Investment securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2014 and December 31, 2013 are summarized as follows:


June 30, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale:
U.S. Government agencies	$	190			$	1	$	189
U.S. Government-sponsored enterprises		107,600	$	339		145		107,794
State and municipals:
Taxable		16,577		605		26		17,156
Tax-exempt		91,891		4,922		45		96,768
Corporate debt securities
Mortgage-backed securities:
U.S. Government agencies		35,192		102		224		35,070
U.S. Government-sponsored enterprises		54,278		791		264		54,805
Common equity securities		309		237		5		541

Total	$	306,037	$	6,996	$	710	$	312,323


Held-to-maturity:
U.S. Government-sponsored enterprises State and municipals:
Taxable
Tax-exempt	$	7,371	$	9	$	366	$	7,014
Corporate debt securities
Mortgage-backed securities:
U.S. Government agencies		108		1				109
U.S. Government-sponsored enterprises		8,436		513				8,949
Common equity securities

Total	$	15,915	$	523	$	366	$	16,072


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 June 30, 2014, is summarized as follows:


June 30, 2014	Amortized Cost		Fair Value
Within one year
After one but within five years	$	158	$	160
After five but within ten years		343		350
After ten years		6,870		6,504

		7,371		7,014
Mortgage-backed securities		8,544		9,058

Total	$	15,915	$	16,072

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 June 30, 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
June 30, 2014	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Government agencies	$	189	$	1					$	189	$	1
U.S. Government-sponsored enterprises		17,024		23	$	20,983	$	122		38,007		145
State and municipals:
Taxable		548		26						548		26
Tax-exempt		15,669		53		4,607		358		20,276		411
Corporate debt securities
Mortgage-backed securities:
U.S. Government agencies		25,233		224						25,233		224
U.S. Government-sponsored enterprises		18,255		264						18,255		264
Common equity securities		72		5						72		5

Total	$	76,990	$	596	$	25,590	$	480	$	102,580	$	1,076


	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 June 30, 2014, is summarized as follows:


June 30, 2014	Fair Value
Within one year	$	28,554
After one but within five years		93,270
After five but within ten years		28,180
After ten years		71,903

		221,907
Mortgage-backed securities		89,875

Total	$	311,782