Investments (Tables)

3 Months Ended

Mar. 31, 2015

Summary of amortized cost and fair value of investment securities

The amortized cost and fair value of investment securities at March 31, 2015 and December 31, 2014 were as follows (in thousands):

		Gross	Gross
	Amortized	Unrealized	Unrealized	Fair
March 31, 2015	Cost	Gains	Losses	Value
Available-for-sale securities:
U.S. agency securities	$ 142,719	$ 1,185	$ (65)	$ 143,839
Obligations of state and
political subdivisions	101,686	3,825	(75)	105,436
Corporate obligations	12,783	177	(25)	12,935
Mortgage-backed securities in
government sponsored entities	27,673	431	(27)	28,077
Equity securities in financial
institutions	1,137	480	-	1,617
Total available-for-sale securities	$ 285,998	$ 6,098	$ (192)	$ 291,904

December 31, 2014
Available-for-sale securities:
U.S. agency securities	$ 150,847	$ 638	$ (600)	$ 150,885
U.S. treasury securities	4,944	-	(95)	4,849
Obligations of state and
political subdivisions	101,281	3,854	(99)	105,036
Corporate obligations	13,853	190	(85)	13,958
Mortgage-backed securities in
government sponsored entities	29,397	368	(37)	29,728
Equity securities in financial institutions	1,137	553	-	1,690
Total available-for-sale securities	$ 301,459	$ 5,603	$ (916)	$ 306,146

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, 2015 and December 31, 2014 (in thousands). As of March 31, 2015, the Company owned 25 securities whose fair value was less than their cost basis.

March 31, 2015	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	$ 5,365	$ (4)	$ 22,029	$ (61)	$ 27,394	$ (65)
Obligations of state and
political subdivisions	2,243	(28)	5,773	(47)	8,016	(75)
Corporate obligations	-	-	4,484	(25)	4,484	(25)
Mortgage-backed securities in
government sponsored entities	1,107	(15)	279	(12)	1,386	(27)
Total securities	$ 8,715	$ (47)	$ 32,565	$ (145)	$ 41,280	$ (192)

December 31, 2014
U.S. agency securities	$ 27,382	$ (110)	$ 43,642	$ (490)	$ 71,024	$ (600)
U.S. treasury securities	-	-	4,849	(95)	4,849	(95)
Obligations of states and
political subdivisions	3,596	(19)	8,584	(80)	12,180	(99)
Corporate obligations	505	(1)	7,707	(84)	8,212	(85)
Mortgage-backed securities in
government sponsored entities	5,025	(4)	2,229	(33)	7,254	(37)
Total securities	$ 36,508	$ (134)	$ 67,011	$ (782)	$ 103,519	$ (916)

Gross gains and losses on available-for-sale securities

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

	Three Months Ended
	March 31,
	2015	2014
Gross gains	$ 137	$ 171
Gross losses	(11)	-
Net gains	$ 126	$ 171

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, 2015, by contractual maturity, are shown below (in thousands):

	Amortized
	Cost	Fair Value
Available-for-sale debt securities:
Due in one year or less	$ 7,878	$ 7,980
Due after one year through five years	142,286	143,869
Due after five years through ten years	41,437	42,645
Due after ten years	93,260	95,793
Total	$ 284,861	$ 290,287