Investment Securities (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	68,064	$	69	$	1	$	68,132
US Treasury Notes		19,818		148		-		19,966
Mortgage Backed Securities⁽¹⁾		270,820		5,977		196		276,601
Other		485		-		-		485
Total	$	359,187	$	6,194	$	197	$	365,184

	Amortized		Gross Unrealized				Fair/Book
December 31, 2014	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	78,051	$	61	$	3	$	78,109
Mortgage Backed Securities⁽¹⁾		283,636		4,969		657		287,948
Other		485		-		-		485
Total	$	362,172	$	5,030	$	660	$	366,542

	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

⁽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, 2015	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	61,324	$	766	$	11	$	62,079
Other		2,139		-		-		2,139
Total	$	63,463	$	766	$	11	$	64,218

	Book		Gross Unrealized				Fair
December 31, 2014	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	61,716	$	782	$	10	$	62,488
Other		2,147		-		-		2,147
Total	$	63,863	$	782	$	10	$	64,635

	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

⁽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, 2015 by contractual maturity are shown in the following table (in thousands):

	Available-for-Sale				Held-to-Maturity
March 31, 2015	Amortized Cost		Fair/Book Value		Book Value		Fair Value
Within one year	$	67,480	$	67,483	$	2,739	$	2,740
After one year through five years		20,887		21,100		16,132		16,294
After five years through ten years		-		-		10,313		10,423
After ten years		-		-		34,279		34,761
		88,367		88,583		63,463		64,218

Investment securities not due at a single maturity date:
Mortgage-backed securities		270,820		276,601		-		-

Total	$	359,187	$	365,184	$	63,463	$	64,218

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
March 31, 2015	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
Government Agency & Government-Sponsored Entities	$	24,998	$	1	$	-	$	-	$	24,998	$	1
Mortgage Backed Securities		13,033		28		25,942		168		38,975		196
Total	$	38,031	$	29	$	25,942	$	168	$	63,973	$	197

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	1,340	$	11	$	-	$	-	$	1,340	$	11
Total	$	1,340	$	11	$	-	$	-	$	1,340	$	11

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

Securities Available-for-Sale
Government Agency & Government-Sponsored Entities	$	66,980	$	3	$	-	$	-	$	66,980	$	3
Mortgage Backed Securities		14,487		151		33,574		506		48,061		657
Total	$	81,467	$	154	$	33,574	$	506	$	115,041	$	660

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	849	$	5	$	876	$	5	$	1,725	$	10
Total	$	849	$	5	$	876	$	5	$	1,725	$	10

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

Proceeds from sales and calls of securities

Proceeds from sales and calls of securities were as follows:

(in thousands)	Proceeds		Gains		Losses
Three Months Ended March 31, 2015	$	475	$	1	$	-
Three Months Ended March 31, 2014	$	2,988	$	3	$	-

- 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.

+ References+ Details

- 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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