SECURITIES (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
|---|
| SECURITIES [Abstract] |
|
| Amortized Cost and Fair Value of Securities |
The amortized cost and fair value of securities at period-end were as follows (dollars in thousands):
| |
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
| |
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
| |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
March 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Available for Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
96,250 |
|
|
$ |
3 |
|
|
$ |
(2,224 |
) |
|
$ |
94,029 |
|
U.S. Agency MBS and CMOs |
|
|
26,282 |
|
|
|
12 |
|
|
|
(692 |
) |
|
|
25,602 |
|
Tax-exempt state and municipal bonds |
|
|
43,375 |
|
|
|
215 |
|
|
|
(551 |
) |
|
|
43,039 |
|
Taxable state and municipal bonds |
|
|
44,481 |
|
|
|
2 |
|
|
|
(936 |
) |
|
|
43,547 |
|
Corporate bonds and other debt securities |
|
|
8,135 |
|
|
|
--- |
|
|
|
(83 |
) |
|
|
8,052 |
|
| |
|
$ |
218,523 |
|
|
$ |
232 |
|
|
$ |
(4,486 |
) |
|
$ |
214,269 |
|
Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt state and municipal bonds |
|
$ |
90,513 |
|
|
$ |
399 |
|
|
$ |
(376 |
) |
|
$ |
90,536 |
|
| |
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
| |
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
| |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
Available for Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
103,309 |
|
|
$ |
--- |
|
|
$ |
(1,345 |
) |
|
$ |
101,964 |
|
U.S. Agency MBS and CMOs |
|
|
23,797 |
|
|
|
7 |
|
|
|
(419 |
) |
|
|
23,385 |
|
Tax-exempt state and municipal bonds |
|
|
41,684 |
|
|
|
519 |
|
|
|
(146 |
) |
|
|
42,057 |
|
Taxable state and municipal bonds |
|
|
44,267 |
|
|
|
10 |
|
|
|
(542 |
) |
|
|
43,735 |
|
Corporate bonds and other debt securities |
|
|
8,149 |
|
|
|
1 |
|
|
|
(41 |
) |
|
|
8,109 |
|
Other equity securities |
|
|
1,500 |
|
|
|
--- |
|
|
|
(30 |
) |
|
|
1,470 |
|
| |
|
$ |
222,706 |
|
|
$ |
537 |
|
|
$ |
(2,523 |
) |
|
$ |
220,720 |
|
Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt state and municipal bonds |
|
$ |
85,827 |
|
|
$ |
806 |
|
|
$ |
(181 |
) |
|
$ |
86,452 |
|
|
| Contractual Maturities of Debt Securities |
Contractual maturities of debt securities at March 31, 2018 were as follows (dollars in thousands):
| |
Held–to-Maturity Securities |
|
Available-for-Sale Securities |
|
| |
Amortized |
|
Fair |
|
Amortized |
|
Fair |
|
| |
Cost |
|
Value |
|
Cost |
|
Value |
|
Due in one year or less |
|
$ |
12,922 |
|
|
$ |
12,922 |
|
|
$ |
14,010 |
|
|
$ |
13,968 |
|
Due from one to five years |
|
|
28,927 |
|
|
|
29,083 |
|
|
|
120,593 |
|
|
|
118,125 |
|
Due from five to ten years |
|
|
16,342 |
|
|
|
16,415 |
|
|
|
57,498 |
|
|
|
56,433 |
|
Due after ten years |
|
|
32,322 |
|
|
|
32,116 |
|
|
|
26,422 |
|
|
|
25,743 |
|
| |
|
$ |
90,513 |
|
|
$ |
90,536 |
|
|
$ |
218,523 |
|
|
$ |
214,269 |
|
|
| Securities in Continuous Unrealized Loss Position |
Securities with unrealized losses at March 31, 2018 and December 31, 2017, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (dollars in thousands):
| |
|
Less than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
| |
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
March 31, 2018 |
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
U.S. Treasury and federal agency securities |
|
$ |
48,139 |
|
|
$ |
(899 |
) |
|
$ |
40,364 |
|
|
$ |
(1,261 |
) |
|
$ |
88,503 |
|
|
$ |
(2,160 |
) |
U.S. Agency MBS and CMOs |
|
|
17,523 |
|
|
|
(468 |
) |
|
|
5,843 |
|
|
|
(224 |
) |
|
|
23,366 |
|
|
|
(692 |
) |
Tax-exempt state and municipal bonds |
|
|
36,847 |
|
|
|
(739 |
) |
|
|
4,092 |
|
|
|
(188 |
) |
|
|
40,939 |
|
|
|
(927 |
) |
Taxable state and municipal bonds |
|
|
32,174 |
|
|
|
(565 |
) |
|
|
10,172 |
|
|
|
(371 |
) |
|
|
42,346 |
|
|
|
(936 |
) |
Corporate bonds and other debt securities |
|
|
9,345 |
|
|
|
(106 |
) |
|
|
2,233 |
|
|
|
(41 |
) |
|
|
11,578 |
|
|
|
(147 |
) |
Total temporarily impaired |
|
$ |
144,028 |
|
|
$ |
(2,777 |
) |
|
$ |
62,704 |
|
|
$ |
(2,085 |
) |
|
$ |
206,732 |
|
|
$ |
(4,862 |
) |
| |
|
Less than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
| |
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
December 31, 2017 |
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
U.S. Treasury and federal agency securities |
|
$ |
50,614 |
|
|
$ |
(439 |
) |
|
$ |
43,787 |
|
|
$ |
(876 |
) |
|
$ |
94,401 |
|
|
$ |
(1,315 |
) |
U.S. Agency MBS and CMOs |
|
|
16,719 |
|
|
|
(249 |
) |
|
|
6,228 |
|
|
|
(170 |
) |
|
|
22,947 |
|
|
|
(419 |
) |
Tax-exempt state and municipal bonds |
|
|
20,124 |
|
|
|
(243 |
) |
|
|
4,208 |
|
|
|
(82 |
) |
|
|
24,332 |
|
|
|
(325 |
) |
Taxable state and municipal bonds |
|
|
30,331 |
|
|
|
(279 |
) |
|
|
9,781 |
|
|
|
(265 |
) |
|
|
40,112 |
|
|
|
(544 |
) |
Corporate bonds and other debt securities |
|
|
8,021 |
|
|
|
(42 |
) |
|
|
2,250 |
|
|
|
(29 |
) |
|
|
10,271 |
|
|
|
(71 |
) |
Other equity securities |
|
|
--- |
|
|
|
--- |
|
|
|
1,470 |
|
|
|
(30 |
) |
|
|
1,470 |
|
|
|
(30 |
) |
Total temporarily impaired |
|
$ |
125,809 |
|
|
$ |
(1,252 |
) |
|
$ |
67,724 |
|
|
$ |
(1,452 |
) |
|
$ |
193,533 |
|
|
$ |
(2,704 |
) |
|