Investment Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2016:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies	$	522,000	$	—	$	—		$	522,000
Mortgage-backed securities	214,303,000		5,274,000		(224,000		)	219,353,000
State and political subdivisions	17,315,000		1,100,000		—			18,415,000
Other equity securities	3,034,000		48,000		(45,000		)	3,037,000
	$	235,174,000	$	6,422,000	$	(269,000	)	$	241,327,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	35,962,000	$	31,000	$	—		$	35,993,000
Mortgage-backed securities	37,096,000		1,651,000		(24,000		)	38,723,000
State and political subdivisions	138,914,000		7,270,000		—			146,184,000
Corporate securities	4,300,000		—		—			4,300,000
	$	216,272,000	$	8,952,000	$	(24,000	)	$	225,200,000
Restricted equity securities
Federal Home Loan Bank Stock	$	13,404,000	$	—	$	—		$	13,404,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	14,441,000	$	—	$	—		$	14,441,000

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 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

Contractual Maturities of Investment Securities

The following table summarizes the contractual maturities of investment securities at June 30, 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	$	2,058,000	$	2,072,000	$	1,847,000	$	1,857,000
Due in 1 to 5 years	3,326,000		3,432,000		13,162,000		13,538,000
Due in 5 to 10 years	24,917,000		25,839,000		42,679,000		44,693,000
Due after 10 years	201,839,000		206,947,000		158,584,000		165,112,000
Equity securities	3,034,000		3,037,000		—		—
	$	235,174,000	$	241,327,000	$	216,272,000	$	225,200,000

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 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

Schedule of Securities Gains and Losses

The following table shows securities gains and losses for the six months and quarters ended June 30, 2016 and 2015:



	For the six months ended June 30,				For the quarter ended June 30,
	2016		2015		2016			2015
Proceeds from sales of securities	$	8,954,000	$	35,465,000	$	86,000		$	—
Gross realized gains	531,000		1,395,000		—			—
Gross realized losses	—		—		(5,000		)	—
Net gain (loss)	$	531,000	$	1,395,000	$	(5,000	)	$	—
Related income taxes	$	186,000	$	488,000	$	(2,000	)	$	—

Schedule of Temporary Impairment Losses

Information regarding securities temporarily impaired as of June 30, 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
Mortgage-backed securities	$	21,849,000	$	(168,000	)	$	2,615,000	$	(80,000	)	$	24,464,000	$	(248,000	)
Other equity securities	135,000		(15,000		)	93,000		(30,000		)	228,000		(45,000		)
	$	21,984,000	$	(183,000	)	$	2,708,000	$	(110,000	)	$	24,692,000	$	(293,000	)

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 June 30, 2015, there were 295 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. 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	)