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Investments (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018 and December 31, 2017:





(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCL
March 31, 2018
Available for Sale:
  U.S. government agencies	$	30,000	$	0	$	1,139	$	28,861	$	0
  Commercial mortgage-backed agencies		41,431		0		1,403		40,028		0
  Collateralized mortgage obligations		40,229		1		1,341		38,889		0
  Obligations of states and political subdivisions		21,915		181		247		21,849		0
  Collateralized debt obligations		19,706		0		3,729		15,977		(2,506)
Total available for sale	$	153,281	$	182	$	7,859	$	145,604	$	(2,506)

Held to Maturity:
  U.S. government agencies	$	15,911	$	116	$	0	$	16,027	$	0
  Residential mortgage-backed agencies		46,312		12		1,216		45,108		0
  Commercial mortgage-backed agencies		17,090		66		166		16,990		0
  Collateralized mortgage obligations		4,055		0		187		3,868		0
  Obligations of states and political subdivisions		8,510		923		91		9,342		0
Total held to maturity	$	91,878	$	1,117	$	1,660	$	91,335	$	0

December 31, 2017
Available for Sale:
  U.S. government agencies	$	30,000	$	0	$	744	$	29,256	$	0
  Commercial mortgage-backed agencies		41,771		0		880		40,891		0
  Collateralized mortgage obligations		41,298		2		916		40,384		0
  Obligations of states and political subdivisions		20,772		365		118		21,019		0
  Collateralized debt obligations		19,711		0		4,791		14,920		(3,389)
Total available for sale	$	153,552	$	367	$	7,449	$	146,470	$	(3,389)
Held to Maturity:
  U.S. government agencies	$	15,876	$	447	$	0	$	16,323	$	0
  Residential mortgage-backed agencies		47,771		94		423		47,442		0
  Commercial mortgage-backed agencies		17,288		236		6		17,518		0
  Collateralized mortgage obligations		4,187		0		69		4,118		0
  Obligations of states and political subdivisions		8,510		1,443		8		9,945		0
Total held to maturity	$	93,632	$	2,220	$	506	$	95,346	$	0



Proceeds from Sales and Realized Gains and Losses



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


	Three months ended
	March 31,
(in thousands)	2018		2017
Proceeds	$	0	$	3,830
Realized gains		0		8
Realized losses		9		17



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, 2018 and December 31, 2017, 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, 2018
Available for Sale:
  U.S. government agencies	$	4,865	$	136	$	23,996	$	1,003
  Commercial mortgage-backed agencies		12,384		390		27,644		1,013
  Collateralized mortgage obligations		16,982		538		21,438		803
  Obligations of states and political subdivisions		10,403		151		2,581		96
  Collateralized debt obligations		0		0		15,977		3,729
Total available for sale	$	44,634	$	1,215	$	91,636	$	6,644

Held to Maturity:
  Residential mortgage-backed agencies	$	34,240	$	632	$	12,510	$	593
  Commercial mortgage-backed agencies		8,717		158		0		0
  Collateralized mortgage obligations		0		0		3,868		187
  Obligations of states and political subdivisions		2,295		90		0		0
Total held to maturity	$	45,252	$	880	$	16,378	$	780






December 31, 2017
Available for Sale:
  U.S. government agencies	$	4,931	$	69	$	24,325	$	675
  Commercial mortgage-backed agencies		12,593		169		28,298		711
  Collateralized mortgage obligations		27,387		472		12,447		443
  Obligations of states and political subdivisions		2,683		44		2,747		75
  Collateralized debt obligations		0		0		14,920		4,791
Total available for sale	$	47,594	$	754	$	82,737	$	6,695
Held to Maturity:
  Residential mortgage-backed agencies	$	15,897	$	135	$	10,422	$	288
  Commercial mortgage-backed agencies		9,028		6		0		0
  Collateralized mortgage obligations		0		0		4,118		69
  Obligations of states and political subdivisions		2,377		8		0		0
Total held to maturity	$	27,302	$	149	$	14,540	$	357



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, 2018 and 2017:




	Three months ended March 31,
(in thousands)	2018		2017
Balance of credit-related OTTI at January 1	$	2,958	$	3,124
Reduction for increases in cash flows expected to be collected		(55)		(2)
Balance of credit-related OTTI at March 31	$	2,903	$	3,122





Amortized Cost and Fair Values Classified by Contractual Maturity Date


	March 31, 2018
(in thousands)	Amortized Cost		Fair Value
Contractual Maturity
Available for sale:
Due after one year through five years	$	15,858	$	15,497
Due after five years through ten years		20,741		19,904
Due after ten years		35,022		31,286
		71,621		66,687
Commercial mortgage-backed agencies		41,431		40,028
Collateralized mortgage obligations		40,229		38,889
 Total available for sale	$	153,281	$	145,604
Held to Maturity:
Due after five years through ten years	$	15,911	$	16,027
Due after ten years		8,510		9,342
		24,421		25,369
Residential mortgage-backed agencies	$	46,312	$	45,108
Commercial mortgage-backed agencies		17,090		16,990
Collateralized mortgage obligations		4,055		3,868
Total held to maturity	$	91,878	$	91,335



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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-Publisher FASB
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-Section 50
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