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Securities (Tables)
 9 Months Ended
Sep. 30, 2019
Investments Debt And Equity Securities [Abstract]  
Amortized Cost and Fair Value of Securities with Gross Unrealized Gains and Losses The amortized cost and fair value of securities, with gross unrealized gains and losses at September 30, 2019 and December 31, 2018,  follows

 

 

 

(In Thousands)

 

 

 

September 30, 2019

 

 

 

Amortized

 

 

Gross Unrealized

 

 

Gross Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Available-for-Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

14,029

 

 

$

10

 

 

$

(30

)

 

$

14,009

 

U.S. Government agencies

 

 

79,130

 

 

 

948

 

 

 

(35

)

 

 

80,043

 

Mortgage-backed securities

 

 

57,180

 

 

 

446

 

 

 

(165

)

 

 

57,461

 

State and local governments

 

 

38,265

 

 

 

697

 

 

 

(10

)

 

 

38,952

 

Total available-for-sale securities

 

$

188,604

 

 

$

2,101

 

 

$

(240

)

 

$

190,465

 

 

 

 

 

(In Thousands)

 

 

 

December 31, 2018

 

 

 

Amortized

 

 

Gross Unrealized

 

 

Gross Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Available-for-Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

23,078

 

 

$

6

 

 

$

(254

)

 

$

22,830

 

U.S. Government agencies

 

 

71,235

 

 

 

2

 

 

 

(1,910

)

 

 

69,327

 

Mortgage-backed securities

 

 

37,342

 

 

 

62

 

 

 

(1,142

)

 

 

36,262

 

State and local governments

 

 

40,608

 

 

 

225

 

 

 

(805

)

 

 

40,028

 

Total available-for-sale securities

 

$

172,263

 

 

$

295

 

 

$

(4,111

)

 

$

168,447

 
Gross Unrealized Losses, Aggregated by Investment Category and Length of Time

Information pertaining to securities with gross unrealized losses at September 30, 2019 and December 31, 2018, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:    

 

 

 

(In Thousands)

 

 

 

September 30, 2019

 

 

 

Less Than Twelve Months

 

 

Twelve Months & Over

 

 

Total

 

 

 

Gross Unrealized

 

 

Fair

 

 

Gross Unrealized

 

 

Fair

 

 

Gross Unrealized

 

 

Fair

 

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

U.S. Treasury

 

$

-

 

 

$

-

 

 

$

(30

)

 

$

12,015

 

 

$

(30

)

 

$

12,015

 

U.S. Government agencies

 

 

-

 

 

 

-

 

 

 

(35

)

 

 

13,720

 

 

 

(35

)

 

 

13,720

 

Mortgage-backed securities

 

 

(48

)

 

 

8,099

 

 

 

(117

)

 

 

16,811

 

 

 

(165

)

 

 

24,910

 

State and local governments

 

 

(9

)

 

 

2,425

 

 

 

(1

)

 

 

1,100

 

 

 

(10

)

 

 

3,525

 

Total available-for-sale securities

 

$

(57

)

 

$

10,524

 

 

$

(183

)

 

$

43,646

 

 

$

(240

)

 

$

54,170

 

 

 

 

(In Thousands)

 

 

 

December 31, 2018

 

 

 

Less Than Twelve Months

 

 

Twelve Months & Over

 

 

Total

 

 

 

Gross Unrealized

 

 

Fair

 

 

Gross Unrealized

 

 

Fair

 

 

Gross Unrealized

 

 

Fair

 

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

U.S. Treasury

 

$

-

 

 

$

-

 

 

$

(254

)

 

$

20,861

 

 

$

(254

)

 

$

20,861

 

U.S. Government agencies

 

 

-

 

 

 

-

 

 

 

(1,910

)

 

 

64,727

 

 

 

(1,910

)

 

 

64,727

 

Mortgage-backed securities

 

 

(4

)

 

 

697

 

 

 

(1,138

)

 

 

30,347

 

 

 

(1,142

)

 

 

31,044

 

State and local governments

 

 

(22

)

 

 

3,254

 

 

 

(783

)

 

 

29,413

 

 

 

(805

)

 

 

32,667

 

Total available-for-sale securities

 

$

(26

)

 

$

3,951

 

 

$

(4,085

)

 

$

145,348

 

 

$

(4,111

)

 

$

149,299

 
Gross Realized Gains and Losses

Below are the gross realized gains and losses for the three and nine months ended September 30, 2019 and September 30, 2018.

 

 

 

Three Months

 

 

Nine Months

 

 

 

(In Thousands)

 

 

(In Thousands)

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Gross realized gains

 

$

-

 

 

$

51

 

 

$

16

 

 

$

51

 

Gross realized losses

 

 

-

 

 

 

(41

)

 

 

(42

)

 

 

(41

)

Net realized losses

 

$

-

 

 

$

10

 

 

$

(26

)

 

$

10

 

Tax expense related to net realized losses

 

$

-

 

 

$

2

 

 

$

(5

)

 

$

2

 
Amortized Cost and Fair Value of Debt Securities, by Contractual Maturity

The amortized cost and fair value of debt securities at September 30, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

 

 

(In Thousands)

 

 

 

Amortized

 

 

 

 

 

 

 

Cost

 

 

Fair Value

 

One year or less

 

$

30,708

 

 

$

30,702

 

After one year through five years

 

 

52,474

 

 

 

52,597

 

After five years through ten years

 

 

46,971

 

 

 

48,433

 

After ten years

 

 

1,271

 

 

 

1,272

 

Total

 

$

131,424

 

 

$

133,004

 

Mortgage-backed securities

 

 

57,180

 

 

 

57,461

 

Total

 

$

188,604

 

 

$

190,465