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Investment securities | 3 Months Ended
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Mar. 31, 2014
Investments Debt And Equity Securities [Abstract] |
Investment securities | 4. Investment securities: The amortized cost and fair value of investment securities aggregated by investment category at March 31, 2014 and December 31, 2013 are summarized as follows:
March 31, 2014 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 205 |  |  |  |  |  |  | $ | 2 |  |  | $ | 203 |
U.S. Government-sponsored enterprises |  |  | 107,912 |  |  | $ | 269 |  |  |  | 288 |  |  |  | 107,893 |
State and municipals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 16,620 |  |  |  | 344 |  |  |  | 35 |  |  |  | 16,929 |
Tax-exempt |  |  | 93,146 |  |  |  | 4,149 |  |  |  | 83 |  |  |  | 97,212 |
Corporate debt securities |  |  | 4,405 |  |  |  | 38 |  |  |  | 69 |  |  |  | 4,374 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 29,826 |  |  |  | 107 |  |  |  | 278 |  |  |  | 29,655 |
U.S. Government-sponsored enterprises |  |  | 44,212 |  |  |  | 725 |  |  |  | 70 |  |  |  | 44,867 |
Common equity securities |  |  | 696 |  |  |  | 403 |  |  |  | 6 |  |  |  | 1,093 |
Total |  | $ | 297,022 |  |  | $ | 6,035 |  |  | $ | 831 |  |  | $ | 302,226 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored enterprises |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt |  | $ | 7,371 |  |  | $ | 15 |  |  | $ | 511 |  |  | $ | 6,875 |
Corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 112 |  |  |  | 2 |  |  |  |  |  |  |  | 114 |
U.S. Government-sponsored enterprises |  |  | 9,124 |  |  |  | 484 |  |  |  |  |  |  |  | 9,608 |
Common equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 16,607 |  |  | $ | 501 |  |  | $ | 511 |  |  | $ | 16,597 |
December 31, 2013 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 207 |  |  |  |  |  |  | $ | 3 |  |  | $ | 204 |
U.S. Government-sponsored enterprises |  |  | 113,221 |  |  | $ | 296 |  |  |  | 472 |  |  |  | 113,045 |
State and municipals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 16,664 |  |  |  | 160 |  |  |  | 126 |  |  |  | 16,698 |
Tax-exempt |  |  | 96,194 |  |  |  | 2,267 |  |  |  | 380 |  |  |  | 98,081 |
Corporate debt securities |  |  | 4,433 |  |  |  | 32 |  |  |  | 78 |  |  |  | 4,387 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 20,179 |  |  |  | 113 |  |  |  | 63 |  |  |  | 20,229 |
U.S. Government-sponsored enterprises |  |  | 45,251 |  |  |  | 763 |  |  |  | 40 |  |  |  | 45,974 |
Common equity securities |  |  | 756 |  |  |  | 351 |  |  |  | 10 |  |  |  | 1,097 |
Total |  | $ | 296,905 |  |  | $ | 3,982 |  |  | $ | 1,172 |  |  | $ | 299,715 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored enterprises |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt |  | $ | 7,372 |  |  | $ | 11 |  |  | $ | 777 |  |  | $ | 6,606 |
Corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 117 |  |  |  | 2 |  |  |  |  |  |  |  | 119 |
U.S. Government-sponsored enterprises |  |  | 9,806 |  |  |  | 644 |  |  |  |  |  |  |  | 10,450 |
Common equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 17,295 |  |  | $ | 657 |  |  | $ | 777 |  |  | $ | 17,175 |
The maturity distribution of the fair value, which is the net carrying amount, of the debt securities classified as available-for-sale at March 31, 2014, is summarized as follows:
March 31, 2014 |  | Fair Value |
Within one year |  | $ | 19,565 |
After one but within five years |  |  | 105,407 |
After five but within ten years |  |  | 25,561 |
After ten years |  |  | 76,078 |
|  |  | 226,611 |
Mortgage-backed securities |  |  | 74,522 |
Total |  | $ | 301,133 |
The maturity distribution of the amortized cost and fair value, of debt securities classified as held-to-maturity at March 31, 2014, is summarized as follows:
March 31, 2014 |  | Amortized Cost |  |  | Fair Value |
Within one year |  |  |  |  |  |  |  |
After one but within five years |  | $ | 158 |  |  | $ | 162 |
After five but within ten years |  |  | 342 |  |  |  | 353 |
After ten years |  |  | 6,871 |  |  |  | 6,360 |
|  |  | 7,371 |  |  |  | 6,875 |
Mortgage-backed securities |  |  | 9,236 |  |  |  | 9,722 |
Total |  | $ | 16,607 |  |  | $ | 16,597 |
Securities with a carrying value of $205,549 and $202,407 at March 31, 2014 and December 31, 2013, respectively, were pledged to secure public deposits and repurchase agreements as required or permitted by law. Securities and short-term investment activities are conducted with a diverse group of government entities, corporations and state and local municipalities. The counterparty’s creditworthiness and type of collateral is evaluated on a case-by-case basis. At March 31, 2014 and December 31, 2013, there were no significant concentrations of credit risk from any one issuer, with the exception of U.S. Government agencies and sponsored enterprises, that exceeded 10.0 percent of stockholders’ equity. The fair value and gross unrealized losses of investment securities with unrealized losses for which an other-than-temporary impairment (“OTTI”) has not been recognized at March 31, 2014 and December 31, 2013, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized as follows:
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
March 31, 2014 |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Government agencies |  | $ | 203 |  |  | $ | 2 |  |  |  |  |  |  |  |  |  |  | $ | 203 |  |  | $ | 2 |
U.S. Government-sponsored enterprises |  |  | 57,250 |  |  |  | 286 |  |  | $ | 3,102 |  |  | $ | 2 |  |  |  | 60,352 |  |  |  | 288 |
State and municipals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 3,646 |  |  |  | 35 |  |  |  |  |  |  |  |  |  |  |  | 3,646 |  |  |  | 35 |
Tax-exempt |  |  | 27,309 |  |  |  | 543 |  |  |  | 546 |  |  |  | 51 |  |  |  | 27,855 |  |  |  | 594 |
Corporate debt securities |  |  | 1,094 |  |  |  | 69 |  |  |  |  |  |  |  |  |  |  |  | 1,094 |  |  |  | 69 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 22,474 |  |  |  | 278 |  |  |  |  |  |  |  |  |  |  |  | 22,474 |  |  |  | 278 |
U.S. Government-sponsored enterprises |  |  | 9,586 |  |  |  | 70 |  |  |  |  |  |  |  |  |  |  |  | 9,586 |  |  |  | 70 |
Common equity securities |  |  | 70 |  |  |  | 6 |  |  |  |  |  |  |  |  |  |  |  | 70 |  |  |  | 6 |
Total |  | $ | 121,632 |  |  | $ | 1,289 |  |  | $ | 3,648 |  |  | $ | 53 |  |  | $ | 125,280 |  |  | $ | 1,342 |
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
December 31, 2013 |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Government agencies |  | $ | 204 |  |  | $ | 3 |  |  |  |  |  |  |  |  |  |  | $ | 204 |  |  | $ | 3 |
U.S. Government-sponsored enterprises |  |  | 66,391 |  |  |  | 468 |  |  | $ | 3,114 |  |  | $ | 4 |  |  |  | 69,505 |  |  |  | 472 |
State and municipals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 10,621 |  |  |  | 126 |  |  |  |  |  |  |  |  |  |  |  | 10,621 |  |  |  | 126 |
Tax-exempt |  |  | 36,471 |  |  |  | 1,157 |  |  |  |  |  |  |  |  |  |  |  | 36,471 |  |  |  | 1,157 |
Corporate debt securities |  |  | 1,095 |  |  |  | 78 |  |  |  |  |  |  |  |  |  |  |  | 1,095 |  |  |  | 78 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 12,774 |  |  |  | 63 |  |  |  |  |  |  |  |  |  |  |  | 12,774 |  |  |  | 63 |
U.S. Government-sponsored enterprises |  |  | 5,624 |  |  |  | 40 |  |  |  |  |  |  |  |  |  |  |  | 5,624 |  |  |  | 40 |
Common equity securities |  |  | 137 |  |  |  | 10 |  |  |  |  |  |  |  |  |  |  |  | 137 |  |  |  | 10 |
Total |  | $ | 133,317 |  |  | $ | 1,945 |  |  | $ | 3,114 |  |  | $ | 4 |  |  | $ | 136,431 |  |  | $ | 1,949 |
The Company had 114 investment securities, consisting of 54 tax-exempt state and municipal obligations, 6 taxable state and municipal obligations, 32 U.S. Government-sponsored enterprise securities, 19 mortgage-backed securities, one corporate debt security, one U.S. Government agency security and one common equity security that were in unrealized loss positions at March 31, 2014. Of these securities, one U.S. Government-sponsored enterprise security and one tax-exempt state and municipal security were in a continuous unrealized loss position for twelve months or more. The unrealized loss on the common equity securities was a direct reflection of reductions from historical levels in stock values in the financial industry sector, as a whole, and was not a result of credit or other issues that would cause the Company to realize an OTTI charge. Management does not consider the unrealized losses on the debt securities, as a result of changes in interest rates, to be OTTI based on historical evidence that indicates the cost of these securities is recoverable within a reasonable period of time in relation to normal cyclical changes in the market rates of interest. Moreover, because there has been no material change in the credit quality of the issuers or other events or circumstances that may cause a significant adverse impact on the fair value of these securities, and management does not intend to sell these securities and it is unlikely that the Company will be required to sell these securities before recovery of their amortized cost basis, which may be maturity, the Company does not consider the unrealized losses to be OTTI at March 31, 2014. There was no OTTI recognized for the three months ended March 31, 2014 and 2013. The Company had 153 investment securities, consisting of 79 tax-exempt state and municipal obligations, 16 taxable state and municipal obligations, 39 U.S. Government-sponsored enterprise securities, 15 mortgage-backed securities, one corporate debt security, one U.S. Government agency and two common equity securities that were in unrealized loss positions at December 31, 2013. Of these securities, one U.S. Government-sponsored enterprise security was in continuous unrealized loss position for twelve months or more.

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