Securities (Tables)

6 Months Ended

Jun. 30, 2016

Investments, Debt and Equity Securities [Abstract]

The fair value of securities is as follows:


			Gross		Gross
June 30, 2016	Amortized		Unrealized		Unrealized			Fair
June 30, 2016	Cost		Gains		Losses			Value
Available for sale
U.S. Treasury and federal agencies	$	18,384	$	86	$	—		$	18,470
State and municipal		60,961		1,654		(4	)		62,611
Federal agency collateralized mortgage obligations		151,736		2,596		(69	)		154,263
Federal agency mortgage-backed pools		215,445		4,654		(276	)		219,823
Corporate notes		32		40		—			72

Total available for sale investment securities	$	446,558	$	9,030	$	(349	)	$	455,239

Held to maturity
State and municipal	$	143,093	$	7,586	$	(2,606	)	$	148,073
Federal agency collateralized mortgage obligations		8,424		199		—			8,623
Federal agency mortgage-backed pools		22,179		1,184		—			23,363

Total held to maturity investment securities	$	173,696	$	8,969	$	(2,606	)	$	180,059


			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
December 31, 2015	Cost		Gains		Losses			Value
Available for sale
U.S. Treasury and federal agencies	$	5,940	$	3	$	(17	)	$	5,926
State and municipal		73,829		1,299		(33	)		75,095
Federal agency collateralized mortgage obligations		157,291		567		(1,655	)		156,203
Federal agency mortgage-backed pools		206,970		2,080		(1,346	)		207,704
Corporate notes		32		22		—			54

Total available for sale investment securities	$	444,062	$	3,971	$	(3,051	)	$	444,982

Held to maturity
U.S. Treasury and federal agencies	$	5,859	$	93	$	—		$	5,952
State and municipal		146,331		5,375		(253	)		151,453
Federal agency collateralized mortgage obligations		9,051		27		(124	)		8,954
Federal agency mortgage-backed pools		26,388		1,141		(185	)		27,344

Total held to maturity investment securities	$	187,629	$	6,636	$	(562	)	$	193,703

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 June 30, 2016 and December 31, 2015, 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.


	June 30, 2016				December 31, 2015
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Available for sale
Within one year	$	7,123	$	7,153	$	7,192	$	7,232
One to five years		46,104		46,664		38,197		38,894
Five to ten years		11,351		11,804		16,807		17,152
After ten years		14,799		15,532		17,605		17,797

		79,377		81,153		79,801		81,075
Federal agency collateralized mortgage obligations		151,736		154,263		157,291		156,203
Federal agency mortgage-backed pools		215,445		219,823		206,970		207,704

Total available for sale investment securities	$	446,558	$	455,239	$	444,062	$	444,982

Held to maturity
Within one year	$	—	$	—	$	—	$	—
One to five years		20,415		20,436		17,815		18,403
Five to ten years		88,183		92,551		106,167		110,026
After ten years		34,495		35,086		28,208		28,976

		143,093		148,073		152,190		157,405
Federal agency collateralized mortgage obligations		8,424		8,623		9,051		8,954
Federal agency mortgage-backed pools		22,179		23,363		26,388		27,344

Total held to maturity investment securities	$	173,696	$	180,059	$	187,629	$	193,703

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
June 30, 2016	Value		Losses			Value		Losses			Value		Losses
State and municipal	$	1,763	$	(2,609	)	$	132	$	(1	)	$	1,895	$	(2,610	)
Federal agency collateralized mortgage obligations		4,059		(23	)		9,079		(46	)		13,138		(69	)
Federal agency mortgage-backed pools		23,361		(276	)		—		—			23,361		(276	)

Total temporarily impaired securities	$	29,183	$	(2,908	)	$	9,211	$	(47	)	$	38,394	$	(2,955	)


	Less than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
December 31, 2015	Value		Losses			Value		Losses			Value		Losses
U.S. Treasury and federal agencies	$	5,468	$	(17	)	$	—	$	—		$	5,468	$	(17	)
State and municipal		17,353		(280	)		446		(6	)		17,799		(286	)
Federal agency collateralized mortgage obligations		89,459		(1,124	)		25,428		(655	)		114,887		(1,779	)
Federal agency mortgage-backed pools		113,244		(1,212	)		16,506		(319	)		129,750		(1,531	)

Total temporarily impaired securities	$	225,524	$	(2,633	)	$	42,380	$	(980	)	$	267,904	$	(3,613	)

Sales of Securities Available for Sale


	Three Months Ended June 30					Six Months Ended June 30
	2016			2015		2016			2015
Sales of securities available for sale (Unaudited)
Proceeds	$	17,536		$	—	$	25,077		$	13,332
Gross gains		952			—		1,060			147
Gross losses		(185	)		—		(185	)		(23	)

- 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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