Securities (Tables)

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Fair Value of Securities with Gross Unrealized Gains and Losses

The amortized cost and fair value of securities, with gross unrealized gains and losses, follows:


	(In Thousands)
	September 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-Sale:
U.S. Treasury	$	38,861	$	124	$	(81	)	$	38,904
U.S. Government agency		100,798		215		(209	)		100,804
Mortgage-backed securities		27,593		472		(37	)		28,028
State and local governments		75,804		1,356		(110	)		77,050

Total available-for-sale securities	$	243,056	$	2,167	$	(437	)	$	244,786


	(In Thousands)
	December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-Sale:
U.S. Treasury	$	25,833	$	—	$	(440	)	$	25,393
U.S. Government agency		120,154		391		(1,311	)		119,234
Mortgage-backed securities		29,067		557		(62	)		29,562
State and local governments		72,765		1,671		(133	)		74,303

Total available-for-sale securities	$	247,819	$	2,619	$	(1,946	)	$	248,492

Gross Unrealized Losses, Aggregated by Investment Category and Length of Time

Information pertaining to securities with gross unrealized losses at September 30, 2015 and December 31, 2014, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:


	(In Thousands)
	September 30, 2015
	Less Than Twelve Months					Twelve Months & Over
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
U.S. Treasury	$	(1	)	$	5,112	$	(80	)	$	15,337
U.S. Government agency		(63	)		26,934		(146	)		29,977
Mortgage-backed securities		(5	)		5,143		(32	)		3,732
State and local governments		(84	)		9,510		(26	)		1,193

Total available-for-sale securities	$	(153	)	$	46,699	$	(284	)	$	50,239


	(In Thousands)
	December 31, 2014
	Less Than Twelve Months					Twelve Months & Over
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
U.S. Treasury	$	—		$	—	$	(440	)	$	25,393
U.S. Government agency		(1	)		5,458		(1,310	)		82,803
Mortgage-backed securities		—			—		(62	)		7,900
State and local governments		(31	)		3,442		(102	)		7,756

Total available-for-sale securities	$	(32	)	$	8,900	$	(1,914	)	$	123,852

Gross Realized Gains and Losses

Below are the gross realized gains and losses as of September 30 for each of the years presented.


	(In Thousands)
	2015		2014
Gross realized gains	$	418	$	638
Gross realized losses		—		(144	)

Net realized gains	$	418	$	494

Tax expense related to net realized gains	$	142	$	168

Amortized Cost and Fair Value of Debt Securities, by Contractual Maturity

The amortized cost and fair value of debt securities at September 30, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	(In Thousands)
	Amortized Cost		Fair Value
One year or less	$	7,032	$	7,056
After one year through five years		164,119		164,805
After five years through ten years		37,428		37,840
After ten years		6,884		7,057

Total	$	215,463	$	216,758
Mortgage-backed securities		27,593		28,028

Total	$	243,056	$	244,786

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details