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Investments (Tables) | 3 Months Ended
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Mar. 31, 2015
Investments [Abstract] |
Summary of amortized cost and fair value of investment securities | The amortized cost and fair value of investment securities at March 31, 2015 and December 31, 2014 were as follows (in thousands):
|  | Gross | Gross |
| Amortized | Unrealized | Unrealized | Fair
March 31, 2015 | Cost | Gains | Losses | Value
Available-for-sale securities: |  |  |  |
U.S. agency securities | $ 142,719 | $ 1,185 | $ (65) | $ 143,839
Obligations of state and |  |  |  |
political subdivisions | 101,686 | 3,825 | (75) | 105,436
Corporate obligations | 12,783 | 177 | (25) | 12,935
Mortgage-backed securities in |  |  |  |
government sponsored entities | 27,673 | 431 | (27) | 28,077
Equity securities in financial |  |  |  |
institutions | 1,137 | 480 | - | 1,617
Total available-for-sale securities | $ 285,998 | $ 6,098 | $ (192) | $ 291,904
December 31, 2014 |  |  |  |
Available-for-sale securities: |  |  |  |
U.S. agency securities | $ 150,847 | $ 638 | $ (600) | $ 150,885
U.S. treasury securities | 4,944 | - | (95) | 4,849
Obligations of state and |  |  |  |
political subdivisions | 101,281 | 3,854 | (99) | 105,036
Corporate obligations | 13,853 | 190 | (85) | 13,958
Mortgage-backed securities in |  |  |  |
government sponsored entities | 29,397 | 368 | (37) | 29,728
Equity securities in financial institutions | 1,137 | 553 | - | 1,690
Total available-for-sale securities | $ 301,459 | $ 5,603 | $ (916) | $ 306,146
Unrealized losses and fair value of investments | The following table shows the Company’s gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time, which individual securities have been in a continuous unrealized loss position, at March 31, 2015 and December 31, 2014 (in thousands). As of March 31, 2015, the Company owned 25 securities whose fair value was less than their cost basis.
March 31, 2015 | Less than Twelve Months | Twelve Months or Greater | Total
|  |  | Gross |  | Gross |  | Gross
|  | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized
|  | Value | Losses | Value | Losses | Value | Losses
U.S. agency securities | $ 5,365 | $ (4) | $ 22,029 | $ (61) | $ 27,394 | $ (65)
Obligations of state and |  |  |  |  |  |
political subdivisions | 2,243 | (28) | 5,773 | (47) | 8,016 | (75)
Corporate obligations | - | - | 4,484 | (25) | 4,484 | (25)
Mortgage-backed securities in |  |  |  |  |  |
government sponsored entities | 1,107 | (15) | 279 | (12) | 1,386 | (27)
Total securities | $ 8,715 | $ (47) | $ 32,565 | $ (145) | $ 41,280 | $ (192)
December 31, 2014 |  |  |  |  |  |  |
U.S. agency securities | $ 27,382 | $ (110) | $ 43,642 | $ (490) | $ 71,024 | $ (600)
U.S. treasury securities | - | - | 4,849 | (95) | 4,849 | (95)
Obligations of states and |  |  |  |  |  |
political subdivisions | 3,596 | (19) | 8,584 | (80) | 12,180 | (99)
Corporate obligations | 505 | (1) | 7,707 | (84) | 8,212 | (85)
Mortgage-backed securities in |  |  |  |  |  |
government sponsored entities | 5,025 | (4) | 2,229 | (33) | 7,254 | (37)
Total securities | $ 36,508 | $ (134) | $ 67,011 | $ (782) | $ 103,519 | $ (916)
Gross gains and losses on available-for-sale securities | The gross gains and losses were as follows (in thousands):
| Three Months Ended
| March 31,
| 2015 | 2014
Gross gains | $ 137 | $ 171
Gross losses | (11) | -
Net gains | $ 126 | $ 171
Summary of amortized cost and fair value of debt securities by contractual maturity | The amortized cost and fair value of debt securities at March 31, 2015, by contractual maturity, are shown below (in thousands):
| Amortized |
| Cost | Fair Value
Available-for-sale debt securities: |  |
Due in one year or less | $ 7,878 | $ 7,980
Due after one year through five years | 142,286 | 143,869
Due after five years through ten years | 41,437 | 42,645
Due after ten years | 93,260 | 95,793
Total | $ 284,861 | $ 290,287

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 + Details
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