Investments

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Investments

4. Investments:

The amortized cost and fair value of securities at March 31, 2019 and December 31, 2018, are as follows (in thousands):

March 31, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale securities:
U.S. Treasuries	$	85,878	$	4	$	(1,554	)	$	84,328
U.S. Government agencies		12,492		34		(109	)		12,417
Mortgage-backed securities		109,218		866		(701	)		109,383
Collateralized mortgage obligations		4,821		88					4,909
States and political subdivisions		10,998		84					11,082
Total available for sale securities	$	223,407	$	1,076	$	(2,364	)	$	222,119
Held to maturity securities:
U.S. Government agencies	$	8,185	$		$	(162	)	$	8,023
States and political subdivisions		46,447		325		(283	)		46,489
Total held to maturity securities	$	54,632	$	325	$	(445	)	$	54,512

December 31, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale securities:
U.S. Treasuries	$	85,866	$		$	(2,443	)	$	83,423
U.S. Government agencies		17,492		14		(259	)		17,247
Mortgage-backed securities		112,391		231		(2,278	)		110,344
States and political subdivisions		10,994		102					11,096
Total available for sale securities	$	226,743	$	347	$	(4,980	)	$	222,110
Held to maturity securities:
U.S. Government agencies	$	8,185	$		$	(371	)	$	7,814
States and political subdivisions		46,413		89		(857	)		45,645
Total held to maturity securities	$	54,598	$	89	$	(1,228	)	$	53,459

The amortized cost and fair value of debt securities at March 31, 2019 (in thousands), by contractual maturity, are shown below. 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.

	Amortized Cost		Fair Value
Available for sale securities:
Due in one year or less	$	24,248	$	24,136
Due after one year through five years		77,215		75,969
Due after five years through ten years		9,892		9,752
Due after ten years		2,834		2,879
Mortgage-backed securities		109,218		109,383
Totals	$	223,407	$	222,119
Held to maturity securities:
Due in one year or less	$	2,496	$	2,498
Due after one year through five years		19,493		19,461
Due after five years through ten years		18,319		18,306
Due after ten years		14,324		14,247
Totals	$	54,632	$	54,512

Available for sale and held to maturity securities with gross unrealized losses at March 31, 2019 and December 31, 2018, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows (in thousands):

	Less Than Twelve Months				Over Twelve Months				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
March 31, 2019:
U.S. Treasuries	$		$		$	83,324	$	1,554	$	83,324	$	1,554
U.S. Government agencies						17,906		271		17,906		271
Mortgage-backed securities						57,263		701		57,263		701
States and political subdivisions		269		1		17,376		282		17,645		283
TOTAL	$	269	$	1	$	175,869	$	2,808	$	176,138	$	2,809
December 31, 2018:
U.S. Treasuries	$	999	$	1	$	82,424	$	2,442	$	83,423	$	2,443
U.S. Government agencies		4,939		61		17,608		569		22,547		630
Mortgage-backed securities		24,834		293		55,649		1,985		80,483		2,278
States and political subdivisions		8,470		122		19,678		735		28,148		857
TOTAL	$	39,242	$	477	$	175,359	$	5,731	$	214,601	$	6,208

At March 31, 2019, 17 of the 18 securities issued by the U.S. Treasury, 4 of the 5 securities issued by U.S. Government agencies, 43 of the 145 securities issued by states and political subdivisions and 24 of the 45 mortgage-backed securities contained unrealized losses.

Management evaluates securities for other-than-temporary impairment on a monthly basis. In performing this evaluation, the length of time and the extent to which the fair value has been less than cost, the fact that the Company’s securities are primarily issued by U.S. Treasury and U.S. Government Agencies and the cause of the decline in value are considered. In addition, the Company does not intend to sell and it is not more likely than not that it will be required to sell these securities before maturity. While some available for sale securities have been sold for liquidity purposes or for gains, the Company has traditionally held its securities, including those classified as available for sale, until maturity. As a result of the evaluation of these securities, the Company has determined that the unrealized losses summarized in the tables above are not deemed to be other-than-temporary.

There were no sales or calls of available for sale debt securities during the three months ended March 31, 2019 and 2018.

Securities with a fair value of $236,946,244 and $206,017,056 at March 31, 2019 and December 31, 2018, respectively, were pledged to secure public deposits, federal funds purchased and other balances required by law.