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Investments (Tables)

3 Months Ended

Mar. 31, 2016

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): 

		March 31, 2016
Available-for-Sale Securities		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Debt securities:
U.S. Government agencies		$	51,194			$	499			$	(135	)		$	51,558
Obligations of states and political subdivisions		204,242				10,611				(96		)		214,757
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		223,234				1,990				(583		)		224,641
Private label residential mortgage backed securities		2,255				1,119				—				3,374
Other equity securities		7,500				148				—				7,648
Total available-for-sale		$	488,425			$	14,367			$	(814	)		$	501,978

		December 31, 2015
Available-for-Sale Securities		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Debt securities:
U.S. Government agencies		$	52,803			$	315			$	(217	)		$	52,901
Obligations of states and political subdivisions		181,785				6,779				(296		)		188,268
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		225,636				1,042				(1,419		)		225,259
Private label residential mortgage backed securities		2,356				1,234				—				3,590
Other equity securities		7,500				36				—				7,536
Total available-for-sale		$	470,080			$	9,406			$	(1,932	)		$	477,554

Realized gains and losses

Proceeds and gross realized gains (losses) from the sales or calls of investment securities for the periods ended March 31, 2016 and 2015 are shown below (in thousands):

		For the Quarter Ended March 31,
Available-for-Sale Securities		2016				2015
Proceeds from sales or calls		$	25,353			$	38,933
Gross realized gains from sales or calls		545				765
Gross realized losses from sales or calls		(111		)		(39		)

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): 

		March 31, 2016
		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		$	10,899			$	(56	)		$	3,785			$	(79	)		$	14,684			$	(135	)
Obligations of states and political subdivisions		9,791				(82		)		4,319				(14		)		14,110				(96		)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		79,876				(366		)		12,531				(217		)		92,407				(583		)
Total available-for-sale		$	100,566			$	(504	)		$	20,635			$	(310	)		$	121,201			$	(814	)

		December 31, 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		$	21,348			$	(125	)		$	3,954			$	(92	)		$	25,302			$	(217	)
Obligations of states and political subdivisions		40,016				(296		)		—				—				40,016				(296		)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		124,688				(1,109		)		16,234				(310		)		140,922				(1,419		)
Total available-for-sale		$	186,052			$	(1,530	)		$	20,188			$	(402	)		$	206,240			$	(1,932	)

		December 31, 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		$	1,053			$	(1	)		$	—			$	—			$	1,053			$	(1	)

Credit losses recorded in earnings

Other Equity Securities

At March 31, 2016, the Company had one mutual fund equity investment. The equity investment was not recorded with an unrealized loss at March 31, 2016.

The following tables provide a roll forward for the three month periods ended March 31, 2016 and 2015 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 Quarter Ended March 31,
(In thousands)		2016				2015
Beginning balance		$	747			$	747
Amounts related to credit loss for which an OTTI charge was not previously recognized		136				—
Increases to the amount related to credit loss for which OTTI was previously recognized		—				—
Realized losses for securities sold		—				—
Ending balance		$	883			$	747

Investments by contractual maturity

		March 31, 2016
Available-for-Sale Securities		Amortized Cost				Estimated Fair Value
Within one year		$	—			$	—
After one year through five years		13,635				14,185
After five years through ten years		38,100				39,642
After ten years		152,507				160,930
		204,242				214,757
Investment securities not due at a single maturity date:
U.S. Government agencies		51,194				51,558
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		223,234				224,641
Private label residential mortgage backed securities		2,255				3,374
Other equity securities		7,500				7,648
Total available-for-sale		$	488,425			$	501,978

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27340-111563

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
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