Investment Securities (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017 and 2016:



	Amortized		Unrealized		Unrealized			Fair Value
As of December 31, 2017	Cost		Gains		Losses			(Estimated)
Securities available for sale
Mortgage-backed securities	$	293,689,000	$	722,000	$	(4,422,000	)	$	289,989,000
State and political subdivisions	6,860,000		16,000		(107,000		)	6,769,000
Other equity securities	3,296,000		121,000		(3,000		)	3,414,000
	$	303,845,000	$	859,000	$	(4,532,000	)	$	300,172,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	11,155,000	$	—	$	(180,000	)	$	10,975,000
Mortgage-backed securities	23,284,000		568,000		(128,000		)	23,724,000
State and political subdivisions	217,828,000		3,931,000		(1,103,000		)	220,656,000
Corporate securities	4,300,000		—		—			4,300,000
	$	256,567,000	$	4,499,000	$	(1,411,000	)	$	259,655,000
Restricted equity securities
Federal Home Loan Bank Stock	$	9,321,000	$	—	$	—		$	9,321,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	10,358,000	$	—	$	—		$	10,358,000



	Amortized		Unrealized		Unrealized			Fair Value
As of December 31, 2016	Cost		Gains		Losses			(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

Contractual Maturities of Investment Securities

The following table summarizes the contractual maturities of investment securities at December 31, 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	$	111,000	$	112,000	$	635,000	$	637,000
Due in 1 to 5 years	841,000		842,000		18,059,000		18,164,000
Due in 5 to 10 years	29,003,000		29,177,000		37,182,000		37,719,000
Due after 10 years	270,594,000		266,627,000		200,691,000		203,135,000
Equity securities	3,296,000		3,414,000		—		—
	$	303,845,000	$	300,172,000	$	256,567,000	$	259,655,000

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

Schedule of Securities Gains and Losses

The following table shows securities gains and losses for 2017, 2016 and 2015:



	2017		2016		2015
Proceeds from sales of securities	$	15,587,000	$	10,309,000	$	35,468,000
Gross realized gains	471,000		673,000		1,399,000
Gross realized losses	—		—		—
Net gain	$	471,000	$	673,000	$	1,399,000
Related income taxes	$	165,000	$	236,000	$	490,000

Schedule of Temporary Impairment Losses

Information regarding securities temporarily impaired as of December 31, 2017 is summarized below:



	Less than 12 months					12 months or more					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
As of December 31, 2017	Value		Losses			Value		Losses			Value		Losses
U.S. Government-sponsored agencies	$	7,161,000	$	(94,000	)	$	3,814,000	$	(86,000	)	$	10,975,000	$	(180,000	)
Mortgage-backed securities	132,025,000		(1,857,000		)	101,707,000		(2,693,000		)	233,732,000		(4,550,000		)
State and political subdivisions	9,425,000		(149,000		)	38,864,000		(1,061,000		)	48,289,000		(1,210,000		)
Other equity securities	—		—			9,000		(3,000		)	9,000		(3,000		)
	$	148,611,000	$	(2,100,000	)	$	144,394,000	$	(3,843,000	)	$	293,005,000	$	(5,943,000	)

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		Unrealized			Fair		Unrealized			Fair		Unrealized
As of December 31, 2016	Value		Losses			Value		Losses			Value		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	)