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Securities | 9 Months Ended
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Sep. 30, 2017
Securities [Abstract] |
Securities | Note 7 – Securities The book values and approximate fair values of investment securities at September 30, 2017 and December 31, 2016 are summarized as follows:
|  | September 30, 2017 |  |  | December 31, 2016 |
|  | Amortized |  |  | Fair |  |  | Unrealized |  |  | Amortized |  |  | Fair |  |  | Unrealized |
($ in thousands) |  | Cost |  |  | Value |  |  | Gains |  |  | (Losses) |  |  | Cost |  |  | Value |  |  | Gains |  |  | (Losses) |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities |  | $ | 9,000 |  |  |  | 8,992 |  |  |  | 1 |  |  |  | (9 | ) |  |  | 17,497 |  |  |  | 17,490 |  |  |  | — |  |  |  | (7 | )
Mortgage-backed securities |  |  | 155,684 |  |  |  | 155,535 |  |  |  | 713 |  |  |  | (862 | ) |  |  | 151,001 |  |  |  | 148,065 |  |  |  | 155 |  |  |  | (3,091 | )
Corporate bonds |  |  | 33,802 |  |  |  | 34,397 |  |  |  | 660 |  |  |  | (65 | ) |  |  | 33,833 |  |  |  | 33,600 |  |  |  | 91 |  |  |  | (324 | )
Equity securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 83 |  |  |  | 174 |  |  |  | 96 |  |  |  | (5 | )
Total available for sale |  | $ | 198,486 |  |  |  | 198,924 |  |  |  | 1,374 |  |  |  | (936 | ) |  |  | 202,414 |  |  |  | 199,329 |  |  |  | 342 |  |  |  | (3,427 | )
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 67,708 |  |  |  | 67,529 |  |  |  | 15 |  |  |  | (194 | ) |  |  | 80,585 |  |  |  | 79,283 |  |  |  | — |  |  |  | (1,302 | )
State and local governments |  |  | 55,448 |  |  |  | 57,349 |  |  |  | 1,908 |  |  |  | (7 | ) |  |  | 49,128 |  |  |  | 50,912 |  |  |  | 1,815 |  |  |  | (31 | )
Total held to maturity |  | $ | 123,156 |  |  |  | 124,878 |  |  |  | 1,923 |  |  |  | (201 | ) |  |  | 129,713 |  |  |  | 130,195 |  |  |  | 1,815 |  |  |  | (1,333 | )
All of the Company’s mortgage-backed securities were issued by government-sponsored corporations, except for one private mortgage-backed security with a fair value of $490,000 at September 30, 2017. The following table presents information regarding securities with unrealized losses at September 30, 2017:
($ in thousands) |  | Securities in an Unrealized Loss Position for Less than 12 Months |  |  | Securities in an Unrealized Loss Position for More than 12 Months |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Government-sponsored enterprise securities |  | $ | 6,491 |  |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | 6,491 |  |  |  | 9 |
Mortgage-backed securities |  |  | 110,437 |  |  |  | 555 |  |  |  | 24,250 |  |  |  | 501 |  |  |  | 134,687 |  |  |  | 1,056 |
Corporate bonds |  |  | — |  |  |  | — |  |  |  | 935 |  |  |  | 65 |  |  |  | 935 |  |  |  | 65 |
State and local governments |  |  | — |  |  |  | — |  |  |  | 813 |  |  |  | 7 |  |  |  | 813 |  |  |  | 7 |
Total temporarily impaired securities |  | $ | 116,928 |  |  |  | 564 |  |  |  | 25,998 |  |  |  | 573 |  |  |  | 142,926 |  |  |  | 1,137 |
The following table presents information regarding securities with unrealized losses at December 31, 2016:
($ in thousands) |  | Securities in an Unrealized Loss Position for Less than 12 Months |  |  | Securities in an Unrealized Loss Position for More than 12 Months |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Government-sponsored enterprise securities |  | $ | 7,990 |  |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | 7,990 |  |  |  | 7 |
Mortgage-backed securities |  |  | 196,999 |  |  |  | 3,841 |  |  |  | 19,001 |  |  |  | 552 |  |  |  | 216,000 |  |  |  | 4,393 |
Corporate bonds |  |  | 27,027 |  |  |  | 259 |  |  |  | 935 |  |  |  | 65 |  |  |  | 27,962 |  |  |  | 324 |
Equity securities |  |  | — |  |  |  | — |  |  |  | 7 |  |  |  | 5 |  |  |  | 7 |  |  |  | 5 |
State and local governments |  |  | 801 |  |  |  | 31 |  |  |  | — |  |  |  | — |  |  |  | 801 |  |  |  | 31 |
Total temporarily impaired securities |  | $ | 232,817 |  |  |  | 4,138 |  |  |  | 19,943 |  |  |  | 622 |  |  |  | 252,760 |  |  |  | 4,760 |
In the above tables, all of the non-equity securities that were in an unrealized loss position at September 30, 2017 and December 31, 2016 are bonds that the Company has determined are in a loss position due primarily to interest rate factors and not credit quality concerns. The Company has evaluated the collectability of each of these bonds and has concluded that there is no other-than-temporary impairment. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost. The Company has also concluded that each of the equity securities in an unrealized loss position at December 31, 2016 was in such a position due to temporary fluctuations in the market prices of the securities. The Company’s policy is to record an impairment charge for any of these equity securities that remains in an unrealized loss position for twelve consecutive months unless the amount is insignificant. The book values and approximate fair values of investment securities at September 30, 2017, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Securities Available for Sale |  |  | Securities Held to Maturity |
|  | Amortized |  |  | Fair |  |  | Amortized |  |  | Fair |
($ in thousands) |  | Cost |  |  | Value |  |  | Cost |  |  | Value |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | $ | — |  |  |  | — |  |  |  | 1,872 |  |  |  | 1,883 |
Due after one year but within five years |  |  | 10,008 |  |  |  | 10,037 |  |  |  | 23,907 |  |  |  | 24,681 |
Due after five years but within ten years |  |  | 27,794 |  |  |  | 28,242 |  |  |  | 23,979 |  |  |  | 25,040 |
Due after ten years |  |  | 5,000 |  |  |  | 5,110 |  |  |  | 5,690 |  |  |  | 5,745 |
Mortgage-backed securities |  |  | 155,684 |  |  |  | 155,535 |  |  |  | 67,708 |  |  |  | 67,529 |
Total securities |  | $ | 198,486 |  |  |  | 198,924 |  |  |  | 123,156 |  |  |  | 124,878 |
At September 30, 2017 and December 31, 2016, investment securities with carrying values of $213,825,000 and $147,009,000, respectively, were pledged as collateral for public deposits. In the first nine months of 2017, the Company received proceeds from sales of securities of $45,601,000 and recorded losses of $235,000 from the sales. In the first nine months of 2016, the Company received proceeds from sales of securities of $8,000 and recorded $3,000 in gains from the sales. Included in “other assets” in the Consolidated Balance Sheets are cost method investments in Federal Home Loan Bank (“FHLB”) stock and Federal Reserve Bank of Richmond (“FRB”) stock totaling $30,198,000 and $19,826,000 at September 30, 2017 and December 31, 2016, respectively. The FHLB stock had a cost and fair value of $18,507,000 and $12,588,000 at September 30, 2017 and December 31, 2016, respectively, and serves as part of the collateral for the Company’s line of credit with the FHLB and is also a requirement for membership in the FHLB system. The FRB stock had a cost and fair value of $11,691,000 and $7,238,000 at September 30, 2017 and December 31, 2016, respectively, and is a requirement for FRB member bank qualification. Periodically, both the FHLB and FRB recalculate the Company’s required level of holdings, and the Company either buys more stock or redeems a portion of the stock at cost. The Company determined that neither stock was impaired at either period end.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=4738149 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2289146 + Details
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