Investment Securities (Tables)

6 Months Ended

Jun. 30, 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, FHLB and FHLMC, as well as privately issued CMOs, as reflected in the table below:



	June 30, 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	$	54,183	$	55,455	$	1,332	$	(60	)	$	63,425	$	65,121	$	1,736	$	(40	)
Corporate bonds	27,615		27,732		122		(5		)	40,257		40,448		216		(25		)
MBS pass-through securities issued by FHLMC and FNMA	12,677		12,830		160		(7		)	12,755		13,074		319		—
Total held-to-maturity	94,475		96,017		1,614		(72		)	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	120,719		121,273		748		(194		)	92,963		94,214		1,262		(11		)
CMOs issued by FNMA	12,993		13,106		150		(37		)	14,771		14,790		77		(58		)
CMOs issued by FHLMC	27,065		27,191		164		(38		)	31,238		31,260		109		(87		)
CMOs issued by GNMA	13,950		14,216		274		(8		)	17,573		17,855		298		(16		)
Debentures of government- sponsored agencies	31,121		31,072		98		(147		)	14,694		14,557		95		(232		)
Privately issued CMOs	5,011		5,209		200		(2		)	7,137		7,294		172		(15		)
Obligations of state and political subdivisions	36,909		36,937		123		(95		)	15,733		15,880		155		(8		)
Corporate bonds	4,941		5,014		73		—			4,936		4,998		66		(4		)
Total available-for-sale	252,709		254,018		1,830		(521		)	199,045		200,848		2,234		(431		)

Total investment securities	$	347,184	$	350,035	$	3,444	$	(593	)	$	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 June 30, 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.



	June 30, 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	$	30,306	$	30,400	$	11,426	$	11,508	$	39,778	$	39,913	$	2,378	$	2,388
After one year but within five years	41,659		42,429		56,275		56,324		50,983		51,953		43,866		43,919
After five years through ten years	10,965		11,477		45,935		45,885		11,679		12,426		9,644		9,749
After ten years	11,545		11,711		139,073		140,301		13,997		14,351		143,157		144,792
Total	$	94,475	$	96,017	$	252,709	$	254,018	$	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:



June 30, 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	$	12,348	$	(47	)	$	357	$	(13	)	$	12,705	$	(60	)
Corporate bonds	5,543		(5		)	—		—			5,543		(5		)
MBS pass-through securities issued by FHLMC and FNMA	2,356		(7		)	—		—			2,356		(7		)
Total held-to-maturity	20,247		(59		)	357		(13		)	20,604		(72		)
Available-for-sale
MBS pass-through securities issued by FHLMC and FNMA	30,577		(194		)	—		—			30,577		(194		)
CMOs issued by FNMA	—		—			3,698		(37		)	3,698		(37		)
CMOs issued by FHLMC	—		—			2,140		(38		)	2,140		(38		)
CMOs issued by GNMA	2,810		(8		)	—		—			2,810		(8		)
Debentures of government- sponsored agencies	—		—			9,853		(147		)	9,853		(147		)
Privately issued CMOs	414		(2		)	—		—			414		(2		)
Obligations of state & political subdivisions	15,390		(93		)	585		(2		)	15,975		(95		)
Total available-for-sale	49,191		(297		)	16,276		(224		)	65,467		(521		)
Total temporarily impaired securities	$	69,438	$	(356	)	$	16,633	$	(237	)	$	86,071	$	(593	)



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 FHLMC and FNMA	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	)