Securities (Tables)

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

The fair value of securities is as follows:


			Gross		Gross
September 30, 2015	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Available for sale
U.S. Treasury and federal agencies	$	24,724	$	45	$	(14	)	$	24,755
State and municipal		58,467		1,349		(35	)		59,781
Federal agency collateralized mortgage obligations		134,494		1,426		(353	)		135,567
Federal agency mortgage-backed pools		212,718		3,179		(381	)		215,516
Corporate notes		32		22		—			54

Total available for sale investment securities	$	430,435	$	6,021	$	(783	)	$	435,673

Held to maturity
U.S. Treasury and federal agencies	$	5,852	$	136	$	—		$	5,988
State and municipal		142,763		5,262		(177	)		147,848
Federal agency collateralized mortgage obligations		9,356		59		(12	)		9,403
Federal agency mortgage-backed pools		24,216		1,208		(89	)		25,335

Total held to maturity investment securities	$	182,187	$	6,665	$	(278	)	$	188,574


			Gross		Gross
December 31, 2014	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Available for sale
U.S. Treasury and federal agencies	$	26,996	$	56	$	(229	)	$	26,823
State and municipal		46,535		1,462		(45	)		47,952
Federal agency collateralized mortgage obligations		122,930		975		(1,045	)		122,860
Federal agency mortgage-backed pools		122,583		3,172		(360	)		125,395
Private labeled mortgage-backed pools		670		19		—			689
Corporate notes		32		13		—			45

Total available for sale investment securities	$	319,746	$	5,697	$	(1,679	)	$	323,764

Held to maturity
U.S. Treasury and federal agencies	$	9,804	$	82	$	—		$	9,886
State and municipal		129,595		3,398		(106	)		132,887
Federal agency collateralized mortgage obligations		4,039		35		(1	)		4,073
Federal agency mortgage-backed pools		22,329		729		—			23,058

Total held to maturity investment securities	$	165,767	$	4,244	$	(107	)	$	169,904

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, 2015 and December 31, 2014, 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, 2015				December 31, 2014
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Available for sale
Within one year	$	7,335	$	7,365	$	6,098	$	6,169
One to five years		51,574		52,460		44,720		45,093
Five to ten years		16,991		17,343		16,147		16,768
After ten years		7,323		7,422		6,598		6,790

		83,223		84,590		73,563		74,820
Federal agency collateralized mortgage obligations		134,494		135,567		122,930		122,860
Federal agency mortgage-backed pools		212,718		215,516		122,583		125,395
Private labeled mortgage-backed pools		—		—		670		689

Total available for sale investment securities	$	430,435	$	435,673	$	319,746	$	323,764

Held to maturity
Within one year	$	—	$	—	$	—	$	—
One to five years		14,682		15,285		592		593
Five to ten years		101,152		105,151		99,225		101,323
After ten years		32,781		33,400		39,582		40,857

		148,615		153,836		139,399		142,773
Federal agency collateralized mortgage obligations		9,356		9,403		4,039		4,073
Federal agency mortgage-backed pools		24,216		25,335		22,329		23,058

Total held to maturity investment securities	$	182,187	$	188,574	$	165,767	$	169,904

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, 2015	Value		Losses			Value		Losses			Value		Losses
U.S. Treasury and federal agencies	$	5,995	$	(2	)	$	7,979	$	(12	)	$	13,973	$	(14	)
State and municipal		19,967		(207	)		736		(4	)		20,704		(212	)
Federal agency collateralized mortgage obligations		10,178		(54	)		27,071		(311	)		37,250		(365	)
Federal agency mortgage-backed pools		31,473		(328	)		24,005		(142	)		55,478		(470	)

Total temporarily impaired securities	$	67,613	$	(591	)	$	59,791	$	(469	)	$	127,405	$	(1,061	)


	Less than 12 Months					12 Months or More					Total
December 31, 2014	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury and federal agencies	$	2,993	$	(7	)	$	20,762	$	(222	)	$	23,755	$	(229	)
State and municipal		10,287		(121	)		2,050		(30	)		12,337		(151	)
Federal agency collateralized mortgage obligations		15,013		(88	)		39,801		(957	)		54,814		(1,045	)
Federal agency mortgage-backed pools		5,993		(9	)		28,044		(351	)		34,037		(360	)

Total temporarily impaired securities	$	34,286	$	(225	)	$	90,657	$	(1,560	)	$	124,943	$	(1,785	)

Sales of Securities Available for Sale


	Three Months Ended September 30					Nine Months Ended September 30
	2015		2014			2015			2014
Sales of securities available for sale (Unaudited)
Proceeds	$	—	$	45,228		$	13,332		$	45,228
Gross gains		—		1,001			147			1,001
Gross losses		—		(13	)		(23	)		(13	)

- 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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