Securities Available-for-Sale (Tables)

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Composition of Securities Available-for-Sale

The following tables present the amortized cost and fair value of available-for-sale securities as of the dates presented:

	September 30, 2015									December 31, 2014
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities	$	14,903	$	159	$	—		$	15,062	$	14,873	$	7	$	—		$	14,880
Obligations of U.S. government corporations and agencies	267,328		4,032		(28		)	271,332		268,029		2,334		(1,078		)	269,285
Collateralized mortgage obligations of U.S. government corporations and agencies	132,691		2,536		(11		)	135,216		116,897		1,257		(148		)	118,006
Residential mortgage-backed securities of U.S. government corporations and agencies	40,678		1,467		(80		)	42,065		45,274		1,548		(154		)	46,668
Commercial mortgage-backed securities of U.S. government corporations and agencies	49,596		669		(42		)	50,223		39,834		232		(393		)	39,673
Obligations of states and political subdivisions	132,139		5,249		(53		)	137,335		136,977		5,789		(64		)	142,702
Debt Securities	637,335		14,112		(214		)	651,233		621,884		11,167		(1,837		)	631,214
Marketable equity securities	7,579		1,234		—			8,813		7,579		1,480		—			9,059
Total	$	644,914	$	15,346	$	(214	)	$	660,046	$	629,463	$	12,647	$	(1,837	)	$	640,273

Schedule of Realized Gain (Loss)

Realized gains and losses on the sale of securities are determined using the specific-identification method. The following table shows the composition of gross and net realized gains and losses for the periods presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2015		2014		2015			2014
Gross realized gains	$	—	$	—	$	—		$	41
Gross realized losses	—		—		(34		)	—
Net Realized Gains	$	—	$	—	$	(34	)	$	41

Fair Value and Age of Gross Unrealized Losses by Investment Category

The following tables present the fair value and the age of gross unrealized losses by investment category as of the dates presented:

	September 30, 2015
	Less Than 12 Months						12 Months or More						Total
(dollars in thousands)	Number of Securities	Fair Value		Unrealized Losses			Number of Securities	Fair Value		Unrealized Losses			Number of Securities	Fair Value		Unrealized Losses
Obligations of U.S. government corporations and agencies	—	$	—	$	—		2	$	14,720	$	(28	)	2	$	14,720	$	(28	)
Collateralized mortgage obligations of U.S. government corporations and agencies	1	10,694		(11		)	—	—		—			1	10,694		(11		)
Residential mortgage-backed securities of U.S. government corporations and agencies	1	8,377		(80		)	—	—		—			1	8,377		(80		)
Commercial mortgage-backed securities of U.S. government corporations and agencies	—	—		—			1	9,709		(42		)	1	9,709		(42		)
Obligations of states and political subdivisions	2	10,666		(53		)	—	—		—			2	10,666		(53		)
Total Temporarily Impaired Securities	4	$	29,737	$	(144	)	3	$	24,429	$	(70	)	7	$	54,166	$	(214	)

	December 31, 2014
	Less Than 12 Months						12 Months or More						Total
(dollars in thousands)	Number of Securities	Fair Value		Unrealized Losses			Number of Securities	Fair Value		Unrealized Losses			Number of Securities	Fair Value		Unrealized Losses
Obligations of U.S. government corporations and agencies	4	$	39,745	$	(207	)	8	$	63,149	$	(871	)	12	$	102,894	$	(1,078	)
Collateralized mortgage obligations of U.S. government corporations and agencies	1	9,323		(148		)	—	—		—			1	9,323		(148		)
Residential mortgage-backed securities of U.S. government corporations and agencies	—	—		—			1	8,982		(154		)	1	8,982		(154		)
Commercial mortgage-backed securities of U.S. government corporations and agencies	1	9,998		(25		)	2	20,640		(368		)	3	30,638		(393		)
Obligations of states and political subdivisions	1	263		(1		)	2	10,756		(63		)	3	11,019		(64		)
Total Temporarily Impaired Securities	7	$	59,329	$	(381	)	13	$	103,527	$	(1,456	)	20	$	162,856	$	(1,837	)

Unrealized Gains and Losses, Net of Tax on Securities Available for Sale

The following table displays net unrealized gains and losses, net of tax on securities available for sale included in accumulated other comprehensive (loss)/income for the periods presented:

	September 30, 2015							December 31, 2014
(dollars in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Net Unrealized Gains/ (Losses)		Gross Unrealized Gains		Gross Unrealized Losses			Net Unrealized Gains/ (Losses)
Total unrealized gains/(losses) on securities available-for-sale	$	15,346	$	(214	)	$	15,132	$	12,647	$	(1,837	)	$	10,810
Income tax expense/(benefit)	5,371		(75		)	5,296		4,426		(643		)	3,783
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss)	$	9,975	$	(139	)	$	9,836	$	8,221	$	(1,194	)	$	7,027

Amortized Cost and Fair Value of Available-for-Sale Securities

The amortized cost and fair value of securities available-for-sale at September 30, 2015 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 30, 2015
(dollars in thousands)	Amortized Cost		Fair Value
Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions
Due in one year or less	$	37,404	$	37,767
Due after one year through five years	224,669		228,005
Due after five years through ten years	65,260		67,613
Due after ten years	87,037		90,344
	414,370		423,729
Collateralized mortgage obligations of U.S. government corporations and agencies	132,691		135,216
Residential mortgage-backed securities of U.S. government corporations and agencies	40,678		42,065
Commercial mortgage-backed securities of U.S. government corporations and agencies	49,596		50,223
Debt Securities	637,335		651,233
Marketable equity securities	7,579		8,813
Total	$	644,914	$	660,046