Securities (Tables)

9 Months Ended

Sep. 30, 2015

Cash and Cash Equivalents [Abstract]

Securities available for sale at September 30, 2015 and December 31, 2014 are as follows:


	September 30, 2015									December 31, 2014
	Amortized		Unrealized					Fair		Amortized		Unrealized					Fair
	Cost		Gains		Losses			Value		Cost		Gains		Losses			Value
U.S. Gov’t sponsored entities	$	145,440	$	2,102	$	(533	)	$	147,009	$	155,482	$	2,301	$	(2,219	)	$	155,564
State & political subdivisions		174,367		6,291		(229	)		180,429		174,600		6,804		(402	)		181,002
Residential & multi-family mortgage		184,471		1,825		(1,949	)		184,347		265,678		2,291		(2,805	)		265,164
Corporate notes & bonds		19,793		179		(936	)		19,036		20,791		139		(1,500	)		19,430
Pooled trust preferred		800		360		0			1,160		800		105		0			905
Pooled SBA		53,987		1,021		(649	)		54,359		63,139		1,074		(1,560	)		62,653
Other securities		1,020		0		(27	)		993		1,020		0		(18	)		1,002

Total	$	579,878	$	11,778	$	(4,323	)	$	587,333	$	681,510	$	12,714	$	(8,504	)	$	685,720

Trading Securities

Trading securities at September 30, 2015 and December 31, 2014 are as follows:


	September 30, 2015		December 31, 2014
Corporate equity securities	$	2,997	$	3,044
Mutual funds		1,028		997
Certificates of deposit		254		253
Corporate notes and bonds		155		157
U.S. Government sponsored entities		55		54

Total	$	4,489	$	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 September 30, 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):

September 30, 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	$	44,488	$	(263	)	$	37,250	$	(270	)	$	84,738	$	(533	)
State & political subdivisions		19,065		(167	)		3,134		(62	)		22,199		(229	)
Residential & multi-family mortgage		69,507		(881	)		50,734		(1,068	)		120,241		(1,949	)
Corporate notes & bonds		0		0			8,477		(936	)		8,477		(936	)
Pooled SBA		0		0			28,500		(649	)		28,500		(649	)
Other securities		0		0			993		(27	)		993		(27	)

	$	136,060	$	(1,311	)	$	129,088	$	(3,012	)	$	265,148	$	(4,323	)

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 and nine months ended September 30, 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 Sale of Available for Sale Securities

Information pertaining to the sale of available for sale securities is as follows:


	Proceeds		Gross Gains		Gross Losses
Three months ended September 30, 2015	$	38,025	$	244	$	(171	)
Nine months ended September 30, 2015		86,554		852		(288	)
Three months ended September 30, 2014		9,698		41		0
Nine months ended September 30, 2014		38,826		328		(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 September 30, 2015:


	Amortized Cost		Fair Value
1 year or less	$	25,281	$	25,501
1 year – 5 years		190,387		195,612
5 years – 10 years		94,600		95,971
After 10 years		30,132		30,550

		340,400		347,634
Residential and multi-family mortgage		184,471		184,347
Pooled SBA		53,987		54,359

Total debt securities	$	578,858	$	586,340

- 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.

+ References + Details