Securities (Tables)

6 Months Ended

Jun. 30, 2016

Available-for-sale Securities [Abstract]

The amortized cost, unrealized gains, unrealized losses and estimated fair values of securities at June 30, 2016, December 31, 2015, and June 30, 2015 are summarized as follows:



	June 30, 2016
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Available for Sale
Taxable debt securities
U.S. Government and agencies and corporations	$	16,815	$	1,123	$	53	$	17,885
Residential mortgage-backed securities:
Government-sponsored agencies	136,821		2,862		318		139,365
Nongovernment-sponsored entities	6,265		61		41		6,285
State and political subdivisions
Water and sewer revenues	250		—		—		250
Corporate debt securities	19,928		60		460		19,528
Total taxable debt securities	180,079		4,106		872		183,313
Tax-exempt debt securities
State and political subdivisions
General obligations	41,282		2,788		4		44,066
Water and sewer revenues	7,535		360		—		7,895
Lease revenues	6,267		458		—		6,725
Sales tax revenues	2,889		182		—		3,071
Other revenues	15,542		944		—		16,486
Total tax-exempt debt securities	73,515		4,732		4		78,243
Equity securities	77		—		—		77
Total available for sale securities	$	253,671	$	8,838	$	876	$	261,633



	December 31, 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	$	20,461	$	1,063	$	49	$	21,475
Residential mortgage-backed securities:
Government-sponsored agencies	145,586		1,943		795		146,734
Nongovernment-sponsored entities	7,836		82		33		7,885
State and political subdivisions
Water and sewer revenues	250		—		—		250
Other revenues	1,729		—		26		1,703
Corporate debt securities	14,494		—		268		14,226
Total taxable debt securities	190,356		3,088		1,171		192,273
Tax-exempt debt securities
State and political subdivisions
General obligations	52,490		1,767		41		54,216
Water and sewer revenues	7,614		172		—		7,786
Lease revenues	8,671		187		1		8,857
Special tax revenues	4,532		72		—		4,604
Other revenues	12,703		290		14		12,979
Total tax-exempt debt securities	86,010		2,488		56		88,442
Equity securities	77		—		—		77
Total available for sale securities	$	276,443	$	5,576	$	1,227	$	280,792



	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 agencies	9,880		116		34		9,962
State and political subdivisions:
Water and sewer revenues	500		3		—		503
Lottery/casino revenues	1,218		—		37		1,181
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

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, 2016
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value

Illinois	$	12,925	$	781	$	4	$	13,702
Michigan	11,216		609		—		11,825
West Virginia	8,732		213		—		8,945
Texas	6,132		461		—		6,593
Indiana	4,724		361		—		5,085

Investments Classified by Contractual Maturity Date

The maturities, amortized cost and estimated fair values of securities at June 30, 2016, are summarized as follows:



Dollars in thousands	Amortized Cost		Estimated Fair Value
Due in one year or less	$	56,757	$	57,762
Due from one to five years	91,359		93,272
Due from five to ten years	16,653		17,304
Due after ten years	88,825		93,218
Equity securities	77		77
	$	253,671	$	261,633

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, 2016 are as follows:



	Proceeds from						Gross realized
Dollars in thousands	Sales		Calls and Maturities		Principal Payments		Gains		Losses
Securities available for sale	$	52,052	$	55	$	17,946	$	950	$	175

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, 2016 and December 31, 2015.



	June 30, 2016
	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	$	878	$	(5	)	$	2,911	$	(48	)	$	3,789	$	(53	)
Residential mortgage-backed securities:
Government-sponsored agencies	17,694		(206		)	11,424		(112		)	29,118		(318		)
Nongovernment-sponsored entities	—		—			3,723		(41		)	3,723		(41		)
Corporate debt securities	4,082		(184		)	3,134		(276		)	7,216		(460		)
Tax-exempt debt securities
State and political subdivisions:
General obligations	1,128		(4		)	—		—			1,128		(4		)
Total temporarily impaired securities	23,782		(399		)	21,192		(477		)	44,974		(876		)
Total other-than-temporarily
impaired securities	—		—			—		—			—		—
Total	$	23,782	$	(399	)	$	21,192	$	(477	)	$	44,974	$	(876	)



	December 31, 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	$	2,104	$	(2	)	$	3,151	$	(47	)	$	5,255	$	(49	)
Residential mortgage-backed securities:
Government-sponsored agencies	52,970		(569		)	8,672		(226		)	61,642		(795		)
Nongovernment-sponsored entities	2,298		—			2,819		(33		)	5,117		(33		)
State and political subdivisions:
Other revenues	1,702		(26		)	—		—			1,702		(26		)
Corporate debt securities	8,367		(268		)	—		—			8,367		(268		)
Tax-exempt debt securities
State and political subdivisions:
General obligations	5,977		(41		)	—		—			5,977		(41		)
Lease revenues	576		(1		)	—		—			576		(1		)
Other revenues	1,218		(14		)	—		—			1,218		(14		)
Total temporarily impaired securities	75,212		(921		)	14,642		(306		)	89,854		(1,227		)
Total other-than-temporarily
impaired securities	—		—			—		—			—		—
Total	$	75,212	$	(921	)	$	14,642	$	(306	)	$	89,854	$	(1,227	)

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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