Securities (Tables)

9 Months Ended

Sep. 30, 2016

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, 2016, December 31, 2015, and September 30, 2015 are summarized as follows:

	September 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	$	14,818	$	921	$	47	$	15,692
Residential mortgage-backed securities:
Government-sponsored agencies	132,913		2,556		264		135,205
Nongovernment-sponsored entities	5,382		48		29		5,401
State and political subdivisions
Water and sewer revenues	250		—		—		250
Corporate debt securities	20,003		49		149		19,903
Total taxable debt securities	173,366		3,574		489		176,451
Tax-exempt debt securities
State and political subdivisions
General obligations	47,014		2,221		115		49,120
Water and sewer revenues	7,980		265		11		8,234
Lease revenues	7,392		321		38		7,675
Sales tax revenues	2,880		124		—		3,004
Other revenues	16,869		701		29		17,541
Total tax-exempt debt securities	82,135		3,632		193		85,574
Equity securities	77		—		—		77
Total available for sale securities	$	255,578	$	7,206	$	682	$	262,102

	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

	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 agencies	8,641		96		36		8,701
State and political subdivisions:
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

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, 2016
	Amortized	Unrealized		Estimated
Dollars in thousands	Cost	Gains	Losses	Fair Value
Michigan	14,237	462	31	14,668
Illinois	10,167	587	2	10,752
West Virginia	8,725	157	7	8,875
Texas	8,197	371	20	8,548
Indiana	5,852	252	39	6,065

Investments Classified by Contractual Maturity Date

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

Dollars in thousands	Amortized Cost		Estimated Fair Value
Due in one year or less	$	53,078	$	54,009
Due from one to five years	86,572		88,289
Due from five to ten years	18,245		18,713
Due after ten years	97,606		101,014
Equity securities	77		77
	$	255,578	$	262,102

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, 2016 are as follows:

	Proceeds from						Gross realized
Dollars in thousands	Sales		Calls and Maturities		Principal Payments		Gains		Losses
Securities available for sale	$	63,641	$	630	$	27,696	$	1,117	$	281

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, 2016 and December 31, 2015.

	September 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	$	855	$	(5	)	$	2,734	$	(42	)	$	3,589	$	(47	)
Residential mortgage-backed securities:
Government-sponsored agencies	22,900		(149		)	8,853		(115		)	31,753		(264		)
Nongovernment-sponsored entities	—		—			3,405		(29		)	3,405		(29		)
Corporate debt securities	1,701		(49		)	5,952		(100		)	7,653		(149		)
Tax-exempt debt securities
State and political subdivisions:
General obligations	8,399		(115		)	—		—			8,399		(115		)
Water and sewer revenues	824		(11		)	—		—			824		(11		)
Lease revenues	1,104		(38		)	—		—			1,104		(38		)
Other revenues	2,396		(29		)	—		—			2,396		(29		)
Total temporarily impaired securities	38,179		(396		)	20,944		(286		)	59,123		(682		)
Total other-than-temporarily
impaired securities	—		—			—		—			—		—
Total	$	38,179	$	(396	)	$	20,944	$	(286	)	$	59,123	$	(682	)

	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	)