Investment Securities (Tables)

3 Months Ended

Mar. 31, 2016

Investment Securities [Abstract]

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
March 31, 2016	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	63,157	$	190	$	1	$	63,346
US Treasury Notes		65,571		217		-		65,788
Mortgage Backed Securities (1)		207,021		5,113		7		212,127
Other		510		-		-		510
Total	$	336,259	$	5,520	$	8	$	341,771

	Amortized		Gross Unrealized				Fair/Book
December 31, 2015	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	33,536	$	134	$	419	$	33,251
US Treasury Notes		73,048		-		164		72,884
Mortgage Backed Securities (1)		261,016		2,708		1,231		262,493
Other		509		-		-		509
Total	$	368,109	$	2,842	$	1,814	$	369,137

	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

⁽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, 2016	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	61,535	$	1,357	$	-	$	62,892
Total	$	61,535	$	1,357	$	-	$	62,892

	Book		Gross Unrealized				Fair
December 31, 2015	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	61,396	$	993	$	1	$	62,388
Total	$	61,396	$	993	$	1	$	62,388

	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

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, 2016 by contractual maturity are shown in the following table (in thousands):

	Available-for-Sale				Held-to-Maturity
March 31, 2016	Amortized Cost		Fair/Book Value		Book Value		Fair Value
Within one year	$	60,504	$	60,503	$	225	$	225
After one year through five years		68,734		69,141		12,034		12,087
After five years through ten years		-		-		11,425		11,615
After ten years		-		-		37,851		38,965
		129,238		129,644		61,535		62,892
Investment securities not due at a single maturity date:
Mortgage-backed securities		207,021		212,127		-		-
Total	$	336,259	$	341,771	$	61,535	$	62,892

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, 2016	Fair Value			Unrealized Loss			Fair Value			Unrealized Loss			Fair Value			Unrealized Loss
Securities Available-for-Sale
Government Agency & Government-Sponsored Entities		$	39,996		$	1		$	-		$	-		$	39,996		$	1
Mortgage Backed Securities			1,529			7			-			-			1,529			7
Total		$	41,525		$	8		$	-		$	-		$	41,525		$	8

	Less Than 12 Months				12 Months or More				Total
December 31, 2015	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities Available-for-Sale
Government Agency & Government-Sponsored Entities	$	29,944	$	419	$	-	$	-	$	29,944	$	419
US Treasury Notes		44,887		164		-		-		44,887		164
Mortgage Backed Securities		78,899		1,089		7,277		142		86,176		1,231
Total	$	153,730	$	1,672	$	7,277	$	142	$	161,007	$	1,814
Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	839	$	1	$	-	$	-	$	839	$	1
Total	$	839	$	1	$	-	$	-	$	839	$	1

	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

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, 2016	$	102,895	$	244	$	533
Three Months Ended March 31, 2015	$	475	$	1	$	-