Securities (Tables)

3 Months Ended

Mar. 31, 2015

Cash and Cash Equivalents [Abstract]

Securities available for sale at March 31, 2015 and December 31, 2014 are as follows:


	March 31, 2015									December 31, 2014
	Amortized		Unrealized					Fair		Amortized		Unrealized					Fair
	Cost		Gains		Losses			Value		Cost		Gains		Losses			Value
U.S. Gov’t sponsored entities	$	146,329	$	2,711	$	(407	)	$	148,633	$	155,482	$	2,301	$	(2,219	)	$	155,564
State & political subdivisions		172,948		7,885		(136	)		180,697		174,600		6,804		(402	)		181,002
Residential & multi-family mortgage		240,172		3,766		(986	)		242,952		265,678		2,291		(2,805	)		265,164
Corporate notes & bonds		20,792		167		(1,423	)		19,536		20,791		139		(1,500	)		19,430
Pooled trust preferred		800		105		0			905		800		105		0			905
Pooled SBA		61,515		1,157		(1,000	)		61,672		63,139		1,074		(1,560	)		62,653
Other securities		1,020		0		(15	)		1,005		1,020		0		(18	)		1,002

Total	$	643,576	$	15,791	$	(3,967	)	$	655,400	$	681,510	$	12,714	$	(8,504	)	$	685,720

Trading Securities

Trading securities at March 31, 2015 and December 31, 2014 are as follows:


	March 31, 2015		December 31, 2014
Corporate equity securities	$	3,034	$	3,044
Mutual funds		1,000		997
Certificates of deposit		256		253
Corporate notes and bonds		157		157
U.S. Government sponsored entities		55		54

Total	$	4,502	$	4,505

Securities with Unrealized Losses Aggregated by Investment Category and Length of Time that Individual Securities have been in Continuous Unrealized Loss Position

Securities with unrealized losses at March 31, 2015 and December 31, 2014, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (in thousands):

March 31, 2015


	Less than 12 Months					12 Months or More					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Gov’t sponsored entities	$	12,509	$	(16	)	$	65,116	$	(391	)	$	77,625	$	(407	)
State & political subdivisions		14,513		(61	)		5,412		(75	)		19,925		(136	)
Residential & multi-family mortgage		33,201		(174	)		58,378		(812	)		91,579		(986	)
Corporate notes & bonds		0		0			7,984		(1,423	)		7,984		(1,423	)
Pooled SBA		0		0			32,991		(1,000	)		32,991		(1,000	)
Other securities		0		0			1,005		(15	)		1,005		(15	)

	$	60,223	$	(251	)	$	171,792	$	(3,716	)	$	232,015	$	(3,967	)

December 31, 2014


	Less than 12 Months					12 Months or More					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Gov’t sponsored entities	$	26,069	$	(149	)	$	85,016	$	(2,070	)	$	111,085	$	(2,219	)
State & political subdivisions		16,398		(179	)		12,363		(223	)		28,761		(402	)
Residential & multi-family mortgage		70,360		(603	)		99,397		(2,202	)		169,757		(2,805	)
Corporate notes & bonds		5,008		(30	)		7,935		(1,470	)		12,943		(1,500	)
Pooled SBA		0		(0	)		34,608		(1,560	)		34,608		(1,560	)
Other securities		0		(0	)		1,002		(18	)		1,002		(18	)

	$	117,835	$	(961	)	$	240,321	$	(7,543	)	$	358,156	$	(8,504	)

Roll-Forward of Other-Than-Temporary Impairment Amount Related to Credit Losses

A roll-forward of the other-than-temporary impairment amount related to credit losses for the three months ended March 31, 2015 and 2014 is as follows:


Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in earnings, beginning of period	$	4,054
Additional credit loss for which other-than-temporary impairment was not previously recognized		0
Additional credit loss for which other-than-temporary impairment was previously recognized		0

Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in earnings, end of period	$	4,054

Information Pertaining to Security Sales on Available for Sale Securities

Information pertaining to security sales on available for sale securities is as follows:


	Proceeds		Gross Gains		Gross Losses
Three months ended March 31, 2015	$	32,949	$	136	$	117
Three months ended March 31, 2014	$	12,951	$	149	$	83

Schedule of Contractual Maturity of Securities Available for Sale, Excluding Equity Securities

The following is a schedule of the contractual maturity of securities available for sale, excluding equity securities, at March 31, 2015:


	Amortized Cost		Fair Value
1 year or less		26,601		26,752
1 year – 5 years		170,252		175,000
5 years – 10 years		111,026		114,745
After 10 years		32,990		33,274

		340,869		349,771
Residential and multi-family mortgage		240,172		242,952
Pooled SBA		61,515		61,672

Total debt securities	$	642,556	$	654,395

- 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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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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- Definition

Tabular disclosure of investments in trading securities.

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