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Investments (Tables)

3 Months Ended

Mar. 31, 2016

Investments [Abstract]

Unrealized Gain (Loss) on Investments



The following table shows a comparison of amortized cost and fair values of investment securities at March 31, 2016 and December 31, 2015:





(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCI
March 31, 2016
Available for Sale:
  U.S. government agencies	$	29,063	$	150	$	0	$	29,213	$	0
  Residential mortgage-backed agencies		7,769		0		60		7,709		0
  Commercial mortgage-backed agencies		47,461		973		16		48,418		0
  Collateralized mortgage obligations		13,460		101		25		13,536		0
  Obligations of states and political subdivisions		36,173		712		50		36,835		0
  Collateralized debt obligations		25,441		0		5,909		19,532		(2,332)
Total available for sale	$	159,367	$	1,936	$	6,060	$	155,243	$	(2,332)

Held to Maturity:
  U.S. government agencies	$	22,738	$	1,502	$	0	$	24,240	$	0
  Residential mortgage-backed agencies		52,311		916		23		53,204		0
  Commercial mortgage-backed agencies		18,007		881		0		18,888		0
  Collateralized mortgage obligations		5,840		21		0		5,861		0
  Obligations of states and political subdivisions		2,625		393		0		3,018		0
Total held to maturity	$	101,521	$	3,713	$	23	$	105,211	$	0

December 31, 2015
Available for Sale:
  U.S. government agencies		34,079		14		129		33,964		0
  Residential mortgage-backed agencies		14,285		105		220		14,170		0
  Commercial mortgage-backed agencies		43,780		52		196		43,636		0
  Collateralized mortgage obligations		9,690		43		123		9,610		0
  Obligations of states and political subdivisions		45,949		915		223		46,641		0
  Collateralized debt obligations		25,766		0		3,555		22,211		(799)
Total available for sale	$	173,549	$	1,129	$	4,446	$	170,232	$	(799)
Held to Maturity:
  U.S. government agencies	$	24,704	$	634	$	0	$	25,338	$	0
  Residential mortgage-backed agencies		53,734		276		98		53,912		0
  Commercial mortgage-backed agencies		18,078		171		17		18,232		0
  Collateralized mortgage obligations		6,419		0		122		6,297		0
  Obligations of states and political subdivisions		2,625		338		0		2,963		0
Total held to maturity	$	105,560	$	1,419	$	237	$	106,742	$	0



Proceeds from Sales and Realized Gain and Losses



Proceeds from sales of available for sale securities and the realized gains and losses are as follows:


	Three months ended
	March 31,
(in thousands)	2016		2015
Proceeds	$	10,771	$	15,091
Realized gains		277		16
Realized losses		71		113



Gross Unrealized Losses and Fair Values of Securities

The following table shows the Corporation’s investment securities with gross unrealized losses and fair values at March 31, 2016 and December 31, 2015, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:




	Less than 12 months				12 months or more
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2016
Available for Sale:
  Residential mortgage-backed agencies	$	0	$	0	$	7,709		60
  Commercial mortgage-backed agencies		3,087		16		0		0
  Collateralized mortgage obligations		0		0		5,209		25
  Obligations of states and political subdivisions		2,093		8		3,829		42
  Collateralized debt obligations		12,243		1,962		7,289		3,947
Total available for sale	$	17,423	$	1,986	$	24,036	$	4,074

Held to Maturity:
  Residential mortgage-backed agencies	$	4,332	$	15	$	1,224	$	8
  Collateralized mortgage obligations		0		0		0		0
Total held to maturity	$	4,332	$	15	$	1,224	$	8






December 31, 2015
Available for Sale:
  U.S. government agencies		23,929	$	129	$	0	$	0
  Residential mortgage-backed agencies		0		0		8,051		220
  Commercial mortgage-backed agencies		25,858		196		0		0
  Collateralized mortgage obligations		5,299		123		0		0
  Obligations of states and political subdivisions		11,537		104		4,048		119
  Collateralized debt obligations		0		0		7,688		3,555
Total available for sale	$	66,623	$	552	$	19,787	$	3,894
Held to Maturity:
  Residential mortgage-backed agencies		11,085		98		0		0
  Commercial mortgage-backed agencies		9,518		17		0		0
  Collateralized mortgage obligations		6,297		122		0		0
Total held to maturity	$	26,900	$	237	$	0	$	0



Non-Cash OTTI Credit Losses Recognized in Earnings



The following tables present a cumulative roll-forward of the amount of non-cash OTTI charges related to credit losses which have been recognized in earnings for the trust preferred securities in the CDO portfolio held and not intended to be sold for the three-month periods ended March 31, 2016 and 2015:




	Three months ended March 31,
(in thousands)	2016		2015
Balance of credit-related OTTI at January 1	$	3,133	$	12,583
Reduction for increases in cash flows expected to be collected		(36)		(167)
Balance of credit-related OTTI at March 31	$	3,097	$	12,416



Amortized Cost and Fair Values Classified by Contractual Maturity Date


	March 31, 2016
(in thousands)	Amortized Cost		Fair Value
Contractual Maturity
Available for sale:
Due in one year or less	$	10,008	$	10,030
Due after one year through five years		25,210		25,463
Due after five years through ten years		6,276		6,459
Due after ten years		49,183		43,628
		90,677		85,580
Residential mortgage-backed agencies	$	7,769	$	7,709
Commercial mortgage-backed agencies		47,461		48,418
Collateralized mortgage obligations		13,460		13,536
 Total available for sale	$	159,367	$	155,243
Held to Maturity:
Due after five years through ten years	$	15,637	$	16,674
Due after ten years		9,726		10,584
		25,363		27,258
Residential mortgage-backed agencies	$	52,311	$	53,204
Commercial mortgage-backed agencies		18,007		18,888
Collateralized mortgage obligations		5,840		5,861
Total held to maturity	$	101,521	$	105,211



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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
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