Securities (Tables)

6 Months Ended

Jun. 30, 2015

Available-for-sale Securities [Abstract]

Available-for-sale Securities

The amortized cost, unrealized gains, unrealized losses and estimated fair values of securities at June 30, 2015, December 31, 2014, and June 30, 2014 are summarized as follows:

	June 30, 2015
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Available for Sale
Taxable debt securities
U.S. Government and agencies and corporations	$	24,336	$	1,093	$	40	$	25,389
Residential mortgage-backed securities:
Government-sponsored agencies	150,675		3,005		737		152,943
Nongovernment-sponsored entities	9,880		116		34		9,962
State and political subdivisions
General obligations	—		—		—		—
Water and sewer revenues	500		3		—		503
Lottery/casino revenues	1,218		—		37		1,181
Other revenues	—		—		—		—
Corporate debt securities	11,896		—		90		11,806
Total taxable debt securities	198,505		4,217		938		201,784
Tax-exempt debt securities
State and political subdivisions
General obligations	49,067		1,463		586		49,944
Water and sewer revenues	7,982		52		33		8,001
Special tax revenues	4,548		30		72		4,506
Lottery/casino revenues	3,576		58		74		3,560
Other revenues	8,729		162		32		8,859
Total tax-exempt debt securities	73,902		1,765		797		74,870
Equity securities	7		—		—		7
Total available for sale securities	$	272,414	$	5,982	$	1,735	$	276,661

	December 31, 2014
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Available for Sale
Taxable debt securities
U.S. Government and agencies and corporations	$	22,153	$	1,073	$	52	$	23,174
Residential mortgage-backed securities:
Government-sponsored agencies	147,951		2,599		773		149,777
Nongovernment-sponsored entities	12,051		142		48		12,145
State and political subdivisions
General obligations	1,975		2		33		1,944
Water and sewer revenues	1,976		14		7		1,983
Other revenues	4,696		73		2		4,767
Corporate debt securities	3,776		—		—		3,776
Total taxable debt securities	194,578		3,903		915		197,566
Tax-exempt debt securities
State and political subdivisions
General obligations	49,515		2,338		12		51,841
Water and sewer revenues	11,258		244		3		11,499
Lease revenues	4,617		75		10		4,682
Lottery/casino revenues	3,811		206		9		4,008
Other revenues	12,845		404		18		13,231
Total tax-exempt debt securities	82,046		3,267		52		85,261
Equity securities	7		—		—		7
Total available for sale securities	$	276,631	$	7,170	$	967	$	282,834

	June 30, 2014
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Available for Sale
Taxable debt securities:
U.S. Government and agencies and corporations	$	24,998	$	885	$	53	$	25,830
Residential mortgage-backed securities:
Government-sponsored agencies	155,631		2,921		997		157,555
Nongovernment-sponsored agencies	9,555		385		9		9,931
State and political subdivisions:
General obligations	4,532		9		144		4,397
Water and sewer revenues	2,382		7		44		2,345
Other revenues	3,319		7		33		3,293
Corporate debt securities	—		—		—		—
Total taxable debt securities	200,417		4,214		1,280		203,351
Tax-exempt debt securities:
State and political subdivisions:
General obligations	46,859		1,552		204		48,207
Water and sewer revenues	11,868		176		58		11,986
Lease revenues	7,990		54		68		7,976
Lottery/casino revenues	3,832		145		41		3,936
Other revenues	12,205		198		53		12,350
Total tax-exempt debt securities	82,754		2,125		424		84,455
Equity securities	77		—		—		77
Total available for sale securities	$	283,248	$	6,339	$	1,704	$	287,883

Summary of Volume of State and Political Subdivision Securities Held in Portfolio

We own no such securities of any single issuer which we deem to be a concentration.

	June 30, 2015
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
West Virginia	$	11,744	$	104	$	64	$	11,784
Illinois	8,936		147		71		9,012
California	7,037		258		58		7,237
Ohio	7,594		19		181		7,432
Texas	6,226		334		64		6,496

Investments Classified by Contractual Maturity Date

The maturities, amortized cost and estimated fair values of securities at June 30, 2015, are summarized as follows:

Dollars in thousands	Amortized Cost		Estimated Fair Value
Due in one year or less	$	62,419	$	63,555
Due from one to five years	100,922		102,208
Due from five to ten years	24,159		24,681
Due after ten years	84,907		86,210
Equity securities	7		7
	$	272,414	$	276,661

Schedule of Realized Gain (Loss)

The proceeds from sales, calls and maturities of available for sale securities, including principal payments received on mortgage-backed obligations, and the related gross gains and losses realized, for the six months ended June 30, 2015 are as follows:

	Proceeds from						Gross realized
Dollars in thousands	Sales		Calls and Maturities		Principal Payments		Gains		Losses
Securities available for sale	$	40,593	$	615	$	20,380	$	852	$	202

Schedule of Unrealized Loss on Investments

Provided below is a summary of securities available for sale which were in an unrealized loss position at June 30, 2015 and December 31, 2014, including debt securities for which a portion of other-than-temporary impairment has been recognized in other comprehensive income.

	June 30, 2015
	Less than 12 months					12 months or more					Total
Dollars in thousands	Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss
Temporarily impaired securities
Taxable debt securities
U.S. Government agencies and corporations	$	247	$	—		$	3,489	$	(40	)	$	3,736	$	(40	)
Residential mortgage-backed securities:
Government-sponsored agencies	42,805		(638		)	5,906		(99		)	48,711		(737		)
Nongovernment-sponsored entities	6,278		(34		)	—		—			6,278		(34		)
State and political subdivisions:
Lottery/casino revenues	1,181		(37		)	—		—			1,181		(37		)
Corporate debt securities	8,003		(90		)	—		—			8,003		(90		)
Tax-exempt debt securities
State and political subdivisions:
General obligations	25,066		(586		)	—		—			25,066		(586		)
Water and sewer revenues	3,463		(33		)	—		—			3,463		(33		)
Special tax revenues	2,541		(72		)						2,541		(72		)
Lottery/casino revenues	1,781		(74		)	—		—			1,781		(74		)
Other revenues	2,512		(32		)	—		—			2,512		(32		)
Total temporarily impaired securities	93,877		(1,596		)	9,395		(139		)	103,272		(1,735		)
Total other-than-temporarily
impaired securities	—		—			—		—			—		—
Total	$	93,877	$	(1,596	)	$	9,395	$	(139	)	$	103,272	$	(1,735	)

	December 31, 2014
	Less than 12 months					12 months or more					Total
Dollars in thousands	Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss
Temporarily impaired securities
Taxable debt securities
U.S. Government agencies and corporations	$	—	$	—		$	3,912	$	(52	)	$	3,912	$	(52	)
Residential mortgage-backed securities:
Government-sponsored agencies	36,825		(535		)	21,915		(238		)	58,740		(773		)
Nongovernment-sponsored entities	5,488		(44		)	2,163		(4		)	7,651		(48		)
State and political subdivisions:
General obligations	—		—			316		(33		)	316		(33		)
Water and sewer revenues	—		—			817		(7		)	817		(7		)
Other revenues	1,098		(2		)	—		—			1,098		(2		)
Tax-exempt debt securities
State and political subdivisions:
General obligations	3,708		(8		)	438		(4		)	4,146		(12		)
Water and sewer revenues	721		(3		)	—		—			721		(3		)
Lease revenues	—		—			1,168		(10		)	1,168		(10		)
Lottery/casino revenues	—		—			1,126		(9		)	1,126		(9		)
Other revenues	1,247		(8		)	846		(10		)	2,093		(18		)
Total temporarily impaired securities	49,087		(600		)	32,701		(367		)	81,788		(967		)
Total other-than-temporarily
impaired securities	—		—			—		—			—		—
Total	$	49,087	$	(600	)	$	32,701	$	(367	)	$	81,788	$	(967	)