Investment Securities (Tables)

3 Months Ended

Mar. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities and Held-to-maturity Securities Reconciliation

Our investment securities portfolio consists of obligations of state and political subdivisions, corporate bonds, U.S. government agency securities, including mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMOs”) issued or guaranteed by Federal National Mortgage Association ("FNMA"), Federal Home Loan Mortgage Corporation ("FHLMC"), or Government National Mortgage Association ("GNMA"), debentures issued by government-sponsored agencies such as FNMA and FHLMC, as well as privately issued CMOs, as reflected in the table below:



	March 31, 2015									December 31, 2014
	Amortized		Fair		Gross Unrealized					Amortized		Fair		Gross Unrealized
(in thousands; 2015 unaudited)	Cost		Value		Gains		(Losses)			Cost		Value		Gains		(Losses)
Held-to-maturity
Obligations of state and political subdivisions	$	60,529	$	62,257	$	1,741	$	(13	)	$	63,425	$	65,121	$	1,736	$	(40	)
Corporate bonds	32,175		32,345		173		(3		)	40,257		40,448		216		(25		)
MBS pass-through securities issued by FHLMC and FNMA	14,772		15,183		411		—			12,755		13,074		319		—
Total held-to-maturity	107,476		109,785		2,325		(16		)	116,437		118,643		2,271		(65		)

Available-for-sale
Securities of U.S. government agencies:
MBS pass-through securities issued by FHLMC and FNMA	90,215		92,057		1,842		—			92,963		94,214		1,262		(11		)
CMOs issued by FNMA	13,896		14,055		197		(38		)	14,771		14,790		77		(58		)
CMOs issued by FHLMC	29,482		29,799		339		(22		)	31,238		31,260		109		(87		)
CMOs issued by GNMA	15,933		16,231		308		(10		)	17,573		17,855		298		(16		)
Debentures of government- sponsored agencies	26,154		26,174		119		(99		)	14,694		14,557		95		(232		)
Privately issued CMOs	5,353		5,493		142		(2		)	7,137		7,294		172		(15		)
Obligations of state and political subdivisions	15,596		15,850		256		(2		)	15,733		15,880		155		(8		)
Corporate bonds	4,939		5,021		82		—			4,936		4,998		66		(4		)
Total available-for-sale	201,568		204,680		3,285		(173		)	199,045		200,848		2,234		(431		)

Total investment securities	$	309,044	$	314,465	$	5,610	$	(189	)	$	315,482	$	319,491	$	4,505	$	(496	)

Investments Classified by Contractual Maturity Date

The amortized cost and fair value of investment debt securities by contractual maturity at March 31, 2015 are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.



	March 31, 2015								December 31, 2014
	Held-to-Maturity				Available-for-Sale				Held-to-Maturity				Available-for-Sale
(in thousands; 2015 unaudited)	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	36,925	$	37,015	$	5,769	$	5,816	$	39,778	$	39,913	$	2,378	$	2,388
After one year but within five years	44,701		45,804		50,411		50,686		50,983		51,953		43,866		43,919
After five years through ten years	12,216		12,871		9,312		9,471		11,679		12,426		9,644		9,749
After ten years	13,634		14,095		136,076		138,707		13,997		14,351		143,157		144,792
Total	$	107,476	$	109,785	$	201,568	$	204,680	$	116,437	$	118,643	$	199,045	$	200,848

Schedule of Unrealized Loss on Investments

Those securities are summarized and classified according to the duration of the loss period in the table below:



March 31, 2015	< 12 continuous months					> 12 continuous months					Total securities in a loss position
(in thousands; unaudited)	Fair value		Unrealized loss			Fair value		Unrealized loss			Fair value		Unrealized loss
Held-to-maturity
Obligations of state & political subdivisions	$	2,556	$	(3	)	361		(10		)	$	2,917	$	(13	)
Corporate bonds	1,997		(3		)	—		—			1,997		(3		)
Total held-to-maturity	4,553		(6		)	361		(10		)	4,914		(16		)
Available-for-sale
CMOs issued by FNMA	—		—			3,918		(38		)	3,918		(38		)
CMOs issued by FHLMC	—		—			2,232		(22		)	2,232		(22		)
CMOs issued by GNMA	3,074		(10		)	—		—			3,074		(10		)
Debentures of government- sponsored agencies	—		—			9,901		(99		)	9,901		(99		)
Privately issued CMOs	458		(2		)	—		—			458		(2		)
Obligations of state & political subdivisions	—		—			588		(2		)	588		(2		)
Total available-for-sale	3,532		(12		)	16,639		(161		)	20,171		(173		)
Total temporarily impaired securities	$	8,085	$	(18	)	$	17,000	$	(171	)	$	25,085	$	(189	)



December 31, 2014	< 12 continuous months					> 12 continuous months					Total securities in a loss position
(dollars in thousands)	Fair value		Unrealized loss			Fair value		Unrealized loss			Fair value		Unrealized loss
Held-to-maturity
Obligations of state & political subdivisions	$	5,830	$	(27	)	$	359	$	(13	)	$	6,189	$	(40	)
Corporate bonds	3,009		(1		)	3,533		(24		)	6,542		(25		)
Total held-to-maturity	8,839		(28		)	3,892		(37		)	12,731		(65		)
Available-for-sale
MBS pass-through securities issued by FNMA and FHLMC	1,960		(11		)	—		—			1,960		(11		)
CMOs issued by FNMA	—		—			4,115		(58		)	4,115		(58		)
CMOs issued by FHLMC	17,157		(44		)	2,291		(43		)	19,448		(87		)
CMOs issued by GNMA	3,262		(16		)	—		—			3,262		(16		)
Debentures of government- sponsored agencies	494		(1		)	9,769		(231		)	10,263		(232		)
Privately issued CMOs	817		(15		)	—		—			817		(15		)
Obligations of state & political subdivisions	2,695		(3		)	1,112		(5		)	3,807		(8		)
Corporate bonds	1,002		(1		)	990		(3		)	1,992		(4		)
Total available-for-sale	27,387		(91		)	18,277		(340		)	45,664		(431		)
Total temporarily impaired securities	$	36,226	$	(119	)	$	22,169	$	(377	)	$	58,395	$	(496	)