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Investments (Tables) | 9 Months Ended
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Sep. 30, 2016
Investments [Abstract] |
Summary of amortized cost, gross unrealized gains and losses, and fair value of investment securities | The amortized cost, gross unrealized gains and losses, and fair value of investment securities at September 30, 2016 and December 31, 2015 were as follows (in thousands):
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
September 30, 2016 |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 188,936 |  |  | $ | 1,839 |  |  | $ | (9 | ) |  | $ | 190,766 |
U.S. treasury securities |  |  | 5,013 |  |  |  | 7 |  |  |  | - |  |  |  | 5,020 |
Obligations of state and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
political subdivisions |  |  | 99,557 |  |  |  | 2,702 |  |  |  | (37 | ) |  |  | 102,222 |
Corporate obligations |  |  | 14,359 |  |  |  | 17 |  |  |  | - |  |  |  | 14,376 |
Mortgage-backed securities in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  |  | 33,665 |  |  |  | 420 |  |  |  | (33 | ) |  |  | 34,052 |
Equity securities in financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
institutions |  |  | 2,002 |  |  |  | 716 |  |  |  | - |  |  |  | 2,718 |
Total available-for-sale securities |  | $ | 343,532 |  |  | $ | 5,701 |  |  | $ | (79 | ) |  | $ | 349,154 |
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 199,749 |  |  | $ | 369 |  |  | $ | (527 | ) |  | $ | 199,591 |
U.S. treasury securities |  |  | 10,103 |  |  |  | - |  |  |  | (21 | ) |  |  | 10,082 |
Obligations of state and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
political subdivisions |  |  | 99,856 |  |  |  | 3,080 |  |  |  | (73 | ) |  |  | 102,863 |
Corporate obligations |  |  | 14,583 |  |  |  | 68 |  |  |  | (86 | ) |  |  | 14,565 |
Mortgage-backed securities in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  |  | 30,107 |  |  |  | 186 |  |  |  | (89 | ) |  |  | 30,204 |
Equity securities in financial institutions |  |  | 2,001 |  |  |  | 436 |  |  |  | (5 | ) |  |  | 2,432 |
Total available-for-sale securities |  | $ | 356,399 |  |  | $ | 4,139 |  |  | $ | (801 | ) |  | $ | 359,737 |
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 September 30, 2016 and December 31, 2015 (in thousands). As of September 30, 2016, the Company owned 24 securities whose fair value was less than their cost basis.
September 30, 2016 |  | 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 |  | $ | 6,998 |  |  | $ | (9 | ) |  | $ | - |  |  | $ | - |  |  | $ | 6,998 |  |  | $ | (9 | )
Obligations of state and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
political subdivisions |  |  | 9,244 |  |  |  | (37 | ) |  |  | - |  |  |  | - |  |  |  | 9,244 |  |  |  | (37 | )
Mortgage-backed securities in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  |  | 3,568 |  |  |  | (18 | ) |  |  | 1,855 |  |  |  | (15 | ) |  |  | 5,423 |  |  |  | (33 | )
Total securities |  | $ | 19,810 |  |  | $ | (64 | ) |  | $ | 1,855 |  |  | $ | (15 | ) |  | $ | 21,665 |  |  | $ | (79 | )
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 123,591 |  |  | $ | (527 | ) |  | $ | - |  |  | $ | - |  |  | $ | 123,591 |  |  | $ | (527 | )
U.S. treasury securities |  |  | 10,082 |  |  |  | (21 | ) |  |  | - |  |  |  | - |  |  |  | 10,082 |  |  |  | (21 | )
Obligations of states and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
political subdivisions |  |  | 7,023 |  |  |  | (57 | ) |  |  | 2,914 |  |  |  | (16 | ) |  |  | 9,937 |  |  |  | (73 | )
Corporate obligations |  |  | 5,822 |  |  |  | (61 | ) |  |  | 2,138 |  |  |  | (25 | ) |  |  | 7,960 |  |  |  | (86 | )
Mortgage-backed securities in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  |  | 9,830 |  |  |  | (77 | ) |  |  | 227 |  |  |  | (12 | ) |  |  | 10,057 |  |  |  | (89 | )
Equity securities in financial institutions |  |  | 106 |  |  |  | (5 | ) |  |  | - |  |  |  | - |  |  |  | 106 |  |  |  | (5 | )
Total securities |  | $ | 156,454 |  |  | $ | (748 | ) |  | $ | 5,279 |  |  | $ | (53 | ) |  | $ | 161,733 |  |  | $ | (801 | )
Gross gains and losses on available-for-sale securities | The gross gains and losses were as follows (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Gross gains |  | $ | - |  |  | $ | 129 |  |  | $ | 155 |  |  | $ | 441 |
Gross losses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (11 | )
Net gains |  | $ | - |  |  | $ | 129 |  |  | $ | 155 |  |  | $ | 430 |
Summary of amortized cost and fair value of debt securities by contractual maturity | The amortized cost and fair value of debt securities at September 30, 2016, by contractual maturity, are shown below (in thousands):
|  | Amortized |  |  |  |
|  | Cost |  |  | Fair Value |
Available-for-sale debt securities: |  |  |  |  |  |
Due in one year or less |  | $ | 49,510 |  |  | $ | 49,724 |
Due after one year through five years |  |  | 173,075 |  |  |  | 175,690 |
Due after five years through ten years |  |  | 41,247 |  |  |  | 42,129 |
Due after ten years |  |  | 77,698 |  |  |  | 78,893 |
Total |  | $ | 341,530 |  |  | $ | 346,436 |

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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=73527792&loc=d3e27290-111563 + Details
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