Securities (Tables)

3 Months Ended

Mar. 31, 2016

Amortized Cost and Fair Value of Securities

The amortized cost and fair value of securities at March 31, 2016 are summarized as follows:

Available-for-Sale

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government agencies	$	234,521	$	1,256	$	(98	)	$	235,679
State and political subdivisions		121,388		4,465		(51	)		125,802
U.S. government sponsored agency mortgage-backed securities		192,751		2,339		(718	)		194,372
Total debt securities		548,660		8,060		(867	)		555,853
CRA investment funds		25,000		273		(176	)		25,097
Total available-for-sale securities	$	573,660	$	8,333	$	(1,043	)	$	580,950

Held-to-Maturity

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury and government agencies	$	480	$	0	$	0	$	480
State and political subdivisions		1,181		1		0		1,182
Total held-to-maturity securities	$	1,661	$	1	$	0	$	1,662

The amortized cost and fair value of securities at December 31, 2015 are summarized as follows:

Available-for-Sale

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government agencies	$	240,434	$	311	$	(1,351	)	$	239,394
State and political subdivisions		125,665		3,707		(157	)		129,215
U.S. government sponsored agency mortgage-backed securities		202,282		1,564		(2,270	)		201,576
Total debt securities		568,381		5,582		(3,778	)		570,185
CRA investment funds		25,000		132		(381	)		24,751
Total available-for-sale securities	$	593,381	$	5,714	$	(4,159	)	$	594,936

Held-to-Maturity

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government agencies	$	480	$	0	$	(12	)	$	468
State and political subdivisions		1,181		2		0			1,183
Total held-to-maturity securities	$	1,661	$	2	$	(12	)	$	1,651

Amortized Cost and Fair Value of Securities by Contractual Maturity

The amortized cost and fair value of securities at March 31, 2016 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Available-for-Sale				Held-to-Maturity
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	70,564	$	70,617	$	0	$	0
Due after one through five years		159,006		160,485		1,181		1,182
Due after five through ten years		83,414		86,115		480		480
Due after ten years		42,925		44,264		0		0
U.S. government sponsored agency mortgage-backed securities		192,751		194,372		0		0
Total debt securities		548,660		555,853		1,661		1,662
CRA investment funds		25,000		25,097		0		0
Total securities	$	573,660	$	580,950	$	1,661	$	1,662

Available for Sale Securities and Held-to-Maturity Securities, Continuous Unrealized Loss Position

The following tables provide the amortized cost, gross unrealized losses, and fair market value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of March 31, 2016 that are not deemed to be other-than-temporarily impaired.

Available-for-Sale

(in thousands)	Amortized Cost		Gross Unrealized Losses			Fair Value
Less Than 12 Months
U.S. Treasury and government agencies	$	51,951	$	(69	)	$	51,882
State and political subdivisions		6,017		(40	)		5,977
U.S. government sponsored agency mortgage-backed securities		14,919		(34	)		14,885
Total debt securities		72,887		(143	)		72,744
CRA investment funds		10,000		(46	)		9,954
Total <12 months temporarily impaired AFS securities		82,887		(189	)		82,698

12 Months or More
U.S. Treasury and government agencies		25,000		(29	)		24,971
State and political subdivisions		355		(11	)		344
U.S. government sponsored agency mortgage-backed securities		35,629		(684	)		34,945
Total debt securities		60,984		(724	)		60,260
CRA investment funds		5,000		(130	)		4,870
Total ≥12 months temporarily impaired AFS securities		65,984		(854	)		65,130

Total
U.S. Treasury and government agencies		76,951		(98	)		76,853
State and political subdivisions		6,372		(51	)		6,321
U.S. government sponsored agency mortgage-backed securities		50,548		(718	)		49,830
Total debt securities		133,871		(867	)		133,004
CRA investment funds		15,000		(176	)		14,824
Total temporarily impaired AFS securities	$	148,871	$	(1,043	)	$	147,828

The analysis performed as of December 31, 2015 indicated that all impairment was considered temporary, market and interest rate driven, and not credit-related.

Available-for-Sale

(in thousands)	Amortized Cost		Gross Unrealized Losses			Fair Value
Less Than 12 Months
U.S. Treasury and government agencies	$	142,147	$	(487	)	$	141,660
State and political subdivisions		11,190		(106	)		11,084
U.S. government sponsored agency mortgage-backed securities		92,009		(899	)		91,110
Total debt securities		245,346		(1,492	)		243,854
CRA investment funds		10,000		(183	)		9,817
Total <12 months temporarily impaired AFS securities		255,346		(1,675	)		253,671

12 Months or More
U.S. Treasury and government agencies		54,773		(864	)		53,909
State and political subdivisions		3,187		(51	)		3,136
U.S. government sponsored agency mortgage-backed securities		49,908		(1,371	)		48,537
Total debt securities		107,868		(2,286	)		105,582
CRA investment funds		5,000		(198	)		4,802
Total ≥12 months temporarily impaired AFS securities		112,868		(2,484	)		110,384

Total
U.S. Treasury and government agencies		196,920		(1,351	)		195,569
State and political subdivisions		14,377		(157	)		14,220
U.S. government sponsored agency mortgage-backed securities		141,917		(2,270	)		139,647
Total debt securities		353,214		(3,778	)		349,436
CRA investment funds		15,000		(381	)		14,619
Total temporarily impaired AFS securities	$	368,214	$	(4,159	)	$	364,055

Held-to-Maturity

(in thousands)	Amortized Cost		Gross Unrealized Losses			Fair Value
12 Months or More
U.S. Treasury and government agencies	$	480	$	(12	)	$	468
Total temporarily impaired HTM securities	$	480	$	(12	)	$	468