Investment Securities (Tables)

6 Months Ended

Jun. 30, 2015

Amortized Cost, Fair Values, and Unrealized Gains and Losses of 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
June 30, 2015	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	11,063	$	58	$	-	$	11,121
US Treasury Notes		80,212		85		59		80,238
Mortgage Backed Securities⁽¹⁾		256,849		3,812		1,081		259,580
Other		485		-		-		485
Total	$	348,609	$	3,955	$	1,140	$	351,424

	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
June 30, 2014	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	18,230	$	194	$	-	$	18,424
Mortgage Backed Securities⁽¹⁾		323,518		5,688		2,871		326,335
Corporate Securities		54,283		393		15		54,661
Other		2,312		-		-		2,312
Total	$	398,343	$	6,275	$	2,886	$	401,732

⁽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
June 30, 2015	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	65,270	$	278	$	213	$	65,335
Other		2,131		-		-		2,131
Total	$	67,401	$	278	$	213	$	67,466

	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
June 30, 2014	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	67,866	$	683	$	90	$	68,459
Other		2,474		-		-		2,474
Total	$	70,340	$	683	$	90	$	70,933

Amortized Cost and Estimated Fair Values of Investment Securities by Contractual Maturity

The amortized cost and estimated fair values of investment securities at June 30, 2015 by contractual maturity are shown in the following table (in thousands):

	Available-for-Sale				Held-to-Maturity
June 30, 2015	Amortized Cost		Fair/Book Value		Book Value		Fair Value
Within one year	$	10,482	$	10,488	$	2,731	$	2,733
After one year through five years		71,151		71,242		18,364		18,462
After five years through ten years		10,127		10,114		9,097		9,166
After ten years		-		-		37,209		37,105
		91,760		91,844		67,401		67,466

Investment securities not due at a single maturity date:
Mortgage Backed Securities		256,849		259,580		-		-

Total	$	348,609	$	351,424	$	67,401	$	67,466

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
June 30, 2015	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
US Treasury Notes	$	35,117	$	59	$	-	$	-	$	35,117	$	59
Mortgage Backed Securities		42,839		942		7,796		139		50,635		1,081
Total	$	77,956	$	1,001	$	7,796	$	139	$	85,752	$	1,140

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	16,083	$	213	$	-	$	-	$	16,083	$	213
Total	$	16,083	$	213	$	-	$	-	$	16,083	$	213

	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
June 30, 2014	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
Mortgage Backed Securities	$	-	$	-	$	92,992	$	2,871		92,992	$	2,871
Corporate Securities		8,390		4		2,738		11		11,128		15
Total	$	8,390	$	4	$	95,730	$	2,882	$	104,120	$	2,886

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	4,740	$	32	$	5,137	$	58	$	9,877	$	90
Total	$	4,740	$	32	$	5,137	$	58	$	9,877	$	90

Proceeds from Sales and Calls of Securities

Proceeds from sales and calls of securities were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2015		2014		2015		2014
Proceeds	$	4,060	$	6,969	$	4,535	$	9,917
Gains		5		31		6		34
Losses		-		-		-		-

- 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.

+ References + Details