Investment Securities (Tables)

9 Months Ended

Sep. 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
September 30, 2015
Securities available for sale
U.S. Treasury and government sponsored entities		$181,920		$859		$5		$182,774
Municipal securities	10,932		172		13		11,091
U.S. Agency mortgage-backed securities	875		3		4		874
Corporate bonds	38,309		228		—		38,537
Preferred stock	998		—		1		997
Total securities available for sale		$233,034		$1,262		$23		$234,273
Securities held to maturity
Municipal securities		$904		$68		$—		$972
Total securities held to maturity		$904		$68		$—		$972
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 September 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
September 30, 2015:
Securities Available for Sale
U.S. Treasury and government sponsored entities		$3,621		$5		$39		$—		$3,660		$5
Municipal Securities	2,145		13		—		—		2,145		13
Mortgage-backed Securities	508		3		80		1		588		4
Preferred Stock	996		1		—		—		996		1
Total		$7,270		$22		$119		$1		$7,389		$23

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 September 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		$181,920		$182,774	1.26	%
Total		$181,920		$182,774	1.26	%
U.S. Agency mortgage-backed securities
1-5 years		$37		$36	1.99	%
5-10 years	250		248		3.04	%
Over 10 years	588		590		2.82	%
Total		$875		$874	2.85	%
Corporate bonds
Within 1 year		$17,233		$17,388	1.99	%
1-5 years	21,076		21,149		1.07	%
Total		$38,309		$38,537	1.48	%
Preferred stock
Over 10 years		$998		$997	6.02	%
Total		$998		$997	6.02	%
Municipal securities
Within 1 year		$658		$666	2.64	%
1-5 years	6,289		6,434		2.11	%
5-10 years	4,889		4,963		4.54	%
Total		$11,836		$12,063	3.14	%

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 nine months ending September 30, 2015 and 2014, respectively, are as follows:



(In Thousands)	Proceeds		Gross Gains		Gross Losses
2015
Available for sale securities		$3,633		$134		$—
2014
Available for sale securities		$24,102		$465		$4

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

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



(In Thousands)	2015		2014
US Treasury and government sponsored entities		$1,713		$1,186
U.S. Agency mortgage-backed securities	20		17
Other	507		671
Total taxable interest income		$2,240		$1,874
Municipal securities		$248		$302
Total tax-exempt interest income		$248		$302
Total		$2,488		$2,176