Investment Securities (Tables)

3 Months Ended

Mar. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Schedule of Available For Sale, Held-to-Maturity, and Restricted Equity Securities

The following table summarizes the amortized cost and estimated fair value of investment securities at March 31, 2014:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	172,909,000	$	1,917,000	$	(2,711,000	)	$	172,115,000
State and political subdivisions	133,303,000		2,796,000		(4,784,000		)	131,315,000
Other equity securities	2,207,000		66,000		(3,000		)	2,270,000
	$	308,419,000	$	4,779,000	$	(7,498,000	)	$	305,700,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	92,312,000	$	2,000	$	(9,131,000	)	$	83,183,000
Mortgage-backed securities	49,805,000		1,652,000		(789,000		)	50,668,000
State and political subdivisions	40,436,000		2,070,000		(95,000		)	42,411,000
Corporate securities	300,000		—		—			300,000
	$	182,853,000	$	3,724,000	$	(10,015,000	)	$	176,562,000
Restricted equity securities
Federal Home Loan Bank Stock	$	12,875,000	$	—	$	—		$	12,875,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	13,912,000	$	—	$	—		$	13,912,000

The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2013:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	180,109,000	$	1,392,000	$	(3,772,000	)	$	177,729,000
State and political subdivisions	134,188,000		1,458,000		(9,331,000		)	126,315,000
Other equity securities	1,666,000		116,000		(2,000		)	1,780,000
	$	315,963,000	$	2,966,000	$	(13,105,000	)	$	305,824,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	92,280,000	$	1,000	$	(12,757,000	)	$	79,524,000
Mortgage-backed securities	35,712,000		1,440,000		(1,336,000		)	35,816,000
State and political subdivisions	40,985,000		1,823,000		(112,000		)	42,696,000
Corporate securities	300,000		—		—			300,000
	$	169,277,000	$	3,264,000	$	(14,205,000	)	$	158,336,000
Restricted equity securities
Federal Home Loan Bank Stock	$	12,875,000	$	—	$	—		$	12,875,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	13,912,000	$	—	$	—		$	13,912,000

The following table summarizes the amortized cost and estimated fair value of investment securities at March 31, 2013:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	153,477,000	$	4,028,000	$	(308,000	)	$	157,197,000
State and political subdivisions	122,893,000		5,866,000		(1,159,000		)	127,600,000
Other equity securities	1,578,000		46,000		(52,000		)	1,572,000
	$	277,948,000	$	9,940,000	$	(1,519,000	)	$	286,369,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	60,940,000	$	79,000	$	(289,000	)	$	60,730,000
Mortgage-backed securities	46,604,000		2,634,000		(218,000		)	49,020,000
State and political subdivisions	42,947,000		3,560,000		(5,000		)	46,502,000
Corporate securities	300,000		—		—			300,000
	$	150,791,000	$	6,273,000	$	(512,000	)	$	156,552,000
Restricted equity securities
Federal Home Loan Bank Stock	$	12,875,000	$	—	$	—		$	12,875,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	13,912,000	$	—	$	—		$	13,912,000

Contractual Maturities of Investment Securities

The following table summarizes the contractual maturities of investment securities at March 31, 2014:



	Securities available for sale				Securities to be held to maturity
	Amortized Cost		Fair Value (Estimated)		Amortized Cost		Fair Value (Estimated)
Due in 1 year or less	$	137,000	$	137,000	$	265,000	$	267,000
Due in 1 to 5 years	19,747,000		20,052,000		5,951,000		6,266,000
Due in 5 to 10 years	15,868,000		16,190,000		42,272,000		43,472,000
Due after 10 years	270,460,000		267,051,000		134,365,000		126,557,000
Equity securities	2,207,000		2,270,000		—		—
	$	308,419,000	$	305,700,000	$	182,853,000	$	176,562,000

The following table summarizes the contractual maturities of investment securities at December 31, 2013:



	Securities available for sale				Securities to be held to maturity
	Amortized Cost		Fair Value (Estimated)		Amortized Cost		Fair Value (Estimated)
Due in 1 year or less	$	717,000	$	721,000	$	268,000	$	273,000
Due in 1 to 5 years	20,547,000		20,636,000		6,420,000		6,790,000
Due in 5 to 10 years	16,114,000		16,267,000		33,442,000		33,828,000
Due after 10 years	276,919,000		266,420,000		129,147,000		117,445,000
Equity securities	1,666,000		1,780,000		—		—
	$	315,963,000	$	305,824,000	$	169,277,000	$	158,336,000

The following table summarizes the contractual maturities of investment securities at March 31, 2013:



	Securities available for sale				Securities to be held to maturity
	Amortized Cost		Fair Value (Estimated)		Amortized Cost		Fair Value (Estimated)
Due in 1 year or less	$	13,854,000	$	14,054,000	$	3,034,000	$	3,065,000
Due in 1 to 5 years	24,804,000		25,288,000		22,651,000		23,118,000
Due in 5 to 10 years	13,683,000		14,560,000		27,914,000		30,237,000
Due after 10 years	224,029,000		230,895,000		97,192,000		100,132,000
Equity securities	1,578,000		1,572,000		—		—
	$	277,948,000	$	286,369,000	$	150,791,000	$	156,552,000

Schedule of Securities Gains and Losses

Gains and losses on the sale of securities available for sale are computed by subtracting the amortized cost at the time of sale from the security's selling price, net of accrued interest to be received. The following table shows securities gains and losses for the three months ended March 31, 2014 and 2013:



	For the three months ended March 31,
	2014		2013
Proceeds from sales of securities	$	—	$	4,965,000
Gross realized gains	36,000		299,000
Gross realized losses	—		—
Net gain	$	36,000	$	299,000
Related income taxes	$	13,000	$	105,000

Schedule of Temporary Impairment Losses

Information regarding securities temporarily impaired as of March 31, 2014 is summarized below:



	Less than 12 months					12 months or more					Total
	Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses
U.S. Government-sponsored agencies	$	82,374,000	$	(9,131,000	)	$	—	$	—		$	82,374,000	$	(9,131,000	)
Mortgage-backed securities	81,618,000		(2,758,000		)	14,324,000		(742,000		)	95,942,000		(3,500,000		)
State and political subdivisions	50,480,000		(2,669,000		)	18,918,000		(2,210,000		)	69,398,000		(4,879,000		)
Other equity securities	67,000		(2,000		)	51,000		(1,000		)	118,000		(3,000		)
	$	214,539,000	$	(14,560,000	)	$	33,293,000	$	(2,953,000	)	$	247,832,000	$	(17,513,000	)

As of December 31, 2013, there were 304 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 32 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of December 31, 2013 is summarized below:



	Less than 12 months					12 months or more					Total
	Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses
U.S. Government-sponsored agencies	$	78,724,000	$	(12,757,000	)	$	—	$	—		$	78,724,000	$	(12,757,000	)
Mortgage-backed securities	96,263,000		(4,977,000		)	5,451,000		(131,000		)	101,714,000		(5,108,000		)
State and political subdivisions	69,406,000		(7,895,000		)	7,150,000		(1,548,000		)	76,556,000		(9,443,000		)
Other equity securities	—		—			50,000		(2,000		)	50,000		(2,000		)
	$	244,393,000	$	(25,629,000	)	$	12,651,000	$	(1,681,000	)	$	257,044,000	$	(27,310,000	)

As of March 31, 2013, there were 116 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which seven had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of March 31, 2013 is summarized below:



	Less than 12 months					12 months or more					Total
	Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses
U.S. Government-sponsored agencies	$	35,681,000	$	(289,000	)	$	—	$	—		$	35,681,000	$	(289,000	)
Mortgage-backed securities	23,546,000		(457,000		)	1,652,000		(69,000		)	25,198,000		(526,000		)
State and political subdivisions	30,069,000		(1,164,000		)	—		—			30,069,000		(1,164,000		)
Other equity securities	—		—			282,000		(52,000		)	282,000		(52,000		)
	$	89,296,000	$	(1,910,000	)	$	1,934,000	$	(121,000	)	$	91,230,000	$	(2,031,000	)