Investment Securities (Tables)

3 Months Ended

Mar. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Fair Value of Available-for-Sale Investment Securities

The amortized cost and estimated fair value of available-for-sale investment securities at March 31, 2014 and December 31, 2013 are summarized as follows (in thousands):

	Amortized Cost		Unrealized Gains	Unrealized Losses	Fair Value
March 31, 2014
Available-for-Sale:
U.S. Treasury notes	$	35,477	1	306	35,172
U.S. Agency notes	125,001		152	2,692	122,461
U.S. Agency mortgage-backed securities	44,041		496	708	43,829
Certificates of deposit	3,079		16	—	3,095
Municipal securities:
Non-taxable	83,108		2,136	758	84,486
Taxable	16,439		533	141	16,831
Mutual funds	2,427		—	32	2,395
Trust preferred securities	50		—	—	50
Equity securities	1,474		308	38	1,744
	$	311,096	3,642	4,675	310,063
Investment Securities Held-to-Maturity:
Municipal securities:
Non-taxable	16,067		117	258	15,926
Taxable	400		—	—	400
	$	16,467	117	258	16,326
December 31, 2013
Available-for-Sale:
U.S. Treasury notes	$	13,184	—	290	12,894
U.S. Agency notes	110,248		141	3,714	106,675
U.S. Agency mortgage-backed securities	40,602		555	848	40,309
Certificates of deposit	1,492		9	—	1,501
Municipal securities:
Non-taxable	74,185		2,116	968	75,333
Taxable	17,020		503	214	17,309
Mutual funds	2,419		—	39	2,380
Trust preferred securities	149		4	6	147
Equity securities	1,429		329	65	1,693
	$	260,728	3,657	6,144	258,241
Investment Securities Held-to-Maturity:
Municipal securities:
Non-taxable	15,923		159	285	15,797
Taxable	400		—	1	399
	$	16,323	159	286	16,196

Securities in a Continuous Loss Position

Information concerning available-for-sale investment securities with gross unrealized losses at March 31, 2014 and December 31, 2013, aggregated by length of time that individual securities have been in a continuous loss position, is as follows (dollars in thousands):

	Less than Twelve Months				Twelve Months or Greater
	Number	Fair Value		Unrealized Losses	Number	Fair Value		Unrealized Losses
March 31, 2014
Investment Securities Available-for-Sale:
U.S. Treasury notes	7	$	32,219	306	—	$	—	—
U.S. Agency notes	26	100,721		2,042	2	9,803		650
U.S. Agency mortgage-backed securities	9	21,554		454	19	4,974		254
Municipal securities:
Non-taxable	23	9,062		182	32	13,994		576
Taxable	7	4,032		135	5	1,254		6
Mutual funds	2	1,395		32	—	—		—
Trust preferred securities	—	—		—	1	49		—
Equity securities	8	353		23	3	99		15
	82	$	169,336	3,174	62	$	30,173	1,501
Investment Securities Held-to-Maturity:
Municipal securities:
Non-taxable	8	$	4,977	258	—	$	—	—
Taxable	—	—		—	—	—		—
	8	$	4,977	258	—	$	—	—
December 31, 2013
Investment Securities Available-for-Sale:
U.S. Treasury notes	3	$	12,894	290	—	$	—	—
U.S. Agency notes	25	89,080		2,880	2	9,636		834
U.S. Agency mortgage-backed securities	9	17,557		575	19	5,130		273
Municipal securities:
Non-taxable	37	15,641		398	24	10,751		570
Taxable	9	4,903		202	5	1,252		12
Mutual funds	2	1,380		39	—	—		—
Trust preferred securities	—	—		—	2	93		6
Equity securities	6	300		44	3	93		21
	91	$	141,755	4,428	55	$	26,955	1,716
Investment Securities Held-to-Maturity:
Municipal securities:
Non-taxable	6	$	4,890	285	—	$	—	—
Taxable	1	399		1	—	—		—
	7	$	5,289	286	—	$	—	—

Investments Classified by Contractual Maturity Date

Contractual maturities of investment securities at March 31, 2014 were as follows (in thousands).  Actual maturities may differ from contractual maturities when issuers have the right to call or prepay obligations.

	Available-for-Sale			Held-to-Maturity
	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Due within one year	$	16,162	16,294	2,145	2,151
Due from one to five years	119,445		120,461	4,229	4,228
Due from five to ten years	117,716		115,829	6,383	6,169
Due after ten years	9,781		9,461	3,710	3,778
	263,104		262,045	16,467	16,326
U.S. Agency mortgage-backed securities	44,041		43,829	—	—
Mutual funds	2,427		2,395	—	—
Trust preferred securities	50		50	—	—
Equity securities	1,474		1,744	—	—
	$	311,096	310,063	16,467	16,326