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Investments (Tables)

6 Months Ended

Jun. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation

The amortized cost and estimated fair value of investment securities available-for-sale are as follows

		June 30, 2016
		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Estimated Fair  Value
US Government agencies		$	24,466		$	409		$	(3)		$	24,872
Mortgage-backed securities			391,345			3,951			(682)			394,614
State and poltical subdivisions			103,433			4,503			(10)			107,926
Other securities			500			627			-			1,127
Total investment securities		$	519,744		$	9,490		$	(695)		$	528,539

		December 31, 2015
		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Estimated Fair Value
US Government agencies		$	28,801		$	303		$	(62)		$	29,042
Mortgage-backed securities			374,683			2,440			(2,062)			375,061
State and political subdivisons			99,093			3,146			(56)			102,183
Other securities			575			721			-			1,296
Total investment securities		$	503,152		$	6,610		$	(2,180)		$	507,582

Information Pertaining to Investment Securities Aggregated by Investment Category and Length of Time that Individual Securities in a Continuous Loss Position

Investment Portfolio - Unrealized Losses

(dollars in thousands, unaudited)

		June 30, 2016
		Less than twelve months						Twelve months or more
		Gross  Unrealized Losses			Fair Value			Gross Unrealized Losses			Fair Value
US Government agencies		$	(3)		$	3,301		$	-		$	-
Mortgage-backed securities			(323)			67,579			(359)			51,187
State and political subdivisions			(10)			1,583			-			-
Total		$	(336)		$	72,463		$	(359)		$	51,187

		December 31, 2015
		Less than twelve months						Twelve months or more
		Gross  Unrealized Losses			Fair Value			Gross Unrealized Losses			Fair Value
US Government agencies		$	(62)		$	10,329		$	-		$	-
Mortgage-backed securities			(1,608)			187,734			(454)			35,511
State and political subdivisions			(17)			3,409			(39)			3,847
Total		$	(1,687)		$	201,472		$	(493)		$	39,358

Realized Gain (Loss) on Investments

Investment Portfolio - Realized Gains/(Losses)

(dollars in thousands, unaudited)

		Three months ended June 30,						Six months ended June 30,
		2016			2015			2016			2015
Proceeds from sales, calls and maturities of securities available for sale		$	2,790		$	2,963		$	5,395		$	22,828
Gross gains on sales, calls and maturities of securities available for sale		$	146		$	307		$	160		$	522
Gross losses on sales, calls and maturities of securities available for sale			-			-			(38)			(199)
Net gains on sale of securities available for sale		$	146		$	307		$	122		$	323

Investments Classified by Contractual Maturity Date

Estimated Fair Value of Contractual Maturities

(dollars in thousands, unaudited)

		June 30, 2016
		Amortized Cost			Fair Value
Maturing within one year		$	6,164		$	6,370
Maturing after one year through five years			250,424			253,919
Maturing after five years through ten years			47,068			48,674
Maturing after ten years			47,348			49,287
Investment securities not due at a single maturity date:
U.S Government agencies collateralized by mortgage obligations			168,240			169,162
Other securities			500			1,127
		$	519,744		$	528,539

		December 31, 2015
		Amortized Cost			Fair Value
Maturing within one year		$	3,657		$	3,706
Maturing after one year through five years			242,719			244,733
Maturing after five years through ten years			50,144			51,308
Maturing after ten years			50,413			51,671
Investment securities not due at a single maturity date:
U.S Government agencies collateralized by mortgage obligations			155,644			154,868
Other securities			575			1,296
		$	503,152		$	507,582

Summary of amortized cost and fair values of general obligation and revenue bonds

Revenue and General Obligation Bonds by Location

(dollars in thousands, unaudited)

		June 30, 2016						December 31, 2015
		Amortized			Fair Market			Amortized			Fair Market
General obligation bonds		Cost			Value			Cost			Value
State of issuance
California		$	23,250		$	24,690		$	20,473		$	21,642
Texas			17,656			18,326			16,575			16,954
Illinois			10,234			10,545			9,997			10,191
Ohio			9,059			9,305			7,610			7,748
Washington			5,873			6,090			5,905			6,081
Arizona			2,023			2,103			2,039			2,108
Utah			951			1,013			953			990
Other states			18,518			19,298			20,334			20,848
Total General Obligation Bonds			87,564			91,370			83,886			86,562
Revenue bonds
State of issuance
Texas			4,969			5,153			3,732			3,863
Utah			4,426			4,631			4,434			4,519
Washington			1,306			1,387			1,791			1,827
California			1,002			1,030			1,002			1,028
Ohio			318			319			318			319
Other states			3,848			4,036			3,930			4,065
Total Revenue Bonds			15,869			16,556			15,207			15,621
Total Obligations of States and Political Subdivisions		$	103,433		$	107,926		$	99,093		$	102,183

		June 30, 2016						December 31, 2015
		Amortized			Fair Market			Amortized			Fair Market
Revenue bonds		Cost			Value			Cost			Value
Revenue source:
Water		$	4,402		$	4,516		$	3,942		$	4,052
College & University			2,706			2,876			2,975			3,103
Sales Tax			2,256			2,373			2,630			2,663
Lease			2,299			2,403			2,040			2,100
Port, Airport & Marina			1,302			1,374			-			-
Electric & Power			729			753			679			691
Other sources			2,175			2,261			2,941			3,012
Total Revenue Bonds		$	15,869		$	16,556		$	15,207		$	15,621

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