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Securities
 6 Months Ended
Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
Securities
Securities
The primary strategic objective related to the Company's securities portfolio is to assist with liquidity and interest rate risk management. The fair value of the securities classified as available-for-sale was $160.6 million at June 30, 2016 compared to $171.4 million at December 31, 2015. The carrying value of securities classified as restricted (Federal Reserve and Federal Home Loan Bank stock) was $10.0 million at June 30, 2016 compared to $9.1 million at December 31, 2015. The Company does not have any securities classified as trading or held-to-maturity.
The following table summarizes the fair value of available-for-sale securities, the related gross unrealized gains and losses recognized in accumulated other comprehensive income, and the amortized cost at June 30, 2016 and December 31, 2015:
 
June 30, 2016
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
States and political subdivisions
$
13,074

 
$
72

 
$
(16
)
 
$
13,130

U.S. government agency residential
 
 
 
 
 
 
 
mortgage-backed securities
128,196

 
218

 
(326
)
 
128,088

Collateralized residential mortgage obligations:
 
 
 
 
 
 
 
Agency
16,382

 
71

 
—

 
16,453

Equity securities
2,659

 
252

 
—

 
2,911

 
$
160,311

 
$
613

 
$
(342
)
 
$
160,582




December 31, 2015
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. government agencies
$
14,629

 
$
13

 
$
(35
)
 
$
14,607

States and political subdivisions
10,190

 
16

 
(25
)
 
10,181

U.S. government agency residential
 
 
 
 
 
 
 
mortgage-backed securities
127,039

 
7

 
(1,017
)
 
126,029

Collateralized residential mortgage obligations:
 
 
 
 
 
 
 
Agency
17,990

 
—

 
(157
)
 
17,833

Equity securities
2,632

 
158

 
—

 
2,790

 
$
172,480

 
$
194

 
$
(1,234
)
 
$
171,440


The amounts below include the activity for available-for-sale securities related to sales, maturities and calls:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
Proceeds from calls and maturities
$
9,650

 
$
1,420

 
$
9,765

 
$
1,530

Proceeds from sales
14,654

 
9,640

 
19,670

 
14,625

Realized gains
43

 
79

 
80

 
125

Realized losses
(20
)
 
(5
)
 
(20
)
 
(24
)
Net impairment loss recognized in earnings
—

 
—

 
—

 
—


The amortized cost and fair value of the investment securities portfolio are shown below by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date and equity securities are shown separately.
 
June 30, 2016
 
Amortized
Cost
 
Fair
Value
Due in one year or less
$
3,934

 
$
3,942

Due after one year through five years
6,420

 
6,430

Due after five years through ten years
2,720

 
2,758

Due after ten years
—

 
—

U.S. government agency residential mortgage-backed securities
128,196

 
128,088

Collateralized residential mortgage obligations
16,382

 
16,453

Equity
2,659

 
2,911

 
$
160,311

 
$
160,582



Securities with unrealized losses not recognized in income are as follows presented by length of time individual securities have been in a continuous unrealized loss position:
 
June 30, 2016
 
Less than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
States and political subdivisions
$
5,466

 
$
(16
)
 
$
—

 
$
—

 
$
5,466

 
$
(16
)
U.S. government agency residential
 
 
 
 
 
 
 
 
 
 
 
mortgage-backed securities
62,028

 
(211
)
 
14,048

 
(115
)
 
76,076

 
(326
)
Total temporarily impaired
$
67,494

 
$
(227
)
 
$
14,048

 
$
(115
)
 
$
81,542

 
$
(342
)
 
December 31, 2015
 
Less than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
U.S. government agencies
$
10,394

 
$
(35
)
 
$
—

 
$
—

 
$
10,394

 
$
(35
)
States and political subdivisions
6,057

 
(25
)
 
—

 
—

 
6,057

 
(25
)
U.S. government agency residential
 
 
 
 
 
 
 
 
 
 
 
mortgage-backed securities
124,411

 
(1,017
)
 
—

 
—

 
124,411

 
(1,017
)
Collateralized residential mortgage
 
 
 
 
 
 
 
 
 
 
 
obligations: Agency
17,833

 
(157
)
 
—

 
—

 
17,833

 
(157
)
Total temporarily impaired
$
158,695

 
$
(1,234
)
 
$
—

 
$
—

 
$
158,695

 
$
(1,234
)