Investment Securities (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| Amortized Cost and Aggregate Fair Value of Available-for-Sale Securities, Including Gross Unrealized Gains and Losses |
The following tables present the amortized cost and aggregate fair
value of available-for-sale securities, including gross unrealized
gains and losses, as of the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
September 30, 2016 |
|
| |
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
| (Amounts in thousands) |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
|
U.S. Agency securities
|
|
$ |
1,371 |
|
|
$ |
4 |
|
|
$ |
— |
|
|
$ |
1,375 |
|
|
Municipal securities
|
|
|
116,910 |
|
|
|
5,171 |
|
|
|
(7 |
) |
|
|
122,074 |
|
|
Single issue trust preferred securities
|
|
|
51,292 |
|
|
|
— |
|
|
|
(2,772 |
) |
|
|
48,520 |
|
|
Corporate securities
|
|
|
15,027 |
|
|
|
— |
|
|
|
(5 |
) |
|
|
15,022 |
|
|
Mortgage-backed Agency securities
|
|
|
33,578 |
|
|
|
294 |
|
|
|
(80 |
) |
|
|
33,792 |
|
|
Equity securities
|
|
|
55 |
|
|
|
18 |
|
|
|
— |
|
|
|
73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities available for sale
|
|
$ |
218,233 |
|
|
$ |
5,487 |
|
|
$ |
(2,864 |
) |
|
$ |
220,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2015 |
|
| |
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
| (Amounts in thousands) |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
|
U.S. Agency securities
|
|
$ |
31,414 |
|
|
$ |
39 |
|
|
$ |
(751 |
) |
|
$ |
30,702 |
|
|
Municipal securities
|
|
|
124,880 |
|
|
|
4,155 |
|
|
|
(357 |
) |
|
|
128,678 |
|
|
Single issue trust preferred securities
|
|
|
55,882 |
|
|
|
— |
|
|
|
(8,050 |
) |
|
|
47,832 |
|
|
Corporate securities
|
|
|
70,571 |
|
|
|
— |
|
|
|
(238 |
) |
|
|
70,333 |
|
|
Certificates of deposit
|
|
|
5,000 |
|
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
|
Mortgage-backed Agency securities
|
|
|
84,576 |
|
|
|
155 |
|
|
|
(1,175 |
) |
|
|
83,556 |
|
|
Equity securities
|
|
|
66 |
|
|
|
6 |
|
|
|
— |
|
|
|
72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities available for sale
|
|
$ |
372,389 |
|
|
$ |
4,355 |
|
|
$ |
(10,571 |
) |
|
$ |
366,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amortized Cost and Aggregate Fair Value of Held-to-Maturity Securities, Including Gross Unrealized Gains and Losses |
The following tables present the amortized cost and aggregate fair
value of held-to-maturity securities, including gross unrealized
gains and losses, as of the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
September 30, 2016 |
|
| |
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
| (Amounts in thousands) |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
|
U.S. Agency securities
|
|
$ |
61,766 |
|
|
$ |
317 |
|
|
$ |
— |
|
|
$ |
62,083 |
|
|
Corporate securities
|
|
|
10,416 |
|
|
|
108 |
|
|
|
— |
|
|
|
10,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities held to maturity
|
|
$ |
72,182 |
|
|
$ |
425 |
|
|
$ |
— |
|
|
$ |
72,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2015 |
|
| |
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
| (Amounts in thousands) |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
|
U.S. Agency securities
|
|
$ |
61,863 |
|
|
$ |
75 |
|
|
$ |
(106 |
) |
|
$ |
61,832 |
|
|
Municipal securities
|
|
|
190 |
|
|
|
3 |
|
|
|
— |
|
|
|
193 |
|
|
Corporate securities
|
|
|
10,488 |
|
|
|
— |
|
|
|
(23 |
) |
|
|
10,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities held to maturity
|
|
$ |
72,541 |
|
|
$ |
78 |
|
|
$ |
(129 |
) |
|
$ |
72,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amortized Cost and Aggregate Fair Value of Available-for-Sale and Held-to-Maturity Securities |
The following table presents the amortized cost and aggregate fair
value of available-for-sale securities and held-to-maturity
securities, by contractual maturity, as of the date indicated.
Actual maturities could differ from contractual maturities because
issuers may have the right to call or prepay obligations with or
without penalties.
|
|
|
|
|
|
|
|
|
| |
|
September 30, 2016 |
|
| |
|
Amortized |
|
|
|
|
| (Amounts in thousands) |
|
Cost |
|
|
Fair Value |
|
|
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
Due within one year
|
|
$ |
16,747 |
|
|
$ |
16,753 |
|
|
Due after one year but within five years
|
|
|
2,131 |
|
|
|
2,178 |
|
|
Due after five years but within ten years
|
|
|
87,281 |
|
|
|
91,586 |
|
|
Due after ten years
|
|
|
78,441 |
|
|
|
76,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
184,600 |
|
|
|
186,991 |
|
|
Mortgage-backed securities
|
|
|
33,578 |
|
|
|
33,792 |
|
|
Equity securities
|
|
|
55 |
|
|
|
73 |
|
|
|
|
|
|
|
|
|
|
|
Total securities available for sale
|
|
$ |
218,233 |
|
|
$ |
220,856 |
|
|
|
|
|
|
|
|
|
|
|
Held-to-maturity securities
|
|
|
|
|
|
|
|
|
|
Due within one year
|
|
$ |
46,867 |
|
|
$ |
46,909 |
|
|
Due after one year but within five years
|
|
|
25,315 |
|
|
|
25,698 |
|
|
Due after five years but within ten years
|
|
|
— |
|
|
|
— |
|
|
Due after ten years
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total securities held to maturity
|
|
$ |
72,182 |
|
|
$ |
72,607 |
|
|
|
|
|
|
|
|
|
|
|
| Available-For-Sale Securities in Continuous Unrealized Loss Position |
The following tables present the fair values and unrealized losses
for available-for-sale securities in a continuous unrealized loss
position for less than 12 months and for 12 months or longer as of
the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
September 30, 2016 |
|
| |
|
Less than 12 Months |
|
|
12 Months or Longer |
|
|
Total |
|
| |
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
| (Amounts in thousands) |
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
U.S. Agency securities
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Municipal securities
|
|
|
— |
|
|
|
— |
|
|
|
767 |
|
|
|
(7 |
) |
|
|
767 |
|
|
|
(7 |
) |
|
Single issue trust preferred securities
|
|
|
— |
|
|
|
— |
|
|
|
19,323 |
|
|
|
(2,772 |
) |
|
|
19,323 |
|
|
|
(2,772 |
) |
|
Corporate securities
|
|
|
— |
|
|
|
— |
|
|
|
15,022 |
|
|
|
(5 |
) |
|
|
15,022 |
|
|
|
(5 |
) |
|
Mortgage-backed Agency securities
|
|
|
1,167 |
|
|
|
(1 |
) |
|
|
13,589 |
|
|
|
(79 |
) |
|
|
14,756 |
|
|
|
(80 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,167 |
|
|
$ |
(1 |
) |
|
$ |
48,701 |
|
|
$ |
(2,863 |
) |
|
$ |
49,868 |
|
|
$ |
(2,864 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2015 |
|
| |
|
Less than 12 Months |
|
|
12 Months or Longer |
|
|
Total |
|
| |
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
| (Amounts in thousands) |
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
U.S. Agency securities
|
|
$ |
4,441 |
|
|
$ |
(5 |
) |
|
$ |
23,922 |
|
|
$ |
(746 |
) |
|
$ |
28,363 |
|
|
$ |
(751 |
) |
|
Municipal securities
|
|
|
8,126 |
|
|
|
(48 |
) |
|
|
10,393 |
|
|
|
(309 |
) |
|
|
18,519 |
|
|
|
(357 |
) |
|
Single issue trust preferred securities
|
|
|
— |
|
|
|
— |
|
|
|
47,832 |
|
|
|
(8,050 |
) |
|
|
47,832 |
|
|
|
(8,050 |
) |
|
Corporate securities
|
|
|
70,333 |
|
|
|
(238 |
) |
|
|
— |
|
|
|
— |
|
|
|
70,333 |
|
|
|
(238 |
) |
|
Mortgage-backed Agency securities
|
|
|
27,050 |
|
|
|
(253 |
) |
|
|
37,291 |
|
|
|
(922 |
) |
|
|
64,341 |
|
|
|
(1,175 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
109,950 |
|
|
$ |
(544 |
) |
|
$ |
119,438 |
|
|
$ |
(10,027 |
) |
|
$ |
229,388 |
|
|
$ |
(10,571 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Held to Maturity Securities in Continuous Unrealized Loss Position |
The following table presents the fair values and unrealized losses
for held-to-maturity securities in a continuous unrealized loss
position for less than 12 months and for 12 months or longer as of
December 31, 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2015 |
|
| |
|
Less than 12 Months |
|
|
12 Months or Longer |
|
|
Total |
|
| |
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
| (Amounts in
thousands) |
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
U.S. Agency securities
|
|
$ |
43,723 |
|
|
$ |
(106 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
43,723 |
|
|
$ |
(106 |
) |
|
Corporate securities
|
|
|
6,851 |
|
|
|
(23 |
) |
|
|
— |
|
|
|
— |
|
|
|
6,851 |
|
|
|
(23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
50,574 |
|
|
$ |
(129 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
50,574 |
|
|
$ |
(129 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Loss or Gain from Sale of Securities |
The following table presents gross realized gains and losses from
the sale of available-for-sale securities for the periods
indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Nine Months Ended |
|
| |
|
September 30, |
|
|
September 30, |
|
| (Amounts in
thousands) |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
Gross realized gains
|
|
$ |
203 |
|
|
$ |
26 |
|
|
$ |
344 |
|
|
$ |
292 |
|
|
Gross realized losses
|
|
|
(178 |
) |
|
|
(65 |
) |
|
|
(397 |
) |
|
|
(141 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on sale of securities
|
|
$ |
25 |
|
|
$ |
(39 |
) |
|
$ |
(53 |
) |
|
$ |
151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|