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MARKETABLE SECURITIES
 3 Months Ended
Mar. 31, 2019
MARKETABLE SECURITIES  
MARKETABLE SECURITIES
6. MARKETABLE SECURITIES

 

During the first quarter of 2019, the Company changed its investment strategy and as of March 31, 2019, no longer held investments in marketable securities. The Company held investments in marketable securities for a short duration in the first quarter of 2019. During 2018, Marine Products’ marketable securities were held with a large, well-capitalized financial institution. Management determined the appropriate classification of debt securities at the time of purchase and reevaluated such designations as of each balance sheet date. Debt securities were classified as available-for-sale because the Company did not have the intent to hold the securities to maturity. Available-for-sale debt securities were stated at their fair values, with the unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity. The cost of securities sold was based on the specific identification method. Realized gains and losses, declines in value judged to be other than temporary, interest and dividends on available-for-sale debt securities have been included in interest income.

 

The net realized gains (losses) and the reclassification of net realized gains (losses) from other comprehensive income are as follows:

 

    Three months ended 
March 31,		  
(in thousands)   2019     2018  
Net realized gain (loss)   $ 4     $ (19 )
Reclassification of net realized gains (losses) from other comprehensive income   $ 4     $ (19 )

 

Gross unrealized gains (losses) on marketable securities are as follows:

 

    March 31, 2019     December 31, 2018  
    Gross unrealized     Gross unrealized  
(in thousands)   Gains     (Losses)     Gains     (Losses)  
Municipal Obligations   $ -     $ -     $ 2     $ (2 )
Corporate Obligations     -       -       1       (10 )
    $ -     $ -     $ 3     $ (12 )

 

There were no available-for-sale debt securities as of March 31, 2019. The amortized cost basis, fair value and net unrealized gains on the available-for-sale debt securities as of December 31, 2018 are as follows:

 

    December 31, 2018  
Type of Securities   Amortized
Cost Basis		     Fair
Value		     Net
Unrealized 
Losses		  
(in thousands)                  
Municipal Obligations   $ 1,490     $ 1,490     $ -  
Corporate Obligations     6,184       6,175       (9 )
Total   $ 7,674     $ 7,665     $ (9 )