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Investment securities | 6 Months Ended
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Jun. 30, 2016
Investment securities |
Investment securities | 4. Investment securities: The amortized cost and fair value of investment securities aggregated by investment category at June 30, 2016 and December 31, 2015 are summarized as follows:
|  |  |  |  | Gross |  | Gross |  |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair |
June 30, 2016 |  | Cost |  | Gains |  | Losses |  | Value |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored enterprises |  | $ | 58,307 |  | $ | 438 |  |  |  |  | $ | 58,745 |
State and municipals: |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 14,767 |  |  | 1,182 |  |  |  |  |  | 15,949 |
Tax-exempt |  |  | 119,021 |  |  | 4,136 |  | $ | 2 |  |  | 123,155 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 25,878 |  |  | 189 |  |  | 13 |  |  | 26,054 |
U.S. Government-sponsored enterprises |  |  | 27,316 |  |  | 241 |  |  | 78 |  |  | 27,479 |
Total |  | $ | 245,289 |  | $ | 6,186 |  | $ | 93 |  | $ | 251,382 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt state and municipals |  | $ | 6,864 |  | $ | 488 |  | $ |  |  | $ | 7,352 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 76 |  |  | 2 |  |  |  |  |  | 78 |
U.S. Government-sponsored enterprises |  |  | 4,322 |  |  | 313 |  |  |  |  |  | 4,635 |
Total |  | $ | 11,262 |  | $ | 803 |  | $ |  |  | $ | 12,065 |
|  |  |  |  | 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 |
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, 2016, is summarized as follows:
|  | Fair |
June 30, 2016 |  | Value |
Within one year |  | $ | 28,145 |
After one but within five years |  |  | 78,332 |
After five but within ten years |  |  | 59,725 |
After ten years |  |  | 31,647 |
|  |  | 197,849 |
Mortgage-backed securities |  |  | 53,533 |
Total |  | $ | 251,382 |
The maturity distribution of the amortized cost and fair value, of debt securities classified as held-to-maturity at June 30, 2016, is summarized as follows:
|  | Amortized |  | Fair |
June 30, 2016 |  | Cost |  | Value |
Within one year |  |  |  |  |  |  |
After one but within five years |  |  |  |  |  |  |
After five but within ten years |  |  |  |  |  |  |
After ten years |  | $ | 6,864 |  | $ | 7,352 |
|  |  | 6,864 |  |  | 7,352 |
Mortgage-backed securities |  |  | 4,398 |  |  | 4,713 |
Total |  | $ | 11,262 |  | $ | 12,065 |
Securities with a carrying value of $154,673 and $180,478 at June 30, 2016 and December 31, 2015, 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, 2016 and December 31, 2015, 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, 2016 and December 31, 2015, 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 |
June 30, 2016 |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses |
U.S. Government-sponsored enterprises |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt |  | $ | 2,749 |  | $ | 1 |  | $ | 633 |  | $ | 1 |  | $ | 3,382 |  | $ | 2 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  |  |  |  |  |  |  | 1,844 |  |  | 13 |  |  | 1,844 |  |  | 13 |
U.S. Government-sponsored enterprises |  |  | 1,341 |  |  | 1 |  |  | 2,658 |  |  | 77 |  |  | 3,999 |  |  | 78 |
Total |  | $ | 4,090 |  | $ | 2 |  | $ | 5,135 |  | $ | 91 |  | $ | 9,225 |  | $ | 93 |
|  | 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 |
The Company had 24 investment securities, consisting of 11 tax-exempt state and municipal obligations, and 13 mortgage-backed securities that were in unrealized loss positions at June 30, 2016. Of these securities, one tax-exempt state and municipal obligation and five mortgage-backed 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, 2016. There was no OTTI recognized for the three or six months ended June 30, 2016 and 2015. The Company had 88 investment securities, consisting of 38 tax-exempt state and municipal obligations, one taxable state and municipal obligation, one U.S. Treasury security, 12 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.

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