Investment Securities (Tables)

3 Months Ended

Mar. 31, 2014

Amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale

The amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale are as follows (in thousands):

	Amortized		Gross Unrealized				Fair/Book
March 31, 2014	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	18,242	$	184	$	-	$	18,426
Mortgage Backed Securities⁽¹⁾		331,434		3,674		5,378		329,730
Corporate Securities		49,045		370		63		49,352
Other		2,235		-		-		2,235
Total	$	400,956	$	4,228	$	5,441	$	399,743

	Amortized		Gross Unrealized				Fair/Book
December 31, 2013	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	28,287	$	149	$	-	$	28,436
Mortgage Backed Securities⁽¹⁾		329,469		3,026		7,566		324,929
Corporate Securities		49,247		280		147		49,380
Other		1,894		-		-		1,894
Total	$	408,897	$	3,455	$	7,713	$	404,639

	Amortized		Gross Unrealized				Fair/Book
March 31, 2013	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	26,436	$	256	$	-	$	26,692
Obligations of States and Political Subdivisions		5,643		-		-		5,643
Mortgage Backed Securities⁽¹⁾		423,298		10,273		1,286		432,285
Corporate Securities		49,846		321		39		50,128
Other		825		-		-		825
Total	$	506,048	$	10,850	$	1,325	$	515,573

⁽¹⁾All Mortgage Backed Securities consist of securities collateralized by residential real estate and were issued by an agency or government sponsored entity of the U.S. government.

Book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity

The book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity are as follows (in thousands):

	Book		Gross Unrealized				Fair
March 31, 2014	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	62,890	$	711	$	257	$	63,344
Mortgage Backed Securities⁽¹⁾		4		-		-		4
Other		2,761		-		-		2,761
Total	$	65,655	$	711	$	257	$	66,109

	Book		Gross Unrealized				Fair
December 31, 2013	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	65,685	$	812	$	627	$	65,870
Mortgage Backed Securities⁽¹⁾		45		-		-		45
Other		2,775		-		-		2,775
Total	$	68,505	$	812	$	627	$	68,690

	Book		Gross Unrealized				Fair
March 31, 2013	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	65,165	$	1,896	$	22	$	67,039
Mortgage Backed Securities⁽¹⁾		341		8		-		349
Other		2,202		-		-		2,202
Total	$	67,708	$	1,904	$	22	$	69,590

⁽¹⁾All Mortgage Backed Securities consist of securities collateralized by residential real estate and were issued by an agency or government sponsored entity of the U.S. government.

Amortized cost and estimated fair values of investment securities by contractual maturity

The amortized cost and estimated fair values of investment securities at March 31, 2013 by contractual maturity are shown in the following table (in thousands):

	Available-for-Sale				Held-to-Maturity
	Amortized		Fair/Book		Book		Fair
March 31, 2014	Cost		Value		Value		Value
Within one year	$	26,719	$	26,793	$	2,211	$	2,224
After one year through five years		39,547		39,837		19,482		19,830
After five years through ten years		3,256		3,383		23,727		24,049
After ten years		-		-		20,231		20,002
		69,522		70,013		65,651		66,105

Investment securities not due at a single maturity date:
Mortgage-backed securities		331,434		329,730		4		4

Total	$	400,956	$	399,743	$	65,655	$	66,109

Investments with gross unrealized losses and their market value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

The following tables show those investments with gross unrealized losses and their market value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at the dates indicated (in thousands):

	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
March 31, 2014	Value		Loss		Value		Loss		Value		Loss

Securities Available-for-Sale
Mortgage Backed Securities	$	123,313	$	4,506	$	15,981	$	872		139,294	$	5,378
Corporate Securities		3,794		39		2,474		24		6,268		63
Total	$	127,107	$	4,545	$	18,455	$	896	$	145,562	$	5,441

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	9,038	$	257	$	-	$	-	$	9,038	$	257
Total	$	9,038	$	257	$	-	$	-	$	9,038	$	257

	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2013	Value		Loss		Value		Loss		Value		Loss

Securities Available-for-Sale
Mortgage Backed Securities	$	195,736	$	7,566	$	-	$	-	$	195,736	$	7,566
Corporate Securities		15,297		106		2,457		41		17,754		147
Total	$	211,033	$	7,672	$	2,457	$	41	$	213,490	$	7,713

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	9,518	$	627	$	-	$	-	$	9,518	$	627
Total	$	9,518	$	627	$	-	$	-	$	9,518	$	627

	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
March 31, 2013	Value		Loss		Value		Loss		Value		Loss

Securities Available-for-Sale
Mortgage Backed Securities	$	115,238	$	1,286	$	-	$	-	$	115,238	$	1,286
Corporate Securities		18,691		39		-		-		18,691		39
Total	$	133,929	$	1,325	$	-	$	-	$	133,929	$	1,325

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	2,841	$	22	$	-	$	-	$	2,841	$	22
Total	$	2,841	$	22	$	-	$	-	$	2,841	$	22

Proceeds from sales and calls of securities

Proceeds from sales and calls of securities available-for-sale were as follows:

(in thousands)	Proceeds		Gains		Losses
Three Months Ended March 31, 2014	$	2,988	$	3	$	-
Three Months Ended March 31, 2013		45,259		749		14

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

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