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Securities | 12 Months Ended
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Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract] |
Securities | Note 2. Securities The Company invests in U.S. agency and mortgage-backed securities, obligations of states and political subdivisions and corporate equity securities. Amortized costs and fair values of securities at December 31, 2015 and 2014 were as follows (in thousands):
|  | 2015 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Fair Value |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency and mortgage-backed securities |  | $ | 89,919 |  |  | $ | 261 |  |  | $ | (843 | ) |  | $ | 89,337 |
Obligations of states and political subdivisions |  |  | 15,931 |  |  |  | 333 |  |  |  | (50 | ) |  |  | 16,214 |
Corporate equity securities |  |  | 1 |  |  |  | 7 |  |  |  | — |  |  |  | 8 |
Total securities available for sale |  | $ | 105,851 |  |  | $ | 601 |  |  | $ | (893 | ) |  | $ | 105,559 |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency and mortgage-backed securities |  | $ | 49,662 |  |  | $ | 36 |  |  | $ | (326 | ) |  | $ | 49,372 |
Obligations of states and political subdivisions |  |  | 15,357 |  |  |  | 228 |  |  |  | (19 | ) |  |  | 15,566 |
Corporate debt securities |  |  | 1,500 |  |  |  | — |  |  |  | — |  |  |  | 1,500 |
Total securities held to maturity |  | $ | 66,519 |  |  | $ | 264 |  |  | $ | (345 | ) |  | $ | 66,438 |
Total securities |  | $ | 172,370 |  |  | $ | 865 |  |  | $ | (1,238 | ) |  | $ | 171,997 |
|  | 2014 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Fair Value |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency and mortgage-backed securities |  | $ | 67,462 |  |  | $ | 374 |  |  | $ | (807 | ) |  | $ | 67,029 |
Obligations of states and political subdivisions |  |  | 16,031 |  |  |  | 325 |  |  |  | (99 | ) |  |  | 16,257 |
Corporate equity securities |  |  | 1 |  |  |  | 5 |  |  |  | — |  |  |  | 6 |
Total securities available for sale |  | $ | 83,494 |  |  | $ | 704 |  |  | $ | (906 | ) |  | $ | 83,292 |
At December 31, 2015 and 2014, investments in an unrealized loss position that were temporarily impaired were as follows (in thousands):
|  | 2015 |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  |  |  |  | Unrealized |  |  |  |  |  | Unrealized |  |  |  |  |  | Unrealized |
|  | Fair Value |  |  | (Loss) |  |  | Fair Value |  |  | (Loss) |  |  | Fair Value |  |  | (Loss) |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency and mortgage-backed securities |  | $ | 50,185 |  |  | $ | (464 | ) |  | $ | 13,409 |  |  | $ | (379 | ) |  | $ | 63,594 |  |  | $ | (843 | )
Obligations of states and political subdivisions |  |  | 2,395 |  |  |  | (15 | ) |  |  | 1,053 |  |  |  | (35 | ) |  |  | 3,448 |  |  |  | (50 | )
Total securities available for sale |  | $ | 52,580 |  |  | $ | (479 | ) |  | $ | 14,462 |  |  | $ | (414 | ) |  | $ | 67,042 |  |  | $ | (893 | )
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency and mortgage-backed securities |  | $ | 32,791 |  |  | $ | (326 | ) |  | $ | — |  |  | $ | — |  |  | $ | 32,791 |  |  | $ | (326 | )
Obligations of states and political subdivisions |  |  | 3,052 |  |  |  | (19 | ) |  |  | — |  |  |  | — |  |  |  | 3,052 |  |  |  | (19 | )
Total securities held to maturity |  | $ | 35,843 |  |  | $ | (345 | ) |  | $ | — |  |  | $ | — |  |  | $ | 35,843 |  |  | $ | (345 | )
Total securities |  | $ | 88,423 |  |  | $ | (824 | ) |  | $ | 14,462 |  |  | $ | (414 | ) |  | $ | 102,885 |  |  | $ | (1,238 | )
|  | 2014 |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  |  |  |  | Unrealized |  |  |  |  |  | Unrealized |  |  |  |  |  | Unrealized |
|  | Fair Value |  |  | (Loss) |  |  | Fair Value |  |  | (Loss) |  |  | Fair Value |  |  | (Loss) |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency and mortgage-backed securities |  | $ | 8,677 |  |  | $ | (60 | ) |  | $ | 32,527 |  |  | $ | (747 | ) |  | $ | 41,204 |  |  | $ | (807 | )
Obligations of states and political subdivisions |  |  | 715 |  |  |  | (1 | ) |  |  | 2,841 |  |  |  | (98 | ) |  |  | 3,556 |  |  |  | (99 | )
Total securities available for sale |  | $ | 9,392 |  |  | $ | (61 | ) |  | $ | 35,368 |  |  | $ | (845 | ) |  | $ | 44,760 |  |  | $ | (906 | )
The tables above provide information about securities that have been in an unrealized loss position for less than twelve consecutive months and securities that have been in an unrealized loss position for twelve consecutive months or more. Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Impairment is considered to be other-than temporary if the Company (1) intends to sell the security, (2) more likely than not will be required to sell the security before recovering its cost, or (3) does not expect to recover the security’s entire amortized cost basis. Presently, the Company does not intend to sell any of these securities, does not expect to be required to sell these securities, and expects to recover the entire amortized cost of all the securities. At December 31, 2015, there were fifty-two U.S. agency and mortgage-backed securities and thirteen obligations of states and political subdivisions in an unrealized loss position. One hundred percent of the Company’s investment portfolio is considered investment grade. The weighted-average re-pricing term of the portfolio was 4.6 years at December 31, 2015. At December 31, 2014, there were twenty-nine U.S. agency and mortgage-backed securities and seven obligations of states and political subdivisions in an unrealized loss position. One hundred percent of the Company’s investment portfolio was considered investment grade at December 31, 2014. The weighted-average re-pricing term of the portfolio was 3.9 years at December 31, 2014. The unrealized losses at December 31, 2015 in the U.S. agency and mortgage-backed securities portfolio and the obligation of states and political subdivisions portfolio were related to changes in market interest rates and not credit concerns of the issuers. The amortized cost and fair value of securities at December 31, 2015 by contractual maturity are shown below (in thousands). Expected maturities of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties. Corporate equity securities are not included in the maturity categories in the following maturity summary because they do not have a stated maturity date.
|  | Available for Sale |  |  | Held to Maturity |
|  | Amortized |  |  | Fair |  |  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |  |  | Cost |  |  | Value |
Due within one year |  | $ | 382 |  |  | $ | 383 |  |  | $ | — |  |  | $ | — |
Due after one year through five years |  |  | 11,733 |  |  |  | 11,693 |  |  |  | 632 |  |  |  | 635 |
Due after five years through ten years |  |  | 16,013 |  |  |  | 16,113 |  |  |  | 19,510 |  |  |  | 19,564 |
Due after ten years |  |  | 77,722 |  |  |  | 77,362 |  |  |  | 46,377 |  |  |  | 46,239 |
Corporate equity securities |  |  | 1 |  |  |  | 8 |  |  |  | — |  |  |  | — |
|  | $ | 105,851 |  |  | $ | 105,559 |  |  | $ | 66,519 |  |  | $ | 66,438 |
Proceeds from maturities, calls, principal payments, and sales of securities available for sale during 2015 and 2014 were $17.7 million and $35.8 million, respectively. There were no gross gains realized on calls and sales during 2015. Gross gains of $787 thousand were realized on calls and sales during 2014. Gross losses of $55 thousand and $91 thousand were realized on calls and sales during 2015 and 2014, respectively. There were no proceeds from sales of securities held to maturity during 2015 and 2014. Proceeds from maturities, calls, and principal payments of securities held to maturity during 2015 were $2.3 million. During 2014, there were no proceeds from maturities, call and principal payments of securities held to maturity. The Company did not realize any gross gains or gross losses on held to maturity securities during 2015 or 2014. Securities having a fair value of $26.9 million and $4.5 million at December 31, 2015 and 2014 were pledged to secure public deposits and for other purposes required by law. Federal Home Loan Bank, Federal Reserve Bank and Community Bankers’ Bank stock are generally viewed as long-term investments and as restricted securities, which are carried at cost, because there is a minimal market for the stock. Therefore, when evaluating restricted securities for impairment, their value is based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The Company does not consider these investments to be other-than-temporarily impaired at December 31, 2015, and no impairment has been recognized. The composition of restricted securities at December 31, 2015 and 2014 was as follows (in thousands):
|  | 2015 |  |  | 2014 |
Federal Home Loan Bank stock |  | $ | 466 |  |  | $ | 470 |
Federal Reserve Bank stock |  |  | 875 |  |  |  | 846 |
Community Bankers’ Bank stock |  |  | 50 |  |  |  | 50 |
|  | $ | 1,391 |  |  | $ | 1,366 |

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