Securities (Tables)

9 Months Ended

Sep. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Amortized Costs and Fair Values of Held to Maturity Securities

The following tables provide the amortized costs and fair values of securities held-to-maturity at September 30, 2017 and December 31, 2016. Held-to-maturity securities are carried at amortized cost, which reflects historical cost, adjusted for amortization of premium and accretion of discounts.

	September 30, 2017
(In Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Held-to-maturity
U.S. Government agencies	$	5,000	$	18	$	—		$	5,018
Municipals	10,778		642		(22		)	11,398
Total	$	15,778	$	660	$	(22	)	$	16,416

	December 31, 2016
(In Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Held-to-maturity
U.S. Government agencies	$	5,000	$	46	$	—		$	5,046
Municipals	4,200		66		(19		)	4,247
Total	$	9,200	$	112	$	(19	)	$	9,293

The amortized cost and fair value of securities held-to-maturity as of September 30, 2017 and December 31, 2016 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because some of the securities may be called or prepaid without any penalties. 

	September 30, 2017				December 31, 2016
(In Thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Held-to-maturity
U.S. Government agencies:
Due after one year through five years	$	5,000	$	5,018	$	5,000	$	5,046
Municipals:
Due after one year through five years	1,996		2,032		2,028		2,062
Due after five years through ten years	1,609		1,637		1,617		1,649
Due after ten years through fifteen years	553		530		555		536
Due after fifteen years	6,620		7,199		—		—
Total	$	15,778	$	16,416	$	9,200	$	9,293

Amortized Costs and Fair Values of Securities Available for Sale

The following tables provide the amortized costs and fair values of securities available-for-sale. Available-for-sale securities are carried at estimated fair value with net unrealized gains or losses reported on an after tax basis as a component of accumulated other comprehensive income in shareholders' equity. The estimated fair value of available-for-sale securities is impacted by interest rates, credit spreads, market volatility, and liquidity.

	September 30, 2017
(In Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale
U.S. Government agencies	$	26,262	$	—	$	(203	)	$	26,059
Municipals	101,037		1,208		(836		)	101,409
Mortgage backed securities	248,702		158		(1,945		)	246,915
Asset backed securities	8,892		4		(173		)	8,723
Corporate bonds	8,527		25		(1		)	8,551
Certificates of deposit	1,976		17		—			1,993
CRA mutual fund	1,500		—		(110		)	1,390
Total	$	396,896	$	1,412	$	(3,268	)	$	395,040

	December 31, 2016
(In Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale
U.S. Government agencies	$	5,106	$	—	$	(112	)	$	4,994
Municipals	45,392		172		(1,205		)	44,359
Mortgage backed securities	120,794		177		(1,164		)	119,807
Asset backed securities	13,105		17		(258		)	12,864
Corporate bonds	8,631		35		—			8,666
Certificates of deposit	1,976		33		—			2,009
CRA mutual fund	1,500		—		(109		)	1,391
Total	$	196,504	$	434	$	(2,848	)	$	194,090

Amortized Cost and Fair Value of Securities Available for Sale by Contractual Maturity

The amortized cost and fair value of securities available-for-sale as of September 30, 2017 and December 31, 2016 by contractual maturity, are shown below.  Actual maturities may differ from contractual maturities because some of the securities may be called or prepaid without any penalties.

	September 30, 2017				December 31, 2016
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(In Thousands)
Available-for-sale:
U.S. Government agencies:
Due in one year or less	$	50	$	50	$	—	$	—
Due after one year through five years	5,165		5,140		5,106		4,994
Due after ten years through fifteen years	7,049		6,945		—		—
Due after fifteen years	13,998		13,924		—		—
Municipals:
Due in one year or less	691		698		—		—
Due after one year through five years	7,788		7,714		3,442		3,500
Due after five years through ten years	8,693		8,657		5,025		4,888
Due after ten years through fifteen years	26,234		26,629		20,463		20,300
Due after fifteen years	57,631		57,711		16,462		15,671
Mortgage backed securities:
Due after one year through five years	53,961		54,058		24,959		24,916
Due after five years through ten years	89,120		88,501		24,996		24,895
Due after ten years through fifteen years	7,433		7,292		12,861		12,555
Due after fifteen years	98,188		97,064		57,978		57,441
Asset backed securities:
Due after five years through ten years	3,067		3,071		3,080		3,001
Due after fifteen years	5,825		5,652		10,025		9,863
Corporate bonds:
Due in one year or less	4,001		4,000		4,141		4,144
Due after one year through five years	4,526		4,551		4,490		4,522
Certificates of deposit:
Due after one year through five years	1,976		1,993		1,976		2,009
CRA mutual fund	1,500		1,390		1,500		1,391
Total	$	396,896	$	395,040	$	196,504	$	194,090

Investments in an Unrealized Loss Position

Securities available-for-sale and held-to-maturity that had an unrealized loss position at September 30, 2017 and December 31, 2016 are as follow:

(In Thousands)	Less than Twelve Months					Twelve Months or Greater					Total
September 30, 2017	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses
Held-to-maturity
Municipals	$	—	$	—		$	530	$	(22	)	$	530	$	(22	)
Available-for-sale
U.S. Government agencies	$	23,545	$	(152	)	$	2,390	$	(51	)	$	25,935	$	(203	)
Municipals	19,115		(239		)	14,228		(597		)	33,343		(836		)
Mortgage backed securities	180,423		(1,017		)	33,370		(928		)	213,793		(1,945		)
Asset backed securities	—		—			5,652		(173		)	5,652		(173		)
CRA mutual funds	—		—			1,390		(110		)	1,390		(110		)
Corporate bonds	4,000		(1		)	—		—			4,000		(1		)
Total	$	227,083	$	(1,409	)	$	57,030	$	(1,859	)	$	284,113	$	(3,268	)

(In Thousands)	Less than Twelve Months					Twelve Months or Greater					Total
December 31, 2016	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses
Held-to-maturity
Municipals	$	536	$	(19	)	$	—	$	—		$	536	$	(19	)
Available-for-sale
U.S. Government agencies	$	4,994	$	(112	)	$	—	$	—		$	4,994	$	(112	)
Municipals	28,147		(1,205		)	—		—			28,147		(1,205		)
Mortgage backed securities	62,145		(541		)	19,768		(623		)	81,913		(1,164		)
Asset backed securities	1,286		(37		)	7,077		(221		)	8,363		(258		)
CRA mutual fund	—		—			1,391		(109		)	1,391		(109		)
Total	$	96,572	$	(1,895	)	$	28,236	$	(953	)	$	124,808	$	(2,848	)