Securities (Tables)

6 Months Ended

Jun. 30, 2017

Securities available for sale consist of the following:

	Amortized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In thousands)
June 30, 2017
U.S. agency	$	28,179	$	248	$	29	$	28,398
U.S. agency residential mortgage-backed		143,670		1,309		495		144,484
U.S. agency commercial mortgage-backed		11,573		107		103		11,577
Private label mortgage-backed		25,150		426		244		25,332
Other asset backed		126,708		327		137		126,898
Obligations of states and political subdivisions		178,729		1,787		752		179,764
Corporate		61,629		856		76		62,409
Trust preferred		2,926		-		165		2,761
Foreign government		2,106		-		4		2,102
Total	$	580,670	$	5,060	$	2,005	$	583,725

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)

June 30, 2017
U.S. agency	$	2,841	$	17	$	4,920	$	12	$	7,761	$	29
U.S. agency residential mortgage-backed		32,667		260		21,433		235		54,100		495
U.S. agency commercial mortgage-backed		6,147		102		122		1		6,269		103
Private label mortgage-backed		5,002		66		1,143		178		6,145		244
Other asset backed		25,998		38		11,035		99		37,033		137
Obligations of states and political subdivisions		50,302		611		6,788		141		57,090		752
Corporate		10,281		51		1,978		25		12,259		76
Trust preferred		-		-		2,761		165		2,761		165
Foreign government		2,102		4		-		-		2,102		4
Total	$	135,340	$	1,149	$	50,180	$	856	$	185,520	$	2,005

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 June 30, 2017 and December 31, 2016:

	June 30, 2017					December 31, 2016
	Fair Value		Net Unrealized Loss			Fair Value		Net Unrealized Loss
	(In thousands)

Trust preferred securities
Rated issues	$	1,844	$	(82	)	$	1,800	$	(123	)
Unrated issues		917		(83	)		779		(220	)

Private label mortgage backed securities below investment grade

At June 30, 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 June 30, 2017
Fair value	$	1,133	$	955	$	71	$	2,159
Amortized cost		1,003		888		-		1,891
Non-credit unrealized loss		-		-		-		-
Unrealized gain		130		67		71		268
Cumulative credit related OTTI		757		457		380		1,594

Credit losses recognized in earnings on securities available for sale

A roll forward of credit losses recognized in earnings on securities available for sale follows:

	Three months ended June 30,				Six months ended June 30,
	2017		2016		2017		2016
	(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, 2017, by contractual maturity, follow:

	Amortized Cost		Fair Value
	(In thousands)
Maturing within one year	$	30,555	$	30,608
Maturing after one year but within five years		99,193		99,956
Maturing after five years but within ten years		86,846		88,012
Maturing after ten years		56,975		56,858
		273,569		275,434
U.S. agency residential mortgage-backed		143,670		144,484
U.S. agency commercial mortgage-backed		11,573		11,577
Private label mortgage-backed		25,150		25,332
Other asset backed		126,708		126,898
Total	$	580,670	$	583,725

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:

			Realized
	Proceeds		Gains		Losses
	(In thousands)
2017	$	7,830	$	117	$	-
2016		55,362		336		53