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Investment Securities | 9 Months Ended
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Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The following table summarizes the amortized cost and estimated fair value of investment securities at September 30, 2015:
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value (Estimated)
Securities available for sale |  |  |  |  |  |  |
Mortgage-backed securities | $ | 184,865,000 |  |  | $ | 2,921,000 |  |  | $ | (276,000 | ) |  | $ | 187,510,000 |
State and political subdivisions | 24,372,000 |  |  | 1,104,000 |  |  | (186,000 | ) |  | 25,290,000 |
Other equity securities | 3,129,000 |  |  | 40,000 |  |  | (36,000 | ) |  | 3,133,000 |
| $ | 212,366,000 |  |  | $ | 4,065,000 |  |  | $ | (498,000 | ) |  | $ | 215,933,000 |
Securities to be held to maturity |  |  |  |  |  |  |
U.S. Government-sponsored agencies | $ | 75,991,000 |  |  | $ | 22,000 |  |  | $ | (1,571,000 | ) |  | $ | 74,442,000 |
Mortgage-backed securities | 45,287,000 |  |  | 1,744,000 |  |  | (53,000 | ) |  | 46,978,000 |
State and political subdivisions | 123,744,000 |  |  | 3,031,000 |  |  | (151,000 | ) |  | 126,624,000 |
Corporate securities | 300,000 |  |  | — |  |  | — |  |  | 300,000 |
| $ | 245,322,000 |  |  | $ | 4,797,000 |  |  | $ | (1,775,000 | ) |  | $ | 248,344,000 |
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 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 contractual maturities of investment securities at September 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 | $ | 926,000 |  |  | $ | 937,000 |  |  | $ | 1,362,000 |  |  | $ | 1,378,000 |
Due in 1 to 5 years | 8,867,000 |  |  | 9,077,000 |  |  | 6,861,000 |  |  | 7,140,000 |
Due in 5 to 10 years | 9,459,000 |  |  | 9,872,000 |  |  | 49,095,000 |  |  | 50,778,000 |
Due after 10 years | 189,985,000 |  |  | 192,914,000 |  |  | 188,004,000 |  |  | 189,048,000 |
Equity securities | 3,129,000 |  |  | 3,133,000 |  |  | — |  |  | — |
| $ | 212,366,000 |  |  | $ | 215,933,000 |  |  | $ | 245,322,000 |  |  | $ | 248,344,000 |
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 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 |
At September 30, 2015, securities with a fair value of $221,072,000 were pledged to secure public deposits, repurchase agreements, and for other purposes as required by law. This compares to securities with a fair value of $164,919,000 as of December 31, 2014 and $181,441,000 at September 30, 2014, pledged for the same purposes. 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 nine months and quarters ended September 30, 2015 and 2014:
| For the nine months ended September 30, |  | For the quarters ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Proceeds from sales of securities | $ | 35,466,000 |  |  | $ | 15,557,000 |  |  | $ | 1,000 |  |  | $ | 15,557,000 |
Gross realized gains | 1,396,000 |  |  | 1,145,000 |  |  | 1,000 |  |  | 1,105,000 |
Gross realized losses | — |  |  | — |  |  | — |  |  | — |
Net gain | $ | 1,396,000 |  |  | $ | 1,145,000 |  |  | $ | 1,000 |  |  | $ | 1,105,000 |
Related income taxes | $ | 489,000 |  |  | $ | 401,000 |  |  | $ | — |  |  | $ | 387,000 |
Management reviews securities with unrealized losses for other than temporary impairment. As of September 30, 2015, there were 88 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 14 had been temporarily impaired for 12 months or more. At the present time, there have been no material changes in the credit quality of these securities resulting in other than temporary impairment, and in Management's opinion, no additional write-down for other-than-temporary impairment is warranted. Information regarding securities temporarily impaired as of September 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 | $ | 46,621,000 |  |  | $ | (1,015,000 | ) |  | $ | 17,444,000 |  |  | $ | (556,000 | ) |  | $ | 64,065,000 |  |  | $ | (1,571,000 | )
Mortgage-backed securities | 30,713,000 |  |  | (266,000 | ) |  | 989,000 |  |  | (63,000 | ) |  | 31,702,000 |  |  | (329,000 | )
State and political subdivisions | 14,417,000 |  |  | (207,000 | ) |  | 2,374,000 |  |  | (130,000 | ) |  | 16,791,000 |  |  | (337,000 | )
Other equity securities | 264,000 |  |  | (34,000 | ) |  | 51,000 |  |  | (2,000 | ) |  | 315,000 |  |  | (36,000 | )
| $ | 92,015,000 |  |  | $ | (1,522,000 | ) |  | $ | 20,858,000 |  |  | $ | (751,000 | ) |  | $ | 112,873,000 |  |  | $ | (2,273,000 | )
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 September 30, 2014, there were 76 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 47 had been temporarily impaired for 12 months or more. 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 | )
During the third quarter of 2014, the Company transferred securities with a total amortized cost of $89,780,000 with a corresponding fair value of $89,757,000 from available for sale to held to maturity. The net unrealized loss, net of taxes, on these securities at the date of the transfer was $15,000. The net unrealized holding loss at the time of transfer continues to be reported in accumulated other comprehensive income (loss), net of tax and is amortized over the remaining lives of the securities as an adjustment of the yield. The amortization of the net unrealized loss reported in accumulated other comprehensive income (loss) will offset the effect on interest income of the discount for the transferred securities. The remaining unamortized balance of the net unrealized losses for the securities transferred from available for sale to held to maturity was $99,000 at September 30, 2015. These securities were transferred as a part of the Company's overall investment and balance sheet strategies. The Bank is a member of the Federal Home Loan Bank ("FHLB") of Boston, a cooperatively owned wholesale bank for housing and finance in the six New England States. As a requirement of membership in the FHLB, the Bank must own a minimum required amount of FHLB stock, calculated periodically based primarily on its level of borrowings from the FHLB. The Bank uses the FHLB for much of its wholesale funding needs. As of September 30, 2015, and 2014, and December 31, 2014, the Bank's investment in FHLB stock totaled $12,875,000. FHLB stock is a non-marketable equity security and therefore is reported at cost, which equals par value. The Company periodically evaluates its investment in FHLB stock for impairment based on, among other factors, the capital adequacy of the FHLB and its overall financial condition. No impairment losses have been recorded through September 30, 2015. The Bank will continue to monitor its investment in FHLB stock.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 + Details
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