Investment Securities (Tables)

6 Months Ended

Jun. 30, 2016

Summary of Investment Security Carrying and Fair Value

The carrying values and estimated 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, 2016
Securities available for sale
U.S. Treasury and government sponsored entities		$234,388		$1,055		$7		$235,436
Municipal securities	9,290		68		17		9,341
U.S. Agency mortgage-backed securities	6		—		—		6
Corporate bonds	40,838		83		36		40,885
Preferred stock	4,922		55		44		4,933
Total securities available for sale		$289,444		$1,261		$104		$290,601
Securities held to maturity
Municipal securities		$901		$44		$—		$945
Total securities held to maturity		$901		$44		$—		$945
December 31, 2015
Securities available for sale
U.S. Treasury and government sponsored entities		$238,116		$150		$830		$237,436
Municipal securities	10,227		117		18		10,326
U.S. Agency mortgage-backed securities	818		1		10		809
Corporate bonds	39,049		57		88		39,018
Preferred stock	3,549		8		33		3,524
Total securities available for sale		$291,759		$333		$979		$291,113
Securities held to maturity
Municipal securities		$903		$56		$—		$959
Total securities held to maturity		$903		$56		$—		$959

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, 2016 and December 31, 2015 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, 2016:
Securities Available for Sale
U.S. Treasury and government sponsored entities		$12,422		$3		$489		$4		$12,911		$7
Corporate Bonds	17,421		36		—		—		17,421		36
Municipal Securities	1,209		4		1,480		13		2,689		17
Preferred Stock	1,506		44		—		—		1,506		44
Total		$32,558		$87		$1,969		$17		$34,527		$104

December 31, 2015:
Securities Available for Sale
U.S. Treasury and government sponsored entities		$146,433		$829		$36		$1		$146,469		$830
Corporate Bonds	19,874		88		—		—		19,874		88
Municipal Securities	4,454		18		—		—		4,454		18
Mortgage-backed Securities	637		9		100		1		737		10
Preferred Stock	2,514		33		—		—		2,514		33
Total		$173,912		$977		$136		$2		$174,048		$979

Schedule of Amortized Cost and Fair Value by Contractual Maturity

The amortized cost and estimated fair values of debt securities at June 30, 2016, 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
Within 1 year		$9,996		$10,015	0.84	%
1-5 years	224,392		225,421		1.14	%
Total		$234,388		$235,436	1.12	%
U.S. Agency mortgage-backed securities
1-5 years		$6		$6	1.47	%
Total		$6		$6	1.47	%
Corporate bonds
Within 1 year		$7,106		$7,117	1.44	%
1-5 years	33,732		33,768		1.39	%
Total		$40,838		$40,885	1.40	%
Preferred stock
Over 10 years		$4,922		$4,933	7.16	%
Total		$4,922		$4,933	7.16	%
Municipal securities
Within 1 year		$478		$479	0.93	%
1-5 years	7,679		7,780		2.91	%
5-10 years	2,034		2,027		4.12	%
Total		$10,191		$10,286	3.06	%

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, 2016 and 2015, respectively, are as follows:



(In Thousands)	Proceeds		Gross Gains		Gross Losses
2016
Available for sale securities		$5,785		$12		$23
2015
Available for sale securities		$2,621		$130		$—

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

A summary of interest income for the six months ending June 30, 2016 and 2015 on available for sale investment securities is as follows:



(In Thousands)	2016		2015
US Treasury and government sponsored entities		$1,336		$1,120
U.S. Agency mortgage-backed securities	4		13
Other	447		344
Total taxable interest income		$1,787		$1,477
Municipal securities		$146		$167
Total tax-exempt interest income		$146		$167
Total		$1,933		$1,644