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Investments (Tables)

6 Months Ended

Jun. 30, 2018

Investments [Abstract]

Unrealized Gain (Loss) on Investments



The following table shows a comparison of amortized cost and fair values of investment securities at June 30, 2018 and December 31, 2017:





(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCL
June 30, 2018
Available for Sale:
  U.S. government agencies	$	30,000	$	0	$	1,249	$	28,751	$	0
  Commercial mortgage-backed agencies		40,450		0		1,607		38,843		0
  Collateralized mortgage obligations		39,103		0		1,478		37,625		0
  Obligations of states and political subdivisions		21,088		178		329		20,937		0
  Collateralized debt obligations		18,357		0		2,210		16,147		(1,209)
Total available for sale	$	148,998	$	178	$	6,873	$	142,303	$	(1,209)

Held to Maturity:
  U.S. government agencies	$	15,946	$	0	$	12	$	15,934	$	0
  Residential mortgage-backed agencies		45,297		9		1,451		43,855		0
  Commercial mortgage-backed agencies		16,643		0		227		16,416		0
  Collateralized mortgage obligations		3,989		0		218		3,771		0
  Obligations of states and political subdivisions		8,420		980		134		9,266		0
Total held to maturity	$	90,295	$	989	$	2,042	$	89,242	$	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:


	Six months ended				Three months ended
	June 30,				June 30,
(in thousands)	2018		2017		2018		2017
Proceeds	$	0	$	18,530	$	0	$	14,700
Realized gains		145		52		145		44
Realized losses		19		69		10		52



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 June 30, 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
June 30, 2018
Available for Sale:
  U.S. government agencies	$	4,838	$	162	$	23,913	$	1,087
  Commercial mortgage-backed agencies		12,311		473		26,532		1,134
  Collateralized mortgage obligations		16,826		619		20,799		859
  Obligations of states and political subdivisions		10,712		233		2,431		96
  Collateralized debt obligations		0		0		16,147		2,210
Total available for sale	$	44,687	$	1,487	$	89,822	$	5,386

Held to Maturity:
  U.S. government agencies	$	15,934	$	12	$	0	$	0
  Residential mortgage-backed agencies		29,047		696		14,645		755
  Commercial mortgage-backed agencies		16,416		227		0		0
  Collateralized mortgage obligations		0		0		3,771		218
  Obligations of states and political subdivisions		2,162		134		0		0
Total held to maturity	$	63,559	$	1,069	$	18,416	$	973






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 six- and three-month periods ended June 30, 2018 and 2017:




	Six months ended June 30,
(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		(207)		(57)
Balance of credit-related OTTI at June 30	$	2,751	$	3,067





Amortized Cost and Fair Values Classified by Contractual Maturity Date


	June 30, 2018
(in thousands)	Amortized Cost		Fair Value
Contractual Maturity
Available for sale:
Due after one year through five years	$	16,943	$	16,534
Due after five years through ten years		19,020		18,053
Due after ten years		33,482		31,248
		69,445		65,835
Commercial mortgage-backed agencies		40,450		38,843
Collateralized mortgage obligations		39,103		37,625
 Total available for sale	$	148,998	$	142,303
Held to Maturity:
Due after five years through ten years	$	15,946	$	15,934
Due after ten years		8,420		9,266
		24,366		25,200
Residential mortgage-backed agencies		45,297		43,855
Commercial mortgage-backed agencies		16,643		16,416
Collateralized mortgage obligations		3,989		3,771
Total held to maturity	$	90,295	$	89,242



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-Publisher FASB
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