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Investments (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019 and December 31, 2018:





(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCL
March 31, 2019
Available for Sale:
  U.S. government agencies	$	30,000	$	0	$	536	$	29,464	$	0
  Commercial mortgage-backed agencies		38,141		0		1,165		36,976		0
  Collateralized mortgage obligations		35,564		0		559		35,005		0
  Obligations of states and political subdivisions		19,798		213		94		19,917		0
  Collateralized debt obligations		18,362		0		3,210		15,152		(2,075)
Total available for sale	$	141,865	$	213	$	5,564	$	136,514	$	(2,075)

Held to Maturity:
  U.S. government agencies	$	16,054	$	401	$	0	$	16,455	$	0
  Residential mortgage-backed agencies		45,312		15		667		44,660		0
  Commercial mortgage-backed agencies		15,745		213		0		15,958		0
  Collateralized mortgage obligations		3,753		0		62		3,691		0
  Obligations of states and political subdivisions		14,674		1,974		48		16,600		0
Total held to maturity	$	95,538	$	2,603	$	777	$	97,364	$	0

December 31, 2018
Available for Sale:
  U.S. government agencies	$	30,000	$	0	$	974	$	29,026	$	0
  Commercial mortgage-backed agencies		39,013		0		1,261		37,752		0
  Collateralized mortgage obligations		36,669		0		965		35,704		0
  Obligations of states and political subdivisions		20,083		132		333		19,882		0
  Collateralized debt obligations		18,358		0		3,081		15,277		(1,966)
Total available for sale	$	144,123	$	132	$	6,614	$	137,641	$	(1,966)
Held to Maturity:
  U.S. government agencies	$	16,017	$	120	$	0	$	16,137	$	0
  Residential mortgage-backed agencies		46,491		6		1,287		45,210		0
  Commercial mortgage-backed agencies		15,821		75		68		15,828		0
  Collateralized mortgage obligations		3,761		0		156		3,605		0
  Obligations of states and political subdivisions		11,920		1,156		96		12,980		0
Total held to maturity	$	94,010	$	1,357	$	1,607	$	93,760	$	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)	2019		2018
Proceeds	$	260	$	235
Realized gains		0		0
Realized losses		6		9



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, 2019 and December 31, 2018, 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		Number of Investments		Fair Value		Unrealized Losses		Number of Investments
March 31, 2019
Available for Sale:
  U.S. government agencies	$	0	$	0		0	$	29,464	$	536		5
  Commercial mortgage-backed agencies		0		0		0		36,976		1,165		8
  Collateralized mortgage obligations		171		1		1		34,834		558		8
  Obligations of states and political subdivisions		115		1		1		5,278		93		4
  Collateralized debt obligations		5,949		478		4		9,201		2,732		5
Total available for sale	$	6,235	$	480		6	$	115,753	$	5,084		30

Held to Maturity:
  Residential mortgage-backed agencies		3,623		15		2		36,833		652		26
  Collateralized mortgage obligations		0		0		0		3,691		62		1
  Obligations of states and political subdivisions		2,247		48		1		0		0		0
Total held to maturity	$	5,870	$	63		3	$	40,524	$	714		27






December 31, 2018
Available for Sale:
  U.S. government agencies	$	0	$	0		0	$	29,026	$	974		5
  Commercial mortgage-backed agencies		0		0		0		37,752		1,261		8
  Collateralized mortgage obligations		232		1		1		35,472		964		8
  Obligations of states and political subdivisions		3,310		48		5		11,068		285		8
  Collateralized debt obligations		5,987		438		4		9,290		2,643		5
Total available for sale	$	9,529	$	487		10	$	122,608	$	6,127		34
Held to Maturity:
  Residential mortgage-backed agencies	$	3,605	$	51		2	$	41,448	$	1,236		29
  Commercial mortgage-backed agencies		0		0		0		7,656		68		1
  Collateralized mortgage obligations		0		0		0		3,605		156		1
  Obligations of states and political subdivisions		0		0		0		2,199		96		1
Total held to maturity	$	3,605	$	51		2	$	54,908	$	1,556		32



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, 2019 and 2018:




	Three months ended March 31,
(in thousands)	2019		2018
Balance of credit-related OTTI at January 1	$	2,646	$	2,958
Reduction for increases in cash flows expected to be collected		(49)		(55)
Balance of credit-related OTTI at March 31	$	2,597	$	2,903



Amortized Cost and Fair Values Classified by Contractual Maturity Date


	March 31, 2019
(in thousands)	Amortized Cost		Fair Value
Contractual Maturity
Available for Sale:
Due in one year or less	$	227	$	228
Due after one year through five years		16,768		16,614
Due after five years through ten years		21,799		21,388
Due after ten years		29,366		26,303
		68,160		64,533
Commercial mortgage-backed agencies		38,141		36,976
Collateralized mortgage obligations		35,564		35,005
 Total available for sale	$	141,865	$	136,514
Held to Maturity:
Due after one year through five years	$	8,363	$	8,556
Due after five years through ten years		7,691		7,899
Due after ten years		14,674		16,600
		30,728		33,055
Residential mortgage-backed agencies		45,312		44,660
Commercial mortgage-backed agencies		15,745		15,958
Collateralized mortgage obligations		3,753		3,691
Total held to maturity	$	95,538	$	97,364



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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
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