Investments (Tables)

6 Months Ended

Jun. 30, 2015

Summary of amortized cost, gross unrealized gains and losses, and fair value of investment securities

The amortized cost, gross unrealized gains and losses, and fair value of investment securities at June 30, 2015 and December 31, 2014 were as follows (in thousands):

		Gross	Gross
	Amortized	Unrealized	Unrealized	Fair
June 30, 2015	Cost	Gains	Losses	Value
Available-for-sale securities:
U.S. agency securities	$ 167,187	$ 778	$ (385)	$ 167,580
Obligations of state and
political subdivisions	93,796	2,829	(343)	96,282
Corporate obligations	12,713	141	(49)	12,805
Mortgage-backed securities in
government sponsored entities	26,096	287	(33)	26,350
Equity securities in financial institutions	1,318	457	-	1,775
Total available-for-sale securities	$ 301,110	$ 4,492	$ (810)	$ 304,792

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 June 30, 2015 and December 31, 2014 (in thousands). As of June 30, 2015, the Company owned 72 securities whose fair value was less than their cost basis.

June 30, 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	$ 60,908	$ (302)	$ 10,910	$ (83)	$ 71,818	$ (385)
Obligations of state and
political subdivisions	23,486	(263)	5,212	(80)	28,698	(343)
Corporate obligations	5,434	(31)	2,184	(18)	7,618	(49)
Mortgage-backed securities in
government sponsored entities	4,616	(21)	273	(12)	4,889	(33)
Total securities	$ 94,444	$ (617)	$ 18,579	$ (193)	$ 113,023	$ (810)

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		Six Months Ended
	June 30,		June 30,
	2015	2014	2015	2014
Gross gains	$ 175	$ 75	$ 312	$ 246
Gross losses	-	-	(11)	-
Net gains	$ 175	$ 75	$ 301	$ 246

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

	Amortized
	Cost	Fair Value
Available-for-sale debt securities:
Due in one year or less	$ 3,420	$ 3,459
Due after one year through five years	166,695	167,737
Due after five years through ten years	44,355	45,146
Due after ten years	85,322	86,675
Total	$ 299,792	$ 303,017