Securities (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017, December 31, 2016, and June 30, 2016 are summarized as follows:

	June 30, 2017
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Available for Sale
Taxable debt securities
U.S. Government and agencies and corporations	$	24,410	$	649	$	80	$	24,979
Residential mortgage-backed securities:
Government-sponsored agencies	127,422		1,738		859		128,301
Nongovernment-sponsored entities	3,280		44		11		3,313
State and political subdivisions
General obligations	3,944		12		7		3,949
Other revenues	15,291		37		36		15,292
Corporate debt securities	16,176		34		121		16,089
Total taxable debt securities	190,523		2,514		1,114		191,923
Tax-exempt debt securities
State and political subdivisions
General obligations	69,737		1,283		661		70,359
Water and sewer revenues	22,108		343		102		22,349
Lease revenues	14,293		214		102		14,405
Electric revenues	4,952		53		24		4,981
Sales tax revenues	5,853		84		14		5,923
Other revenues	26,487		444		197		26,734
Total tax-exempt debt securities	143,430		2,421		1,100		144,751
Equity securities	137		—		—		137
Total available for sale securities	$	334,090	$	4,935	$	2,214	$	336,811

	December 31, 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	$	14,580	$	642	$	48	$	15,174
Residential mortgage-backed securities:
Government-sponsored agencies	138,451		1,554		1,159		138,846
Nongovernment-sponsored entities	4,631		44		22		4,653
Corporate debt securities	18,295		23		148		18,170
Total taxable debt securities	175,957		2,263		1,377		176,843
Tax-exempt debt securities
State and political subdivisions
General obligations	49,449		569		1,388		48,630
Water and sewer revenues	9,087		63		149		9,001
Lease revenues	9,037		7		201		8,843
Electric revenues	3,247		10		48		3,209
Sales tax revenues	2,870		—		34		2,836
Other revenues	17,321		93		371		17,043
Total tax-exempt debt securities	91,011		742		2,191		89,562
Equity securities	137		—		—		137
Total available for sale securities	$	267,105	$	3,005	$	3,568	$	266,542

	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 agencies	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

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, 2017
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Texas	$	20,932	$	352	$	97	$	21,187
California	19,306		229		150		19,385
Michigan	17,117		127		237		17,007
Illinois	13,351		340		95		13,596
Pennsylvania	10,616		40		125		10,531

Investments Classified by Contractual Maturity Date

The maturities, amortized cost and estimated fair values of securities at June 30, 2017, are summarized as follows:

Dollars in thousands	Amortized Cost		Estimated Fair Value
Due in one year or less	$	51,347	$	51,932
Due from one to five years	83,714		84,486
Due from five to ten years	37,788		37,708
Due after ten years	161,104		162,548
Equity securities	137		137
	$	334,090	$	336,811

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, 2017 and 2016 are as follows:

		Proceeds from						Gross realized
Dollars in thousands		Sales		Calls and Maturities		Principal Payments		Gains		Losses
For the Six Months Ended   June 30,
2017
	Securities available for sale	$	111,176	$	2,010	$	16,355	$	230	$	198
2016
	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, 2017 and December 31, 2016.

	June 30, 2017
	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	$	5,486	$	(28	)	$	2,821	$	(52	)	$	8,307	$	(80	)
Residential mortgage-backed securities:
Government-sponsored agencies	46,724		(736		)	5,689		(123		)	52,413		(859		)
Nongovernment-sponsored entities	—		—			1,354		(11		)	1,354		(11		)
State and political subdivisions:
General obligations	1,870		(7		)	—		—			1,870		(7		)
Other revenues	7,991		(36		)	—		—			7,991		(36		)
Corporate debt securities	2,975		(82		)	710		(39		)	3,685		(121		)
Tax-exempt debt securities
State and political subdivisions:
General obligations	24,456		(661		)	—		—			24,456		(661		)
Water and sewer revenues	5,295		(102		)	—		—			5,295		(102		)
Lease revenues	1,684		(27		)	1,058		(75		)	2,742		(102		)
Electric revenues	1,982		(24		)	—		—			1,982		(24		)
Sales tax revenues	1,162		(14		)	—		—			1,162		(14		)
Other revenues	7,952		(197		)	—		—			7,952		(197		)
Total temporarily impaired securities	107,577		(1,914		)	11,632		(300		)	119,209		(2,214		)
Total	$	107,577	$	(1,914	)	$	11,632	$	(300	)	$	119,209	$	(2,214	)

	December 31, 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	$	763	$	(5	)	$	2,575	$	(43	)	$	3,338	$	(48	)
Residential mortgage-backed securities:
Government-sponsored agencies	55,388		(985		)	8,389		(174		)	63,777		(1,159		)
Nongovernment-sponsored entities	97		—			3,013		(22		)	3,110		(22		)
Corporate debt securities	968		(31		)	3,136		(117		)	4,104		(148		)
Tax-exempt debt securities
State and political subdivisions:
General obligations	33,115		(1,388		)	—		—			33,115		(1,388		)
Water and sewer revenues	4,761		(149		)	—		—			4,761		(149		)
Lease revenues	7,011		(201		)	—		—			7,011		(201		)
Electric revenues	1,973		(48		)	—		—			1,973		(48		)
Sales tax revenues	2,836		(34		)	—		—			2,836		(34		)
Other revenues	8,445		(371		)	—		—			8,445		(371		)
Total temporarily impaired securities	115,357		(3,212		)	17,113		(356		)	132,470		(3,568		)
Total	$	115,357	$	(3,212	)	$	17,113	$	(356	)	$	132,470	$	(3,568	)