Investment Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2014 and December 31, 2013 are summarized as follows (in thousands):

	Amortized Cost		Unrealized Gains	Unrealized Losses	Fair Value
June 30, 2014
Available-for-Sale:
U.S. Treasury notes	$	60,677	206	162	60,721
U.S. Agency notes	118,416		431	1,525	117,322
U.S. Agency mortgage-backed securities	41,979		540	369	42,150
Certificates of deposit	3,078		15	—	3,093
Municipal securities:
Non-taxable	83,067		2,044	374	84,737
Taxable	15,177		406	126	15,457
Mutual funds	2,436		—	17	2,419
Trust preferred securities	50		—	1	49
Equity securities	1,474		343	25	1,792
	$	326,354	3,985	2,599	327,740
Investment Securities Held-to-Maturity:
Municipal securities:
Non-taxable	23,443		119	215	23,347
Taxable	400		1	—	401
	$	23,843	120	215	23,748
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 June 30, 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
	Fair Value		Unrealized Losses	Fair Value		Unrealized Losses
June 30, 2014
Investment Securities Available-for-Sale:
U.S. Treasury notes	$	9,185	1	$	8,743	161
U.S. Agency notes	—		—	73,891		1,525
U.S. Agency mortgage-backed securities	12		—	12,076		369
Municipal securities:
Non-taxable	6,771		35	16,805		339
Taxable	2,162		17	4,301		109
Mutual funds	—		—	1,160		17
Trust preferred securities	49		1	—		—
Equity securities	155		11	217		14
	$	18,334	65	$	117,193	2,534
Investment Securities Held-to-Maturity:
Municipal securities:
Non-taxable	$	5,022	215	—		—
Taxable	—		—	—		—
	$	5,022	215	$	—	—
December 31, 2013
Investment Securities Available-for-Sale:
U.S. Treasury notes	$	12,894	290	$	—	—
U.S. Agency notes	89,080		2,880	9,636		834
U.S. Agency mortgage-backed securities	17,557		575	5,130		273
Municipal securities:
Non-taxable	15,641		398	10,751		570
Taxable	4,903		202	1,252		12
Mutual funds	1,380		39	—		—
Trust preferred securities	—		—	93		6
Equity securities	300		44	93		21
	$	141,755	4,428	$	26,955	1,716
Investment Securities Held-to-Maturity:
Municipal securities:
Non-taxable	$	4,890	285	$	—	—
Taxable	399		1	—		—
	$	5,289	286	$	—	—

Investments Classified by Contractual Maturity Date

Contractual maturities of investment securities at June 30, 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	$	13,154	13,238	2,086	2,097
Due from one to five years	146,077		147,276	4,130	4,131
Due from five to ten years	111,848		111,583	5,117	4,939
Due after ten years	9,336		9,233	12,510	12,581
	280,415		281,330	23,843	23,748
U.S. Agency mortgage-backed securities	41,979		42,150	—	—
Mutual funds	2,436		2,419	—	—
Trust preferred securities	50		49	—	—
Equity securities	1,474		1,792	—	—
	$	326,354	327,740	23,843	23,748

Realized Gain (Loss) on Investments

Certain information concerning the sale of investment securities available-for-sale for the three and six months ended June 30, 2014 and 2013 was as follows (in thousands):

	For the three months ended June 30,			For the six months ended June 30,
	2014		2013	2014	2013
Proceeds from sales	$	—	14,611	26,071	38,005
Gross realized gains	—		109	2	701
Gross realized losses	—		1	6	6