Investments (Tables)

9 Months Ended

Sep. 30, 2014

Investments [Abstract]

Schedule of Available-for-sale Securities Reconciliation

The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale:

	September 30, 2014
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale securities:
Obligations of U.S. Government-sponsored enterprises	$	91,823	$	638	$	(189	)	$	92,272
Obligations of states and political subdivisions	49,064		1,576		(699		)	49,941
Agency mortgage-backed securities	315,951		3,099		(4,679		)	314,371
	$	456,838	$	5,313	$	(5,567	)	$	456,584
	December 31, 2013
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale securities:
Obligations of U.S. Government-sponsored enterprises	$	93,218	$	700	$	(388	)	$	93,530
Obligations of states and political subdivisions	49,721		983		(1,761		)	48,943
Agency mortgage-backed securities	298,623		2,675		(9,184		)	292,114
	$	441,562	$	4,358	$	(11,333	)	$	434,587

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of debt securities classified as available for sale at September 30, 2014, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 5 years.

(in thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	3,181	$	3,227
Due after one year through five years	109,044		110,116
Due after five years through ten years	21,833		22,352
Due after ten years	6,829		6,518
Mortgage-backed securities	315,951		314,371
	$	456,838	$	456,584

Schedule of Unrealized Loss on Investments

The following table represents a summary of available-for-sale investment securities that had an unrealized loss:

	September 30, 2014
	Less than 12 months				12 months or more				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government-sponsored enterprises	$	5,454	$	7	$	24,813	$	182	$	30,267	$	189
Obligations of states and political subdivisions	$	1,092	$	18	$	14,143	$	681	$	15,235	$	699
Agency mortgage-backed securities	29,404		139		136,333		4,540		165,737		4,679
	$	35,950	$	164	$	175,289	$	5,403	$	211,239	$	5,567
	December 31, 2013
	Less than 12 months				12 months or more				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government-sponsored enterprises	$	30,221	$	388	$	—	$	—	$	30,221	$	388
Obligations of states and political subdivisions	17,141		952		7,168		809		24,309		1,761
Agency mortgage-backed securities	159,999		7,338		21,437		1,846		181,436		9,184
	$	207,361	$	8,678	$	28,605	$	2,655	$	235,966	$	11,333

Schedule of Realized Gain (Loss)

The gross gains and gross losses realized from sales of available-for-sale investment securities were as follows:

	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2014		2013		2014		2013
Gross gains realized	$	—	$	611	$	—	$	1,477
Gross losses realized	—		—		—		(182		)
Proceeds from sales	—		36,710		—		159,604