of June 30, 2017 and December 31, 2016: June 30, 2017 (Dollars in thousands) | | Less Than 12 Months | | 12 Months or More | | Total | | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | | | | Value | | Loss | | Value | | Loss | | Value | | Loss | | Available-for-Sale: | | | | | | | | | | | | | | | | | | | | U.S. Treasury securities | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | Obligations of U.S. Government Corporations and Agencies: | | | | | | | | | | | | | | | | | | | | Mortgage-backed | | | 41,537 | | | (727) | | | 14,400 | | | (189) | | | 55,937 | | | (916) | | Other | | | 11,380 | | | (268) | | | — | | | — | | | 11,380 | | | (268) | | Obligations of state and political subdivisions | | | 54,016 | | | (1,391) | | | 1,513 | | | (69) | | | 55,529 | | | (1,460) | | Corporate debt securities | | | 6,249 | | | (402) | | | 17,717 | | | (428) | | | 23,966 | | | (830) | | Marketable equity securities | | | — | | | — | | | — | | | — | | | — | | | — | | | | $ | 113,182 | | $ | (2,788) | | $ | 33,630 | | $ | (686) | | $ | 146,812 | | $ | (3,474) | | December 31, 2016 (Dollars in thousands) | | Less Than 12 Months | | 12 Months or More | | Total | | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | | | | Value | | Loss | | Value | | Loss | | Value | | Loss | | Available-for-Sale: | | | | | | | | | | | | | | | | | | | | U.S. Treasury securities | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | Obligations of U.S. Government Corporations and Agencies: | | | | | | | | | | | | | | | | | | | | Mortgage-backed | | | 89,444 | | | (1,216) | | | 8,783 | | | (115) | | | 98,227 | | | (1,331) | | Other | | | 10,340 | | | (500) | | | 1,741 | | | (11) | | | 12,081 | | | (511) | | Obligations of state and political subdivisions | | | 95,481 | | | (2,796) | | | — | | | — | | | 95,481 | | | (2,796) | | Corporate debt securities | | | 21,656 | | | (749) | | | 10,298 | | | (457) | | | 31,954 | | | (1,206) | | Marketable equity securities | | | — | | | — | | | — | | | — | | | — | | | — | | | | $ | 216,921 | | $ | (5,261) | | $ | 20,822 | | $ | (583) | | $ | 237,743 | | $ | (5,844) | |
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