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MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2019

MARKETABLE SECURITIES

MARKETABLE SECURITIES

6. MARKETABLE SECURITIES

During the first quarter of 2019, the Company changed its investment strategy and as of September 30, 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						Nine months ended
		September 30,						September 30,
(in thousands)		2019			2018			2019			2018
Net realized gain (loss)		$	—		$	(16)		$	4		$	(36)
Reclassification of net realized gains from other comprehensive income		$	—		$	(16)		$	4		$	(36)

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


		September 30, 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-available-for sale securities as of September 30, 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
								Net
		Amortized			Fair			Unrealized
Type of Securities		Cost Basis			Value			Losses
(in thousands)
Municipal Obligations		$	1,490		$	1,490		$	—
Corporate Obligations			6,184			6,175			(9)
Total		$	7,674		$	7,665		$	(9)