Investment securities (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015 and December 31, 2014 are summarized as follows:


March 31, 2015	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale:
U.S. Government-sponsored enterprises	$	95,683	$	487	$	22	$	96,148
State and municipals:
Taxable		16,447		1,063		15		17,495
Tax-exempt		83,133		4,563		47		87,649
Mortgage-backed securities:
U.S. Government agencies		35,339		154		93		35,400
U.S. Government-sponsored enterprises		43,471		286		149		43,608

Total	$	274,073	$	6,553	$	326	$	280,300

Held-to-maturity:
Tax-exempt state and municipals	$	7,370	$	103	$	33	$	7,440
Mortgage-backed securities:
U.S. Government agencies		96		1				97
U.S. Government-sponsored enterprises		6,706		486				7,192

Total	$	14,172	$	590	$	33	$	14,729


December 31, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale:
U.S. Treasury securities	$	48,393	$	157			$	48,550
U.S. Government-sponsored enterprises		95,990		337	$	82		96,245
State and municipals:
Taxable		16,490		943		26		17,407
Tax-exempt		87,954		4,971		24		92,901
Mortgage-backed securities:
U.S. Government agencies		37,511		132		167		37,476
U.S. Government-sponsored enterprises		46,956		277		226		47,007

Total	$	333,294	$	6,817	$	525	$	339,586

Held-to-maturity:
Tax-exempt state and municipals	$	7,370	$	105	$	38	$	7,437
Mortgage-backed securities:
U.S. Government agencies		100		2				102
U.S. Government-sponsored enterprises		7,195		481				7,676

Total	$	14,665	$	588	$	38	$	15,215

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, 2015, is summarized as follows:


March 31, 2015	Amortized Cost		Fair Value
Within one year
After one but within five years	$	326	$	334
After five but within ten years		176		182
After ten years		6,868		6,924

		7,370		7,440
Mortgage-backed securities		6,802		7,289

Total	$	14,172	$	14,729

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, 2015 and December 31, 2014, 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, 2015	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Government-sponsored enterprises	$	7,970	$	12	$	2,999	$	10	$	10,969	$	22
State and municipals:
Taxable						554		15		554		15
Tax-exempt		14,234		61		787		19		15,021		80
Mortgage-backed securities:
U.S. Government agencies		14,885		62		3,790		31		18,675		93
U.S. Government-sponsored enterprises		19,098		149						19,098		149

Total	$	56,187	$	284	$	8,130	$	75	$	64,317	$	359


	Less Than 12 Months				12 Months or More				Total
December 31, 2014	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Government-sponsored enterprises	$	21,228	$	33	$	7,954	$	49	$	29,182	$	82
State and municipals:
Taxable						544		26		544		26
Tax-exempt		4,702		23		2,423		39		7,125		62
Mortgage-backed securities:
U.S. Government agencies		20,148		167						20,148		167
U.S. Government-sponsored enterprises		22,870		226						22,870		226

Total	$	68,948	$	449	$	10,921	$	114	$	79,869	$	563

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, 2015, is summarized as follows:


March 31, 2015	Fair Value
Within one year	$	32,644
After one but within five years		80,316
After five but within ten years		28,954
After ten years		59,378

		201,292
Mortgage-backed securities		79,008

Total	$	280,300