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Securities (Tables)
 3 Months Ended
Mar. 31, 2018
Investments Debt And Equity Securities [Abstract]  
Amortized Cost and Fair Value of Securities Available for Sale

The amortized cost and fair value of securities available for sale, with unrealized gains and losses follows:

 

 

 

March 31, 2018

 

(In thousands)

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

(Losses)

 

 

Fair Value

 

Obligations of U.S. Government corporations and agencies

 

$

53,313

 

 

$

26

 

 

$

(1,315

)

 

$

52,024

 

Obligations of states and political subdivisions

 

 

14,754

 

 

 

60

 

 

 

(208

)

 

 

14,606

 

Corporate bonds

 

 

2,362

 

 

 

313

 

 

–

 

 

 

2,675

 

Mutual funds

 

 

388

 

 

–

 

 

 

(10

)

 

 

378

 

 

 

$

70,817

 

 

$

399

 

 

$

(1,533

)

 

$

69,683

 

 

 

 

December 31, 2017

 

(In thousands)

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

(Losses)

 

 

Fair Value

 

Obligations of U.S. Government corporations and agencies

 

$

52,872

 

 

$

113

 

 

$

(608

)

 

$

52,377

 

Obligations of states and political subdivisions

 

 

15,124

 

 

 

191

 

 

 

(60

)

 

 

15,255

 

Corporate bonds

 

 

3,816

 

 

 

476

 

 

 

(153

)

 

 

4,139

 

Mutual funds

 

 

386

 

 

–

 

 

 

(4

)

 

 

382

 

 

 

$

72,198

 

 

$

780

 

 

$

(825

)

 

$

72,153

 

 
Securities Available for Sale by Contractual Maturity

The amortized cost and fair value of securities available for sale, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties.

 

 

 

March 31, 2018

 

(In thousands)

 

Amortized

Cost

 

 

Fair Value

 

Due in one year or less

 

$

2,007

 

 

$

2,001

 

Due after one year through five years

 

 

4,358

 

 

 

4,259

 

Due after five years through ten years

 

 

24,239

 

 

 

23,712

 

Due after ten years

 

 

39,825

 

 

 

39,333

 

Mutual funds

 

 

388

 

 

 

378

 

 

 

$

70,817

 

 

$

69,683

 

 
Securities in Continuous Unrealized Loss Position

The following table shows the Company’s securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2018 and December 31, 2017, respectively.

 

(In thousands)

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

March 31, 2018

 

Fair Value

 

 

Unrealized

(Losses)

 

 

Fair Value

 

 

Unrealized

(Losses)

 

 

Fair Value

 

 

Unrealized

(Losses)

 

Obligations of U.S. Government corporations and

agencies

 

$

39,016

 

 

$

(897

)

 

$

9,590

 

 

$

(418

)

 

$

48,606

 

 

$

(1,315

)

Obligations of states and political subdivisions

 

 

9,013

 

 

 

(208

)

 

 

-

 

 

 

-

 

 

 

9,013

 

 

 

(208

)

Corporate bonds

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Mutual funds

 

 

378

 

 

 

(10

)

 

 

-

 

 

 

-

 

 

 

378

 

 

 

(10

)

Total temporary impaired securities

 

$

48,407

 

 

$

(1,115

)

 

$

9,590

 

 

$

(418

)

 

$

57,997

 

 

$

(1,533

)

 

(In thousands)

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

December 31, 2017

 

Fair Value

 

 

Unrealized

(Losses)

 

 

Fair Value

 

 

Unrealized

(Losses)

 

 

Fair Value

 

 

Unrealized

(Losses)

 

Obligations of U.S. Government corporations and

agencies

 

$

32,512

 

 

$

(330

)

 

$

10,008

 

 

$

(278

)

 

$

42,520

 

 

$

(608

)

Obligations of states and political subdivisions

 

 

4,172

 

 

 

(60

)

 

–

 

 

–

 

 

 

4,172

 

 

 

(60

)

Corporate bonds

 

–

 

 

–

 

 

 

1,540

 

 

 

(153

)

 

 

1,540

 

 

 

(153

)

Mutual funds

 

 

382

 

 

 

(4

)

 

–

 

 

–

 

 

 

382

 

 

 

(4

)

Total temporary impaired securities

 

$

37,066

 

 

$

(394

)

 

$

11,548

 

 

$

(431

)

 

$

48,614

 

 

$

(825

)

 
Pooled Trust Preferred Securities

Additional information regarding each of the pooled trust preferred securities as of March 31, 2018 follows:

(Dollars in thousands)

Cost, net of OTTI

 

 

Fair Value (1)

 

 

Percent of Underlying Collateral Performing

 

 

Percent of Underlying Collateral in Deferral

 

 

Percent of Underlying Collateral in Default

 

 

Cumulative Amount of OTTI

 

 

Cumulative Other Comprehensive Income,

net of tax

 

$

1,698

 

 

$

1,850

 

 

 

81.0

%

 

 

2.9

%

 

 

16.1

%

 

$

321

 

 

$

(101

)

 

664

 

 

 

825

 

 

 

88.8

%

 

 

4.4

%

 

 

6.8

%

 

 

336

 

 

 

(106

)

$

2,362

 

 

$

2,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

657

 

 

$

(207

)

(1)

Current Moody’s Ratings is B2.
Credit Losses Recognized in Earnings

The following roll forward reflects the amount related to credit losses recognized in earnings :

 

(In thousands)

 

 

 

 

Beginning balance as of December 31, 2017

 

$

1,201

 

Increases in cash flows expected to be collected that are recognized over the remaining life of the securities

 

 

(9

)

Reduction for security called during the period

 

 

(535

)

Ending balance as of March 31, 2018

 

$

657