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Investment securities | 9 Months Ended
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Sep. 30, 2017
Investment securities |
Investment securities | 4. Investment securities: The amortized cost and fair value of investment securities aggregated by investment category at September 30, 2017 and December 31, 2016 are summarized as follows:
|  |  |  |  | Gross |  | Gross |  |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair |
September 30, 2017 |  | Cost |  | Gains |  | Losses |  | Value |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 20,045 |  | $ | 29 |  | $ | 28 |  | $ | 20,046 |
U.S. Government-sponsored enterprises |  |  | 85,482 |  |  | 83 |  |  | 915 |  |  | 84,650 |
State and municipals: |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 14,594 |  |  | 615 |  |  | 2 |  |  | 15,207 |
Tax-exempt |  |  | 98,494 |  |  | 2,062 |  |  | 51 |  |  | 100,505 |
Residential Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 16,045 |  |  | 21 |  |  | 33 |  |  | 16,033 |
U.S. Government-sponsored enterprises |  |  | 16,492 |  |  | 29 |  |  | 95 |  |  | 16,426 |
Commercial Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored enterprises |  |  | 6,326 |  |  |  |  |  | 85 |  |  | 6,241 |
Common equity securities |  |  | 30 |  |  |  |  |  |  |  |  | 30 |
Total |  | $ | 257,508 |  | $ | 2,839 |  | $ | 1,209 |  | $ | 259,138 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt state and municipals |  | $ | 6,859 |  | $ | 185 |  | $ | 2 |  | $ | 7,042 |
Residential Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 58 |  |  |  |  |  |  |  |  | 58 |
U.S. Government-sponsored enterprises |  |  | 2,647 |  |  | 165 |  |  |  |  |  | 2,812 |
Total |  | $ | 9,564 |  | $ | 350 |  | $ | 2 |  | $ | 9,912 |
|  |  |  |  | Gross |  | Gross |  |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair |
December 31, 2016 |  | Cost |  | Gains |  | Losses |  | Value |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 7,570 |  |  |  |  | $ | 132 |  | $ | 7,438 |
U.S. Government-sponsored enterprises |  |  | 82,314 |  | $ | 79 |  |  | 1,480 |  |  | 80,913 |
State and municipals: |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 14,698 |  |  | 566 |  |  | 39 |  |  | 15,225 |
Tax-exempt |  |  | 110,931 |  |  | 2,309 |  |  | 640 |  |  | 112,600 |
Residential Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 21,041 |  |  | 48 |  |  | 47 |  |  | 21,042 |
U.S. Government-sponsored enterprises |  |  | 22,303 |  |  | 48 |  |  | 159 |  |  | 22,192 |
Total |  | $ | 258,857 |  | $ | 3,050 |  | $ | 2,497 |  | $ | 259,410 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt state and municipals |  | $ | 6,862 |  | $ | 72 |  | $ | 67 |  | $ | 6,867 |
Residential Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 68 |  |  | 1 |  |  |  |  |  | 69 |
U.S. Government-sponsored enterprises |  |  | 3,587 |  |  | 191 |  |  |  |  |  | 3,778 |
Total |  | $ | 10,517 |  | $ | 264 |  | $ | 67 |  | $ | 10,714 |
The maturity distribution of the fair value, which is the net carrying amount, of the debt securities classified as available-for-sale at September 30, 2017, is summarized as follows:
|  | Fair |
September 30, 2017 |  | Value |
Within one year |  | $ | 15,858 |
After one but within five years |  |  | 148,810 |
After five but within ten years |  |  | 40,582 |
After ten years |  |  | 15,158 |
|  |  | 220,408 |
Mortgage-backed securities |  |  | 38,700 |
Total |  | $ | 259,108 |
The maturity distribution of the amortized cost and fair value, of debt securities classified as held-to-maturity at September 30, 2017, is summarized as follows:
|  | Amortized |  | Fair |
September 30, 2017 |  | Cost |  | Value |
Within one year |  |  |  |  |  |  |
After one but within five years |  |  |  |  |  |  |
After five but within ten years |  |  |  |  |  |  |
After ten years |  | $ | 6,859 |  | $ | 7,042 |
|  |  | 6,859 |  |  | 7,042 |
Mortgage-backed securities |  |  | 2,705 |  |  | 2,870 |
Total |  | $ | 9,564 |  | $ | 9,912 |
Securities with a carrying value of $165,205 and $144,750 at September 30, 2017 and December 31, 2016, respectively, were pledged to secure public deposits and certain other deposits as required or permitted by law. Securities and short-term investment activities are conducted with a diverse group of government entities, corporations and state and local municipalities. The counterparty’s creditworthiness and type of collateral is evaluated on a case-by-case basis. At September 30, 2017 and December 31, 2016, there were no significant concentrations of credit risk from any one issuer, with the exception of U.S. Government agencies and sponsored enterprises that exceeded 10.0 percent of stockholders’ equity. The fair value and gross unrealized losses of investment securities with unrealized losses for which an other-than-temporary impairment (“OTTI”) has not been recognized at September 30, 2017 and December 31, 2016, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized as follows:
|  | Less Than 12 Months |  | 12 Months or More |  | Total |
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized |
September 30, 2017 |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses |
U.S. Treasury securities |  | $ | 5,494 |  | $ | 28 |  |  |  |  |  |  |  | $ | 5,494 |  | $ | 28 |
U.S. Government-sponsored enterprises |  |  | 48,573 |  |  | 376 |  | $ | 29,309 |  | $ | 539 |  |  | 77,882 |  |  | 915 |
State and municipals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 551 |  |  | 2 |  |  |  |  |  |  |  |  | 551 |  |  | 2 |
Tax-exempt |  |  | 5,330 |  |  | 50 |  |  | 2,482 |  |  | 3 |  |  | 7,812 |  |  | 53 |
Residential Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 5,671 |  |  | 13 |  |  | 3,175 |  |  | 20 |  |  | 8,846 |  |  | 33 |
U.S. Government-sponsored enterprises |  |  | 8,492 |  |  | 25 |  |  | 4,775 |  |  | 70 |  |  | 13,267 |  |  | 95 |
Commercial Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored enterprises |  |  | 6,241 |  |  | 85 |  |  |  |  |  |  |  |  | 6,241 |  |  | 85 |
Total |  | $ | 80,352 |  | $ | 579 |  | $ | 39,741 |  | $ | 632 |  | $ | 120,093 |  | $ | 1,211 |
|  | Less Than 12 Months |  | 12 Months or More |  | Total |
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized |
December 31, 2016 |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses |
U.S. Treasury securities |  | $ | 7,438 |  | $ | 132 |  |  |  |  |  |  |  | $ | 7,438 |  | $ | 132 |
U.S. Government-sponsored enterprises |  |  | 59,460 |  |  | 1,480 |  |  |  |  |  |  |  |  | 59,460 |  |  | 1,480 |
State and municipals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 1,035 |  |  | 39 |  |  |  |  |  |  |  |  | 1,035 |  |  | 39 |
Tax-exempt |  |  | 55,166 |  |  | 707 |  | $ | 226 |  |  |  |  |  | 55,392 |  |  | 707 |
Residential Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 5,917 |  |  | 27 |  |  | 1,496 |  | $ | 20 |  |  | 7,413 |  |  | 47 |
U.S. Government-sponsored enterprises |  |  | 16,412 |  |  | 85 |  |  | 2,712 |  |  | 74 |  |  | 19,124 |  |  | 159 |
Total |  | $ | 145,428 |  | $ | 2,470 |  | $ | 4,434 |  | $ | 94 |  | $ | 149,862 |  | $ | 2,564 |
The Company had 74 investment securities, consisting of 11 tax-exempt state and municipal obligations, 2 U.S. Treasury securities, one taxable municipal obligation, 29 U.S. Government-sponsored enterprise securities, and 31 mortgage-backed securities that were in unrealized loss positions at September 30, 2017. Of these securities, 4 tax-exempt state and municipal obligations, 14 mortgage-backed securities and 10 U.S. Government-sponsored enterprise securities were in a continuous unrealized loss position for twelve months or more. Management does not consider the unrealized losses on the debt securities, as a result of changes in interest rates, to be OTTI based on historical evidence that indicates the cost of these securities is recoverable within a reasonable period of time in relation to normal cyclical changes in the market rates of interest. Moreover, because there has been no material change in the credit quality of the issuers or other events or circumstances that may cause a significant adverse impact on the fair value of these securities, and management does not intend to sell these securities and it is unlikely that the Company will be required to sell these securities before recovery of their amortized cost basis, which may be maturity, the Company does not consider the unrealized losses to be OTTI at September 30, 2017. There was no OTTI recognized for the three or nine months ended September 30, 2017 and 2016. The Company had 163 investment securities, consisting of 107 tax-exempt state and municipal obligations, 2 taxable state and municipal obligations, 2 U.S. Treasury securities, 22 U.S. Government-sponsored enterprise securities and 30 mortgage-backed securities that were in unrealized loss positions at December 31, 2016. Of these securities, 9 mortgage-backed securities, and 2 tax-exempt state and municipal securities were in a continuous unrealized loss position for twelve months or more.

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