Investment Securities (Tables)

3 Months Ended

Mar. 31, 2015

Investment Securities [Abstract]

Available-for-sale Investment Securities

The portfolio of investment securities consisted of the following (in thousands):

	March 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale:
Obligations of state and political subdivisions	$	41,336	$	1,476	$	35	$	42,777
GSE mortgage-backed securities		101,185		3,669		66		104,788
Collateralized mortgage obligations: residential		131,373		614		820		131,167
Collateralized mortgage obligations: commercial		17,459		93		69		17,483
Collateralized debt obligation		256		1,096		-		1,352
Mutual funds		2,100		23		-		2,123
	$	293,709	$	6,971	$	990	$	299,690

	December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale:
U.S. Government sponsored enterprises	$	10,339	$	-	$	112	$	10,227
Obligations of state and political subdivisions		43,079		1,555		29		44,605
GSE mortgage-backed securities		106,208		3,183		288		109,103
Collateralized mortgage obligations: residential		62,093		266		1,520		60,839
Collateralized mortgage obligations: commercial		24,462		190		107		24,545
Other asset-backed securities		24,041		321		19		24,343
Collateralized debt obligation		266		952		-		1,218
Mutual funds		2,100		4		-		2,104
	$	272,588	$	6,471	$	2,075	$	276,984

Held-to-maturity Securities

	March 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Held-to-maturity:
Obligations of state and political subdivisions	$	45,343	$	621	$	56	$	45,908
GSE mortgage-backed securities		64,710		1,552		85		66,177
Collateralized mortgage obligations: residential		12,339		-		270		12,069
Collateralized mortgage obligations: commercial		15,200		108		-		15,308
	$	137,592	$	2,281	$	411	$	139,462

	December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Held-to-maturity:
Obligations of state and political subdivisions	$	45,914	$	267	$	192	$	45,989
GSE mortgage-backed securities		67,268		1,080		164		68,184
Collateralized mortgage obligations: residential		12,709		-		479		12,230
Collateralized mortgage obligations: commercial		15,310		53		173		15,190
	$	141,201	$	1,400	$	1,008	$	141,593

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 in the following table (in thousands) with the exception of other asset-backed securities, mortgage-backed securities, CMOs, and the collateralized debt obligation.   Expected maturities may differ from contractual maturities for mortgage-backed securities and CMOs because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Fair Value
Available-for-sale:
Due in one year or less	$	6,916	$	6,998
Due after one year through five years		18,900		19,694
Due after five years through ten years		12,422		12,972
Due after ten years		3,098		3,113
Mortgage-backed securities and collateralized mortgage obligations:
Residential		232,558		235,955
Commercial		17,459		17,483
Collateralized debt obligation		256		1,352
Mutual funds		2,100		2,123
	$	293,709	$	299,690

	Amortized Cost		Fair Value
Held-to-maturity:
Due in one year or less	$	595	$	600
Due after one year through five years		2,819		2,857
Due after five years through ten years		12,205		12,346
Due after ten years		29,724		30,105
Mortgage-backed securities and collateralized mortgage obligations:
Residential		77,049		78,246
Commercial		15,200		15,308
	$	137,592	$	139,462

Investment Securities with Unrealized Losses

Details concerning investment securities with unrealized losses are as follows (in thousands):

	March 31, 2015
	Securities with losses under 12 months				Securities with losses over 12 months				Total
	Fair Value		Gross Unrealized  Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Available-for-sale:
Obligations of state and  political subdivisions	$	3,241	$	35	$	-	$	-	$	3,241	$	35
GSE mortgage-backed  securities		12,876		33		8,249		33		21,125		66
Collateralized mortgage  obligations: residential		24,659		103		35,097		717		59,756		820
Collateralized mortgage  obligations: commercial		-		-		3,617		69		3,617		69
	$	40,776	$	171	$	46,963	$	819	$	87,739	$	990

	December 31, 2014
	Securities with losses under 12 months				Securities with losses over 12 months				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Available-for-sale:
U.S. Government sponsored enterprises	$	4,973	$	32	$	5,254	$	80	$	10,227	$	112
Obligations of state and  political subdivisions		2,029		29		-		-		2,029		29
GSE mortgage-backed  securities		6,668		25		21,538		263		28,206		288
Collateralized mortgage  obligations: residential		9,366		53		37,997		1,467		47,363		1,520
Collateralized mortgage  obligations: commercial		-		-		3,747		107		3,747		107
Other asset-backed securities		6,401		19		-		-		6,401		19
	$	29,437	$	158	$	68,536	$	1,917	$	97,973	$	2,075

	March 31, 2015
	Securities with losses under 12 months				Securities with losses over 12 months				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Held-to-maturity:
Obligations of state and political subdivisions	$	4,271	$	19	$	2,740	$	37	$	7,011	$	56
GSE mortgage-backed securities		-		-		7,957		85		7,957		85
Collateralized mortgage obligations: residential		-		-		12,068		270		12,068		270
	$	4,271	$	19	$	22,765	$	392	$	27,036	$	411

	December 31, 2014
	Securities with losses under 12 months				Securities with losses over 12 months				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Held-to-maturity:
Obligations of state and political subdivisions	$	11,761	$	35	$	13,263	$	157	$	25,024	$	192
GSE mortgage-backed securities		-		-		8,142		164		8,142		164
Collateralized mortgage obligations: residential		-		-		12,230		479		12,230		479
Collateralized mortgage obligations: commercial		7,599		173		-		-		7,599		173
	$	19,360	$	208	$	33,635	$	800	$	52,995	$	1,008