Investment Securities (Tables)

9 Months Ended

Sep. 30, 2017

Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-for-Sale

The amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale are as follows

(in thousands):

	Amortized		Gross Unrealized				Fair/Book
September 30, 2017	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	3,091	$	78	$	-	$	3,169
US Treasury Notes		144,657		2		249		144,410
US Govt SBA		31,732		45		86		31,691
Mortgage Backed Securities⁽¹⁾		274,877		1,985		819		276,043
Other		1,010		-		-		1,010
Total	$	455,367	$	2,110	$	1,154	$	456,323

	Amortized		Gross Unrealized				Fair/Book
December 31, 2016	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	3,127	$	114	$	-	$	3,241
US Treasury Notes		134,755		5		332		134,428
US Govt SBA		36,532		42		260		36,314
Mortgage Backed Securities⁽¹⁾		272,858		1,725		1,313		273,270
Other		1,010		-		-		1,010
Total	$	448,282	$	1,886	$	1,905	$	448,263

	Amortized		Gross Unrealized				Fair/Book
September 30, 2016	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	83,129	$	165	$	1	$	83,293
US Treasury Notes		85,470		211		-		85,681
Mortgage Backed Securities⁽¹⁾		183,268		5,605		-		188,873
Other		1,010		-		-		1,010
Total	$	352,877	$	5,981	$	1	$	358,857

⁽¹⁾All Mortgage Backed Securities consist of securities collateralized by residential real estate and were issued by an agency or government sponsored entity of the U.S. government.

Book Values, Estimated Fair Values and Unrealized Gains and Losses of Investments Classified as Held-to-Maturity

The book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity are as follows (in thousands):

	Book		Gross Unrealized				Fair
September 30, 2017	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	55,542	$	749	$	-	$	56,291
Total	$	55,542	$	749	$	-	$	56,291

	Book		Gross Unrealized				Fair
December 31, 2016	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	58,109	$	339	$	40	$	58,408
Total	$	58,109	$	339	$	40	$	58,408

	Book		Gross Unrealized				Fair
September 30, 2016	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	58,905	$	1,549	$	-	$	60,454
Total	$	58,905	$	1,549	$	-	$	60,454

Amortized Cost and Estimated Fair Values of Investment Securities by Contractual Maturity

The amortized cost and estimated fair values of investment securities at September 30, 2017 by contractual maturity are shown in the following table (in thousands):

	Available-for-Sale				Held-to-Maturity
September 30, 2017	Amortized Cost		Fair/Book Value		Book Value		Fair Value
Within one year	$	111,092	$	111,024	$	1,985	$	1,989
After one year through five years		30,477		30,394		9,221		9,238
After five years through ten years		13,429		13,408		13,694		13,887
After ten years		25,492		25,454		30,642		31,177
		180,490		180,280		55,542		56,291

Investment securities not due at a single maturity date:
Mortgage-backed securities		274,877		276,043		-		-

Total	$	455,367	$	456,323	$	55,542	$	56,291

Investments with Gross Unrealized Losses and Their Market Value Aggregated by Investment Category and Length of Time that Individual Securities Have Been in a Continuous Unrealized Loss Position

The following tables show those investments with gross unrealized losses and their market value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at the dates indicated (in thousands):

	Less Than 12 Months				12 Months or More				Total
September 30, 2017	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
US Treasury Notes	$	74,414	$	249	$	-	$	-	$	74,414	$	249
US Govt SBA		18,669		86		-		-		18,669		86
Mortgage Backed Securities		122,887		819		-		-		122,887		819
Total	$	215,970	$	1,154	$	-	$	-	$	215,970	$	1,154

	Less Than 12 Months				12 Months or More				Total
December 31, 2016	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
US Treasury Notes	$	99,429	$	332	$	-	$	-	$	99,429	$	332
US Govt SBA		27,483		260		-		-		27,483		260
Mortgage Backed Securities		123,157		1,313		-		-		123,157		1,313
Total	$	250,069	$	1,905	$	-	$	-	$	250,069	$	1,905

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	7,251	$	40	$	-	$	-	$	7,251	$	40
Total	$	7,251	$	40	$	-	$	-	$	7,251	$	40

	Less Than 12 Months				12 Months or More				Total
September 30, 2016	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
Government Agency & Government-Sponsored Entities	$	59,993	$	1	$	-	$	-	$	59,993	$	1
Total	$	59,993	$	1	$	-	$	-	$	59,993	$	1

Proceeds from Sales and Calls of Securities

Proceeds from sales and calls of securities were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2017		2016		2017		2016
Proceeds	$	-	$	1,855	$	7,831	$	104,750
Gains		-		3		143		248
Losses		-		-		12		534

- 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 + Details

- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

+ References + Details