XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Investment Securities | 9 Months Ended
--- | ---
Sep. 30, 2016
Investments Debt And Equity Securities [Abstract] |
Investment Securities |
| (4) | Investment Securities
The amortized cost, contractual maturity, gross unrealized gains and losses, and fair value of debt securities classified as available-for-sale at September 30, 2016 and December 31, 2015 are shown below:
|  | Maturity* |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  |  |  |  |  |  |  |  |
|  | 1 Year |  |  | 1-5 |  |  | 5-10 |  |  | After |  |  | Amortized |  |  | Gross Unrealized |  |  | Fair |
(in thousands) |  | or Less |  |  | Years |  |  | Years |  |  | 10 Years |  |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and federal agency obligations |  | $ | 0 |  |  | $ | 0 |  |  | $ | 10,954 |  |  | $ | 2,494 |  |  | $ | 13,448 |  |  | $ | 13 |  |  | $ | (121 | ) |  | $ | 13,340 |
Government sponsored enterprises |  |  | 3,010 |  |  |  | 30,595 |  |  |  | 0 |  |  |  | 0 |  |  |  | 33,605 |  |  |  | 82 |  |  |  | (10 | ) |  |  | 33,677 |
Obligations of states and political subdivisions |  |  | 2,315 |  |  |  | 16,672 |  |  |  | 16,112 |  |  |  | 1,332 |  |  |  | 36,431 |  |  |  | 436 |  |  |  | (100 | ) |  |  | 36,767 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential - government agencies |  |  | 1,040 |  |  |  | 115,679 |  |  |  | 17,789 |  |  |  | 1,516 |  |  |  | 136,024 |  |  |  | 1,159 |  |  |  | (159 | ) |  |  | 137,024 |
Commercial - government agencies |  |  | 0 |  |  |  | 988 |  |  |  | 0 |  |  |  | 0 |  |  |  | 988 |  |  |  | 28 |  |  |  | 0 |  |  |  | 1,016 |
Total mortgage-backed securities |  |  | 1,040 |  |  |  | 116,667 |  |  |  | 17,789 |  |  |  | 1,516 |  |  |  | 137,012 |  |  |  | 1,187 |  |  |  | (159 | ) |  |  | 138,040 |
Total available-for-sale securities |  | $ | 6,365 |  |  | $ | 163,934 |  |  | $ | 44,855 |  |  | $ | 5,342 |  |  | $ | 220,496 |  |  | $ | 1,718 |  |  | $ | (390 | ) |  | $ | 221,824 |
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government sponsored enterprises |  | $ | 23,067 |  |  | $ | 50,538 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 73,605 |  |  | $ | 127 |  |  | $ | (235 | ) |  | $ | 73,497 |
Obligations of states and political subdivisions |  |  | 1,827 |  |  |  | 16,975 |  |  |  | 12,593 |  |  |  | 829 |  |  |  | 32,224 |  |  |  | 493 |  |  |  | (11 | ) |  |  | 32,706 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential - government agencies |  |  | 1,508 |  |  |  | 106,648 |  |  |  | 19,291 |  |  |  | 1,746 |  |  |  | 129,193 |  |  |  | 432 |  |  |  | (1,768 | ) |  |  | 127,857 |
Commercial - government agencies |  |  | 0 |  |  |  | 986 |  |  |  | 0 |  |  |  | 0 |  |  |  | 986 |  |  |  | 8 |  |  |  | 0 |  |  |  | 994 |
Total mortgage-backed securities |  |  | 1,508 |  |  |  | 107,634 |  |  |  | 19,291 |  |  |  | 1,746 |  |  |  | 130,179 |  |  |  | 440 |  |  |  | (1,768 | ) |  |  | 128,851 |
Total available-for-sale securities |  | $ | 26,402 |  |  | $ | 175,147 |  |  | $ | 31,884 |  |  | $ | 2,575 |  |  | $ | 236,008 |  |  | $ | 1,060 |  |  | $ | (2,014 | ) |  | $ | 235,054 |
* Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties. All of the Company’s investment securities are classified as available for sale. Agency bonds and notes, small business administration guaranteed loan certificates (SBA), residential and commercial agency mortgage-backed securities, and agency collateralized mortgage obligations (CMO) include securities issued by the Government National Mortgage Association (GNMA), a U.S. government agency, and the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation (FHLMC) and the Federal Home Loan Bank (FHLB), which are U.S. government-sponsored enterprises. Other investments and securities primarily consist of Federal Home Loan Bank stock and the Company’s interest in statutory trusts. These securities are reported at cost in the amount of $9.2 million and $8.0 million as of September 30, 2016 and December 31, 2015, respectively. Debt securities with carrying values aggregating approximately $183.2 million and $182.7 million at September 30, 2016 and December 31, 2015, respectively, were pledged to secure public funds, securities sold under agreements to repurchase, and for other purposes as required or permitted by law. Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2016 and December 31, 2015 were as follows:
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(in thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
At September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and federal agency obligations |  | $ | 11,827 |  |  | $ | (121 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 11,827 |  |  | $ | (121 | )
Government sponsored enterprises |  |  | 9,001 |  |  |  | (10 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 9,001 |  |  |  | (10 | )
Obligations of states and political subdivisions |  |  | 15,202 |  |  |  | (100 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 15,202 |  |  |  | (100 | )
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential - government agencies |  |  | 31,631 |  |  |  | (109 | ) |  |  | 3,376 |  |  |  | (50 | ) |  |  | 35,007 |  |  |  | (159 | )
Total |  | $ | 67,661 |  |  | $ | (340 | ) |  | $ | 3,376 |  |  | $ | (50 | ) |  | $ | 71,037 |  |  | $ | (390 | )
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government sponsored enterprises |  | $ | 43,539 |  |  | $ | (222 | ) |  | $ | 1,002 |  |  | $ | (13 | ) |  | $ | 44,541 |  |  | $ | (235 | )
Obligations of states and political subdivisions |  |  | 2,571 |  |  |  | (6 | ) |  |  | 718 |  |  |  | (5 | ) |  |  | 3,289 |  |  |  | (11 | )
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential - government agencies |  |  | 56,095 |  |  |  | (620 | ) |  |  | 43,576 |  |  |  | (1,148 | ) |  |  | 99,671 |  |  |  | (1,768 | )
Total |  | $ | 102,205 |  |  | $ | (848 | ) |  | $ | 45,296 |  |  | $ | (1,166 | ) |  | $ | 147,501 |  |  | $ | (2,014 | )
The total available for sale portfolio consisted of approximately 282 securities at September 30, 2016. The portfolio included 76 securities having an aggregate fair value of $71.0 million that were in a loss position at September 30, 2016. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer had a fair value of $3.4 million at September 30, 2016. The $390,000 aggregate unrealized loss included in accumulated other comprehensive income at September 30, 2016 was caused by interest rate fluctuations. The total available for sale portfolio consisted of approximately 316 securities at December 31, 2015. The portfolio included 111 securities having an aggregate fair value of $147.5 million that were in a loss position at December 31, 2015. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer had a fair value of $45.3 million at December 31, 2015. The $2.0 million aggregate unrealized loss included in accumulated other comprehensive income at December 31, 2015 was caused by interest rate fluctuations. Because the decline in fair value is attributable to changes in interest rates and not credit quality, these investments were not considered other-than-temporarily impaired at September 30, 2016 and December 31, 2015, respectively. In the absence of changes in credit quality of these investments, the fair value is expected to recover on all debt securities as they approach their maturity date, or re-pricing date or if market yields for such investments decline. In addition, the Company does not have the intent to sell these investments over the period of recovery, and it is not more likely than not that the Company will be required to sell such investment securities. The following table presents the components of investment securities gains and losses, which have been recognized in earnings.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Gains realized on sales |  | $ | 133 |  |  | $ | 0 |  |  | $ | 623 |  |  | $ | 8 |
Losses realized on sales |  |  | (21 | ) |  |  | 0 |  |  |  | (21 | ) |  |  | 0 |
Other-than-temporary impairment recognized |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Investment securities gains |  | $ | 112 |  |  | $ | 0 |  |  | $ | 602 |  |  | $ | 8 |

X
- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27337-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27198-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27161-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27357-111563 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27290-111563 + Details
Name: | us-gaap_AvailableForSaleSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration