XML 21 R10.htm IDEA: XBRL DOCUMENT
v3.5.0.2

SECURITIES AVAILABLE FOR SALE | 9 Months Ended
--- | ---
Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract] |
SECURITIES AVAILABLE FOR SALE | SECURITIES AVAILABLE FOR SALE At September 30, 2016 and December 31, 2015, the investment securities portfolio was comprised exclusively of securities classified as “available for sale,” resulting in investment securities being carried at fair value. The amortized cost and fair values of investment securities available for sale at September 30, 2016 and December 31, 2015 were:
(Dollars in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
September 30, 2016 |  |  |  |  |  |  |
U.S. Government Agencies | $ | 41,748 |  |  | $ | 203 |  |  | $ | 82 |  |  | $ | 41,869 |
States and political subdivisions | 123,698 |  |  | 6,903 |  |  | 202 |  |  | 130,399 |
U.S. Government Sponsored Enterprises (GSE) residential mortgage-backed securities | 121,489 |  |  | 2,392 |  |  | 0 |  |  | 123,881 |
GSE residential collateralized mortgage obligations (CMOs) | 74,106 |  |  | 378 |  |  | 1,786 |  |  | 72,698 |
Private label CMOs | 6,029 |  |  | 0 |  |  | 52 |  |  | 5,977 |
Total debt securities | 367,070 |  |  | 9,876 |  |  | 2,122 |  |  | 374,824 |
Equity securities | 50 |  |  | 28 |  |  | 0 |  |  | 78 |
Totals | $ | 367,120 |  |  | $ | 9,904 |  |  | $ | 2,122 |  |  | $ | 374,902 |
December 31, 2015 |  |  |  |  |  |  |
U.S. Government Agencies | $ | 47,209 |  |  | $ | 200 |  |  | $ | 182 |  |  | $ | 47,227 |
States and political subdivisions | 124,421 |  |  | 2,483 |  |  | 943 |  |  | 125,961 |
GSE residential mortgage-backed securities | 132,389 |  |  | 229 |  |  | 269 |  |  | 132,349 |
GSE residential CMOs | 15,668 |  |  | 215 |  |  | 40 |  |  | 15,843 |
GSE commercial CMOs | 63,598 |  |  | 735 |  |  | 563 |  |  | 63,770 |
Private label CMOs | 8,944 |  |  | 0 |  |  | 43 |  |  | 8,901 |
Total debt securities | 392,229 |  |  | 3,862 |  |  | 2,040 |  |  | 394,051 |
Equity securities | 50 |  |  | 23 |  |  | 0 |  |  | 73 |
Totals | $ | 392,279 |  |  | $ | 3,885 |  |  | $ | 2,040 |  |  | $ | 394,124 |
The following table shows gross unrealized losses and fair value of the Company’s available for sale securities that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at September 30, 2016 and December 31, 2015:
| Less Than 12 Months |  | 12 Months or More |  | Total
(Dollars in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
September 30, 2016 |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies | $ | 5,875 |  |  | $ | 12 |  |  | $ | 14,233 |  |  | $ | 70 |  |  | $ | 20,108 |  |  | $ | 82 |
States and political subdivisions | 0 |  |  | 0 |  |  | 5,452 |  |  | 202 |  |  | 5,452 |  |  | 202 |
GSE residential collateralized mortgage obligations (CMOs) | 63,107 |  |  | 1,779 |  |  | 712 |  |  | 7 |  |  | 63,819 |  |  | 1,786 |
Private label CMOs | 5,976 |  |  | 52 |  |  | 0 |  |  | 0 |  |  | 5,976 |  |  | 52 |
Total temporarily impaired securities | $ | 74,958 |  |  | $ | 1,843 |  |  | $ | 20,397 |  |  | $ | 279 |  |  | $ | 95,355 |  |  | $ | 2,122 |
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies | $ | 27,640 |  |  | $ | 182 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 27,640 |  |  | $ | 182 |
States and political subdivisions | 30,252 |  |  | 373 |  |  | 14,139 |  |  | 570 |  |  | 44,391 |  |  | 943 |
GSE residential mortgage-backed securities | 82,911 |  |  | 269 |  |  | 0 |  |  | 0 |  |  | 82,911 |  |  | 269 |
GSE residential CMOs | 0 |  |  | 0 |  |  | 4,237 |  |  | 40 |  |  | 4,237 |  |  | 40 |
GSE commercial CMOs | 33,606 |  |  | 563 |  |  | 0 |  |  | 0 |  |  | 33,606 |  |  | 563 |
Private label CMOs | 8,901 |  |  | 43 |  |  | 0 |  |  | 0 |  |  | 8,901 |  |  | 43 |
Total temporarily impaired securities | $ | 183,310 |  |  | $ | 1,430 |  |  | $ | 18,376 |  |  | $ | 610 |  |  | $ | 201,686 |  |  | $ | 2,040 |
The Company had 18 securities and 53 securities at September 30, 2016 and December 31, 2015 in which the amortized cost exceed their values, as discussed below. U.S. Agencies and Government Sponsored Enterprises (GSE). Fourteen U.S. Agencies and GSE securities, including mortgage-backed securities and collateralized mortgage obligations, have amortized costs which exceed their fair values, 11 of which are in the less than 12 months category, and three had amortized costs which exceed their fair value for more than 12 months at September 30, 2016. At December 31, 2015, the Company had 29 U.S. Government Agencies and GSE securities, including mortgage-backed and collateralized mortgage obligations with unrealized losses of which 25 GSE securities have had amortized costs which exceeded their fair values for less than 12 months, and four have had amortized costs which exceed their fair values for more than 12 months. These unrealized losses have been caused by a rise in interest rates or widening of spreads from the time the securities were purchased. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the par value basis of the investments. Because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2016 or at December 31, 2015. State and Political Subdivisions. One state and political subdivision security had an amortized cost which exceeded its fair value in the more than 12 months category at September 30, 2016. At December 31, 2015, 21 state and political subdivision securities have an amortized cost which exceeded their fair value, 16 of which are in the less than 12 months category, and five are in the more than 12 months category. These unrealized losses have been caused by a rise in interest rates or a widening of spreads from the time the securities were purchased. Management considers the investment rating, the state of the issuer of the security and other credit support in determining whether the security is other-than-temporarily impaired. Because the Company did not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2016 or at December 31, 2015. Private Label. Three private label collateralized mortgage obligations have unrealized losses, all of which were in the less than 12 months category at September 30, 2016. At December 31, 2015, three private label securities have an amortized cost which exceeded their fair value for less than 12 months. These unrealized losses have been caused by a rise in interest rates from the time the securities were purchased. Because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2016 or at December 31, 2015. The amortized cost and fair values of securities available for sale at September 30, 2016 by contractual maturity are shown below. Contractual maturities will differ from expected maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
| Available for Sale
(Dollars in thousands) | Amortized Cost |  | Fair Value
Due in one year or less | $ | 0 |  |  | $ | 0 |
Due after one year through five years | 3,210 |  |  | 3,358 |
Due after five years through ten years | 71,653 |  |  | 75,769 |
Due after ten years | 90,583 |  |  | 93,141 |
Mortgage-backed securities and collateralized mortgage obligations | 201,624 |  |  | 202,556 |
Total debt securities | 367,070 |  |  | 374,824 |
Equity securities | 50 |  |  | 78 |
| $ | 367,120 |  |  | $ | 374,902 |
Gross gains on the sales of securities were $0 and $29,000 for the three months ended September 30, 2016 and 2015. Gross gains on the sales of securities were $1,468,000 and $1,935,000 for the nine months ended September 30, 2016 and 2015. Gross losses on securities available for sale were $48,000 and $24,000 for the nine months ended September 30, 2016 and 2015. Securities with a fair value of $279,270,000 and $250,397,000 at September 30, 2016 and December 31, 2015 were pledged to secure public funds and for other purposes as required or permitted by law.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27232-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27405-111563 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration