Securities (Tables)

3 Months Ended

Mar. 31, 2019

Securities available for sale consist of the following:

	Amortized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In thousands)
March 31, 2019
U.S. agency	$	18,143	$	57	$	71	$	18,129
U.S. agency residential mortgage-backed		141,886		1,067		915		142,038
U.S. agency commercial mortgage-backed		11,418		10		115		11,313
Private label mortgage-backed		32,984		355		247		33,092
Other asset backed		110,372		115		197		110,290
Obligations of states and political subdivisions		108,749		707		1,071		108,385
Corporate		34,048		444		112		34,380
Trust preferred		1,964		-		81		1,883
Foreign government		2,040		-		19		2,021
Total	$	461,604	$	2,755	$	2,828	$	461,531

December 31, 2018
U.S. agency	$	20,198	$	9	$	193	$	20,014
U.S. agency residential mortgage-backed		124,777		817		1,843		123,751
U.S. agency commercial mortgage-backed		5,909		1		184		5,726
Private label mortgage-backed		29,735		321		637		29,419
Other asset backed		83,481		86		248		83,319
Obligations of states and political subdivisions		130,244		257		2,946		127,555
Corporate		34,866		29		586		34,309
Trust preferred		1,964		-		145		1,819
Foreign government		2,050		-		36		2,014
Total	$	433,224	$	1,520	$	6,818	$	427,926

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, 2019
U.S. agency	$	96	$	1	$	10,904	$	70	$	11,000	$	71
U.S. agency residential mortgage-backed		5,232		10		50,813		905		56,045		915
U.S. agency commercial mortgage-backed		2,215		1		5,434		114		7,649		115
Private label mortgage-backed		10,468		12		14,496		235		24,964		247
Other asset backed		40,490		128		10,619		69		51,109		197
Obligations of states and political subdivisions		2,173		2		65,191		1,069		67,364		1,071
Corporate		1,795		6		8,376		106		10,171		112
Trust preferred		963		37		920		44		1,883		81
Foreign government		-		-		2,021		19		2,021		19
Total	$	63,432	$	197	$	168,774	$	2,631	$	232,206	$	2,828

December 31, 2018
U.S. agency	$	7,150	$	46	$	11,945	$	147	$	19,095	$	193
U.S. agency residential mortgage-backed		18,374		180		48,184		1,663		66,558		1,843
U.S. agency commercial mortgage-backed		566		3		5,094		181		5,660		184
Private label mortgage-backed		8,273		57		16,145		580		24,418		637
Other asset backed		53,043		160		10,235		88		63,278		248
Obligations of states and political subdivisions		25,423		262		80,701		2,684		106,124		2,946
Corporate		17,758		343		9,222		243		26,980		586
Trust preferred		939		61		880		84		1,819		145
Foreign government		-		-		2,014		36		2,014		36
Total	$	131,526	$	1,112	$	184,420	$	5,706	$	315,946	$	6,818

Private Label Mortgage Backed Securities Below Investment Grade

At March 31, 2019, 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	$	756	$	714	$	19	$	1,489
Amortized cost		629		546		-		1,175
Non-credit unrealized loss		-		-		-		-
Unrealized gain		127		168		19		314
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,
	2019		2018
	(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, 2019, by contractual maturity, follow:

	Amortized Cost		Fair Value
	(In thousands)
Maturing within one year	$	10,674	$	10,664
Maturing after one year but within five years		60,499		60,455
Maturing after five years but within ten years		52,841		52,862
Maturing after ten years		40,930		40,817
		164,944		164,798
U.S. agency residential mortgage-backed		141,886		142,038
U.S. agency commercial mortgage-backed		11,418		11,313
Private label mortgage-backed		32,984		33,092
Other asset backed		110,372		110,290
Total	$	461,604	$	461,531

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)
2019	$	42,236	$	169	$	32
2018		22,277		76		95