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Investment securities | 6 Months Ended
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Jun. 30, 2015
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 June 30, 2015 and December 31, 2014 are summarized as follows:
June 30 2015 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 30,631 |  |  | $ | 84 |  |  | $ | 30 |  |  | $ | 30,685 |
U.S. Government-sponsored enterprises |  |  | 85,377 |  |  |  | 490 |  |  |  | 5 |  |  |  | 85,862 |
State and municipals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 15,930 |  |  |  | 804 |  |  |  | 22 |  |  |  | 16,712 |
Tax-exempt |  |  | 109,241 |  |  |  | 3,886 |  |  |  | 613 |  |  |  | 112,514 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 32,995 |  |  |  | 156 |  |  |  | 62 |  |  |  | 33,089 |
U.S. Government-sponsored enterprises |  |  | 39,848 |  |  |  | 250 |  |  |  | 170 |  |  |  | 39,928 |
Total |  | $ | 314,022 |  |  | $ | 5,670 |  |  | $ | 902 |  |  | $ | 318,790 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipals Tax-exempt |  | $ | 7,369 |  |  | $ | 103 |  |  | $ | 53 |  |  | $ | 7,419 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 93 |  |  |  | 1 |  |  |  |  |  |  |  | 94 |
U.S. Government-sponsored enterprises |  |  | 6,164 |  |  |  | 427 |  |  |  |  |  |  |  | 6,591 |
Total |  | $ | 13,626 |  |  | $ | 531 |  |  | $ | 53 |  |  | $ | 14,104 |
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 |
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, 2015, is summarized as follows:
June 30, 2015 |  | Fair Value |
Within one year |  | $ | 28,289 |
After one but within five years |  |  | 108,675 |
After five but within ten years |  |  | 54,059 |
After ten years |  |  | 54,750 |
|  |  | 245,773 |
Mortgage-backed securities |  |  | 73,017 |
Total |  | $ | 318,790 |
The maturity distribution of the amortized cost and fair value, of debt securities classified as held-to-maturity at June 30, 2015, is summarized as follows:
June 30, 2015 |  | Amortized Cost |  |  | Fair Value |
Within one year |  |  |  |  |  |  |  |
After one but within five years |  | $ | 326 |  |  | $ | 330 |
After five but within ten years |  |  | 176 |  |  |  | 180 |
After ten years |  |  | 6,867 |  |  |  | 6,909 |
|  |  | 7,369 |  |  |  | 7,419 |
Mortgage-backed securities |  |  | 6,257 |  |  |  | 6,685 |
Total |  | $ | 13,626 |  |  | $ | 14,104 |
Securities with a carrying value of $191,687 and $216,192 at June 30, 2015 and December 31, 2014, 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 June 30, 2015 and December 31, 2014, 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 June 30, 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 |
June 30, 2015 |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Treasury securities |  | $ | 10,044 |  |  | $ | 30 |  |  |  |  |  |  |  |  |  |  | $ | 10,044 |  |  | $ | 30 |
U.S. Government-sponsored enterprises |  |  | 3,003 |  |  |  | 5 |  |  |  |  |  |  |  |  |  |  |  | 3,003 |  |  |  | 5 |
State and municipals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  |  |  |  |  |  |  |  | $ | 545 |  |  | $ | 22 |  |  |  | 545 |  |  |  | 22 |
Tax-exempt |  |  | 44,196 |  |  |  | 636 |  |  |  | 786 |  |  |  | 30 |  |  |  | 44,982 |  |  |  | 666 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 7,457 |  |  |  | 26 |  |  |  | 5,402 |  |  |  | 36 |  |  |  | 12,859 |  |  |  | 62 |
U.S. Government-sponsored enterprises |  |  | 13,785 |  |  |  | 68 |  |  |  | 3,721 |  |  |  | 102 |  |  |  | 17,506 |  |  |  | 170 |
Total |  | $ | 78,485 |  |  | $ | 765 |  |  | $ | 10,454 |  |  | $ | 190 |  |  | $ | 88,939 |  |  | $ | 955 |
|  | 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 |
The Company had 110 investment securities, consisting of 84 tax-exempt state and municipal obligations, two U.S. Treasury Securities, one taxable state and municipal obligation, one U.S. Government-sponsored enterprise securities, and 22 mortgage-backed securities that were in unrealized loss positions at June 30, 2015. Of these securities, one taxable state and municipal obligation, six mortgage-backed securities and three tax-exempt state and municipal securities were in a continuous unrealized loss position for twelve months or more. 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 June 30, 2015. There was no OTTI recognized for the three or six months ended June 30, 2015 and 2014. The Company had 52 investment securities, consisting of 16 tax-exempt state and municipal obligations, one taxable state and municipal obligation, nine U.S. Government-sponsored enterprise securities and 26 mortgage-backed securities that were in unrealized loss positions at December 31, 2014. Of these securities, two U.S. Government-sponsored enterprise securities, four tax-exempt state and municipal securities, and one taxable state and municipal obligation were in a continuous unrealized loss position for twelve months or more.

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