Securities (Tables)

6 Months Ended

Jun. 30, 2016

Securities available for sale consist of the following:

	Amortized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In thousands)
June 30, 2016
U.S. agency	$	31,165	$	552	$	38	$	31,679
U.S. agency residential mortgage-backed		180,415		1,783		135		182,063
U.S. agency commercial mortgage-backed		7,832		167		3		7,996
Private label mortgage-backed		26,202		343		299		26,246
Other asset backed		139,895		298		347		139,846
Obligations of states and political subdivisions		156,663		2,311		633		158,341
Corporate		49,150		521		144		49,527
Trust preferred		2,920		-		523		2,397
Foreign government		1,644		16		0		1,660
Total	$	595,886	$	5,991	$	2,122	$	599,755

December 31, 2015
U.S. agency	$	47,283	$	309	$	80	$	47,512
U.S. agency residential mortgage-backed		195,055		1,584		583		196,056
U.S. agency commercial mortgage-backed		34,017		94		83		34,028
Private label mortgage-backed		5,061		161		319		4,903
Other asset backed		117,431		54		581		116,904
Obligations of states and political subdivisions		145,193		941		1,150		144,984
Corporate		38,895		9		290		38,614
Trust preferred		2,916		-		433		2,483
Total	$	585,851	$	3,152	$	3,519	$	585,484

Investments in a continuous unrealized loss position

Our investments’ gross unrealized losses and fair values aggregated by investment type and length of time that individual securities have been at a continuous unrealized loss position follows:

	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)

June 30, 2016
U.S. agency	$	3,432	$	7	$	6,168	$	31	$	9,600	$	38
U.S. agency residential mortgage-backed		23,927		53		13,743		82		37,670		135
U.S. agency commercial mortgage-backed		548		2		199		1		747		3
Private label mortgage- backed		2,566		8		1,521		291		4,087		299
Other asset backed		42,783		161		12,079		186		54,862		347
Obligations of states and political subdivisions		12,316		227		10,176		406		22,492		633
Corporate		4,033		19		3,878		125		7,911		144
Trust preferred		-		-		2,397		523		2,397		523
Total	$	89,605	$	477	$	50,161	$	1,645	$	139,766	$	2,122

December 31, 2015
U.S. agency	$	12,164	$	47	$	6,746	$	33	$	18,910	$	80
U.S. agency residential mortgage-backed		57,538		316		23,340		267		80,878		583
U.S. agency commercial mortgage-backed		16,747		60		2,247		23		18,994		83
Private label mortgage- backed		-		-		3,393		319		3,393		319
Other asset backed		102,660		434		5,189		147		107,849		581
Obligations of states and political subdivisions		52,493		597		12,240		553		64,733		1,150
Corporate		30,550		290		-		-		30,550		290
Trust preferred		-		-		2,483		433		2,483		433
Total	$	272,152	$	1,744	$	55,638	$	1,775	$	327,790	$	3,519

Trust preferred securities

The following table breaks out our trust preferred securities in further detail as of June 30, 2016 and December 31, 2015:

	June 30, 2016					December 31, 2015
	Fair Value		Net Unrealized Loss			Fair Value		Net Unrealized Loss
	(In thousands)

Trust preferred securities
Rated issues	$	1,650	$	(270	)	$	1,690	$	(226	)
Unrated issues		747		(253	)		793		(207	)

Private label mortgage backed securities below investment grade

At June 30, 2016, three private label mortgage-backed securities had credit related OTTI and are summarized as follows:

	Senior Security		Super Senior Security		Senior Support Security		Total
	(In thousands)

As of June 30, 2016
Fair value	$	1,469	$	1,194	$	76	$	2,739
Amortized cost		1,396		1,129		-		2,525
Non-credit unrealized loss		-		-		-		-
Unrealized gain		73		65		76		214
Cumulative credit related OTTI		757		457		380		1,594

Credit related OTTI recognized in our Condensed
Consolidated Statements of Operations
For the three months ended June 30,
2016	$	-	$	-	$	-	$	-
2015		-		-		-		-
For the six months ended June 30,
2016		-		-		-		-
2015		-		-		-		-

Credit losses recognized in earnings on securities available for sale

A roll forward of credit losses recognized in earnings on securities available for sale for the three and six month periods ending June 30, follows:

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
	(In thousands)				(In thousands)
Balance at beginning of period	$	1,844	$	1,844	$	1,844	$	1,844
Additions to credit losses on securities for which no previous OTTI was recognized		-		-		-		-
Increases to credit losses on securities for which OTTI was previously recognized		-		-		-		-
Balance at end of period	$	1,844	$	1,844	$	1,844	$	1,844

Amortized cost and fair value of securities available for sale by contractual maturity

The amortized cost and fair value of securities available for sale at June 30, 2016, by contractual maturity, follow:

	Amortized Cost		Fair Value
	(In thousands)
Maturing within one year	$	27,502	$	27,533
Maturing after one year but within five years		79,845		80,614
Maturing after five years but within ten years		66,708		67,656
Maturing after ten years		67,487		67,801
		241,542		243,604
U.S. agency residential mortgage-backed		180,415		182,063
U.S. agency commercial mortgage-backed		7,832		7,996
Private label residential mortgage-backed		26,202		26,246
Other asset backed		139,895		139,846
Total	$	595,886	$	599,755

Gains and losses realized on sale of securities available for sale

A summary of proceeds from the sale of securities available for sale and gains and losses for the six month periods ending June 30, follows:

	Proceeds		Realized Gains		Losses
	(In thousands)
2016	$	55,362	$	336	$	53
2015		11,786		75		-