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Investments (Tables)

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Available-for-sale securities reconciliation

The following table sets forth the carrying values and estimated fair values of our investment securities portfolio at the dates indicated (in thousands): 

		September 30, 2015
Available-for-Sale Securities		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Debt securities:
U.S. Government agencies		$	51,679			$	377			$	(142	)		$	51,914
Obligations of states and political subdivisions		174,758				5,358				(1,117		)		178,999
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		208,318				2,633				(408		)		210,543
Private label residential mortgage backed securities		2,473				1,272				—				3,745
Other equity securities		7,500				141				—				7,641
Total available-for-sale		$	444,728			$	9,781			$	(1,667	)		$	452,842

		September 30, 2015
Held-to-Maturity Securities		Amortized Cost				Gross Unrecognized Gains				Gross Unrecognized Losses				Estimated Fair Value
Debt securities:
Obligations of states and political subdivisions		$	32,367			$	2,900			$	(11	)		$	35,256

		December 31, 2014
Available-for-Sale Securities		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Debt securities:
U.S. Government agencies		$	33,088			$	245			$	(243	)		$	33,090
Obligations of states and political subdivisions		143,343				6,266				(314		)		149,295
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		236,629				2,033				(790		)		237,872
Private label residential mortgage backed securities		3,079				1,614				—				4,693
Other equity securities		7,500				85				—				7,585
Total available-for-sale		$	423,639			$	10,243			$	(1,347	)		$	432,535

Realized gains and losses

Proceeds and gross realized gains (losses) from the sales or calls of investment securities for the periods ended September 30, 2015 and 2014 are shown below (in thousands):

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
Available-for-Sale Securities		2015				2014				2015				2014
Proceeds from sales or calls		$	—			$	21,741			$	92,647			$	73,982
Gross realized gains from sales or calls		—				271				1,692				1,423
Gross realized losses from sales or calls		—				(31		)		(233		)		(850		)

Securities in a continuous unrealized loss position

Investment securities, aggregated by investment category, with unrealized losses as of the dates indicated are summarized and classified according to the duration of the loss period as follows (in thousands): 

		September 30, 2015
		Less than 12 Months								12 Months or More								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
Available-for-Sale Securities		Value				Losses				Value				Losses				Value				Losses
Debt securities:
U.S. Government agencies		$	14,470			$	(27	)		$	4,797			$	(115	)		$	19,267			$	(142	)
Obligations of states and political subdivisions		67,406				(1,117		)		—				—				67,406				(1,117		)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		24,951				(139		)		18,440				(269		)		43,391				(408		)
Total available-for-sale		$	106,827			$	(1,283	)		$	23,237			$	(384	)		$	130,064			$	(1,667	)

		September 30, 2015
		Less than 12 Months								12 Months or More								Total
		Fair				Unrecognized				Fair				Unrecognized				Fair				Unrecognized
Held-to-Maturity Securities		Value				Losses				Value				Losses				Value				Losses
Debt securities:
Obligations of states and political subdivisions		$	1,048			$	(11	)		$	—			$	—			$	1,048			$	(11	)

		December 31, 2014
		Less than 12 Months								12 Months or More								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
Available-for-Sale Securities		Value				Losses				Value				Losses				Value				Losses
Debt securities:
U.S. Government agencies		$	10,950			$	(193	)		$	1,737			$	(50	)		$	12,687			$	(243	)
Obligations of states and political subdivisions		16,776				(89		)		15,290				(225		)		32,066				(314		)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		52,905				(420		)		31,000				(370		)		83,905				(790		)
Total available-for-sale		$	80,631			$	(702	)		$	48,027			$	(645	)		$	128,658			$	(1,347	)

		December 31, 2014
		Less than 12 Months								12 Months or More								Total
		Fair				Unrecognized				Fair				Unrecognized				Fair				Unrecognized
Held-to-Maturity Securities		Value				Losses				Value				Losses				Value				Losses
Debt securities:
Obligations of states and political subdivisions		$	1,067			$	(6	)		$	—			$	—			$	1,067			$	(6	)

Credit losses recorded in earnings

Other Equity Securities

At September 30, 2015, the Company had one mutual fund equity investment. The equity investment was not recorded with an unrealized loss at September 30, 2015.

The following tables provide a roll forward for the three and nine month periods ended September 30, 2015 and 2014 of investment securities credit losses recorded in earnings. The beginning balance represents the credit loss component for which OTTI occurred on debt securities in prior periods.  Additions represent the first time a debt security was credit impaired or when subsequent credit impairments have occurred on securities for which OTTI credit losses have been previously recognized. 

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
(In thousands)		2015				2014				2015				2014
Beginning balance		$	747			$	800			$	747			$	800
Amounts related to credit loss for which an OTTI charge was not previously recognized		—				—				—				—
Increases to the amount related to credit loss for which OTTI was previously recognized		—				—				—				—
Realized losses for securities sold		—				—				—				—
Ending balance		$	747			$	800			$	747			$	800

Investments by contractual maturity

		September 30, 2015
Available-for-Sale Securities		Amortized Cost				Estimated Fair Value
Within one year		$	—			$	—
After one year through five years		11,621				12,010
After five years through ten years		30,472				31,322
After ten years		132,665				135,667
		174,758				178,999
Investment securities not due at a single maturity date:
U.S. Government agencies		51,679				51,914
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		208,318				210,543
Private label residential mortgage backed securities		2,473				3,745
Other equity securities		7,500				7,641
Total available-for-sale		$	444,728			$	452,842

		September 30, 2015
Held-to-Maturity Securities		Amortized Cost				Estimated Fair Value
After ten years		$	32,367			$	35,256

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Tabular disclosure of fair value of investments in debt and equity securities in an unrealized loss position categorized neither as held-to-maturity nor trading securities.

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Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 320



-SubTopic 10



-Section 50



-Paragraph 8



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+ References

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-Publisher FASB



-Name Accounting Standards Codification



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