Debt and Equity Securities (Tables)

9 Months Ended

Sep. 30, 2018

Investments, Debt and Equity Securities [Abstract]

Summary of Debt and Equity Securities

Debt and equity securities have been classified in the consolidated balance sheet according to management’s intent. Debt and equity securities at September 30, 2018 and December 31, 2017 are summarized as follows:

	September 30, 2018
	Securities Available-For-Sale
	In Thousands
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Market Value
U.S. Government-sponsored enterprises (GSEs)*	$	71,444	$	—	$	4,225	$	67,219
Mortgage-backed:
GSE residential	158,593		22		7,287		151,328
Asset-backed:
SBAP	22,970		6		1,225		21,751
Obligations of states and political subdivisions	49,717		25		2,516		47,226
	$	302,724	$	53	$	15,253	$	287,524

There were no debt and equity securities classified as held-to-maturity at September 30, 2018. During the three-month period ended September 30, 2018, the Company sold securities classified as held-to-maturity with a book value of $4,843,000 for a loss of $79,000. Due to the sale, management determined the Company no longer had the intent to hold the remaining securities classified as held-to-maturity to their respective maturity dates and transferred the remaining book value of $22,800,000 to the available-for-sale classification.

	December 31, 2017
	Securities Available-For-Sale
	In Thousands
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Market Value
U.S. Government-sponsored enterprises (GSEs)*	$	74,690	$	4	$	1,714	$	72,980
Mortgage-backed:
GSE residential	200,175		302		2,551		197,926
Asset-backed:
SBAP	26,387		—		789		25,598
Obligations of states and political subdivisions	37,197		7		992		36,212
	$	338,449	$	313	$	6,046	$	332,716

	December 31, 2017
	Securities Held-To-Maturity
	In Thousands
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Market Value
Mortgage-backed:
Government-sponsored enterprises (GSEs)* residential	$	9,886	$	31	$	156	$	9,761
Obligations of states and political subdivisions	22,594		66		310		22,350
	$	32,480	$	97	$	466	$	32,111

* Such as Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Home Loan Bank, Federal Farm Credit Bank, and Government National Mortgage Association.

Maturity of Amortized Cost and Estimated Market Value of Debt Securities

The amortized cost and estimated market value of debt securities at September 30, 2018, 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.

	Held-to-Maturity				Available-For-Sale
	In Thousands
	Amortized Cost		Estimated Market Value		Amortized Cost		Estimated Market Value
Due in one year or less	$	—	$	—	$	2,036	$	2,036
Due after one year through five years	—		—		30,486		29,430
Due after five years through ten years	—		—		130,510		123,075
Due after ten years	—		—		139,692		132,983
	$	—	$	—	$	302,724	$	287,524

Gross Unrealized Losses and Fair Value of Company's Investments

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2018 and December 31, 2017.

	In Thousands, Except Number of Securities
	Less than 12 Months					12 Months or More					Total
September 30, 2018	Fair Value		Unrealized Losses		Number of Securities Included	Fair Value		Unrealized Losses		Number of Securities Included	Fair Value		Unrealized Losses
Available-for-Sale Securities:
GSEs	$	7,143	$	271	4	$	60,076	$	3,954	24	$	67,219	$	4,225
Mortgage-backed:
GSE residential	39,132		1,520		28	106,316		5,767		73	145,448		7,287
Asset-backed: SBAP	—		—		—	20,652		1,225		14	20,652		1,225
Obligations of states and political subdivisions	14,085		341		23	29,041		2,175		78	43,126		2,516
	$	60,360	$	2,132	55	$	216,085	$	13,121	189	$	276,445	$	15,253

	In Thousands, Except Number of Securities
	Less than 12 Months					12 Months or More					Total
	Fair		Unrealized		Number of Securities	Fair		Unrealized		Number of Securities	Fair		Unrealized
December 31, 2017	Value		Losses		Included	Value		Losses		Included	Value		Losses
Held-to-Maturity Securities:
Mortgage-backed:
Government-sponsored enterprises (GSEs) residential	$	3,316	$	21	4	$	5,206	$	135	5	$	8,522	$	156
Obligations of states and political subdivisions	10,137		46		27	7,278		264		18	17,415		310
	$	13,453	$	67	31	$	12,484	$	399	23	$	25,937	$	466
Available-for-Sale Securities:
GSEs	$	16,099	$	190	8	$	55,726	$	1,524	21	$	71,825	$	1,714
Mortgage-backed:
GSE residential	92,180		769		43	81,434		1,782		54	173,614		2,551
Asset-backed: SBAP	9,087		181		7	16,510		608		8	25,597		789
Obligations of states and political subdivisions	12,128		113		22	21,762		879		56	33,890		992
	$	129,494	$	1,253	80	$	175,432	$	4,793	139	$	304,926	$	6,046