Securities (Tables)

12 Months Ended

Dec. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities

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

	December 31, 2017
	Amortized Cost		Gross  Unrealized  Gains		Gross  Unrealized  (Losses)			Estimated  Fair Value
	(In Thousands)
Available-for-sale:
U.S. Treasury notes	$	50	$	—	$	—		$	50
U.S. Government agencies	5,086		—		(21		)	5,065
Mortgage backed securities	263,004		66		(2,615		)	260,455
Corporate bonds	4,486		5		(9		)	4,482
Asset Backed Securities	34,092		19		(511		)	33,600
Certificates of deposit	1,976		5		—			1,981
Municipals	100,081		1,586		(1,233		)	100,434
CRA Mutual fund	1,500		—		(121		)	1,379
	$	410,275	$	1,681	$	(4,510	)	$	407,446
Held-to-maturity:
U.S. Government agencies	$	5,000	$	9	$	—		$	5,009
Municipals	10,721		675		(26		)	11,370
	$	15,721	$	684	$	(26	)	$	16,379

	December 31, 2016
	Amortized Cost		Gross  Unrealized  Gains		Gross  Unrealized  (Losses)			Estimated  Fair Value
	(In Thousands)
Available-for-sale:
U.S. Government agencies	$	5,106	$	—	$	(112	)	$	4,994
Mortgage backed securities	120,794		177		(1,164		)	119,807
Corporate bonds	8,631		35		—			8,666
Asset Backed Securities	13,105		17		(258		)	12,864
Certificates of deposit	1,976		33		—			2,009
Municipals	45,392		172		(1,205		)	44,359
CRA Mutual fund	1,500		—		(109		)	1,391
	$	196,504	$	434	$	(2,848	)	$	194,090
Held-to-maturity:
U.S. Government agencies	$	5,000	$	46	$	—		$	5,046
Municipals	4,200		66		(19		)	4,247
	$	9,200	$	112	$	(19	)	$	9,293

Schedule of Available for Sale Securities and Held-to-Maturity Securities

The amortized cost and estimated fair value of securities as of December 31, 2017 by contractual maturities are shown below. Actual maturities may differ from contractual maturities because the securities may be called or prepaid without any penalties. 

	December 31, 2017
	Amortized Cost		Estimated Fair Value
	(In Thousands)
Available-for-sale:
US Treasury and Agencies:
Due in one year or less	$	50	$	50
Due after one through five years	5,086		5,066
Municipals - nontaxable:
Due in one year or less	723		729
Due after one through five years	7,587		7,482
Due after five through ten years	8,784		8,758
Due after ten through fifteen years	29,641		30,146
Due after fifteen years	53,346		53,318
Asset Backed Securities:
Due after five through ten years	3,064		3,079
Due after ten through fifteen years	11,557		11,410
Due after fifteen years	19,471		19,111
Certificates of deposit:
Due after one through five years	1,976		1,981
Corporate bonds:
Due after one through five years	4,486		4,482
Mortgage backed securities:
Due after one through five years	60,082		59,911
Due after five through ten years	90,107		89,165
Due after ten through fifteen years	4,424		4,314
Due after fifteen years	108,391		107,065
CRA Mutual fund	1,500		1,379
	$	410,275	$	407,446
Held-to-maturity:
US Treasury and Agencies:
Due in one year or less	$	5,000	$	5,009
Municipals:
Due after one through five years	1,985		2,004
Due after five through ten years	1,606		1,639
Due after ten through fifteen years	552		529
Due after fifteen years	6,578		7,198
	$	15,721	$	16,379

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value

The Corporation’s restricted stock consists of FHLB stock and FRB stock. The costs of the restricted stock as of December 31, 2017 and 2016 are as follows:

	December 31, 2017		December 31, 2016
	(In Thousands)
Restricted Stock:
FRB stock	$	8,407	$	999
FHLB stock	8,165		9,093
	$	16,572	$	10,092

Investment Holdings, Schedule of Investments

Investment securities available-for-sale and held-to-maturity that had an unrealized loss position at December 31, 2017 and December 31, 2016 are detailed below.

	Securities in a loss Position for less than 12 Months				Securities in a loss Position for 12 Months or Longer				Total
December 31, 2017	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
	(In Thousands)
Investment securities available-for-sale:
Mortgage backed securities	$	193,844	$	1,531	$	43,190	$	1,084	$	237,034	$	2,615
U.S. Government agencies	5,066		21		—		—		5,066		21
Municipals	15,096		693		15,031		540		30,127		1,233
Corporate bonds	2,630		9		—		—		2,630		9
Asset backed securities	13,299		200		8,945		311		22,244		511
CRA Mutual fund	—		—		1,379		121		1,379		121
Total	$	229,935	$	2,454	$	68,545	$	2,056	$	298,480	$	4,510
Investment securities held-to-maturity:
Municipals	$	1,043	$	3	$	529	$	23	$	1,572	$	26
Total	$	1,043	$	3	$	529	$	23	$	1,572	$	26

	Securities in a loss Position for less than 12 Months					Securities in a loss Position for 12 Months or Longer					Total
December 31, 2016	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
	(In Thousands)
Investment securities available-for-sale:
Mortgage backed securities	$	62,145	$	(541	)	$	19,768	$	(623	)	$	81,913	$	(1,164	)
U.S. Government agencies	4,994		(112		)	—		—			4,994		(112		)
Municipals	28,147		(1,205		)	—		—			28,147		(1,205		)
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	)
Investment securities held-to-maturity:
Municipals	$	536	$	(19	)	$	—	$	—		$	536	$	(19	)
Total	$	536	$	(19	)	$	—	$	—		$	536	$	(19	)