Investment Securities (Tables)

12 Months Ended

Dec. 31, 2015

Investments, Debt and Equity Securities [Abstract]

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

The following tables summarize the amortized cost and estimated fair value of investment securities at December 31, 2015 and 2014:



	Amortized		Unrealized		Unrealized			Fair Value
As of December 31, 2015	Cost		Gains		Losses			(Estimated)
Securities available for sale
Mortgage-backed securities	$	194,563,000	$	1,509,000	$	(962,000	)	$	195,110,000
State and political subdivisions	23,367,000		1,201,000		(62,000		)	24,506,000
Other equity securities	3,381,000		48,000		(6,000		)	3,423,000
	$	221,311,000	$	2,758,000	$	(1,030,000	)	$	223,039,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	71,000,000	$	40,000	$	(2,284,000	)	$	68,756,000
Mortgage-backed securities	42,193,000		1,305,000		(136,000		)	43,362,000
State and political subdivisions	122,530,000		4,200,000		(25,000		)	126,705,000
Corporate securities	4,300,000		—		—			4,300,000
	$	240,023,000	$	5,545,000	$	(2,445,000	)	$	243,123,000
Restricted equity securities
Federal Home Loan Bank Stock	$	13,220,000	$	—	$	—		$	13,220,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	14,257,000	$	—	$	—		$	14,257,000



	Amortized		Unrealized		Unrealized			Fair Value
As of December 31, 2014	Cost		Gains		Losses			(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

Contractual Maturities of Investment Securities

The following table summarizes the contractual maturities of investment securities at December 31, 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	$	527,000	$	530,000	$	1,814,000	$	1,850,000
Due in 1 to 5 years	7,562,000		7,727,000		6,306,000		6,514,000
Due in 5 to 10 years	19,647,000		20,055,000		58,397,000		60,196,000
Due after 10 years	190,194,000		191,304,000		173,506,000		174,563,000
Equity securities	3,381,000		3,423,000		—		—
	$	221,311,000	$	223,039,000	$	240,023,000	$	243,123,000

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

Schedule of Securities Gains and Losses

The following table shows securities gains and losses for 2015, 2014 and 2013:



	2015		2014		2013
Proceeds from sales of securities	$	35,468,000	$	15,557,000	$	10,563,000
Gross realized gains	1,399,000		1,155,000		1,087,000
Gross realized losses	—		—		—
Net gain	$	1,399,000	$	1,155,000	$	1,087,000
Related income taxes	$	490,000	$	404,000	$	380,000

Schedule of Temporary Impairment Losses

Information regarding securities temporarily impaired as of December 31, 2015 is summarized below:



	Less than 12 months					12 months or more					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
As of December 31, 2015	Value		Losses			Value		Losses			Value		Losses
U.S. Government-sponsored agencies	$	45,311,000	$	(1,469,000	)	$	17,185,000	$	(815,000	)	$	62,496,000	$	(2,284,000	)
Mortgage-backed securities	120,915,000		(1,027,000		)	910,000		(71,000		)	121,825,000		(1,098,000		)
State and political subdivisions	2,528,000		(24,000		)	2,901,000		(63,000		)	5,429,000		(87,000		)
Other equity securities	64,000		(5,000		)	52,000		(1,000		)	116,000		(6,000		)
	$	168,818,000	$	(2,525,000	)	$	21,048,000	$	(950,000	)	$	189,866,000	$	(3,475,000	)

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		Unrealized			Fair		Unrealized			Fair		Unrealized
As of December 31, 2014	Value		Losses			Value		Losses			Value		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	)