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Investments (Tables)

9 Months Ended

Sep. 30, 2014

Investments [Abstract]

Schedule of Amortized Cost and Estimated Fair Value of Investment Securities

Amortized Cost And Estimated Fair Value
The amortized cost and estimated fair value of investment securities available-for-sale are as follows (dollars in thousands, unaudited):
		September 30, 2014
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
US Government agencies		$	4,464			$	6			$	(81	)		$	4,389
Mortgage-backed securities			359,954				3,804				(1,644	)			362,114
State and poltical subdivisions			96,199				2,923				(499	)			98,623
Equity securities			1,373				1,189				-				2,562
Total investment securities		$	461,990			$	7,922			$	(2,224	)		$	467,688

		December 31, 2013
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
US Government agencies		$	5,395			$	18			$	(109	)		$	5,304
Mortgage-backed securities			320,223				3,269				(2,771	)			320,721
State and political subdivisons			97,361				1,723				(2,521	)			96,563
Equity securities			1,336				1,120				-				2,456
Total investment securities		$	424,315			$	6,130			$	(5,401	)		$	425,044

Schedule of Investment Securities with Unrealized Losses

Investment Portfolio - Unrealized Losses
(dollars in thousands, unaudited)		September 30, 2014
		Less than Twelve Months								Over Twelve Months
		Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value
US Government agencies		$	(19	)		$	1,260			$	(62	)		$	1,937
Mortgage-backed securities			(576	)			99,447				(1,068	)			68,444
State and political subdivisions			(10	)			2,451				(489	)			23,571
Other securities			-				-				-				-
Total		$	(605	)		$	103,158			$	(1,619	)		$	93,952

		December 31, 2013
		Less than Twelve Months								Over Twelve Months
		Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value
US Government agencies		$	(92	)		$	1,913			$	(17	)		$	1,920
Mortgage-backed securities			(642	)			21,747				(2,129	)			124,317
State and political subdivisions			(461	)			6,799				(2,060	)			38,083
Other securities			-				-				-				-
Total		$	(1,195	)		$	30,459			$	(4,206	)		$	164,320

Schedule of Gross Realized Gains, Losses and Gross Proceeds

Investment Portfolio - Realized Gains/(Losses)
(dollars in thousands, unaudited)
		Three months ended September 30,								Nine months ended September 30,
		2014				2013				2014				2013
Proceeds from sales of securities available for sale		$	-			$	-			$	8,360			$	723
Gross gains on sale of securities available for sale		$	-			$	-			$	289			$	6
Gross losses on sale of securities available for sale			-				-				(2	)			-
Net gains on sale of securities available for sale		$	-			$	-			$	287			$	6

Schedule of Contractual Maturities

Estimated Fair Value of Contractual Maturities
(dollars in thousands, unaudited)		September 30, 2014
		Amortized Cost				Fair Value
Maturing within one year		$	1,204			$	1,212
Maturing after one year through five years			213,652				216,249
Maturing after five years through ten years			76,629				77,761
Maturing after ten years			50,748				51,294
Investment securities not due at a single maturity date:
U.S Government agencies collateralized by
mortgage obligations			118,384				118,610
Other securities			1,373				2,562
		$	461,990			$	467,688

		December 31, 2013
		Amortized Cost				Fair Value
Maturing within one year		$	2,294			$	2,316
Maturing after one year through five years			241,396				242,493
Maturing after five years through ten years			59,572				59,402
Maturing after ten years			49,674				47,737
Investment securities not due at a single maturity date:
U.S Government agencies collateralized by
mortgage obligations			70,043				70,640
Other securities			1,336				2,456
		$	424,315			$	425,044

Schedule of Revenue and General Obligation Bonds by Location

Revenue and General Obligation Bonds by Location
dollars in thousands, unaudited		September 30, 2014								December 31, 2013
		Amortized				Fair Market				Amortized				Fair Market
General obligation bonds		Cost				Value				Cost				Value
State of issuance
California		$	20,026			$	21,219			$	20,638			$	21,272
Texas			12,831				12,958				11,340				11,024
Illinois			8,287				8,392				8,965				8,702
Ohio			7,640				7,703				7,659				7,485
Washington			5,981				6,109				5,487				5,340
Arizona			2,077				2,417				2,100				2,050
Other states			19,776				19,930				20,666				20,429
Total General Obligation Bonds			76,618				78,728				76,855				76,302
Revenue bonds
State of issuance
Arizona			4,617				4,508				4,700				4,341
Texas			3,284				3,394				2,762				2,719
California			2,219				2,284				2,519				2,579
Washington			1,168				1,204				1,170				1,211
Ohio			322				335				324				339
Other states			7,971				8,170				6,758				6,742
Total Revenue Bonds			19,581				19,895				18,233				17,931
Certificates of participation (All California)			-				-				2,273				2,330
Total Obligations of States
and Political Subdivisions		$	96,199			$	98,623			$	97,361			$	96,563

Schedule of Revenue Bonds by Type

Revenue Bonds by Type
dollars in thousands, unaudited		September 30, 2014								December 31, 2013
		Amortized				Fair Market				Amortized				Fair Market
Revenue bonds		Cost				Value				Cost				Value
Revenue source:
Water		$	8,010			$	8,010			$	7,409			$	7,144
College & University			2,731				2,840				2,203				2,187
Electric & Power			1,882				1,921				1,888				1,895
Sales Tax			1,672				1,715				1,673				1,688
Lease			1,356				1,344				1,155				1,063
Other sources			3,930				4,065				3,905				3,954
Total Revenue Bonds		$	19,581			$	19,895			$	18,233			$	17,931

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