Investment securities (Tables)

9 Months Ended

Sep. 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 September 30, 2014 and December 31, 2013 are summarized as follows:


September 30, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale:
U.S. Treasury securities	$	48,357			$	296	$	48,061
U.S. Government-sponsored enterprises		101,294	$	186		228		101,252
State and municipals:
Taxable		16,534		727		25		17,236
Tax-exempt		89,340		4,782		16		94,106
Corporate debt securities
Mortgage-backed securities:
U.S. Government agencies		39,677		121		287		39,511
U.S. Government-sponsored enterprises		50,863		247		451		50,659
Common equity securities

Total	$	346,065	$	6,063	$	1,303	$	350,825

Held-to-maturity:
State and municipals:
Taxable
Tax-exempt	$	7,370	$	14	$	207	$	7,177
Mortgage-backed securities:
U.S. Government agencies		104		2				106
U.S. Government-sponsored enterprises		7,790		443				8,233

Total	$	15,264	$	459	$	207	$	15,516


December 31, 2013	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale:
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		20,386		113		66		20,433
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:
State and municipals:
Taxable
Tax-exempt	$	7,372	$	11	$	777	$	6,606
Mortgage-backed securities:
U.S. Government agencies		117		2				119
U.S. Government-sponsored enterprises		9,806		644				10,450

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 September 30, 2014, is summarized as follows:


September 30, 2014	Amortized Cost		Fair Value
Within one year
After one but within five years	$	325	$	333
After five but within ten years		176		182
After ten years		6,869		6,662

		7,370		7,177
Mortgage-backed securities		7,894		8,339

Total	$	15,264	$	15,516

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 September 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
September 30, 2014	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities	$	48,061	$	296					$	48,061	$	296
U.S. Government-sponsored enterprises		32,649		74	$	20,940	$	154		53,589		228
State and municipals:
Taxable		1,599		25						1,599		25
Tax-exempt		8,417		35		4,776		188		13,193		223
Corporate debt securities
Mortgage-backed securities:
U.S. Government agencies		26,466		287						26,466		287
U.S. Government-sponsored enterprises		29,382		451						29,382		451
Common equity securities

Total	$	146,574	$	1,168	$	25,716	$	342	$	172,290	$	1,510


	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-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		12,978		66						12,978		66
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 September 30, 2014, is summarized as follows:


September 30, 2014	Fair Value
Within one year	$	28,889
After one but within five years		132,467
After five but within ten years		32,136
After ten years		67,163

		260,655
Mortgage-backed securities		90,170

Total	$	350,825