Investment Securities (Tables)

3 Months Ended

Mar. 31, 2018

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
March 31, 2018	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	3,068	$	27	$	-	$	3,095
US Treasury Notes		144,147		3		741		143,409
US Govt SBA		27,786		12		261		27,537
Mortgage Backed Securities⁽¹⁾		324,251		393		5,881		318,763
Other		3,010		-		-		3,010
Total	$	502,262	$	435	$	6,883	$	495,814

	Amortized		Gross Unrealized				Fair/Book
December 31, 2017	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	3,080	$	48	$	-	$	3,128
US Treasury Notes		144,606		-		442		144,164
US Govt SBA		29,559		29		208		29,380
Mortgage Backed Securities⁽¹⁾		302,502		939		1,527		301,914
Other		3,010		-		-		3,010
Total	$	482,757	$	1,016	$	2,177	$	481,596

	Amortized		Gross Unrealized				Fair/Book
March 31, 2017	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	3,115	$	102	$	-	$	3,217
US Treasury Notes		104,717		2		300		104,419
US Govt SBA		34,947		34		247		34,734
Mortgage Backed Securities⁽¹⁾		309,187		1,820		1,545		309,462
Other		1,010		-		-		1,010
Total	$	452,976	$	1,958	$	2,092	$	452,842

⁽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
March 31, 2018	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	53,527	$	274	$	56	$	53,745
Total	$	53,527	$	274	$	56	$	53,745

	Book		Gross Unrealized				Fair
December 31, 2017	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	54,460	$	776	$	-	$	55,236
Total	$	54,460	$	776	$	-	$	55,236

	Book		Gross Unrealized				Fair
March 31, 2017	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	57,281	$	414	$	22	$	57,673
Total	$	57,281	$	414	$	22	$	57,673

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

The amortized cost and estimated fair values of investment securities at March 31, 2018 by contractual maturity are shown in the following table (in thousands):

	Available-for-Sale				Held-to-Maturity
March 31, 2018	Amortized Cost		Fair/Book Value		Book Value		Fair Value
Within one year	$	123,199	$	122,897	$	2,907	$	2,915
After one year through five years		14,798		14,762		6,711		6,714
After five years through ten years		17,877		17,482		17,707		17,795
After ten years		22,137		21,910		26,202		26,321
		178,011		177,051		53,527		53,745

Investment securities not due at a single maturity date:
Mortgage-backed securities		324,251		318,763		-		-

Total	$	502,262	$	495,814	$	53,527	$	53,745

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
March 31, 2018	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
US Treasury Notes	$	23,551	$	436	$	59,866	$	305	$	83,417	$	741
US Govt SBA		10,848		82		11,737		179		22,585		261
Mortgage Backed Securities		259,314		4,606		41,230		1,275		300,544		5,881
Total	$	293,713	$	5,124	$	112,833	$	1,759	$	406,546	$	6,883

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	7,654	$	56	$	-	$	-	$	7,654	$	56
Total	$	7,654	$	56	$	-	$	-	$	7,654	$	56

	Less Than 12 Months				12 Months or More				Total
December 31, 2017	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
US Treasury Notes	$	94,281	$	144	$	49,883	$	298	$	144,164	$	442
US Govt SBA		8,379		51		12,900		157		21,279		208
Mortgage Backed Securities		126,863		932		43,208		595		170,071		1,527
Total	$	229,523	$	1,127	$	105,991	$	1,050	$	335,514	$	2,177

There were no HTM investments with gross unrealized losses at December 31, 2017

	Less Than 12 Months				12 Months or More				Total
March 31, 2017	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
US Treasury Notes	$	69,433	$	300	$	-	$	-	$	69,433	$	300
US Govt SBA		26,412		247		-		-		26,412		247
Mortgage Backed Securities		168,546		1,545		-		-		168,546		1,545
Total	$	264,391	$	2,092	$	-	$	-	$	264,391	$	2,092

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	4,278	$	22	$	-	$	-	$	4,278	$	22
Total	$	4,278	$	22	$	-	$	-	$	4,278	$	22

- 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.

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- 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.

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