CASH 2017 Annual Report
123 LESS THAN 12 MONTHS OVER 12 MONTHS TOTAL At September 30, 2016 Fair Value Unrealized (Losses) Fair Value Unrealized (Losses) Fair Value Unrealized (Losses) (Dollars in Thousands) Debt securities Obligations of states and political subdivisions $ 2,909 $ (13) $ 2,256 $ (31) $ 5,165 $ (44) Non-bank qualified obligations of states and political subdivisions 1,294 (11) — — 1,294 (11) Mortgage-backed securities 20,061 (31) — — 20,061 (31) Total held to maturity securities $ 24,264 $ (55) $ 2,256 $ (31) $ 26,520 $ (86) As of September 30, 2017 and 2016, the investment portfolio included securities with current unrealized losses which have existed for longer than one year. All of these securities are considered to be acceptable credit risks. Because the declines in fair value were due to changes in market interest rates, not in estimated cash flows, and the Company does not intend to sell these securities (has not made a decision to sell) and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, which may occur at maturity, no other-than-temporary impairment was recorded at September 30, 2017 or 2016. The amortized cost and fair value of debt securities by contractual maturity are shown below. Certain securities have call features which allow the issuer to call the security prior to maturity. Expected maturities may differ from contractual maturities inmortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Therefore, mortgage-backed securities are not included in the maturity categories in the following maturity summary. The expected maturities of certain Small Business Administration securities may differ from contractual maturities because the borrowers may have the right to prepay the obligation. However, certain prepayment penalties may apply. Available For Sale AMORTIZED COST FAIR VALUE At September 30, 2017 (Dollars in Thousands) Due in one year or less $ — $ — Due after one year through five years 36,586 37,674 Due after five years through ten years 347,831 358,198 Due after ten years 705,963 709,660 1,090,380 1,105,532 Mortgage-backed securities 588,918 586,454 Common equities and mutual funds 1,009 1,445 Total available for sale securities $ 1,680,307 $ 1,693,431
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