Investment Securities (Tables)

3 Months Ended

Mar. 31, 2017

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, 2017	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	3,115	$	102	$	-	$	3,217
US Treasury Notes		104,717		2		300		104,419
US Govt SBA		34,947		34		247		34,734
Mortgage Backed Securities⁽¹⁾		309,187		1,820		1,545		309,462
Other		1,010		-		-		1,010
Total	$	452,976	$	1,958	$	2,092	$	452,842

	Amortized		Gross Unrealized				Fair/Book
December 31, 2016	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	3,127	$	114	$	-	$	3,241
US Treasury Notes		134,755		5		332		134,428
US Govt SBA		36,532		42		260		36,314
Mortgage Backed Securities⁽¹⁾		272,858		1,725		1,313		273,270
Other		1,010		-		-		1,010
Total	$	448,282	$	1,886	$	1,905	$	448,263

	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

⁽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, 2017	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	57,281	$	414	$	22	$	57,673
Total	$	57,281	$	414	$	22	$	57,673

	Book		Gross Unrealized				Fair
December 31, 2016	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	58,109	$	339	$	40	$	58,408
Total	$	58,109	$	339	$	40	$	58,408

	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

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, 2017 by contractual maturity are shown in the following table (in thousands):

	Available-for-Sale				Held-to-Maturity
March 31, 2017	Amortized Cost		Fair/Book Value		Book Value		Fair Value
Within one year	$	36,052	$	36,053	$	1,260	$	1,262
After one year through five years		65,667		65,563		9,463		9,488
After five years through ten years		14,304		14,181		14,010		14,100
After ten years		27,766		27,583		32,548		32,823
		143,789		143,380		57,281		57,673

Investment securities not due at a single maturity date:
Mortgage-backed securities		309,187		309,462		-		-

Total	$	452,976	$	452,842	$	57,281	$	57,673

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, 2017	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
US Treasury Notes	$	69,433	$	300	$	-	$	-	$	69,433	$	300
US Govt SBA		26,412		247		-		-		26,412		247
Mortgage Backed Securities		168,546		1,545		-		-		168,546		1,545
Total	$	264,391	$	2,092	$	-	$	-	$	264,391	$	2,092

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	4,278	$	22	$	-	$	-	$	4,278	$	22
Total	$	4,278	$	22	$	-	$	-	$	4,278	$	22

	Less Than 12 Months				12 Months or More				Total
December 31, 2016	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
US Treasury Notes	$	99,429	$	332	$	-	$	-	$	99,429	$	332
US Govt SBA		27,483		260		-		-		27,483		260
Mortgage Backed Securities		123,157		1,313		-		-		123,157		1,313
Total	$	250,069	$	1,905	$	-	$	-	$	250,069	$	1,905

Obligations of States and Political Subdivisions	$	7,251	$	40	$	-	$	-	$	7,251	$	40
Total	$	7,251	$	40	$	-	$	-	$	7,251	$	40

	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

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, 2017	$	-	$	-	$	-
Three Months Ended March 31, 2016	$	102,895	$	244	$	533

- 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