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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2017
Securities Financing Transactions Disclosures [Abstract]  
Unrealized Gain (Loss) on Investments

At December 31, 2017 and 2016, amortized cost, fair value, and unrealized gains and losses on investment securities are as follows:

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

December 31, 2017

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Available for sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and U.S. government agencies

 

$

40,125

 

 

$

 

 

$

1,395

 

 

$

38,730

 

Mortgage-backed U.S. government agencies

 

 

26,398

 

 

 

2

 

 

 

569

 

 

 

25,831

 

State and political subdivision obligations

 

 

27,775

 

 

 

7

 

 

 

739

 

 

 

27,043

 

Corporate debt securities

 

 

1,000

 

 

 

5

 

 

 

 

 

 

1,005

 

Equity securities

 

 

900

 

 

 

 

 

 

44

 

 

 

856

 

Total available for sale securities

 

 

96,198

 

 

 

14

 

 

 

2,747

 

 

 

93,465

 

Held to maturity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and U.S. government agencies

 

$

10,984

 

 

$

 

 

$

90

 

 

$

10,894

 

Mortgage-backed U.S. government agencies

 

 

53,472

 

 

 

 

 

 

523

 

 

 

52,949

 

State and political subdivision obligations

 

 

36,900

 

 

 

41

 

 

 

301

 

 

 

36,640

 

Corporate debt securities

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

 

 

 

 

 

 

 

 

 

 

 

Total held to maturity securities

 

 

101,356

 

 

 

41

 

 

 

914

 

 

 

100,483

 

Total

 

$

197,554

 

 

$

55

 

 

$

3,661

 

 

$

193,948

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

December 31, 2016

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Available for sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and U.S. government agencies

 

$

48,520

 

 

$

34

 

 

$

1,542

 

 

$

47,012

 

Mortgage-backed U.S. government agencies

 

 

26,181

 

 

 

17

 

 

 

579

 

 

 

25,619

 

State and political subdivision obligations

 

 

61,079

 

 

 

91

 

 

 

2,332

 

 

 

58,838

 

Corporate debt securities

 

 

1,000

 

 

 

 

 

 

 

 

 

1,000

 

Equity securities

 

 

1,268

 

 

 

 

 

 

112

 

 

 

1,156

 

 

 

$

138,048

 

 

$

142

 

 

$

4,565

 

 

$

133,625

 

 

Schedule of Fair Value and Unrealized Loss on Investments in a Continuous Unrealized Loss Position

The following table presents gross unrealized losses and fair value of investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2017 and 2016.

 

(Dollars in thousands)

 

Less Than 12 Months

 

 

12 Months or More

 

 

Total

 

December 31, 2017

 

Number of Securities

 

Fair Value

 

 

Unrealized Losses

 

 

Number of Securities

 

Fair Value

 

 

Unrealized Losses

 

 

Number of Securities

 

Fair Value

 

 

Unrealized Losses

 

Available for sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and

   U.S. government agencies

 

3

 

$

5,008

 

 

$

184

 

 

18

 

$

33,722

 

 

$

1,211

 

 

21

 

$

38,730

 

 

$

1,395

 

Mortgage-backed

   U.S. government agencies

 

4

 

 

5,267

 

 

 

75

 

 

15

 

 

20,497

 

 

 

494

 

 

19

 

 

25,764

 

 

 

569

 

State and political

   subdivision obligations

 

11

 

 

6,144

 

 

 

102

 

 

40

 

 

19,091

 

 

 

637

 

 

51

 

 

25,235

 

 

 

739

 

Corporate debt securities

 

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

Equity securities

 

0

 

 

 

 

 

 

 

1

 

 

506

 

 

 

44

 

 

1

 

 

506

 

 

 

44

 

Total temporarily impaired

   available for sale securities

 

18

 

 

16,419

 

 

 

361

 

 

74

 

 

73,816

 

 

 

2,386

 

 

92

 

 

90,235

 

 

 

2,747

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and

   U.S. government agencies

 

0

 

$

 

 

$

 

 

4

 

$

10,894

 

 

$

90

 

 

4

 

$

10,894

 

 

$

90

 

Mortgage-backed

   U.S. government agencies

 

0

 

 

 

 

 

 

 

35

 

 

52,949

 

 

 

523

 

 

35

 

 

52,949

 

 

 

523

 

State and political

   subdivision obligations

 

0

 

 

 

 

 

 

 

77

 

 

29,976

 

 

 

301

 

 

77

 

 

29,976

 

 

 

301

 

Corporate debt securities

 

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

Equity securities

 

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

Total temporarily impaired

   held to maturity securities

 

0

 

 

 

 

 

 

 

116

 

 

93,819

 

 

 

914

 

 

116

 

 

93,819

 

 

 

914

 

Total

 

18

 

$

16,419

 

 

$

361

 

 

190

 

$

167,635

 

 

$

3,300

 

 

208

 

$

184,054

 

 

$

3,661

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Less Than 12 Months

 

 

12 Months or More

 

 

Total

 

December 31, 2016

 

Number of Securities

 

Fair Value

 

 

Unrealized Losses

 

 

Number of Securities

 

Fair Value

 

 

Unrealized Losses

 

 

Number of Securities

 

Fair Value

 

 

Unrealized Losses

 

Available for sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and

   U.S. government agencies

 

23

 

$

43,698

 

 

$

1,542

 

 

0

 

$

 

 

$

 

 

23

 

$

43,698

 

 

$

1,542

 

Mortgage-backed

   U.S. government agencies

 

18

 

 

24,321

 

 

 

579

 

 

0

 

 

 

 

 

 

 

18

 

 

24,321

 

 

 

579

 

State and political

   subdivision obligations

 

108

 

 

50,582

 

 

 

2,332

 

 

0

 

 

 

 

 

 

 

108

 

 

50,582

 

 

 

2,332

 

Corporate debt securities

 

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

Equity securities

 

0

 

 

 

 

 

 

 

2

 

 

1,056

 

 

 

112

 

 

2

 

 

1,056

 

 

 

112

 

Total temporarily impaired

   available for sale securities

 

149

 

$

118,601

 

 

$

4,453

 

 

2

 

$

1,056

 

 

$

112

 

 

151

 

$

119,657

 

 

$

4,565

 

 

Schedule of Gross Realized Gains (Losses) on Sales of Available-For-Sale Securities

Gross realized gains and losses on sales of available-for-sale securities for the years ended December 31, 2017, 2016, and 2015 are shown in the table below.

(Dollars in thousands)

For the year ended December 31,

 

 

2017

 

 

2016

 

 

 

2015

 

Realized gains

$

246

 

 

$

1,927

 

 

$

325

 

Realized losses

 

(204

)

 

 

(881

)

 

 

 

Net gains

$

42

 

 

$

1,046

 

 

$

325

 

 

Investments Classified by Contractual Maturity Date

The table below is the maturity distribution of investment securities at amortized cost and fair value at December 31, 2017.

 

(Dollars in thousands)

 

Available for Sale

 

 

Held to Maturity

 

 

 

Amortized

 

 

Fair

 

 

Amortized

 

 

Fair

 

December 31, 2017

 

Cost

 

 

Value

 

 

Cost

 

 

Value

 

Due in 1 year or less

 

$

100

 

 

$

100

 

 

$

2,001

 

 

$

1,989

 

Due after 1 year but within 5 years

 

 

12,072

 

 

 

11,825

 

 

 

9,431

 

 

 

9,357

 

Due after 5 years but within 10 years

 

 

46,307

 

 

 

44,779

 

 

 

35,941

 

 

 

35,679

 

Due after 10 years

 

 

10,771

 

 

 

10,424

 

 

 

511

 

 

 

509

 

 

 

 

69,250

 

 

 

67,128

 

 

 

47,884

 

 

 

47,534

 

Mortgage-backed securities

 

 

26,398

 

 

 

25,831

 

 

 

53,472

 

 

 

52,949

 

Equity securities

 

 

550

 

 

 

506

 

 

 

 

 

 

 

 

 

$

96,198

 

 

$

93,465

 

 

$

101,356

 

 

$

100,483