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SECURITIES AVAILABLE FOR SALE
12 Months Ended
Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
SECURITIES AVAILABLE FOR SALE
SECURITIES AVAILABLE FOR SALE
The following table summarizes amortized cost and fair value of AFS securities at December 31, 2017 and 2016 and the corresponding amounts of gross unrealized gains and losses recognized in AOCI. At December 31, 2017 and 2016 all investment securities were classified as AFS.
 
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
December 31, 2017
 
 
 
 
 
 
 
States and political subdivisions
$
153,803

 
$
6,133

 
$
478

 
$
159,458

GSE residential MBSs
48,600

 
930

 
0

 
49,530

GSE residential CMOs
113,658

 
296

 
2,835

 
111,119

Private label residential CMOs
999

 
4

 
0

 
1,003

Private label commercial CMOs
7,809

 
0

 
156

 
7,653

Asset-backed
86,787

 
69

 
425

 
86,431

Total debt securities
411,656

 
7,432

 
3,894

 
415,194

Equity securities
50

 
64

 
0

 
114

Totals
$
411,706

 
$
7,496

 
$
3,894

 
$
415,308

December 31, 2016
 
 
 
 
 
 
 
U.S. Government Agencies
$
39,569

 
$
147

 
$
124

 
$
39,592

States and political subdivisions
163,677

 
1,782

 
1,177

 
164,282

GSE residential MBSs
116,022

 
928

 
6

 
116,944

GSE residential CMOs
72,411

 
240

 
3,268

 
69,383

GSE commercial CMOs
5,148

 
0

 
292

 
4,856

Private label residential CMOs
5,042

 
0

 
36

 
5,006

Total debt securities
401,869

 
3,097

 
4,903

 
400,063

Equity securities
50

 
41

 
0

 
91

Totals
$
401,919

 
$
3,138

 
$
4,903

 
$
400,154


The following table summarizes AFS securities with unrealized losses at December 31, 2017 and 2016, aggregated by major security type and length of time in a continuous unrealized loss position.
 
Less Than 12 Months
 
12 Months or More
 
Total
(Dollars in thousands)
# of Securities
 
Fair
Value
 
Unrealized
Losses
 
# of Securities
 
Fair
Value
 
Unrealized
Losses
 
# of Securities
 
Fair
Value
 
Unrealized
Losses
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
States and political subdivisions
7

 
$
24,577

 
$
473

 
1

 
$
5,585

 
$
5

 
8

 
$
30,162

 
$
478

GSE residential CMOs
4

 
25,155

 
914

 
5

 
37,459

 
1,921

 
9

 
62,614

 
2,835

Private label commercial CMOs
2

 
7,653

 
156

 
0

 
0

 
0

 
2

 
7,653

 
156

Asset-backed
6

 
60,006

 
425

 
0

 
0

 
0

 
6

 
60,006

 
425

Totals
19

 
$
117,391

 
$
1,968

 
6

 
$
43,044

 
$
1,926

 
25

 
$
160,435

 
$
3,894

December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government Agencies
6

 
$
10,710

 
$
23

 
2

 
$
13,531

 
$
101

 
8

 
$
24,241

 
$
124

States and political subdivisions
25

 
58,924

 
610

 
1

 
5,075

 
567

 
26

 
63,999

 
1,177

GSE residential MBSs
1

 
5,034

 
6

 
0

 
0

 
0

 
1

 
5,034

 
6

GSE residential CMOs
6

 
59,534

 
3,264

 
1

 
634

 
4

 
7

 
60,168

 
3,268

GSE commercial CMOs
1

 
4,856

 
292

 
0

 
0

 
0

 
1

 
4,856

 
292

Private label residential CMOs
0

 
0

 
0

 
3

 
5,005

 
36

 
3

 
5,005

 
36

Totals
39

 
$
139,058

 
$
4,195

 
7

 
$
24,245

 
$
708

 
46

 
$
163,303

 
$
4,903


U.S. Government Agencies and GSE Securities. The unrealized losses presented in the table above have been caused by a widening of spreads and/or a rise in interest rates from the time these securities were purchased. The contractual terms of these securities do not permit the issuer to settle the securities at a price less than its par value basis. Because the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost basis, which may be maturity, the Company does not consider these securities to be OTTI at December 31, 2017 or at December 31, 2016.
State and Political Subdivisions. The unrealized losses presented in the table above have been caused by a widening of spreads and/or a rise in interest rates from the time these securities were purchased. Management considers the investment rating, the state of the issuer of the security and other credit support in determining whether the security is OTTI. Because the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost basis, which may be maturity, the Company does not consider these securities to be OTTI at December 31, 2017 or at December 31, 2016.
Private Label Residential CMOs. The unrealized losses presented in the table above have been caused by a widening of spreads and/or a rise in interest rates from the time the securities were purchased. Because the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost basis, which may be maturity, the Company does not consider these securities to be OTTI at December 31, 2017 or at December 31, 2016.
Private Label Commercial CMOs and Asset-backed. The unrealized losses presented in the table above have been caused by the bid ask spread, widening of spreads and/or a rise in interest rates from the time the securities were purchased. Because the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost basis, which may be maturity, the Company does not consider these securities to be OTTI at December 31, 2017 or at December 31, 2016.
The following table summarizes amortized cost and fair value of AFS securities at December 31, 2017 by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
 
 
Available for Sale
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
 
 
 
Due in one year or less
$
0

 
$
0

Due after one year through five years
8,712

 
8,929

Due after five years through ten years
49,958

 
51,188

Due after ten years
95,133

 
99,341

MBSs and CMOs
171,066

 
169,305

Asset-backed
86,787

 
86,431

Total debt securities
411,656

 
415,194

Equity securities
50

 
114

Totals
$
411,706

 
$
415,308


The following table summarizes proceeds from sales of AFS securities and gross gains and gross losses for the years ended December 31, 2017, 2016, and 2015.
 
Years Ended December 31,
(Dollars in thousands)
2017
 
2016
 
2015
 
 
 
 
 
 
Proceeds from sale of AFS securities
$
162,320

 
$
64,742

 
$
65,611

Gross gains
1,477

 
1,468

 
1,948

Gross losses
287

 
48

 
24


AFS securities with a fair value of $319,907,000 and $317,282,000 at December 31, 2017 and December 31, 2016 were pledged to secure public funds and for other purposes as required or permitted by law.