Securities (Tables)

9 Months Ended

Sep. 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 September 30, 2015, December 31, 2014, and September 30, 2014 are summarized as follows:

	September 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	$	26,816	$	1,275	$	37	$	28,054
Residential mortgage-backed securities:
Government-sponsored agencies	141,116		2,854		406		143,564
Nongovernment-sponsored entities	8,641		96		36		8,701
State and political subdivisions
General obligations	—		—		—		—
Water and sewer revenues	500		1		—		501
Lottery/casino revenues	1,214		—		29		1,185
Other revenues	1,733		7		—		1,740
Corporate debt securities	10,796		17		144		10,669
Total taxable debt securities	190,816		4,250		652		194,414
Tax-exempt debt securities
State and political subdivisions
General obligations	47,618		1,638		197		49,059
Water and sewer revenues	8,954		94		9		9,039
Lease revenues	3,982		34		9		4,007
Special tax revenues	4,540		46		55		4,531
Lottery/casino revenues	3,629		11		44		3,596
Other revenues	7,223		185		4		7,404
Total tax-exempt debt securities	75,946		2,008		318		77,636
Equity securities	77		—		—		77
Total available for sale securities	$	266,839	$	6,258	$	970	$	272,127

	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

	September 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	$	22,643	$	919	$	47	$	23,515
Residential mortgage-backed securities:
Government-sponsored agencies	153,095		2,680		891		154,884
Nongovernment-sponsored agencies	9,873		323		28		10,168
State and political subdivisions:
General obligations	3,856		16		66		3,806
Water and sewer revenues	2,375		5		36		2,344
Other revenues	3,927		29		12		3,944
Corporate debt securities	—		—		—		—
Total taxable debt securities	195,769		3,972		1,080		198,661
Tax-exempt debt securities:
State and political subdivisions:
General obligations	46,610		2,047		62		48,595
Water and sewer revenues	12,436		224		25		12,635
Lease revenues	5,060		65		38		5,087
Lottery/casino revenues	4,287		115		—		4,402
Other revenues	12,624		440		50		13,014
Total tax-exempt debt securities	81,017		2,891		175		83,733
Equity securities	7		—		—		7
Total available for sale securities	$	276,793	$	6,863	$	1,255	$	282,401

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.

	September 30, 2015
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
West Virginia	$	11,037	$	76	$	42	$	11,071
Illinois	8,755		213		28		8,940
Ohio	7,567		39		36		7,570
Texas	6,209		336		15		6,530
California	5,751		231		51		5,931

Investments Classified by Contractual Maturity Date

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

Dollars in thousands	Amortized Cost		Estimated Fair Value
Due in one year or less	$	64,066	$	65,288
Due from one to five years	92,401		93,910
Due from five to ten years	21,621		22,241
Due after ten years	88,674		90,611
Equity securities	77		77
	$	266,839	$	272,127

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 nine months ended September 30, 2015 are as follows:

	Proceeds from						Gross realized
Dollars in thousands	Sales		Calls and Maturities		Principal Payments		Gains		Losses
Securities available for sale	$	54,080	$	1,743	$	30,884	$	1,250	$	227

Schedule of Unrealized Loss on Investments

Provided below is a summary of securities available for sale which were in an unrealized loss position at September 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.

	September 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	$	—	$	—		$	3,313	$	(37	)	$	3,313	$	(37	)
Residential mortgage-backed securities:
Government-sponsored agencies	32,661		(343		)	4,160		(63		)	36,821		(406		)
Nongovernment-sponsored entities	5,390		(27		)	238		(9		)	5,628		(36		)
State and political subdivisions:
Lottery/casino revenues	1,184		(29		)	—		—			1,184		(29		)
Corporate debt securities	5,836		(144		)	—		—			5,836		(144		)
Tax-exempt debt securities
State and political subdivisions:
General obligations	14,889		(197		)	—		—			14,889		(197		)
Water and sewer revenues	2,971		(9		)	—		—			2,971		(9		)
Special tax revenues	2,218		(55		)	—		—			2,218		(55		)
Lease revenues	2,311		(9		)	—		—			2,311		(9		)
Lottery/casino revenues	2,959		(44		)	—		—			2,959		(44		)
Other revenues	1,240		(4		)	—		—			1,240		(4		)
Total temporarily impaired securities	71,659		(861		)	7,711		(109		)	79,370		(970		)
Total other-than-temporarily
impaired securities	—		—			—		—			—		—
Total	$	71,659	$	(861	)	$	7,711	$	(109	)	$	79,370	$	(970	)

	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	)