Securities (Tables)

3 Months Ended

Mar. 31, 2017

Securities available for sale consist of the following:

	Amortized Cost		Unrealized				Fair Value
	Amortized Cost		Gains		Losses		Fair Value
	(In thousands)
March 31, 2017
U.S. agency	$	28,636	$	211	$	63	$	28,784
U.S. agency residential mortgage-backed		147,432		1,165		723		147,874
U.S. agency commercial mortgage-backed		12,298		52		155		12,195
Private label mortgage-backed		29,018		218		396		28,840
Other asset backed		145,659		346		210		145,795
Obligations of states and political subdivisions		181,727		716		2,193		180,250
Corporate		60,790		380		203		60,967
Trust preferred		2,924		-		271		2,653
Foreign government		1,616		-		10		1,606
Total	$	610,100	$	3,088	$	4,224	$	608,964

December 31, 2016
U.S. agency	$	28,909	$	159	$	80	$	28,988
U.S. agency residential mortgage-backed		156,053		1,173		937		156,289
U.S. agency commercial mortgage-backed		12,799		28		195		12,632
Private label mortgage-backed		35,035		216		524		34,727
Other asset backed		146,829		271		391		146,709
Obligations of states and political subdivisions		175,180		478		4,759		170,899
Corporate		56,356		223		399		56,180
Trust preferred		2,922		-		343		2,579
Foreign government		1,626		-		13		1,613
Total	$	615,709	$	2,548	$	7,641	$	610,616

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)

March 31, 2017
U.S. agency	$	3,721	$	24	$	7,707	$	39	$	11,428	$	63
U.S. agency residential mortgage-backed		46,206		537		20,682		186		66,888		723
U.S. agency commercial mortgage-backed		6,672		154		140		1		6,812		155
Private label mortgage-backed		17,038		173		1,321		223		18,359		396
Other asset backed		39,168		95		11,949		115		51,117		210
Obligations of states and political subdivisions		103,301		2,030		10,090		163		113,391		2,193
Corporate		15,461		155		1,955		48		17,416		203
Trust preferred		-		-		2,653		271		2,653		271
Foreign government		1,606		10		-		-		1,606		10
Total	$	233,173	$	3,178	$	56,497	$	1,046	$	289,670	$	4,224

December 31, 2016
U.S. agency	$	4,179	$	41	$	8,217	$	39	$	12,396	$	80
U.S. agency residential mortgage-backed		62,524		732		20,857		205		83,381		937
U.S. agency commercial mortgage-backed		6,079		194		143		1		6,222		195
Private label mortgage-backed		20,545		281		1,413		243		21,958		524
Other asset backed		52,958		172		17,763		219		70,721		391
Obligations of states and political subdivisions		113,078		4,014		14,623		745		127,701		4,759
Corporate		25,546		292		2,810		107		28,356		399
Trust preferred		-		-		2,579		343		2,579		343
Foreign government		1,613		13		-		-		1,613		13
Total	$	286,522	$	5,739	$	68,405	$	1,902	$	354,927	$	7,641

Trust preferred securities

The following table breaks out our trust preferred securities in further detail as of March 31, 2017 and December 31, 2016:

	March 31, 2017					December 31, 2016
	Fair Value		Net Unrealized Loss			Fair Value		Net Unrealized Loss
	(In thousands)

Trust preferred securities
Rated issues	$	1,812	$	(112	)	$	1,800	$	(123	)
Unrated issues		841		(159	)		779		(220	)

Private label mortgage backed securities below investment grade

At March 31, 2017, 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 March 31, 2017
Fair value	$	1,127	$	1,013	$	72	$	2,212
Amortized cost		1,092		958		-		2,050
Non-credit unrealized loss		-		-		-		-
Unrealized gain		35		55		72		162
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 March 31,
2017	$	-	$	-	$	-	$	-
2016		-		-		-		-

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 month periods ending March 31, follows:

	Three months ended March 31,
	2017		2016
	(In thousands)
Balance at beginning of period	$	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

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 March 31, 2017, by contractual maturity, follow:

	Amortized Cost		Fair Value
	(In thousands)
Maturing within one year	$	20,583	$	20,596
Maturing after one year but within five years		107,748		107,791
Maturing after five years but within ten years		85,047		84,667
Maturing after ten years		62,315		61,206
		275,693		274,260
U.S. agency residential mortgage-backed		147,432		147,874
U.S. agency commercial mortgage-backed		12,298		12,195
Private label residential mortgage-backed		29,018		28,840
Other asset backed		145,659		145,795
Total	$	610,100	$	608,964

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 three month periods ending March 31, follows:

	Proceeds		Realized
	Proceeds		Gains		Losses
	(In thousands)
2017	$	6,152	$	106	$	-
2016		42,391		226		52