Investment Securities

12 Months Ended

Dec. 31, 2014

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, 2014 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	$	28,787	$	17	$	(375	)	$	28,429
Obligations of states and political subdivisions		20,236		579		(52	)		20,763
Collateralized mortgage obligations		12,541		37		(25	)		12,553
Mortgage-backed securities		88,491		1,144		(154	)		89,481
Total debt securities	$	150,055	$	1,777	$	(606	)	$	151,226

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

Gross realized gains from sales and calls of available-for-sale securities were $293, $4, and $20 for the years ended December 31, 2014, 2013, and 2012, respectively.  Gross realized losses from sales of available-for-sale securities were $245, $0, and $12 for the years ended December 31, 2014, 2013, and 2012, respectively.  Gross realized losses from other equity securities was $50, $0 and $0 for the years ended December 31, 2014, 2013, and 2012, respectively

The amortized cost and estimated fair value of debt and other securities at December 31, 2014, by contractual maturity, are shown in the following table:

	Amortized cost		Estimated fair value
Due in one year or less	$	1,164	$	1,168
Due after one year through five years		126,172		126,918
Due after five years through ten years		20,783		21,070
Due after ten years		1,936		2,070
	$	150,055	$	151,226

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 $95,715 as of December 31, 2014.  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, 2014, 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	$	1,474	$	(4	)	$	21,729	$	(371	)	$	23,203	$	(375	)
Obligations of states and political subdivisions		1,927		(28	)		1,530		(24	)		3,457		(52	)
Collateralized mortgage obligations		2,881		(25	)		—		—			2,881		(25	)
Mortgage-backed securities		9,786		(55	)		9,128		(99	)		18,914		(154	)
Total	$	16,068	$	(112	)	$	32,387	$	(494	)	$	48,455	$	(606	)

No decline in value was considered “other-than-temporary” during 2014.  Fourteen securities, all considered investment grade, which had a fair value of $16,068 and a total unrealized loss of $112 have been in an unrealized loss position for less than twelve months as of December 31, 2014.  Twenty five securities, all considered investment grade, which had a fair value of $32,387 and a total unrealized loss of $494 have been in an unrealized loss position for more than twelve months as of December 31, 2014.  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, 2013, 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	$	46,654	$	(1,283	)	$	—	$	—		$	46,654		(1,283	)
Collateralized mortgage obligations		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	)

Investment securities carried at $27,868 and $28,773 at December 31, 2014 and 2013, respectively, were pledged to secure public deposits or for other purposes as required or permitted by law.