Investment Securities (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	190,025,000	$	3,837,000	$	(205,000	)	$	193,657,000
State and political subdivisions	18,975,000		948,000		(19,000		)	19,904,000
Other equity securities	3,148,000		39,000		(23,000		)	3,164,000
	$	212,148,000	$	4,824,000	$	(247,000	)	$	216,725,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	68,009,000	$	37,000	$	(107,000	)	$	67,939,000
Mortgage-backed securities	39,828,000		1,675,000		(35,000		)	41,468,000
State and political subdivisions	124,474,000		5,156,000		—			129,630,000
Corporate securities	4,300,000		—		—			4,300,000
	$	236,611,000	$	6,868,000	$	(142,000	)	$	243,337,000
Restricted equity securities
Federal Home Loan Bank Stock	$	12,838,000	$	—	$	—		$	12,838,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	13,875,000	$	—	$	—		$	13,875,000

The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2015:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (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

The following table summarizes the amortized cost and estimated fair value of investment securities at March 31, 2015:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	124,969,000	$	2,790,000	$	(142,000	)	$	127,617,000
State and political subdivisions	24,384,000		1,328,000		(114,000		)	25,598,000
Other equity securities	2,997,000		105,000		—			3,102,000
	$	152,350,000	$	4,223,000	$	(256,000	)	$	156,317,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	82,974,000	$	108,000	$	(912,000	)	$	82,170,000
Mortgage-backed securities	53,228,000		2,030,000		(116,000		)	55,142,000
State and political subdivisions	125,953,000		3,811,000		(129,000		)	129,635,000
Corporate securities	300,000		—		—			300,000
	$	262,455,000	$	5,949,000	$	(1,157,000	)	$	267,247,000
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, 2016:



	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	$	2,599,000	$	2,633,000	$	1,825,000	$	1,847,000
Due in 1 to 5 years	3,321,000		3,390,000		6,709,000		6,925,000
Due in 5 to 10 years	19,222,000		19,946,000		56,874,000		58,932,000
Due after 10 years	183,858,000		187,592,000		171,203,000		175,633,000
Equity securities	3,148,000		3,164,000		—		—
	$	212,148,000	$	216,725,000	$	236,611,000	$	243,337,000

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 March 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	$	2,842,000	$	2,858,000	$	1,873,000	$	1,899,000
Due in 1 to 5 years	14,950,000		15,231,000		12,050,000		12,241,000
Due in 5 to 10 years	17,746,000		18,110,000		47,898,000		49,930,000
Due after 10 years	113,815,000		117,016,000		200,634,000		203,177,000
Equity securities	2,997,000		3,102,000		—		—
	$	152,350,000	$	156,317,000	$	262,455,000	$	267,247,000

Schedule of Securities Gains and Losses

The following table shows securities gains and losses for the three months ended March 31, 2016 and 2015:



	For the three months ended March 31,
	2016		2015
Proceeds from sales of securities	$	8,868,000	$	35,465,000
Gross realized gains	536,000		1,395,000
Gross realized losses	—		—
Net gain	$	536,000	$	1,395,000
Related income taxes	$	188,000	$	488,000

Schedule of Temporary Impairment Losses

Information regarding securities temporarily impaired as of March 31, 2016 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	$	—	$	—		$	4,893,000	$	(107,000	)	$	4,893,000	$	(107,000	)
Mortgage-backed securities	17,125,000		(170,000		)	1,866,000		(70,000		)	18,991,000		(240,000		)
State and political subdivisions	522,000		—			1,417,000		(19,000		)	1,939,000		(19,000		)
Other equity securities	235,000		(6,000		)	106,000		(17,000		)	341,000		(23,000		)
	$	17,882,000	$	(176,000	)	$	8,282,000	$	(213,000	)	$	26,164,000	$	(389,000	)

As of December 31, 2015, there were 78 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 15 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of December 31, 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	$	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 March 31, 2015, there were 55 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 five had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of March 31, 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	$	36,459,000	$	(595,000	)	$	10,903,000	$	(317,000	)	$	47,362,000	$	(912,000	)
Mortgage-backed securities	20,634,000		(256,000		)	65,000		(2,000		)	20,699,000		(258,000		)
State and political subdivisions	10,390,000		(201,000		)	1,641,000		(42,000		)	12,031,000		(243,000		)
	$	67,483,000	$	(1,052,000	)	$	12,609,000	$	(361,000	)	$	80,092,000	$	(1,413,000	)