Securities (Tables)
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6 Months Ended |
Jun. 30, 2016 |
Marketable Securities [Abstract] |
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Reconciliation from Amortized Cost to Estimated Fair Value of Marketable Securities |
This table provides the major components of AFS and HTM securities at amortized cost and estimated fair value at June 30, 2016 and December 31, 2015: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2016 | | December 31, 2015 | (In thousands) | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Estimated fair value | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Estimated fair value | Available for sale: | | | | | | | | | | | | | | | | | U.S. Government sponsored entities | | $ | 6,958 |
| | $ | 84 |
| | $ | — |
| | $ | 7,042 |
| | $ | 6,649 |
| | $ | — |
| | $ | (68 | ) | | $ | 6,581 |
| State and political subdivisions | | 5,588 |
| | 66 |
| | (4 | ) | | 5,650 |
| | 10,625 |
| | 159 |
| | (2 | ) | | 10,782 |
| Residential mortgage-backed securities | | 23,119 |
| | 697 |
| | (109 | ) | | 23,707 |
| | 26,191 |
| | 449 |
| | (201 | ) | | 26,439 |
| Corporate and other securities | | 9,344 |
| | 14 |
| | (491 | ) | | 8,867 |
| | 9,404 |
| | 71 |
| | (412 | ) | | 9,063 |
| Total securities available for sale | | $ | 45,009 |
| | $ | 861 |
| | $ | (604 | ) | | $ | 45,266 |
| | $ | 52,869 |
| | $ | 679 |
| | $ | (683 | ) | | $ | 52,865 |
| Held to maturity: | | | | | | | | | | | | | | | | | U.S. Government sponsored entities | | $ | 3,774 |
| | $ | 16 |
| | $ | — |
| | $ | 3,790 |
| | $ | 3,988 |
| | $ | — |
| | $ | (87 | ) | | $ | 3,901 |
| State and political subdivisions | | 2,360 |
| | 246 |
| | — |
| | 2,606 |
| | 2,364 |
| | 187 |
| | (1 | ) | | 2,550 |
| Residential mortgage-backed securities | | 5,651 |
| | 177 |
| | (3 | ) | | 5,825 |
| | 6,232 |
| | 141 |
| | (28 | ) | | 6,345 |
| Commercial mortgage-backed securities | | 3,849 |
| | 114 |
| | — |
| | 3,963 |
| | 3,902 |
| | — |
| | (62 | ) | | 3,840 |
| Corporate and other securities | | 13,094 |
| | 95 |
| | (40 | ) | | 13,149 |
| | 1,985 |
| | — |
| | (14 | ) | | 1,971 |
| Total securities held to maturity | | $ | 28,728 |
| | $ | 648 |
| | $ | (43 | ) | | $ | 29,333 |
| | $ | 18,471 |
| | $ | 328 |
| | $ | (192 | ) | | $ | 18,607 |
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Schedule of Marketable Securities by Contractual Maturity |
This table provides the remaining contractual maturities and yields of securities within the investment portfolios. The carrying value of securities at June 30, 2016 is distributed by contractual maturity. Mortgage-backed securities and other securities, which may have principal prepayment provisions, are distributed based on contractual maturity. Expected maturities will differ materially from contractual maturities as a result of early prepayments and calls. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Within one year | | After one through five years | | After five through ten years | | After ten years | | Total carrying value | (In thousands, except percentages) | | Amount | | Yield | | Amount | | Yield | | Amount | | Yield | | Amount | | Yield | | Amount | | Yield | Available for sale at fair value: | | | | | | | | | | | | | | | | | | | | | U.S. Government sponsored entities | | $ | 7 |
| | 1.00 | % | | $ | 3,800 |
| | 1.61 | % | | $ | 929 |
| | 2.08 | % | | $ | 2,306 |
| | 2.04 | % | | $ | 7,042 |
| | 1.81 | % | State and political subdivisions | | — |
| | — |
| | 581 |
| | 2.86 |
| | 1,526 |
| | 3.16 |
| | 3,543 |
| | 2.73 |
| | 5,650 |
| | 2.86 |
| Residential mortgage-backed securities | | — |
| | — |
| | 780 |
| | 2.15 |
| | 3,513 |
| | 2.46 |
| | 19,414 |
| | 2.82 |
| | 23,707 |
| | 2.75 |
| Corporate and other securities | | 2,393 |
| | 1.41 |
| | 205 |
| | 1.53 |
| | 4,285 |
| | 1.40 |
| | 1,984 |
| | 0.55 |
| | 8,867 |
| | 1.21 |
| Total securities available for sale | | $ | 2,400 |
| | 1.41 | % | | $ | 5,366 |
| | 1.82 | % | | $ | 10,253 |
| | 2.08 | % | | $ | 27,247 |
| | 2.58 | % | | $ | 45,266 |
| | 2.32 | % | Held to maturity at cost: | | | | | | | | | | | | | | | | | | | | | U.S. Government sponsored entities | | $ | — |
| | — | % | | $ | — |
| | — | % | | $ | — |
| | — | % | | $ | 3,774 |
| | 1.97 | % | | $ | 3,774 |
| | 1.97 | % | State and political subdivisions | | 264 |
| | 0.75 |
| | — |
| | — |
| | 492 |
| | 5.08 |
| | 1,604 |
| | 4.63 |
| | 2,360 |
| | 4.29 |
| Residential mortgage-backed securities | | 50 |
| | 4.19 |
| | 70 |
| | 4.92 |
| | 166 |
| | 5.22 |
| | 5,365 |
| | 3.07 |
| | 5,651 |
| | 3.17 |
| Commercial mortgage-backed securities | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 3,849 |
| | 2.76 |
| | 3,849 |
| | 2.76 |
| Corporate and other securities | | — |
| | — |
| | — |
| | — |
| | 11,079 |
| | 4.81 |
| | 2,015 |
| | 8.80 |
| | 13,094 |
| | 5.42 |
| Total securities held to maturity | | $ | 314 |
| | 1.30 | % | | $ | 70 |
| | 4.92 | % | | $ | 11,737 |
| | 4.82 | % | | $ | 16,607 |
| | 3.59 | % | | $ | 28,728 |
| | 4.07 | % |
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Schedule of Marketable Securities in Unrealized Loss Position |
The fair value of securities with unrealized losses by length of time that the individual securities have been in a continuous unrealized loss position at June 30, 2016 and December 31, 2015 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2016 | | | | | Less than 12 months | | 12 months and greater | | Total | (In thousands, except number in a loss position) | | Total number in a loss position | | Estimated fair value | | Unrealized loss | | Estimated fair value | | Unrealized loss | | Estimated fair value | | Unrealized loss | Available for sale: | | | | | | | | | | | | | | | State and political subdivisions | | 1 |
| | $ | 2,099 |
| | $ | (4 | ) | | $ | — |
| | $ | — |
| | $ | 2,099 |
| | $ | (4 | ) | Residential mortgage-backed securities | | 4 |
| | — |
| | — |
| | 3,924 |
| | (109 | ) | | 3,924 |
| | (109 | ) | Corporate and other securities | | 11 |
| | 4,455 |
| | (194 | ) | | 3,900 |
| | (297 | ) | | 8,355 |
| | (491 | ) | Total temporarily impaired securities | | 16 |
| | $ | 6,554 |
| | $ | (198 | ) | | $ | 7,824 |
| | $ | (406 | ) | | $ | 14,378 |
| | $ | (604 | ) | Held to maturity: | | | | | | | | | | | | | | | Residential mortgage-backed securities | | 3 |
| | $ | — |
| | $ | — |
| | $ | 1,615 |
| | $ | (3 | ) | | $ | 1,615 |
| | $ | (3 | ) | Corporate and other securities | | 1 |
| | 1,500 |
| | (40 | ) | | — |
| | — |
| | 1,500 |
| | (40 | ) | Total temporarily impaired securities | | 4 |
| | $ | 1,500 |
| | $ | (40 | ) | | $ | 1,615 |
| | $ | (3 | ) | | $ | 3,115 |
| | $ | (43 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2015 | | | | | Less than 12 months | | 12 months and greater | | Total | (In thousands, except number in a loss position) | | Total number in a loss position | | Estimated fair value | | Unrealized loss | | Estimated fair value | | Unrealized loss | | Estimated fair value | | Unrealized loss | Available for sale: | | | | | | | | | | | | | | | U.S. Government sponsored entities | | 9 |
| | $ | 4,165 |
| | $ | (12 | ) | | $ | 2,416 |
| | $ | (56 | ) | | $ | 6,581 |
| | $ | (68 | ) | State and political subdivisions | | 3 |
| | 1,584 |
| | (2 | ) | | — |
| | — |
| | 1,584 |
| | (2 | ) | Residential mortgage-backed securities | | 11 |
| | 6,195 |
| | (36 | ) | | 4,508 |
| | (165 | ) | | 10,703 |
| | (201 | ) | Corporate and other securities | | 11 |
| | 4,730 |
| | (174 | ) | | 3,756 |
| | (238 | ) | | 8,486 |
| | (412 | ) | Total temporarily impaired securities | | 34 |
| | $ | 16,674 |
| | $ | (224 | ) | | $ | 10,680 |
| | $ | (459 | ) | | $ | 27,354 |
| | $ | (683 | ) | Held to maturity: | | | | | | | | | | | | | | | U.S. Government sponsored entities | | 2 |
| | $ | — |
| | $ | — |
| | $ | 3,901 |
| | $ | (87 | ) | | $ | 3,901 |
| | $ | (87 | ) | State and political subdivisions | | 1 |
| | 263 |
| | (1 | ) | | — |
| | — |
| | 263 |
| | (1 | ) | Residential mortgage-backed securities | | 3 |
| | — |
| | — |
| | 1,853 |
| | (28 | ) | | 1,853 |
| | (28 | ) | Commercial mortgage-backed securities | | 2 |
| | 3,840 |
| | (62 | ) | | — |
| | — |
| | 3,840 |
| | (62 | ) | Corporate and other securities | | 1 |
| | 971 |
| | (14 | ) | | — |
| | — |
| | 971 |
| | (14 | ) | Total temporarily impaired securities | | 9 |
| | $ | 5,074 |
| | $ | (77 | ) | | $ | 5,754 |
| | $ | (115 | ) | | $ | 10,828 |
| | $ | (192 | ) |
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Schedule of Realized Gains (Losses) for Marketable Securities |
Gross realized gains on securities for the three and six months ended June 30, 2016 and 2015 are detailed in the table below: | | | | | | | | | | | | | | | | | |
| | For the three months ended June 30, | | For the six months ended June 30, | (In thousands) | | 2016 | | 2015 | | 2016 | | 2015 | Available for sale: | | | | | | | | | Realized gains | | $ | 81 |
| | $ | 28 |
| | $ | 175 |
| | $ | 28 |
| Realized losses | | — |
| | — |
| | — |
| | — |
| Total securities available for sale | | 81 |
| | 28 |
| | 175 |
| | 28 |
| Held to maturity: | | | | | | | | | Realized gains | | — |
| | — |
| | — |
| | — |
| Realized losses | | — |
| | — |
| | — |
| | — |
| Total securities held to maturity | | — |
| | — |
| | — |
| | — |
| Net gains on sales of securities | | $ | 81 |
| | $ | 28 |
| | $ | 175 |
| | $ | 28 |
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