XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
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