Investment Securities (Tables)

3 Months Ended

Mar. 31, 2016

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 investment securities at March 31, 2016 and December 31, 2015 are summarized as follows (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses	Fair Value
March 31, 2016
Available-for-Sale:
U.S. Treasury notes	$	52,591	1,001		—	53,592
U.S. Agency notes	126,835		1,473		6	128,302
U.S. Agency mortgage-backed securities	33,561		281		74	33,768
Certificates of deposit	248		1		—	249
Municipal securities:
Non-taxable	102,900		1,798		56	104,642
Taxable	26,714		596		5	27,305
Mutual funds	2,527		—		35	2,492
Trust preferred securities	49		—		—	49
Equity securities	659		59		16	702
	$	346,084	$	5,209	192	351,101
Investment Securities Held-to-Maturity:
Municipal securities:
Non-taxable	29,873		528		78	30,323
Taxable	6,632		7		14	6,625
	$	36,505	535		92	36,948
December 31, 2015
Available-for-Sale:
U.S. Treasury notes	$	72,672	309		135	72,846
U.S. Agency notes	140,876		164		1,151	139,889
U.S. Agency mortgage-backed securities	29,608		174		404	29,378
Certificates of deposit	248		1		—	249
Municipal securities:
Non-taxable	103,900		1,713		134	105,479
Taxable	26,738		337		134	26,941
Mutual funds	2,517		—		51	2,466
Trust preferred securities	49		1		—	50
Equity securities	659		40		19	680
	$	377,267	2,739		2,028	377,978
Investment Securities Held-to-Maturity:
Municipal securities:
Non-taxable	22,233		95		97	22,231
Taxable	400		—		1	399
	$	22,633	95		98	22,630

Securities in a Continuous Loss Position

Information concerning investment securities with gross unrealized losses at March 31, 2016 and December 31, 2015, 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
March 31, 2016
Investment Securities Available-for-Sale:
U.S. Treasury notes	$	—	—	$	—	—
U.S. Agency notes	9,989		6	—		—
U.S. Agency mortgage-backed securities	5,281		17	4,013		57
Municipal securities:
Non-taxable	9,202		32	4,220		24
Taxable	1,660		4	449		1
Mutual funds	1,221		1	272		34
Trust preferred securities	—		—	—		—
Equity securities	124		11	73		5
	$	27,477	71	$	9,027	121
Investment Securities Held-to-Maturity:
Municipal securities:
Non-taxable	$	873	2	3,444		76
Taxable	3,286		14	—		—
	$	4,159	16	$	3,444	76
December 31, 2015
Investment Securities Available-for-Sale:
U.S. Treasury notes	$	32,854	75	$	4,846	60
U.S. Agency notes	104,053		1,000	9,869		151
U.S. Agency mortgage-backed securities	19,190		256	4,068		148
Municipal securities:
Non-taxable	13,124		74	7,037		60
Taxable	15,601		114	880		20
Mutual funds	1,215		17	268		34
Trust preferred securities	—		—	—		—
Equity securities	248		12	73		7
	$	186,285	1,548	$	27,041	480
Investment Securities Held-to-Maturity:
Municipal securities:
Non-taxable	$	832	3	$	3,426	94
Taxable	399		1	—		—
	$	1,231	4	$	3,426	94

Investments Classified by Contractual Maturity Date

Contractual maturities of investment securities at March 31, 2016 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	$	22,647	22,759	3,859	3,866
Due from one to five years	158,647		161,011	4,021	4,010
Due from five to ten years	127,994		130,320	10,732	10,781
Due after ten years	—		—	17,893	18,291
	309,288		314,090	36,505	36,948
U.S. Agency mortgage-backed securities	33,561		33,768	—	—
Mutual funds	2,527		2,492	—	—
Trust preferred securities	49		49	—	—
Equity securities	659		702	—	—
	$	346,084	351,101	36,505	36,948

Realized Gain (Loss) on Investments

Certain information concerning the sale of investment securities available-for-sale for the three months ended March 31, 2016 and 2015 was as follows (in thousands):

	Three Months Ended   March 31,
	2016		2015
Proceeds from sales	$	20,429	6,002
Gross realized gains	371		111
Gross realized losses	—		—