Investment Securities (Tables)

6 Months Ended

Jun. 30, 2015

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 June 30, 2015:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	184,787,000	$	2,040,000	$	(1,235,000	)	$	185,592,000
State and political subdivisions	24,378,000		1,006,000		(344,000		)	25,040,000
Other equity securities	3,129,000		61,000		(8,000		)	3,182,000
	$	212,294,000	$	3,107,000	$	(1,587,000	)	$	213,814,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	75,982,000	$	45,000	$	(3,035,000	)	$	72,992,000
Mortgage-backed securities	48,655,000		1,650,000		(125,000		)	50,180,000
State and political subdivisions	124,313,000		1,976,000		(1,063,000		)	125,226,000
Corporate securities	300,000		—		—			300,000
	$	249,250,000	$	3,671,000	$	(4,223,000	)	$	248,698,000
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, 2014:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	149,796,000	$	2,637,000	$	(578,000	)	$	151,855,000
State and political subdivisions	29,094,000		1,865,000		(104,000		)	30,855,000
Other equity securities	2,490,000		65,000		(4,000		)	2,551,000
	$	181,380,000	$	4,567,000	$	(686,000	)	$	185,261,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	92,341,000	$	54,000	$	(2,066,000	)	$	90,329,000
Mortgage-backed securities	57,003,000		1,830,000		(116,000		)	58,717,000
State and political subdivisions	126,275,000		4,114,000		(31,000		)	130,358,000
Corporate securities	300,000		—		—			300,000
	$	275,919,000	$	5,998,000	$	(2,213,000	)	$	279,704,000
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 June 30, 2014:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	165,978,000	$	2,417,000	$	(1,692,000	)	$	166,703,000
State and political subdivisions	133,327,000		3,951,000		(2,383,000		)	134,895,000
Other equity securities	2,196,000		87,000		(1,000		)	2,282,000
	$	301,501,000	$	6,455,000	$	(4,076,000	)	$	303,880,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	92,324,000	$	5,000	$	(6,343,000	)	$	85,986,000
Mortgage-backed securities	65,835,000		1,851,000		(526,000		)	67,160,000
State and political subdivisions	39,676,000		2,459,000		(31,000		)	42,104,000
Corporate securities	300,000		—		—			300,000
	$	198,135,000	$	4,315,000	$	(6,900,000	)	$	195,550,000
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 June 30, 2015:



	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	$	2,396,000	$	2,389,000	$	1,044,000	$	1,056,000
Due in 1 to 5 years	22,945,000		22,860,000		12,532,000		12,740,000
Due in 5 to 10 years	8,993,000		9,355,000		45,958,000		47,525,000
Due after 10 years	174,831,000		176,028,000		189,716,000		187,377,000
Equity securities	3,129,000		3,182,000		—		—
	$	212,294,000	$	213,814,000	$	249,250,000	$	248,698,000

The following table summarizes the contractual maturities of investment securities at December 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	$	2,309,000	$	2,329,000	$	1,693,000	$	1,713,000
Due in 1 to 5 years	15,200,000		15,499,000		8,467,000		8,702,000
Due in 5 to 10 years	18,547,000		19,124,000		50,629,000		52,717,000
Due after 10 years	142,834,000		145,758,000		215,130,000		216,572,000
Equity securities	2,490,000		2,551,000		—		—
	$	181,380,000	$	185,261,000	$	275,919,000	$	279,704,000

The following table summarizes the contractual maturities of investment securities at June 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	$	—	$	—	$	—	$	—
Due in 1 to 5 years	20,101,000		20,557,000		11,326,000		11,610,000
Due in 5 to 10 years	28,261,000		28,483,000		44,528,000		46,301,000
Due after 10 years	250,943,000		252,558,000		142,281,000		137,639,000
Equity securities	2,196,000		2,282,000		—		—
	$	301,501,000	$	303,880,000	$	198,135,000	$	195,550,000

Schedule of Securities Gains and Losses

The following table shows securities gains and losses for the six months and quarters ended June 30, 2015 and 2014:



	For the six months ended June 30,				For the quarters ended June 30,
	2015		2014		2015		2014
Proceeds from sales of securities	$	35,465,000	$	—	$	—	$	—
Gross realized gains	1,395,000		40,000		—		4,000
Gross realized losses	—		—		—		—
Net gain	$	1,395,000	$	40,000	$	—	$	4,000
Related income taxes	$	488,000	$	14,000	$	—	$	1,000

Schedule of Temporary Impairment Losses

Information regarding securities temporarily impaired as of June 30, 2015 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	$	55,147,000	$	(1,988,000	)	$	16,953,000	$	(1,047,000	)	$	72,100,000	$	(3,035,000	)
Mortgage-backed securities	89,332,000		(1,280,000		)	1,194,000		(80,000		)	90,526,000		(1,360,000		)
State and political subdivisions	72,217,000		(1,202,000		)	2,299,000		(205,000		)	74,516,000		(1,407,000		)
Other equity securities	64,000		(7,000		)	51,000		(1,000		)	115,000		(8,000		)
	$	216,760,000	$	(4,477,000	)	$	20,497,000	$	(1,333,000	)	$	237,257,000	$	(5,810,000	)

As of December 31, 2014, there were 56 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 36 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of December 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	$	—	$	—		$	79,444,000	$	(2,066,000	)	$	79,444,000	$	(2,066,000	)
Mortgage-backed securities	13,878,000		(40,000		)	29,182,000		(654,000		)	43,060,000		(694,000		)
State and political subdivisions	3,352,000		(31,000		)	3,017,000		(104,000		)	6,369,000		(135,000		)
Other equity securities	68,000		(3,000		)	51,000		(1,000		)	119,000		(4,000		)
	$	17,298,000	$	(74,000	)	$	111,694,000	$	(2,825,000	)	$	128,992,000	$	(2,899,000	)

As of June 30, 2014, there were 197 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 175 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of June 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	$	—	$	—		$	85,167,000	$	(6,343,000	)	$	85,167,000	$	(6,343,000	)
Mortgage-backed securities	39,436,000		(668,000		)	32,975,000		(1,550,000		)	72,411,000		(2,218,000		)
State and political subdivisions	8,122,000		(71,000		)	45,718,000		(2,343,000		)	53,840,000		(2,414,000		)
Other equity securities	—		—			52,000		(1,000		)	52,000		(1,000		)
	$	47,558,000	$	(739,000	)	$	163,912,000	$	(10,237,000	)	$	211,470,000	$	(10,976,000	)