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Securities
 9 Months Ended
Sep. 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 $183.6 million at September 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 $10.1 million at September 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 September 30, 2016 and December 31, 2015:
 
September 30, 2016
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. government agencies
$
12,680

 
$
—

 
$
(89
)
 
$
12,591

States and political subdivisions
13,062

 
76

 
(11
)
 
13,127

U.S. government agency residential
 
 
 
 
 
 
 
mortgage-backed securities
139,627

 
165

 
(438
)
 
139,354

Collateralized residential mortgage obligations:
 
 
 
 
 
 
 
Agency
15,549

 
62

 
(1
)
 
15,610

Equity securities
2,673

 
291

 
—

 
2,964

 
$
183,591

 
$
594

 
$
(539
)
 
$
183,646




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 September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
Proceeds from calls and maturities
$
—

 
$
2,000

 
$
9,765

 
$
3,530

Proceeds from sales
16,528

 
34,959

 
36,198

 
49,584

Realized gains
79

 
272

 
159

 
397

Realized losses
—

 
(76
)
 
(20
)
 
(100
)
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.
 
September 30, 2016
 
Amortized
Cost
 
Fair
Value
Due in one year or less
$
4,311

 
$
4,321

Due after one year through five years
6,033

 
6,041

Due after five years through ten years
15,398

 
15,356

Due after ten years
—

 
—

U.S. government agency residential mortgage-backed securities
139,627

 
139,354

Collateralized residential mortgage obligations
15,549

 
15,610

Equity
2,673

 
2,964

 
$
183,591

 
$
183,646



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:
 
September 30, 2016
 
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
$
12,591

 
$
(89
)
 
$
—

 
$
—

 
$
12,591

 
$
(89
)
States and political subdivisions
5,586

 
(11
)
 
—

 
—

 
5,586

 
(11
)
U.S. government agency residential
 
 
 
 
 
 
 
 
 
 
 
mortgage-backed securities
63,962

 
(355
)
 
13,412

 
(83
)
 
77,374

 
(438
)
Collateralized residential mortgage


 


 


 


 


 


obligations: Agency
3,612

 
(1
)
 
—

 
—

 
3,612

 
(1
)
Total temporarily impaired
$
85,751

 
$
(456
)
 
$
13,412

 
$
(83
)
 
$
99,163

 
$
(539
)
 
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
)