Investments (Tables)

3 Months Ended

Mar. 31, 2014

Summary of amortized cost and fair value of investment securities

The amortized cost and fair value of investment securities at March 31, 2014 and December 31, 2013 were as follows (in thousands):

		Gross	Gross
	Amortized	Unrealized	Unrealized	Fair
March 31, 2014	Cost	Gains	Losses	Value
Available-for-sale securities:
U.S. agency securities	$ 147,656	$ 591	$ (1,695)	$ 146,552
U.S. treasury securities	11,862	-	(469)	11,393
Obligations of state and
political subdivisions	95,727	2,747	(532)	97,942
Corporate obligations	15,566	307	(127)	15,746
Mortgage-backed securities in
government sponsored entities	37,160	459	(184)	37,435
Equity securities in financial
institutions	1,097	818	-	1,915
Total available-for-sale securities	$ 309,068	$ 4,922	$ (3,007)	$ 310,983

December 31, 2013
Available-for-sale securities:
U.S. agency securities	$ 153,896	$ 702	$ (2,409)	$ 152,189
U.S. treasury securities	11,856	-	(547)	11,309
Obligations of state and
political subdivisions	94,113	2,146	(1,254)	95,005
Corporate obligations	16,651	341	(190)	16,802
Mortgage-backed securities in
government sponsored entities	40,405	566	(300)	40,671
Equity securities in financial institutions	542	783	-	1,325
Total available-for-sale securities	$ 317,463	$ 4,538	$ (4,700)	$ 317,301

Unrealized losses and fair value of investments

The following table shows the Company’s gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time, which individual securities have been in a continuous unrealized loss position, at March 31, 2014 and December 31, 2013 (in thousands). As of March 31, 2014, the Company owned 81 securities whose fair value was less than their cost basis.

March 31, 2014	Less than Twelve Months		Twelve Months or Greater		Total
		Gross		Gross		Gross
	Fair	Unrealized	Fair	Unrealized	Fair	Unrealized
	Value	Losses	Value	Losses	Value	Losses
U.S. agency securities	$ 82,029	$ (1,564)	$ 2,883	$ (131)	$ 84,912	$ (1,695)
U.S. treasury securities	11,393	(469)	-	-	11,393	(469)
Obligations of state and
political subdivisions	8,888	(197)	9,551	(335)	18,439	(532)
Corporate obligations	6,102	(82)	2,254	(45)	8,356	(127)
Mortgage-backed securities in
government sponsored entities	23,729	(147)	2,666	(37)	26,395	(184)
Total securities	$ 132,141	$ (2,459)	$ 17,354	$ (548)	$ 149,495	$ (3,007)

December 31, 2013	Less than Twelve Months		Twelve Months or Greater		Total
		Gross		Gross		Gross
	Fair	Unrealized	Fair	Unrealized	Fair	Unrealized
	Value	Losses	Value	Losses	Value	Losses
U.S. agency securities	$ 98,356	$ (2,212)	$ 2,825	$ (197)	$ 101,181	$ (2,409)
U.S. treasury securities	11,309	(547)	-	-	11,309	(547)
Obligations of states and
political subdivisions	24,201	(865)	6,491	(389)	30,692	(1,254)
Corporate obligations	6,103	(124)	2,251	(66)	8,354	(190)
Mortgage-backed securities in
government sponsored entities	23,920	(266)	1,164	(34)	25,084	(300)

Total securities	$ 163,889	$ (4,014)	$ 12,731	$ (686)	$ 176,620	$ (4,700)

Gross gains and losses on available-for-sale securities

The gross gains and losses were as follows (in thousands):

	Three Months Ended
	March 31,
	2014	2013
Gross gains	$ 171	$ 196
Gross losses	-	-
Net gains	$ 171	$ 196

Summary of amortized cost and fair value of debt securities by contractual maturity

The amortized cost and fair value of debt securities at March 31, 2014, by contractual maturity, are shown below (in thousands):

	Amortized
	Cost	Fair Value
Available-for-sale debt securities:
Due in one year or less	$ 19,518	$ 19,738
Due after one year through five years	114,020	113,967
Due after five years through ten years	68,444	67,658
Due after ten years	105,989	107,705
Total	$ 307,971	$ 309,068