Securities (Tables)

6 Months Ended

Jun. 30, 2017

Investments, Debt and Equity Securities [Abstract]

The fair value of securities is as follows:


June 30, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale
U.S. Treasury and federal agencies	$	20,020	$	4	$	(58	)	$	19,966
State and municipal		136,539		2,454		(507	)		138,486
Federal agency collateralized mortgage obligations		133,038		213		(1,337	)		131,914
Federal agency mortgage-backed pools		212,154		509		(1,782	)		210,881
Private labeled mortgage-backed pools		1,871		—		(3	)		1,868
Corporate notes		1,233		703		—			1,936

Total available for sale investment securities	$	504,855	$	3,883	$	(3,687	)	$	505,051

Held to maturity
State and municipal	$	177,781	$	4,683	$	(930	)	$	181,534
Federal agency collateralized mortgage obligations		6,102		39		(27	)		6,114
Federal agency mortgage-backed pools		15,591		364		(61	)		15,894

Total held to maturity investment securities	$	199,474	$	5,086	$	(1,018	)	$	203,542


December 31, 2016	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale
U.S. Treasury and federal agencies	$	8,051	$	2	$	(64	)	$	7,989
State and municipal		117,327		324		(1,059	)		116,592
Federal agency collateralized mortgage obligations		139,040		254		(2,099	)		137,195
Federal agency mortgage-backed pools		180,183		251		(3,707	)		176,726
Corporate notes		1,238		91		—			1,329

Total available for sale investment securities	$	445,839	$	922	$	(6,929	)	$	439,831

Held to maturity
State and municipal	$	165,607	$	2,700	$	(2,485	)	$	165,822
Federal agency collateralized mortgage obligations		6,530		31		(71	)		6,490
Federal agency mortgage-backed pools		21,057		897		(180	)		21,774

Total held to maturity investment securities	$	193,194	$	3,628	$	(2,736	)	$	194,086

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, 2017 and December 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.


	June 30, 2017				December 31, 2016
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available for sale
Within one year	$	9,773	$	9,787	$	7,455	$	7,480
One to five years		48,118		48,199		37,483		37,479
Five to ten years		33,409		33,891		21,112		20,984
After ten years		66,492		68,511		60,566		59,967

		157,792		160,388		126,616		125,910
Federal agency collateralized mortgage obligations		133,038		131,914		139,040		137,195
Federal agency mortgage-backed pools		212,154		210,881		180,183		176,726
Private labeled mortgage-backed pools		1,871		1,868		—		—

Total available for sale investment securities	$	504,855	$	505,051	$	445,839	$	439,831

Held to maturity
Within one year	$	7,383	$	7,366	$	—	$	—
One to five years		32,290		33,413		24,594		25,271
Five to ten years		85,899		88,391		87,645		88,805
After ten years		52,209		52,364		53,368		51,746

		177,781		181,534		165,607		165,822
Federal agency collateralized mortgage obligations		6,102		6,114		6,530		6,490
Federal agency mortgage-backed pools		15,591		15,894		21,057		21,774

Total held to maturity investment securities	$	199,474	$	203,542	$	193,194	$	194,086

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
June 30, 2017	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury and federal agencies	$	13,846	$	(58	)	$	—	$	—		$	13,846	$	(58	)
State and municipal		59,252		(1,266	)		5,673		(171	)		64,925		(1,437	)
Federal agency collateralized mortgage obligations		79,153		(889	)		25,382		(475	)		104,535		(1,364	)
Federal agency mortgage-backed pools		144,288		(1,760	)		4,262		(83	)		148,550		(1,843	)
Private labeled mortgage-backed pools		1,869		(3	)		—		—			1,869		(3	)

Total temporarily impaired securities	$	298,408	$	(3,976	)	$	35,317	$	(729	)	$	333,725	$	(4,705	)


	Less than 12 Months					12 Months or More					Total
December 31, 2016	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury and federal agencies	$	6,987	$	(64	)	$	—	$	—		$	6,987	$	(64	)
State and municipal		142,466		(3,544	)		—		—			142,466		(3,544	)
Federal agency collateralized mortgage obligations		112,414		(1,918	)		10,199		(252	)		122,613		(2,170	)
Federal agency mortgage-backed pools		163,768		(3,887	)		—		—			163,768		(3,887	)

Total temporarily impaired securities	$	425,635	$	(9,413	)	$	10,199	$	(252	)	$	435,834	$	(9,665	)

Sales of Securities Available for Sale

Information regarding security proceeds, gross gains and gross losses are presented below.


	Three Months Ended June 30						Six Months Ended June 30
	2017			2016			2017			2016
Sales of securities available for sale (Unaudited)
Proceeds	$	3,013		$	17,536		$	5,103		$	25,077
Gross gains		110			952			145			1,060
Gross losses		(113	)		(185	)		(113	)		(185	)