Investment Securities (Tables)

6 Months Ended

Jun. 30, 2015

Summary Of Investment Security Carrying and Fair Value

The carrying values and approximate fair values of investment securities at the periods indicated are presented below:



(In Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2015
Securities available for sale
U.S. Treasury and government sponsored entities		$172,748		$549		$52		$173,245
Municipal securities	11,191		187		5		11,373
U.S. Agency mortgage-backed securities	924		3		1		926
Corporate bonds	38,971		326		—		39,297
Preferred stock	1,008		19		—		1,027
Total securities available for sale		$224,842		$1,084		$58		$225,868
Securities held to maturity
Municipal securities		$2,197		$74		$—		$2,271
Total securities held to maturity		$2,197		$74		$—		$2,271
December 31, 2014
Securities available for sale
U.S. Treasury and government sponsored entities		$226,624		$105		$539		$226,190
Municipal securities	11,843		285		4		12,124
U.S. Agency mortgage-backed securities	1,024		6		1		1,029
Corporate bonds	38,820		415		—		39,235
Preferred stock	2,999		153		—		3,152
Total securities available for sale		$281,310		$964		$544		$281,730
Securities held to maturity
Municipal securities		$2,201		$107		$—		$2,308
Total securities held to maturity		$2,201		$107		$—		$2,308

Unrealized Gain (Loss) on Investments

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2015 and December 31, 2014 were as follows:



	Less Than 12 Months				More Than 12 Months				Total
(In Thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
June 30, 2015:
Securities Available for Sale
U.S. Treasury and government sponsored entities		$56,109		$52		$—		$—		$56,109		$52
Municipal Securities	3,142		4		81		1		3,223		5
Mortgage-backed Securities	325		1		—		—		325		1
Total		$59,576		$57		$81		$1		$59,657		$58

December 31, 2014:
Securities Available for Sale
U.S. Treasury and government sponsored entities		$165,004		$539		$—		$—		$165,004		$539
Municipal Securities	567		4		—		—		567		4
Mortgage-backed Securities	117		1		—		—		117		1
Total		$165,688		$544		$—		$—		$165,688		$544

Schedule Of Amortized Cost And Fair Value By Contractual Maturity

The amortized cost and fair values of debt securities at June 30, 2015, are distributed by contractual maturity as shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Although preferred stock has no stated maturity, it is aggregated in the calculation of weighted average yields presented below in the category of investments that mature in ten years or more.



(In Thousands)	Amortized Cost		Fair Value		Weighted Average Yield
US Treasury and government sponsored entities
1-5 years		$172,748		$173,245	1.19	%
Total		$172,748		$173,245	1.19	%
U.S. Agency mortgage-backed securities
1-5 years		$44		$44	2.19	%
5-10 years	271		271		3.14	%
Over 10 years	609		611		2.87	%
Total		$924		$926	2.91	%
Corporate bonds
Within 1 year		$10,623		$10,733	1.92	%
1-5 years	28,348		28,564		1.24	%
Total		$38,971		$39,297	1.43	%
Preferred stock
Over 10 years		$1,008		$1,027	4.15	%
Total		$1,008		$1,027	4.15	%
Municipal securities
Within 1 year		$661		$671	2.63	%
1-5 years	7,817		7,951		2.45	%
5-10 years	4,910		5,022		4.54	%
Total		$13,388		$13,644	3.22	%

Schedule Of Available-For-Sale Securities Proceeds, Gains, And Losses

The proceeds and resulting gains and losses, computed using specific identification, from sales of investment securities for the six months ending June 30, 2015 and 2014, respectively, are as follows:



(In Thousands)	Proceeds		Gross Gains		Gross Losses
2015
Available for sale securities		$2,621		$130		$—
2014
Available for sale securities		$23,588		$450		$4

Summary Of Interest Income On Available-For-Sale Investment Securities

A summary of interest income for the six months ending June 30, 2015 and 2014 on available for sale investment securities is as follows:



(In Thousands)	2015		2014
US Treasury and government sponsored entities		$1,120		$775
U.S. Agency mortgage-backed securities	13		9
Other	344		488
Total taxable interest income		$1,477		$1,272
Municipal securities		$167		$208
Total tax-exempt interest income		$167		$208
Total		$1,644		$1,480