XML 25 R12.htm IDEA: XBRL DOCUMENT v3.3.1.900
Investment Securities
 12 Months Ended
Dec. 31, 2015
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, 2015 are summarized as follows:

 
 
Amortized cost
  
Unrealized gains
  
Unrealized losses
  
Estimated fair value
 
Investment securities available-for-sale:
 
  
  
  
 
U.S. Treasury securities
 
$
20,240
   
5
  
$
(59
)
 
$
20,186
 
Securities of U.S. government agencies and corporations
  
34,079
  
$
6
   
(88
)
  
33,997
 
Obligations of states and political subdivisions
  
25,323
   
436
   
(50
)
  
25,709
 
Collateralized mortgage obligations
  
10,994
   
7
   
(69
)
  
10,932
 
Mortgage-backed securities
  
92,465
   
546
   
(484
)
  
92,527
 
 
                
Total debt securities
 
$
183,101
  
$
1,000
  
$
(750
)
 
$
183,351
 

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
 

Gross realized gains from sales and calls of available-for-sale securities were $56, $293, and $4 for the years ended December 31, 2015, 2014, and 2013, respectively.  Gross realized losses from sales of available-for-sale securities were $27, $245, and $— for the years ended December 31, 2015, 2014, and 2013, respectively.  Gross realized losses from other equity securities was $—, $50 and $— for the years ended December 31, 2015, 2014, and 2013, respectively. There was a $12 recovery from other equity securities for the year ended December 31, 2015. There were no recoveries from other equity securities for the years ended December 31, 2014 and 2013.

The amortized cost and estimated fair value of debt and other securities at December 31, 2015, by contractual maturity, are shown in the following table:

 
 
Amortized cost
  
Estimated fair value
 
Due in one year or less
 
$
13,680
  
$
13,686
 
Due after one year through five years
  
157,850
   
157,812
 
Due after five years through ten years
  
10,348
   
10,589
 
Due after ten years
  
1,223
   
1,264
 
 
        
 
 
$
183,101
  
$
183,351
 

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 $101,992 as of December 31, 2015.  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, 2015, follows:

 
 
Less than 12 months
  
12 months or more
  
Total
 
 
 
Fair Value
  
Unrealized losses
  
Fair Value
  
Unrealized losses
  
Fair Value
  
Unrealized losses
 
U.S. Treasury securities
 
$
15,014
  
$
(59
)
 
$
—
  
$
—
  
$
15,014
  
$
(59
)
Securities of U.S. government agencies and corporations
  
7,005
   
(32
)
  
4,047
   
(56
)
  
11,052
   
(88
)
Obligations of states and political subdivisions
  
7,107
   
(50
)
  
—
   
—
   
7,107
   
(50
)
Collateralized mortgage obligations
  
9,982
   
(69
)
  
—
   
—
   
9,982
   
(69
)
Mortgage-backed securities
  
44,933
   
(372
)
  
5,838
   
(112
)
  
50,771
   
(484
)
 
                        
Total
 
$
84,041
  
$
(582
)
 
$
9,885
  
$
(168
)
 
$
93,926
  
$
(750
)

No decline in value was considered "other-than-temporary" during 2015.  Sixty-four securities, all considered investment grade, which had a fair value of $84,041 and a total unrealized loss of $582 have been in an unrealized loss position for less than twelve months as of December 31, 2015.  Eleven securities, all considered investment grade, which had a fair value of $9,885 and a total unrealized loss of $168 have been in an unrealized loss position for more than twelve months as of December 31, 2015.  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, 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 corporation
 
$
1,474
  
$
(4
)
 
$
21,729
  
$
(371
)
 
$
23,203
  
$
(375
)
Obligations of states and political subdivision
  
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
)

Investment securities carried at $30,832 and $27,868 at December 31, 2015 and 2014, respectively, were pledged to secure public deposits or for other purposes as required or permitted by law.