Securities (Tables)

9 Months Ended

Sep. 30, 2014

Investments, Debt and Equity Securities [Abstract]

The fair value of securities is as follows:


			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
September 30, 2014	Cost		Gains		Losses			Value
Available for sale
U.S. Treasury and federal agencies	$	27,093	$	67	$	(335	)	$	26,825
State and municipal		47,006		1,641		(52	)		48,595
Federal agency collateralized mortgage obligations		123,916		970		(1,758	)		123,128
Federal agency mortgage-backed pools		122,393		2,678		(962	)		124,109
Private labeled mortgage-backed pools		763		23		-			786
Corporate notes		32		17		-			49

Total available for sale investment securities	$	321,203	$	5,396	$	(3,107	)	$	323,492

Held to maturity
U.S. Treasury and federal agencies	$	9,783	$	49	$	(4	)	$	9,828
State and municipal		135,839		2,958		(22	)		138,775
Federal agency collateralized mortgage obligations		4,193		9		-			4,202
Federal agency mortgage-backed pools		22,634		399		-			23,033

Total held to maturity investment securities	$	172,449	$	3,415	$	(26	)	$	175,838


			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
December 31, 2013	Cost		Gains		Losses			Value

Available for sale
U.S. Treasury and federal agencies	$	43,808	$	133	$	(807	)	$	43,134
State and municipal		176,670		4,405		(3,177	)		177,898
Federal agency collateralized mortgage obligations		116,047		1,242		(2,583	)		114,706
Federal agency mortgage-backed pools		170,006		3,172		(2,284	)		170,894
Private labeled mortgage-backed pools		1,188		38		—			1,226
Corporate notes		708		25		—			733

Total available for sale investment securities	$	508,427	$	9,015	$	(8,851	)	$	508,591

Held to maturity, State and Municipal	$	9,910	$	—	$	—		$	9,910

Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity

The amortized cost and fair value of securities available for sale and held to maturity at September 30, 2014 and December 31, 2013, 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.


	September 30, 2014				December 31, 2013
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available for sale
Within one year	$	4,623	$	4,670	$	3,643	$	3,663
One to five years		45,741		46,156		49,198		49,627
Five to ten years		17,166		17,888		106,225		107,424
After ten years		6,601		6,755		62,120		61,051

		74,131		75,469		221,186		221,765
Federal agency collateralized mortgage obligations		123,916		123,128		116,047		114,706
Federal agency mortgage-backed pools		122,393		124,109		170,006		170,894
Private labeled mortgage-backed pools		763		786		1,188		1,226

Total available for sale investment securities	$	321,203	$	323,492	$	508,427	$	508,591


Held to maturity
Within one year	$	5,951	$	6,136	$	9,910	$	9,910
One to five years		381		382		—		—
Five to ten years		93,628		95,216		—		—
After ten years		45,662		46,869		—		—

		145,622		148,603		9,910		9,910
Federal agency collateralized mortgage obligations		4,193		4,202		—		—
Federal agency mortgage-backed pools		22,634		23,033		—		—

Total held to maturity investment securities	$	172,449	$	175,838	$	9,910	$	9,910

Gross Unrealized Losses and Fair Value of Company's Investments

The following table shows the gross unrealized losses and the fair value of the Company’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.


	Less than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
September 30, 2014	Value		Losses			Value		Losses			Value		Losses
U.S. Treasury and federal agencies	$	3,956	$	(4	)	$	23,648	$	(335	)	$	27,604	$	(339	)
State and municipal		6,200		(35	)		2,674		(39	)		8,874		(74	)
Federal agency collateralized mortgage obligations		37,987		(318	)		40,882		(1,440	)		78,869		(1,758	)
Federal agency mortgage-backed pools		7,945		(26	)		33,870		(936	)		41,815		(962	)

Total temporarily impaired securities	$	56,088	$	(383	)	$	101,074	$	(2,750	)	$	157,162	$	(3,133	)


	Less than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
December 31, 2013	Value		Losses			Value		Losses			Value		Losses
U.S. Treasury and federal agencies	$	32,099	$	(807	)	$	—	$	—		$	32,099	$	(807	)
State and municipal		57,078		(2,993	)		3,206		(184	)		60,284		(3,177	)
Federal agency collateralized mortgage obligations		64,445		(2,121	)		8,601		(462	)		73,046		(2,583	)
Federal agency mortgage-backed pools		87,919		(2,284	)		—		—			87,919		(2,284	)

Total temporarily impaired securities	$	241,541	$	(8,205	)	$	11,807	$	(646	)	$	253,348	$	(8,851	)

Sales of Securities Available for Sale


	Three Months Ended September 30					Nine Months Ended September 30
	2014			2013		2014			2013
Sales of securities available for sale (Unaudited)
Proceeds	$	45,228		$	648	$	45,228		$	23,853
Gross gains		1,001			6		1,001			382
Gross losses		(13	)		—		(13	)		(8	)

- 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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