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Investments (Tables)

9 Months Ended

Sep. 30, 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): 

		September 30, 2016
Available-for-Sale Securities		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Debt securities:
U.S. Government agencies		$	48,007			$	411			$	(152	)		$	48,266
Obligations of states and political subdivisions		227,321				15,078				(191		)		242,208
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		248,321				2,886				(1,241		)		249,966
Private label residential mortgage backed securities		1,895				1,064				—				2,959
Other equity securities		7,500				176				—				7,676
Total available-for-sale		$	533,044			$	19,615			$	(1,584	)		$	551,075

		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 September 30, 2016 and 2015 are shown below (in thousands):

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
Available-for-Sale Securities		2016				2015				2016				2015
Proceeds from sales or calls		$	21,239			$	—			$	84,283			$	92,647
Gross realized gains from sales or calls		306				—				1,277				1,692
Gross realized losses from sales or calls		(20		)		—				(137		)		(233		)

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, 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		$	21,070			$	(99	)		$	5,105			$	(53	)		$	26,175			$	(152	)
Obligations of states and political subdivisions		17,195				(191		)		—				—				17,195				(191		)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		90,478				(1,105		)		7,838				(136		)		98,316				(1,241		)
Total available-for-sale		$	128,743			$	(1,395	)		$	12,943			$	(189	)		$	141,686			$	(1,584	)

		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
Held-to-Maturity Securities		Fair Value				Unrecognized Losses				Fair Value				Unrecognized Losses				Fair Value				Unrecognized Losses
Debt securities:
Obligations of states and political subdivisions		$	1,053			$	(1	)		$	—			$	—			$	1,053			$	(1	)

Credit losses recorded in earnings

Other Equity Securities

At September 30, 2016, the Company had one mutual fund equity investment which had an unrealized gain at September 30, 2016.

The following tables provide a roll forward for the nine month periods ended September 30, 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 Three Months Ended September 30,								For the Nine Months Ended September 30,
(In thousands)		2016				2015				2016				2015
Beginning balance		$	874			$	747			$	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 gain for securities sold		—				—				(9		)		—
Ending balance		$	874			$	747			$	874			$	747

Investments by contractual maturity

		September 30, 2016
Available-for-Sale Securities		Amortized Cost				Estimated Fair Value
Within one year		$	—			$	—
After one year through five years		15,359				16,027
After five years through ten years		42,334				44,764
After ten years		169,628				181,417
		227,321				242,208
Investment securities not due at a single maturity date:
U.S. Government agencies		48,007				48,266
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		248,321				249,966
Private label residential mortgage backed securities		1,895				2,959
Other equity securities		7,500				7,676
Total available-for-sale		$	533,044			$	551,075

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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.

+ 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
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