XML 34 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments (Tables)
 9 Months Ended
Sep. 30, 2018
Investments [Abstract]  
Amortized Cost and Fair Value of Investment Securities
The amortized cost, gross unrealized gains and losses, and fair value of investment securities at September 30, 2018 and December 31, 2017 were as follows (in thousands):

     
Gross
  
Gross
    
  
Amortized
  
Unrealized
  
Unrealized
  
Fair
 
September 30, 2018
 
Cost
  
Gains
  
Losses
  
Value
 
Available-for-sale securities:
            
  U.S. agency securities
 
$
109,612
  
$
-
  
$
(1,343
)
 
$
108,269
 
  U.S. treasury securities
  
33,798
   
-
   
(961
)
  
32,837
 
  Obligations of state and
                
    political subdivisions
  
51,941
   
116
   
(459
)
  
51,598
 
  Corporate obligations
  
3,000
   
-
   
-
   
3,000
 
  Mortgage-backed securities in
                
    government sponsored entities
  
45,951
   
2
   
(1,231
)
  
44,722
 
Total available-for-sale securities
 
$
244,302
  
$
118
  
$
(3,994
)
 
$
240,426
 
                 
December 31, 2017
                
Available-for-sale securities:
                
  U.S. agency securities
 
$
99,454
  
$
26
  
$
(593
)
 
$
98,887
 
  U.S. treasury securities
  
28,782
   
-
   
(178
)
  
28,604
 
  Obligations of state and
                
    political subdivisions
  
78,409
   
820
   
(139
)
  
79,090
 
  Corporate obligations
  
3,000
   
83
   
-
   
3,083
 
  Mortgage-backed securities in
                
    government sponsored entities
  
45,385
   
19
   
(377
)
  
45,027
 
  Equity securities in financial institutions
  
92
   
-
   
(1
)
  
91
 
Total available-for-sale securities
 
$
255,122
  
$
948
  
$
(1,288
)
 
$
254,782
 
Unrealized Losses and Fair Value of Investments
The following table shows the Company's gross unrealized losses and fair value of the Company's investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time, which individual securities have been in a continuous unrealized loss position, at September 30, 2018 and December 31, 2017 (in thousands). As of September 30, 2018, the Company owned 143 securities whose fair value was less than their cost basis.
 

September 30, 2018
 
Less than Twelve Months
  
Twelve Months or Greater
  
Total
 
     
Gross
     
Gross
     
Gross
 
  
Fair
  
Unrealized
  
Fair
  
Unrealized
  
Fair
  
Unrealized
 
 
 
Value
  
Losses
  
Value
  
Losses
  
Value
  
Losses
 
U.S. agency securities
 
$
54,399
  
$
(656
)
 
$
40,554
  
$
(687
)
 
$
94,953
  
$
(1,343
)
U.S. treasury securities
  
32,837
   
(961
)
  
-
   
-
  
 
32,837
  
 
(961
)
Obligations of state and
                        
    political subdivisions
  
26,648
   
(249
)
  
8,381
   
(210
)
  
35,029
   
(459
)
Mortgage-backed securities in
                        
   government sponsored entities
  
17,167
   
(299
)
  
24,056
   
(932
)
  
41,223
   
(1,231
)
    Total securities
 
$
131,051
  
$
(2,165
)
 
$
72,991
  
$
(1,829
)
 
$
204,042
  
$
(3,994
)
                         
December 31, 2017
                        
U.S. agency securities
 
$
74,952
  
$
(421
)
 
$
16,928
  
$
(172
)
 
$
91,880
  
$
(593
)
U.S. treasury securities
  
28,604
   
(178
)
  
-
   
-
   
28,604
   
(178
)
Obligations of states and
                        
     political subdivisions
  
14,885
   
(85
)
  
5,958
   
(54
)
  
20,843
   
(139
)
Mortgage-backed securities in
                        
   government sponsored entities
  
27,154
   
(190
)
  
13,822
   
(187
)
  
40,976
   
(377
)
Equity securities in financial institutions
  
91
   
(1
)
  
-
   
-
   
91
   
(1
)
    Total securities
 
$
145,686
  
$
(875
)
 
$
36,708
  
$
(413
)
 
$
182,394
  
$
(1,288
)
Gross Gains and Losses on Available-for-sale Securities
The gross gains and losses were as follows (in thousands):

  
Three Months Ended
  
Nine Months Ended
 
  
Sept. 30,
  
Sept. 30,
 
 
 
2018
  
2017
  
2018
  
2017
 
Gross gains on available for sale securities
 
$
161
  
$
9
  
$
161
  
$
211
 
Gross losses on available for sale securities
  
(169
)
  
-
   
(169
)
  
(7
)
Net gains
 
$
(8
)
 
$
9
  
$
(8
)
 
$
204
 
Unrealized Gains (Losses) Related to Equity Securities
The following table presents the net gains on the Company's equity investments recognized in earnings during the three month and nine month periods ended September 30, 2018, and the portion of unrealized gains for the period that relates to equity investments held at September 30, 2018 (in thousands):
 

Equity Securities
 
Three Months Ended
September 30, 2018
  
Nine Months Ended
September 30, 2018
 
Net gains (losses) recognized in equity securities during the period
 
$
(4
)
 
$
9
 
Less: Net gains realized on the sale of equity securities during the period
  
-
   
-
 
Net unrealized  gains (losses)
 
$
(4
)
 
$
9
 
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities (excludes equity securities) at September 30, 2018, by contractual maturity, are shown below (in thousands):

  
Amortized
    
 
 
Cost
  
Fair Value
 
Available-for-sale debt securities:
      
  Due in one year or less
 
$
29,087
  
$
29,035
 
  Due after one year through five years
  
105,536
   
103,350
 
  Due after five years through ten years
  
59,609
   
58,574
 
  Due after ten years
  
50,070
   
49,467
 
Total
 
$
244,302
  
$
240,426