Investment Securities (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	290,379,000	$	1,381,000	$	(2,769,000	)	$	288,991,000
State and political subdivisions	15,401,000		486,000		(59,000		)	15,828,000
Other equity securities	3,266,000		65,000		(4,000		)	3,327,000
	$	309,046,000	$	1,932,000	$	(2,832,000	)	$	308,146,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	11,152,000	$	—	$	(181,000	)	$	10,971,000
Mortgage-backed securities	27,224,000		820,000		(41,000		)	28,003,000
State and political subdivisions	201,447,000		3,573,000		(2,056,000		)	202,964,000
Corporate securities	4,300,000		—		—			4,300,000
	$	244,123,000	$	4,393,000	$	(2,278,000	)	$	246,238,000
Restricted equity securities
Federal Home Loan Bank Stock	$	11,274,000	$	—	$	—		$	11,274,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	12,311,000	$	—	$	—		$	12,311,000

The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2016:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	282,397,000	$	1,334,000	$	(3,127,000	)	$	280,604,000
State and political subdivisions	16,183,000		475,000		(176,000		)	16,482,000
Other equity securities	3,274,000		63,000		(7,000		)	3,330,000
	$	301,854,000	$	1,872,000	$	(3,310,000	)	$	300,416,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	11,943,000	$	35,000	$	(233,000	)	$	11,745,000
Mortgage-backed securities	31,201,000		967,000		(147,000		)	32,021,000
State and political subdivisions	179,384,000		1,971,000		(3,884,000		)	177,471,000
Corporate securities	4,300,000		—		—			4,300,000
	$	226,828,000	$	2,973,000	$	(4,264,000	)	$	225,537,000
Restricted equity securities
Federal Home Loan Bank Stock	$	10,893,000	$	—	$	—		$	10,893,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	11,930,000	$	—	$	—		$	11,930,000

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

Contractual Maturities of Investment Securities

The following table summarizes the contractual maturities of investment securities at June 30, 2017:



	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	$	26,000	$	26,000	$	707,000	$	710,000
Due in 1 to 5 years	1,722,000		1,758,000		14,536,000		14,813,000
Due in 5 to 10 years	34,382,000		35,099,000		41,373,000		42,251,000
Due after 10 years	269,650,000		267,936,000		187,507,000		188,464,000
Equity securities	3,266,000		3,327,000		—		—
	$	309,046,000	$	308,146,000	$	244,123,000	$	246,238,000

The following table summarizes the contractual maturities of investment securities at December 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	$	253,000	$	253,000	$	906,000	$	913,000
Due in 1 to 5 years	2,251,000		2,298,000		13,451,000		13,714,000
Due in 5 to 10 years	21,043,000		21,505,000		41,588,000		42,448,000
Due after 10 years	275,033,000		273,030,000		170,883,000		168,462,000
Equity securities	3,274,000		3,330,000		—		—
	$	301,854,000	$	300,416,000	$	226,828,000	$	225,537,000

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

Schedule of Securities Gains and Losses

The following table shows securities gains and losses for the six months and quarters ended June 30, 2017 and 2016:



	For the six months ended June 30,				For the quarter ended June 30,
	2017		2016		2017		2016
Proceeds from sales of securities	$	3,000	$	8,954,000	$	—	$	86,000
Gross realized gains	3,000		531,000		—		—
Gross realized losses	—		—		—		(5,000		)
Net gain (loss)	$	3,000	$	531,000	$	—	$	(5,000	)
Related income taxes	$	1,000	$	186,000	$	—	$	(2,000	)

Schedule of Securities Temporarily Impaired

Information regarding securities temporarily impaired as of June 30, 2017 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	$	7,972,000	$	(181,000	)	$	—	$	—		$	7,972,000	$	(181,000	)
Mortgage-backed securities	170,966,000		(2,613,000		)	7,643,000		(197,000		)	178,609,000		(2,810,000		)
State and political subdivisions	55,952,000		(2,115,000		)	—		—			55,952,000		(2,115,000		)
Other equity securities	69,000		(1,000		)	9,000		(3,000		)	78,000		(4,000		)
	$	234,959,000	$	(4,910,000	)	$	7,652,000	$	(200,000	)	$	242,611,000	$	(5,110,000	)

As of December 31, 2016, there were 299 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, 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	$	6,642,000	$	(233,000	)	$	—	$	—		$	6,642,000	$	(233,000	)
Mortgage-backed securities	197,528,000		(3,090,000		)	2,905,000		(184,000		)	200,433,000		(3,274,000		)
State and political subdivisions	72,348,000		(4,060,000		)	—		—			72,348,000		(4,060,000		)
Other equity securities	—		—			128,000		(7,000		)	128,000		(7,000		)
	$	276,518,000	$	(7,383,000	)	$	3,033,000	$	(191,000	)	$	279,551,000	$	(7,574,000	)

As of June 30, 2016, there were 25 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 13 had been temporarily impaired for 12 months or more. 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	)