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Investment securities | 12 Months Ended
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Dec. 31, 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 December 31, 2015 and 2014 are summarized as follows:
|  |  |  |  | Gross |  | Gross |  |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair |
December 31, 2015 |  | Cost |  | Gains |  | Losses |  | Value |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 10,030 |  |  |  |  |  | 31 |  | $ | 9,999 |
U.S. Government-sponsored enterprises |  |  | 68,831 |  | $ | 291 |  | $ | 62 |  |  | 69,060 |
State and municipals: |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 15,842 |  |  | 735 |  |  | 32 |  |  | 16,545 |
Tax-exempt |  |  | 121,099 |  |  | 3,915 |  |  | 90 |  |  | 124,924 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 31,612 |  |  | 73 |  |  | 117 |  |  | 31,568 |
U.S. Government-sponsored enterprises |  |  | 32,928 |  |  | 119 |  |  | 208 |  |  | 32,839 |
Total |  | $ | 280,342 |  | $ | 5,133 |  | $ | 540 |  | $ | 284,935 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt state and municipals |  | $ | 6,865 |  | $ | 186 |  | $ | 16 |  | $ | 7,035 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 84 |  |  | 1 |  |  |  |  |  | 85 |
U.S. Government-sponsored enterprises |  |  | 5,160 |  |  | 326 |  |  |  |  |  | 5,486 |
Total |  | $ | 12,109 |  | $ | 513 |  | $ | 16 |  | $ | 12,606 |
|  |  |  |  | Gross |  | Gross |  |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair |
December 31, 2014 |  | Cost |  | Gains |  | Losses |  | 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 Company had net unrealized gains of $2,985, net of deferred income taxes of $1,608 at December 31, 2015, and $4,090, net of deferred income taxes of $2,202, at December 31, 2014. Proceeds from the sale of investment securities available-for-sale amounted to $81,983 in 2015, $15,389 in 2014, and $4,573 in 2013. Gross gains of $1,189, $919, and $163 were realized on the sale of securities in 2015, 2014, and 2013, respectively. There were no gross losses in 2015 or 2013. Gross losses of $58 were realized on the sale of securities in 2014. The income tax provision applicable to net realized gains amounted to $416, $301, and $55 in 2015, 2014, 2013, respectively. The maturity distribution of the fair value, which is the net carrying amount, of the debt securities classified as available-for-sale at December 31, 2015, is summarized as follows:
|  | Fair |
December 31, 2015 |  | Value |
Within one year |  | $ | 27,675 |
After one but within five years |  |  | 96,309 |
After five but within ten years |  |  | 49,563 |
After ten years |  |  | 46,981 |
|  |  | 220,528 |
Mortgage-backed securities |  |  | 64,407 |
Total |  | $ | 284,935 |
The maturity distribution of the amortized cost and fair value, of debt securities classified as held-to-maturity at December 31, 2015, is summarized as follows:
|  | Amortized |  | Fair |
December 31, 2015 |  | Cost |  | Value |
Within one year |  | $ |  |  | $ |  |
After one but within five years |  |  |  |  |  |  |
After five but within ten years |  |  |  |  |  |  |
After ten years |  |  | 6,865 |  |  | 7,035 |
|  |  | 6,865 |  |  | 7,035 |
Mortgage-backed securities |  |  | 5,244 |  |  | 5,571 |
Total |  | $ | 12,109 |  | $ | 12,606 |
Securities with a carrying value of $180,478 and $216,192 at December 31, 2015 and 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 December 31, 2015 and 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 OTTI has not been recognized at December 31, 2015 and 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 |
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized |
December 31, 2015 |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses |
U.S. Treasury securities |  | $ | 9,999 |  | $ | 31 |  | $ |  |  | $ |  |  | $ | 9,999 |  | $ | 31 |
U.S. Government-sponsored enterprises |  |  | 34,159 |  |  | 62 |  |  |  |  |  |  |  |  | 34,159 |  |  | 62 |
State and municipals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  |  |  |  |  |  |  | 532 |  |  | 32 |  |  | 532 |  |  | 32 |
Tax-exempt |  |  | 21,341 |  |  | 87 |  |  | 1,952 |  |  | 19 |  |  | 23,293 |  |  | 106 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 15,114 |  |  | 56 |  |  | 5,477 |  |  | 61 |  |  | 20,591 |  |  | 117 |
U.S. Government-sponsored enterprises |  |  | 17,647 |  |  | 104 |  |  | 6,030 |  |  | 104 |  |  | 23,677 |  |  | 208 |
Total |  | $ | 98,260 |  | $ | 340 |  | $ | 13,991 |  | $ | 216 |  | $ | 112,251 |  | $ | 556 |
|  | Less Than 12 Months |  | 12 Months or More |  | Total |
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized |
December 31, 2014 |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses |
U.S. Treasury securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 88 investment securities, consisting of 38 tax-exempt state and municipal obligations, one U.S. Treasury security, one taxable state and municipal obligation, twelve U.S. Government-sponsored enterprise securities and 36 mortgage-backed securities that were in unrealized loss positions at December 31, 2015. Of these securities, seven mortgage-backed 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. 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 December 31, 2015. 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 continuous unrealized loss positions for twelve months or more. There was no OTTI recognized for each of the years in the three-year period ended December 31, 2015.

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