Securities (Tables)

3 Months Ended

Mar. 31, 2018

Securities available for sale consist of the following:

	Amortized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In thousands)
March 31, 2018
U.S. Treasury	$	600	$	-	$	1	$	599
U.S. agency		24,067		15		146		23,936
U.S. agency residential mortgage-backed		138,270		925		1,951		137,244
U.S. agency commercial mortgage-backed		10,218		1		274		9,945
Private label mortgage-backed		28,690		397		636		28,451
Other asset backed		90,559		165		197		90,527
Obligations of states and political subdivisions		154,194		336		2,707		151,823
Corporate		41,954		139		344		41,749
Trust preferred		2,931		-		121		2,810
Foreign government		2,078		-		43		2,035
Total	$	493,561	$	1,978	$	6,420	$	489,119

December 31, 2017
U.S. Treasury	$	898	$	-	$	-	$	898
U.S. agency		25,667		82		67		25,682
U.S. agency residential mortgage-backed		137,785		1,116		983		137,918
U.S. agency commercial mortgage-backed		9,894		36		170		9,760
Private label mortgage-backed		29,011		428		330		29,109
Other asset backed		93,811		202		115		93,898
Obligations of states and political subdivisions		174,073		755		1,883		172,945
Corporate		47,365		578		90		47,853
Trust preferred		2,929		-		127		2,802
Foreign government		2,087		-		27		2,060
Total	$	523,520	$	3,197	$	3,792	$	522,925

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, 2018
U.S. Treasury	$	599	$	1	$	-	$	-	$	599	$	1
U.S. agency		13,958		101		5,556		45		19,514		146
U.S. agency residential mortgage-backed		44,450		877		31,930		1,074		76,380		1,951
U.S. agency commercial mortgage-backed		5,775		82		4,025		192		9,800		274
Private label mortgage- backed		15,248		349		4,263		287		19,511		636
Other asset backed		37,043		97		13,897		100		50,940		197
Obligations of states and political subdivisions		85,527		1,323		33,654		1,384		119,181		2,707
Corporate		21,244		237		3,893		107		25,137		344
Trust preferred		-		-		2,810		121		2,810		121
Foreign government		481		18		1,554		25		2,035		43
Total	$	224,325	$	3,085	$	101,582	$	3,335	$	325,907	$	6,420

December 31, 2017
U.S. agency	$	5,466	$	26	$	5,735	$	41	$	11,201	$	67
U.S. agency residential mortgage-backed		22,198		229		40,698		754		62,896		983
U.S. agency commercial mortgage-backed		2,181		34		3,994		136		6,175		170
Private label mortgage-backed		11,390		92		4,396		238		15,786		330
Other asset backed		20,352		40		16,648		75		37,000		115
Obligations of states and political subdivisions		76,574		936		28,246		947		104,820		1,883
Corporate		14,440		33		3,943		57		18,383		90
Trust preferred		-		-		2,802		127		2,802		127
Foreign government		489		10		1,571		17		2,060		27
Total	$	153,090	$	1,400	$	108,033	$	2,392	$	261,123	$	3,792

Trust preferred securities

The following table breaks out our trust preferred securities in further detail as of March 31, 2018 and December 31, 2017:

	March 31, 2018					December 31, 2017
	Fair Value		Net Unrealized Loss			Fair Value		Net Unrealized Loss
	(In thousands)

Trust preferred securities
Rated issues	$	1,875	$	(56	)	$	1,860	$	(69	)
Unrated issues		935		(65	)		942		(58	)

Private label mortgage backed securities below investment grade

At March 31, 2018, 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)

Fair value	$	996	$	921	$	58	$	1,975
Amortized cost		853		756		-		1,609
Non-credit unrealized loss		-		-		-		-
Unrealized gain		143		165		58		366
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 March 31,
	2018		2017
	(In thousands)
Balance at beginning of period	$	1,594	$	1,594
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	$	1,594	$	1,594

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, 2018, by contractual maturity, follow:

	Amortized Cost		Fair Value
	(In thousands)
Maturing within one year	$	27,598	$	27,580
Maturing after one year but within five years		76,940		76,334
Maturing after five years but within ten years		68,816		67,803
Maturing after ten years		52,470		51,235
		225,824		222,952
U.S. agency residential mortgage-backed		138,270		137,244
U.S. agency commercial mortgage-backed		10,218		9,945
Private label mortgage-backed		28,690		28,451
Other asset backed		90,559		90,527
Total	$	493,561	$	489,119

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:

			Realized
	Proceeds		Gains		Losses
	(In thousands)
2018	$	22,277	$	76	$	95
2017		6,152		106		-