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Investments (Tables)

9 Months Ended

Sep. 30, 2017

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, 2017 and December 31, 2016:





(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCL
September 30, 2017
Available for Sale:
  U.S. government agencies	$	30,000	$	0	$	521	$	29,479	$	0
  Commercial mortgage-backed agencies		42,417		0		594		41,823		0
  Collateralized mortgage obligations		42,372		3		489		41,886		0
  Obligations of states and political subdivisions		20,911		419		76		21,254		0
  Collateralized debt obligations		19,719		0		5,001		14,718		(3,556)
Total available for sale	$	155,419	$	422	$	6,681	$	149,160	$	(3,556)

Held to Maturity:
  U.S. government agencies	$	15,841	$	609	$	0	$	16,450	$	0
  Residential mortgage-backed agencies		50,019		239		301		49,957		0
  Commercial mortgage-backed agencies		17,364		385		0		17,749		0
  Collateralized mortgage obligations		4,241		0		50		4,191		0
  Obligations of states and political subdivisions		8,510		1,326		0		9,836		0
Total held to maturity	$	95,975	$	2,559	$	351	$	98,183	$	0

December 31, 2016
Available for Sale:
  U.S. government agencies	$	25,000	$	0	$	747	$	24,253	$	0
  Commercial mortgage-backed agencies		52,978		1		757		52,222		0
  Collateralized mortgage obligations		19,953		13		399		19,567		0
  Obligations of states and political subdivisions		23,700		255		251		23,704		0
  Collateralized debt obligations		27,930		0		7,676		20,254		(3,961)
Total available for sale	$	149,561	$	269	$	9,830	$	140,000	$	(3,961)
Held to Maturity:
  U.S. government agencies	$	15,738	$	512	$	0	$	16,250	$	0
  Residential mortgage-backed agencies		50,384		160		279		50,265		0
  Commercial mortgage-backed agencies		17,584		248		0		17,832		0
  Collateralized mortgage obligations		4,833		0		149		4,684		0
  Obligations of states and political subdivisions		8,630		490		170		8,950		0
Total held to maturity	$	97,169	$	1,410	$	598	$	97,981	$	0



Proceeds from Sales and Realized Gains 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)	2017		2016		2017		2016
Proceeds	$	18,530	$	43,782	$	0	$	18,191
Realized gains		52		688		0		273
Realized losses		96		229		27		41



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, 2017 and December 31, 2016, 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, 2017
Available for Sale:
  U.S. government agencies	$	4,977	$	23	$	24,501	$	499
  Commercial mortgage-backed agencies		30,170		233		11,653		361
  Collateralized mortgage obligations		28,222		163		13,009		325
  Obligations of states and political subdivisions		3,414		16		2,838		60
  Collateralized debt obligations		0		0		14,718		5,001
Total available for sale	$	66,783	$	435	$	66,719	$	6,246

Held to Maturity:
  Residential mortgage-backed agencies	$	12,198	$	107	$	7,005	$	194
  Collateralized mortgage obligations		0		0		4,191		50
  Obligations of states and political subdivisions		0		0		0		0
Total held to maturity	$	12,198	$	107	$	11,196	$	244






December 31, 2016
Available for Sale:
  U.S. government agencies	$	24,253	$	747	$	0	$	0
  Commercial mortgage-backed agencies		51,604		757		0		0
  Collateralized mortgage obligations		14,706		399		0		0
  Obligations of states and political subdivisions		8,079		160		2,934		91
  Collateralized debt obligations		0		0		20,254		7,676
Total available for sale	$	98,642	$	2,063	$	23,188	$	7,767
Held to Maturity:
  Residential mortgage-backed agencies	$	20,899	$	279	$	0	$	0
  Commercial mortgage-backed agencies		4,684		149		0		0
  Obligations of states and political subdivisions		2,335		170		0		0
Total held to maturity	$	27,918	$	598	$	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, 2017 and 2016:




	Nine months ended September 30,
(in thousands)	2017		2016
Balance of credit-related OTTI at January 1	$	3,124	$	3,133
Decreases for previously recognized credit-related OTTI due to transfer		0		(3,045)
Additions for decreases in cash flows expected to be collected		0		33
Reduction for increases in cash flows expected to be collected		(112)		(7)
Balance of credit-related OTTI at September 30	$	3,012	$	114






	Three months ended September 30,
(in thousands)	2017		2016
Balance of credit-related OTTI at July 1	$	3,067	$	116
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		(55)		(2)
Balance of credit-related OTTI at September 30	$	3,012	$	114



Amortized Cost and Fair Values Classified by Contractual Maturity Date


	September 30, 2017
(in thousands)	Amortized Cost		Fair Value
Contractual Maturity
Available for sale:
Due after one year through five years	$	15,865	$	15,759
Due after five years through ten years		20,553		20,193
Due after ten years		34,212		29,499
		70,630		65,451
Commercial mortgage-backed agencies		42,417		41,823
Collateralized mortgage obligations		42,372		41,886
 Total available for sale	$	155,419	$	149,160
Held to Maturity:
Due after five years through ten years	$	15,841	$	16,450
Due after ten years		8,510		9,836
		24,351		26,286
Residential mortgage-backed agencies	$	50,019	$	49,957
Commercial mortgage-backed agencies		17,364		17,749
Collateralized mortgage obligations		4,241		4,191
Total held to maturity	$	95,975	$	98,183



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-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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