Investment Securities (Tables)

9 Months Ended

Sep. 30, 2016

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
September 30, 2016	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	83,129	$	165	$	1	$	83,293
US Treasury Notes		85,470		211		-		85,681
Mortgage Backed Securities⁽¹⁾		183,268		5,605		-		188,873
Other		1,010		-		-		1,010
Total	$	352,877	$	5,981	$	1	$	358,857

	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
September 30, 2015	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	41,448	$	65	$	-	$	41,513
US Treasury Notes		30,069		231		-		30,300
Mortgage Backed Securities⁽¹⁾		251,483		5,024		312		256,195
Corporate Securities		16,235		-		-		16,235
Other		485		-		-		485
Total	$	339,720	$	5,320	$	312	$	344,728

⁽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
September 30, 2016	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	58,905	$	1,549	$	-	$	60,454
Total	$	58,905	$	1,549	$	-	$	60,454

	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
September 30, 2015	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	64,134	$	658	$	26	$	64,766
Other		2,123		-		-		2,123
Total	$	66,257	$	658	$	26	$	66,889

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

The amortized cost and estimated fair values of investment securities at September 30, 2016 by contractual maturity are shown in the following table (in thousands):

	Available-for-Sale				Held-to-Maturity
September 30, 2016	Amortized Cost		Fair/Book Value		Book Value		Fair Value
Within one year	$	100,999	$	100,998	$	1,211	$	1,213
After one year through five years		68,610		68,986		10,906		10,943
After five years through ten years		-		-		11,644		11,878
After ten years		-		-		35,144		36,420
		169,609		169,984		58,905		60,454

Investment securities not due at a single maturity date:
Mortgage Backed Securities		183,268		188,873		-		-

Total	$	352,877	$	358,857	$	58,905	$	60,454

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 tables below 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
September 30, 2016	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
Government Agency & Government-Sponsored Entities	$	59,993	$	1	$	-	$	-	$	59,993	$	1
Total	$	59,993	$	1	$	-	$	-	$	59,993	$	1

	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
September 30, 2015	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
Mortgage Backed Securities	$	36,898	$	256	$	7,593	$	56	$	44,491	$	312
Total	$	36,898	$	256	$	7,593	$	56	$	44,491	$	312

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	1,991	$	26	$	-	$	-	$	1,991	$	26
Total	$	1,991	$	26	$	-	$	-	$	1,991	$	26

Proceeds from Sales and Calls of Securities

Proceeds from sales and calls of securities were as follows:

	Three Months				Nine Months
	Ended September 30,				Ended September 30,
(in thousands)	2016		2015		2016		2015
Proceeds	$	1,855	$	53,465	$	104,750	$	58,000
Gains		3		266		248		272
Losses		-		-		534		-

- 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