Investment Securities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2014:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	157,420,000	$	2,109,000	$	(1,779,000	)	$	157,750,000
State and political subdivisions	29,099,000		1,785,000		(265,000		)	30,619,000
Other equity securities	2,514,000		53,000		(16,000		)	2,551,000
	$	189,033,000	$	3,947,000	$	(2,060,000	)	$	190,920,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	92,332,000	$	2,000	$	(5,271,000	)	$	87,063,000
Mortgage-backed securities	61,138,000		1,695,000		(587,000		)	62,246,000
State and political subdivisions	127,970,000		3,238,000		(38,000		)	131,170,000
Corporate securities	300,000		—		—			300,000
	$	281,740,000	$	4,935,000	$	(5,896,000	)	$	280,779,000
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 September 30, 2013:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	187,789,000	$	2,117,000	$	(1,650,000	)	$	188,256,000
State and political subdivisions	134,978,000		1,703,000		(8,710,000		)	127,971,000
Other equity securities	1,614,000		62,000		(3,000		)	1,673,000
	$	324,381,000	$	3,882,000	$	(10,363,000	)	$	317,900,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	92,226,000	$	11,000	$	(8,684,000	)	$	83,553,000
Mortgage-backed securities	37,915,000		1,701,000		(997,000		)	38,619,000
State and political subdivisions	41,810,000		2,067,000		(80,000		)	43,797,000
Corporate securities	300,000		—		—			300,000
	$	172,251,000	$	3,779,000	$	(9,761,000	)	$	166,269,000
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 September 30, 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	$	2,502,000	$	2,533,000	$	1,778,000	$	1,792,000
Due in 1 to 5 years	16,076,000		16,399,000		9,380,000		9,669,000
Due in 5 to 10 years	17,710,000		17,991,000		51,620,000		53,271,000
Due after 10 years	150,231,000		151,446,000		218,962,000		216,047,000
Equity securities	2,514,000		2,551,000		—		—
	$	189,033,000	$	190,920,000	$	281,740,000	$	280,779,000

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 September 30, 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	$	1,755,000	$	1,775,000	$	717,000	$	726,000
Due in 1 to 5 years	14,249,000		14,473,000		6,559,000		6,955,000
Due in 5 to 10 years	18,808,000		19,199,000		33,863,000		34,692,000
Due after 10 years	287,955,000		280,780,000		131,112,000		123,896,000
Equity securities	1,614,000		1,673,000		—		—
	$	324,381,000	$	317,900,000	$	172,251,000	$	166,269,000

Schedule of Securities Gains and Losses

The following table shows securities gains and losses for the nine months and quarters ended September 30, 2014 and 2013:



	For the nine months ended September 30,				For the quarters ended September 30,
	2014		2013		2014		2013
Proceeds from sales of securities	$	15,557,000	$	10,563,000	$	15,557,000	$	—
Gross realized gains	1,145,000		1,087,000		1,105,000		—
Gross realized losses	—		—		—		—
Net gain	$	1,145,000	$	1,087,000	$	1,105,000	$	—
Related income taxes	$	401,000	$	380,000	$	387,000	$	—

Schedule of Temporary Impairment Losses

Information regarding securities temporarily impaired as of September 30, 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	$	4,985,000	$	(15,000	)	$	81,253,000	$	(5,256,000	)	$	86,238,000	$	(5,271,000	)
Mortgage-backed securities	52,644,000		(736,000		)	32,009,000		(1,630,000		)	84,653,000		(2,366,000		)
State and political subdivisions	3,880,000		(27,000		)	5,878,000		(276,000		)	9,758,000		(303,000		)
Other equity securities	142,000		(15,000		)	52,000		(1,000		)	194,000		(16,000		)
	$	61,651,000	$	(793,000	)	$	119,192,000	$	(7,163,000	)	$	180,843,000	$	(7,956,000	)

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 September 30, 2013, there were 297 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 September 30, 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	$	82,752,000	$	(8,684,000	)	$	—	$	—		$	82,752,000	$	(8,684,000	)
Mortgage-backed securities	84,609,000		(2,514,000		)	3,086,000		(133,000		)	87,695,000		(2,647,000		)
State and political subdivisions	73,244,000		(8,760,000		)	334,000		(30,000		)	73,578,000		(8,790,000		)
Other equity securities	—		—			50,000		(3,000		)	50,000		(3,000		)
	$	240,605,000	$	(19,958,000	)	$	3,470,000	$	(166,000	)	$	244,075,000	$	(20,124,000	)