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OTHER INVESTMENT SECURITIES | 9 Months Ended
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Sep. 30, 2018
Investments All Other Investments [Abstract] |
OTHER EQUITY SECURITIES | NOTE 6 – OTHER INVESTMENT SECURITIES Institutions that are members of the FHLB system are required to maintain a minimum investment in FHLB stock. Such minimum investment is calculated as a percentage of aggregate outstanding mortgages, and the FHLB requires an additional investment that is calculated as a percentage of total FHLB advances, letters of credit, and the collateralized portion of outstanding interest-rate swaps. The stock is capital stock issued at $100 par value. Both stock and cash div idends may be received on FHLB stock. As of September 30, 2018 and December 31, 2017, the Corporation had investments in FHLB stock with a book value of $39.7 million and $40.9 million, respectively. Dividend income from FHLB stock for the quar ters ended September 30, 2018 and 2017 was $0.7 million and $0.5 million, respectively, and for the nine-month periods ended September 30, 201 8 and 201 7 was $2.0 million and $1.5 million, respectively. The FHLB of New York issued the shares of FHLB s tock owned by the Corporation. The FHLB of New York is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned congressionally chartered banks. The FHLBs are all privately capitalized and operated b y their member stockholders. The system is supervised by the Federal Housing Finance Agency, which ensures that the FHLBs operate in a financially safe and sound manner, remain adequately capitalized and able to raise funds in the capital markets, and carr y out their housing finance mission. On January 1, 2018, the Corporation adopted ASU 2016-01, resulting in the reclassification of equity securities with a readily determinable fair value of approximately $0.4 million from available-for-sale investment securities to other investment securities. During the third quarter and nine-month period ended September 30, 2018, the Corporation measured these equity securities at fair value through earnings resulting in the recognit ion of marked-to-market losses of $3 thousand and $13 thousand, respectively, recorded as part of other non-interest income in the statement of income. The Corporation has other equity securities that do not have readily available fair values. The agg regate carrying value of such securities as of September 30, 2018 and December 31, 2017 was $2.2 million.

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- Definition Information about the aggregate carrying amount of investment in equities and other securities that do not have readily determinable fair values. The carrying amount of such securities equals cost, adjusted for other than temporary impairment. Includes investments in stock of the Federal Home Loan Bank. + References No definition available. + Details
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