Securities (Tables)

3 Months Ended

Mar. 31, 2016

Cash and Cash Equivalents [Abstract]

Securities available for sale at March 31, 2016 and December 31, 2015 are as follows:


			March 31, 2016									December 31, 2015
	Amortized		Unrealized					Fair		Amortized		Unrealized					Fair
	Cost		Gains		Losses			Value		Cost		Gains		Losses			Value
U.S. Gov’t sponsored entities	$	139,178	$	2,372	$	(48	)	$	141,502	$	141,300	$	1,579	$	(1,128	)	$	141,751
State & political subdivisions		163,663		7,572		(194	)		171,041		165,828		6,234		(243	)		171,819
Residential & multi-family mortgage		153,587		1,463		(1,523	)		153,527		160,316		1,060		(3,394	)		157,982
Corporate notes & bonds		19,788		199		(1,886	)		18,101		19,794		165		(1,271	)		18,688
Pooled trust preferred		800		2,309		0			3,109		800		2,613		0			3,413
Pooled SBA		50,000		913		(465	)		50,448		51,556		760		(907	)		51,409
Other equity securities		1,020		0		(27	)		993		1,020		0		(39	)		981

Total	$	528,036	$	14,828	$	(4,143	)	$	538,721	$	540,614	$	12,411	$	(6,982	)	$	546,043

Trading Securities

Trading securities at March 31, 2016 and December 31, 2015 are as follows:


	March 31, 2016		December 31, 2015
Corporate equity securities	$	3,356	$	3,389
Mutual funds		851		750
Certificates of deposit		255		253
Corporate notes and bonds		175		130
U.S. Government sponsored entities		55		54

Total	$	4,692	$	4,576

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, 2016 and December 31, 2015, 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, 2016


	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	$	12,014	$	(21	)	$	10,385	$	(27	)	$	22,399	$	(48	)
State & political subdivisions		1,871		(194	)		0		0			1,871		(194	)
Residential & multi-family mortgage		43,223		(488	)		53,225		(1,035	)		96,448		(1,523	)
Corporate notes & bonds		0		0			7,525		(1,886	)		7,525		(1,886	)
Pooled SBA		1,379		(1	)		26,940		(464	)		28,319		(465	)
Other equity securities		0		0			993		(27	)		993		(27	)

	$	58,487	$	(704	)	$	99,068	$	(3,439	)	$	157,555	$	(4,143	)

December 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	$	65,675	$	(640	)	$	31,923	$	(488	)	$	97,598	$	(1,128	)
State & political subdivisions		9,103		(234	)		2,478		(9	)		11,581		(243	)
Residential & multi-family mortgage		69,631		(1,562	)		50,351		(1,832	)		119,982		(3,394	)
Corporate notes & bonds		5,027		(2	)		8,144		(1,269	)		13,171		(1,271	)
Pooled SBA		2,908		(28	)		27,127		(879	)		30,035		(907	)
Other equity securities		0		0			981		(39	)		981		(39	)

	$	152,344	$	(2,466	)	$	121,004	$	(4,516	)	$	273,348	$	(6,982	)

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, 2016 and 2015 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

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


	Proceeds		Gross Gains		Gross Losses
Three months ended March 31, 2016	$	0	$	0	$	0
Three months ended March 31, 2015	$	32,949	$	136	$	117

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, 2016:


	Amortized		Fair
	Cost		Value
1 year or less	$	30,700	$	30,547
1 year – 5 years		192,864		199,213
5 years – 10 years		76,842		79,312
After 10 years		23,023		24,681

		323,429		333,753
Residential and multi-family mortgage		153,587		153,527
Pooled SBA		50,000		50,448

Total debt securities	$	527,016	$	537,728

- 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