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Investments (Tables)
 6 Months Ended
Jun. 30, 2014
Investments [Abstract]  
Summary of amortized cost and fair value of investment securities
The amortized cost and fair value of investment securities at June 30, 2014 and December 31, 2013 were as follows (in thousands):

 
 
  
Gross
  
Gross
  
 
 
 
Amortized
  
Unrealized
  
Unrealized
  
Fair
 
June 30, 2014
 
Cost
  
Gains
  
Losses
  
Value
 
Available-for-sale securities:
 
  
  
  
 
U.S. agency securities
 
$
147,871
  
$
664
  
$
(1,200
)
 
$
147,335
 
U.S. treasury securities
  
11,868
   
-
   
(364
)
  
11,504
 
Obligations of state and political subdivisions
  
98,825
   
3,182
   
(380
)
  
101,627
 
Corporate obligations
  
13,992
   
282
   
(59
)
  
14,215
 
Mortgage-backed securities in government sponsored entities
  
35,293
   
549
   
(74
)
  
35,768
 
Equity securities in financial institutions
  
1,138
   
737
   
(2
)
  
1,873
 
Total available-for-sale securities
 
$
308,987
  
$
5,414
  
$
(2,079
)
 
$
312,322
 
 
                
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 June 30, 2014 and December 31, 2013 (in thousands). As of June 30, 2014, the Company owned 69 securities whose fair value was less than their cost basis.

June 30, 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
 
$
36,001
  
$
(225
)
 
$
43,305
  
$
(975
)
 
$
79,306
  
$
(1,200
)
U.S. treasury securities
  
-
   
-
   
11,503
   
(364
)
  
11,503
   
(364
)
Obligations of state and political subdivisions
  
5,770
   
(79
)
  
11,357
   
(301
)
  
17,127
   
(380
)
Corporate obligations
  
507
   
(1
)
  
7,855
   
(58
)
  
8,362
   
(59
)
Mortgage-backed securities in government sponsored entities
  
-
  
-
 
  
4,977
  
(74
)   
4,977
   
(74
)
Equity securities in financial institutions
  
487
   
(2
)
  
-
   
-
   
487
   
(2
)
 
                        
Total securities
 
$
42,765
  
$
(307
)
 
$
78,997
  
$
(1,772
)
 
$
121,762
  
$
(2,079
)
 
                        
December 31, 2013
                        
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
  
Six Months Ended
 
 
 
June 30,
  
June 30,
 
 
2014
  
2013
  
2014
  
2013
 
Gross gains
 
$
75
  
$
238
  
$
246
  
$
434
 
Gross losses
  
-
   
(140
)
  
-
   
(140
)
Net gains
 
$
75
  
$
98
  
$
246
  
$
294
 
Summary of amortized cost and fair value of debt securities by contractual maturity
The amortized cost and fair value of debt securities at June 30, 2014, by contractual maturity, are shown below (in thousands):

 
 
Amortized
  
 
 
 
Cost
  
Fair Value
 
Available-for-sale debt securities:
 
  
 
Due in one year or less
 
$
12,560
  
$
12,712
 
Due after one year through five years
  
123,887
   
124,167
 
Due after five years through ten years
  
66,528
   
66,174
 
Due after ten years
  
104,874
   
107,396
 
Total
 
$
307,849
  
$
310,449