XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
SECURITIES
 9 Months Ended
Sep. 30, 2018
SECURITIES [Abstract]  
SECURITIES
NOTE  2 –SECURITIES

Amortized cost and fair value of investment securities, by category, at September 30, 2018 are summarized as follows:

2018
 
Amortized Cost
  
Unrealized
Gains
  
Unrealized Losses
  
Fair Value
 
Available for sale
            
Mortgage-backed securities
            
U. S. sponsored agency MBS - residential
 
$
229,307
  
$
42
  
$
(7,192
)
 
$
222,157
 
U. S. sponsored agency CMO’s - residential
  
72,971
   
13
   
(1,604
)
  
71,380
 
Total mortgage-backed securities of government sponsored agencies
  
302,278
   
55
   
(8,796
)
  
293,537
 
U. S. government sponsored agency securities
  
13,246
   
-
   
(244
)
  
13,002
 
Obligations of states and political subdivisions
  
8,739
   
23
   
(76
)
  
8,686
 
Total available for sale
 
$
324,263
  
$
78
  
$
(9,116
)
 
$
315,225
 

Amortized cost and fair value of investment securities, by category, at December 31, 2017 are summarized as follows:

2017
 
Amortized Cost
  
Unrealized
Gains
  
Unrealized Losses
  
Fair Value
 
Available for sale
            
Mortgage-backed securities
            
U. S. sponsored agency MBS - residential
 
$
198,631
  
$
175
  
$
(2,216
)
 
$
196,590
 
U. S. sponsored agency CMO’s - residential
  
51,548
   
241
   
(681
)
  
51,108
 
Total mortgage-backed securities of government sponsored agencies
  
250,179
   
416
   
(2,897
)
  
247,698
 
U. S. government sponsored agency securities
  
19,312
   
1
   
(179
)
  
19,134
 
Obligations of states and political subdivisions
  
11,599
   
61
   
(26
)
  
11,634
 
Total available for sale
 
$
281,090
  
$
478
  
$
(3,102
)
 
$
278,466
 

The amortized cost and fair value of 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.

  
Amortized
Cost
  
Fair
Value
 
Available for sale
      
Due in one year or less
 
$
8,669
  
$
8,644
 
Due after one year through five years
  
10,820
   
10,658
 
Due after five years through ten years
  
2,496
   
2,386
 
Mortgage-backed securities of government sponsored agencies
  
302,278
   
293,537
 
Total available for sale
 
$
324,263
  
$
315,225
 

Securities with unrealized losses at September 30, 2018 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:

  
Less than 12 Months
  
12 Months or More
  
Total
 
Description of Securities
 
Fair Value
  
Unrealized Loss
  
Fair Value
  
Unrealized Loss
  
Fair Value
  
Unrealized Loss
 
                   
U.S government sponsored
agency securities
 
$
-
  
$
-
  
$
13,001
  
$
(244
)
 
$
13,001
  
$
(244
)
U.S government sponsored
agency MBS – residential
  
110,405
   
(2,186
)
  
110,867
   
(5,006
)
  
221,272
   
(7,192
)
U.S government sponsored
agency CMO – residential
  
51,733
   
(597
)
  
17,710
   
(1,007
)
  
69,443
   
(1,604
)
Obligations of states and
political subdivisions
  
2,920
   
(45
)
  
1,456
   
(31
)
  
4,376
   
(76
)
Total temporarily impaired
 
$
165,058
  
$
(2,828
)
 
$
143,034
  
$
(6,288
)
 
$
308,092
  
$
(9,116
)

Securities with unrealized losses at December 31, 2017 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:

  
Less than 12 Months
  
12 Months or More
  
Total
 
Description of Securities
 
Fair
Value
  
Unrealized Loss
  
Fair
Value
  
Unrealized Loss
  
Fair
Value
  
Unrealized Loss
 
                   
U.S government sponsored agency securities
 
$
6,780
  
$
(41
)
 
$
10,335
  
$
(138
)
 
$
17,115
  
$
(179
)
U.S government sponsored agency MBS – residential
  
134,211
   
(1,076
)
  
47,682
   
(1,140
)
  
181,893
   
(2,216
)
U.S government sponsored agency CMO’s – residential
  
8,306
   
(64
)
  
17,868
   
(617
)
  
26,174
   
(681
)
Obligations of states and political subdivisions
  
3,512
   
(20
)
  
474
   
(6
)
  
3,986
   
(26
)
Total temporarily impaired
 
$
152,809
  
$
(1,201
)
 
$
76,359
  
$
(1,901
)
 
$
229,168
  
$
(3,102
)

The investment portfolio is predominately high credit quality interest-bearing bonds with defined maturity dates backed by the U.S. Government or Government sponsored entities.  The unrealized losses at September 30, 2018 and December 31, 2017 are price changes resulting from changes in the interest rate environment and are considered to be temporary declines in the value of the securities.  Management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery.  Their fair value is expected to recover as the bonds approach their maturity date and/or market conditions improve.