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Investments (Tables)

9 Months Ended

Sep. 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 September 30, 2018 and December 31, 2017:





(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCL
September 30, 2018
Available for Sale:
  U.S. government agencies	$	30,000	$	0	$	1,435	$	28,565	$	0
  Commercial mortgage-backed agencies		39,433		0		1,802		37,631		0
  Collateralized mortgage obligations		37,900		0		1,778		36,122		0
  Obligations of states and political subdivisions		20,228		118		587		19,759		0
  Collateralized debt obligations		18,338		87		1,857		16,568		(853)
Total available for sale	$	145,899	$	205	$	7,459	$	138,645	$	(853)

Held to Maturity:
  U.S. government agencies	$	15,982	$	0	$	160	$	15,822	$	0
  Residential mortgage-backed agencies		47,776		7		1,899		45,884		0
  Commercial mortgage-backed agencies		16,569		0		340		16,229		0
  Collateralized mortgage obligations		3,769		0		260		3,509		0
  Obligations of states and political subdivisions		9,630		971		149		10,452		0
Total held to maturity	$	93,726	$	978	$	2,808	$	91,896	$	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:


	Nine months ended				Three months ended
	September 30,				September 30,
(in thousands)	2018		2017		2018		2017
Proceeds	$	2,005	$	18,530	$	2,005	$	0
Realized gains		151		52		6		0
Realized losses		35		96		16		27



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, 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
September 30, 2018
Available for Sale:
  U.S. government agencies	$	0	$	0	$	28,565	$	1,435
  Commercial mortgage-backed agencies		0		0		37,631		1,802
  Collateralized mortgage obligations		300		1		35,822		1,777
  Obligations of states and political subdivisions		10,019		344		4,842		243
  Collateralized debt obligations		0		0		10,089		1,857
Total available for sale	$	10,319	$	345	$	116,949	$	7,114

Held to Maturity:
  U.S. government agencies	$	15,822	$	160	$	0	$	0
  Residential mortgage-backed agencies		23,860		741		21,864		1,158
  Commercial mortgage-backed agencies		16,229		340		0		0
  Collateralized mortgage obligations		0		0		3,509		260
  Obligations of states and political subdivisions		2,146		149		0		0
Total held to maturity	$	58,057	$	1,390	$	25,373	$	1,418






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 nine- and three-month periods ended September 30, 2018 and 2017:




	Nine months ended September 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		(160)		(112)
Balance of credit-related OTTI at September 30	$	2,798	$	3,012








	Three months ended September 30,
(in thousands)	2018		2017
Balance of credit-related OTTI at July 1	$	2,851	$	3,067
Reduction for increases in cash flows expected to be collected		(53)		(55)
Balance of credit-related OTTI at September 30	$	2,798	$	3,012



Amortized Cost and Fair Values Classified by Contractual Maturity Date


	September 30, 2018
(in thousands)	Amortized Cost		Fair Value
Contractual Maturity
Available for sale:
Due in one year or less	$	231	$	234
Due after one year through five years		16,083		15,629
Due after five years through ten years		22,840		21,676
Due after ten years		29,412		27,353
		68,566		64,892
Commercial mortgage-backed agencies		39,433		37,631
Collateralized mortgage obligations		37,900		36,122
 Total available for sale	$	145,899	$	138,645
Held to Maturity:
Due after five years through ten years	$	15,982	$	15,822
Due after ten years		9,630		10,452
		25,612		26,274
Residential mortgage-backed agencies		47,776		45,884
Commercial mortgage-backed agencies		16,569		16,229
Collateralized mortgage obligations		3,769		3,509
Total held to maturity	$	93,726	$	91,896



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