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Investments (Tables)

9 Months Ended

Sep. 30, 2016

Investments [Abstract]

Unrealized Gain (Loss) on Investments



The following table shows a comparison of amortized cost and fair values of investment securities at September 30, 2016 and December 31, 2015:





(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCI
September 30, 2016
Available for Sale:
  U.S. government agencies	$	25,000	$	4		3	$	25,001	$	0
  Commercial mortgage-backed agencies		56,191		850		31		57,010		0
  Collateralized mortgage obligations		21,014		57		63		21,008		0
  Obligations of states and political subdivisions		24,403		737		49		25,091		0
  Collateralized debt obligations		24,721		0		4,794		19,927		(427)
Total available for sale	$	151,329	$	1,648	$	4,940	$	148,037	$	(427)

Held to Maturity:
  U.S. government agencies	$	15,704	$	1,135	$	0	$	16,839	$	0
  Residential mortgage-backed agencies		52,784		1,230		19		53,995		0
  Commercial mortgage-backed agencies		17,657		1,073		0		18,730		0
  Collateralized mortgage obligations		5,255		25		0		5,280		0
  Obligations of states and political subdivisions		6,987		1,455		0		8,442		0
Total held to maturity	$	98,387	$	4,918	$	19	$	103,286	$	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:


	Nine months ended				Three months ended
	September 30,				September 30,
(in thousands)	2016		2015		2016		2015
Proceeds	$	43,782	$	52,672	$	18,191	$	28,005
Realized gains		688		373		273		217
Realized losses		229		311		41		138



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 September 30, 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
September 30, 2016
Available for Sale:
  U.S. government agencies	$	9,997	$	3	$	0	$	0
  Commercial mortgage-backed agencies		12,683		31		0		0
  Collateralized mortgage obligations		15,104		63		0		0
  Obligations of states and political subdivisions		267		1		3,231		48
  Collateralized debt obligations		12,361		1,140		7,566		3,654
Total available for sale	$	50,412	$	1,238	$	10,797	$	3,702

Held to Maturity:
  Residential mortgage-backed agencies	$	3,858	$	18	$	448	$	1
Total held to maturity	$	3,858	$	18	$	448	$	1






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 nine- and three-month periods ended September 30, 2016 and 2015:




	Nine months ended September 30,
(in thousands)	2016		2015
Balance of credit-related OTTI at January 1	$	3,133	$	12,583
Decreases for previously recognized credit-related OTTI due to transfer		(3,045)		0
Additions for decreases in cash flows expected to be collected		33		0
Reduction for increases in cash flows expected to be collected		(7)		(479)
Balance of credit-related OTTI at September 30	$	114	$	12,104






	Three months ended September 30,
(in thousands)	2016		2015
Balance of credit-related OTTI at July 1	$	116	$	12,243
Decreases for previously recognized credit-related OTTI due to transfer		0		0
Additions for decreases in cash flows expected to be collected		0		0
Reduction for increases in cash flows expected to be collected		(2)		(139)
Balance of credit-related OTTI at September 30	$	114	$	12,104

Amortized Cost and Fair Values Classified by Contractual Maturity Date


	September 30, 2016
(in thousands)	Amortized Cost		Fair Value
Contractual Maturity
Available for sale:
Due after one year through five years	$	10,671	$	10,681
Due after five years through ten years		19,939		20,102
Due after ten years		43,514		39,236
		74,124		70,019
Commercial mortgage-backed agencies		56,191		57,010
Collateralized mortgage obligations		21,014		21,008
 Total available for sale	$	151,329	$	148,037
Held to Maturity:
Due after five years through ten years	$	15,704	$	16,839
Due after ten years		6,987		8,442
		22,691		25,281
Residential mortgage-backed agencies	$	52,784	$	53,995
Commercial mortgage-backed agencies		17,657		18,730
Collateralized mortgage obligations		5,255		5,280
Total held to maturity	$	98,387	$	103,286



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-Publisher FASB
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