Investment securities (Tables)

3 Months Ended

Mar. 31, 2014

Amortized Cost and Fair Value of Investment Securities Aggregated by Investment Category

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

Maturity Distribution of Debt Securities

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

Fair Value and Unrealized Losses of Investment Securities in Continuous Unrealized Loss Position

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

Available-for-Sale Securities [Member]

Maturity Distribution of Debt Securities

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