Investment Securities

12 Months Ended

Dec. 31, 2013

Investment Securities [Abstract]

Investment Securities

(3) Investment Securities

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 31, 2013 are summarized as follows:

	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value
Investment securities available-for-sale:
Securities of U.S. government agencies and corporations		53,960		8		(1,283	)		52,685
Obligations of states and political subdivisions		27,528		409		(550	)		27,387
Collateralized mortgage obligations		5,359		46		—			5,405
Mortgage-backed securities		87,486		718		(412	)		87,792
Total debt securities	$	174,333	$	1,181	$	(2,245	)	$	173,269

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 31, 2012 are summarized as follows:

	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value
Investment securities available-for-sale:
U.S. Treasury securities	$	997	$	8	$	—		$	1,005
Securities of U.S. government agencies and corporations		28,200		105		—			28,305
Obligations of states and political subdivisions		27,226		1,563		(3	)		28,786
Collateralized mortgage obligations		8,156		123		(1	)		8,278
Mortgage-backed securities		116,855		1,524		(262	)		118,117
Total debt securities	$	181,434	$	3,323	$	(266	)	$	184,491

Gross realized gains from sales and calls of available-for-sale securities were $4, $20, and $930 for the years ended December 31, 2013, 2012, and 2011, respectively.  Gross realized losses from sales of available-for-sale securities were $0, $12, and $0 for the years ended December 31, 2013, 2012, and 2011, respectively.

The amortized cost and estimated fair value of debt and other securities at December 31, 2013, by contractual maturity, are shown in the following table:

	Amortized cost		Estimated fair value
Due in one year or less	$	14,663	$	14,635
Due after one year through five years		122,489		122,229
Due after five years through ten years		31,595		30,867
Due after ten years		5,586		5,538
	$	174,333	$	173,269

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.  Securities due after one year through five years included mortgage-backed securities and collateralized mortgage obligations with expected maturities totaling $93,196 as of December 31, 2013.  The maturities on these securities were based on the average lives of the securities.

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2013, follows:

	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized losses			Fair Value		Unrealized losses			Fair Value		Unrealized losses
Securities of U.S. government agencies and corporations	$	46,654	$	(1,283	)	$	—	$	—		$	46,654		(1,283	)
Obligations of states and political subdivisions		11,871		(550	)		—		—			11,871		(550	)
Mortgage-backed securities		19,155		(243	)		6,932		(169	)		26,087		(412	)
Total	$	77,680	$	(2,076	)	$	6,932	$	(169	)	$	84,612	$	(2,245	)

No decline in value was considered “other-than-temporary” during 2013.  Sixty two securities, all considered investment grade, which had a fair value of $77,680 and a total unrealized loss of $2,076 have been in an unrealized loss position for less than twelve months as of December 31, 2013.  Six securities, all considered investment grade, which had a fair value of $6,932 and a total unrealized loss of $169 have been in an unrealized loss position for more than twelve months as of December 31, 2013.  The declines in market value were primarily attributable to changes in interest rates.  As the Company does not intend to sell the securities and it is not more likely than not that we will be required to sell these securities prior to their anticipated recovery, these investments are not considered other-than-temporarily impaired.

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2012, follows:

	Less than 12 months					12 months or more				Total
	Fair Value		Unrealized losses			Fair Value		Unrealized losses		Fair Value		Unrealized losses
Obligations of states and political subdivisions	$	1,262	$	(3	)	$	—	$	—	$	1,262		(3	)
Collateralized mortgage obligations		1,198		(1	)		—		—		1,198		(1	)
Mortgage-backed securities		29,779		(262	)		—		—		29,779		(262	)
Total	$	32,239	$	(266	)	$	—	$	—	$	32,239	$	(266	)

Investment securities carried at $28,773 and $32,227 at December 31, 2013 and 2012, respectively, were pledged to secure public deposits or for other purposes as required or permitted by law.