XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Securities | 6 Months Ended
--- | ---
Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities The following tables summarize securities available-for-sale as of June 30, 2016 and December 31, 2015.
|  | June 30, 2016
|  | Amortized |  | Gross Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored agencies |  | $ | 75,133 |  |  | $ | 701 |  |  | $ | (156 | ) |  | $ | 75,678 |
Municipal securities |  | 78,594 |  |  | 2,227 |  |  | (23 | ) |  | 80,798 |
Mortgage-backed securities |  | 233,886 |  |  | 2,147 |  |  | (122 | ) |  | 235,911 |
Asset-backed securities |  | 19,457 |  |  | — |  |  | (125 | ) |  | 19,332 |
Corporate securities |  | 20,000 |  |  | — |  |  | (926 | ) |  | 19,074 |
Other securities |  | 3,000 |  |  | 13 |  |  | — |  |  | 3,013 |
Total available-for-sale |  | $ | 430,070 |  |  | $ | 5,088 |  |  | $ | (1,352 | ) |  | $ | 433,806 |
|  | December 31, 2015
|  | Amortized |  | Gross Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored agencies |  | $ | 38,093 |  |  | $ | 139 |  |  | $ | (482 | ) |  | $ | 37,750 |
Municipal securities |  | 21,091 |  |  | 385 |  |  | (7 | ) |  | 21,469 |
Mortgage-backed securities |  | 113,948 |  |  | 110 |  |  | (1,006 | ) |  | 113,052 |
Asset-backed securities |  | 19,444 |  |  | — |  |  | (83 | ) |  | 19,361 |
Corporate securities |  | 20,000 |  |  | — |  |  | (913 | ) |  | 19,087 |
Other securities |  | 3,000 |  |  | — |  |  | (21 | ) |  | 2,979 |
Total available-for-sale |  | $ | 215,576 |  |  | $ | 634 |  |  | $ | (2,512 | ) |  | $ | 213,698 |
The carrying value of securities at June 30, 2016 is shown below by their contractual maturity date. Actual maturities will differ because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Available-for-Sale
|  | Amortized Cost |  | Fair Value
Within one year |  | $ | — |  |  | $ | — |
One to five years |  | 400 |  |  | 362 |
Five to ten years |  | 32,047 |  |  | 31,904 |
After ten years |  | 141,280 |  |  | 143,284 |
|  | 173,727 |  |  | 175,550 |
Mortgage-backed securities |  | 233,886 |  |  | 235,911 |
Asset-backed securities |  | 19,457 |  |  | 19,332 |
Other securities |  | 3,000 |  |  | 3,013 |
Total |  | $ | 430,070 |  |  | $ | 433,806 |
Gross gains of $0.2 million and gross losses of $0.0 million resulted from sales of available-for-sale securities during the three and six months ended June 30, 2016. There were no gross gains or losses recognized during the three and six months ended June 30, 2015. Certain investments in debt securities are reported in the condensed consolidated financial statements at an amount less than their historical cost. The total fair value of these investments at June 30, 2016 and December 31, 2015 was $103.1 million and $166.1 million, which was approximately 24% and 78%, respectively, of the Company’s available-for-sale securities portfolio. These declines resulted primarily from fluctuations in market interest rates after purchase. U. S. Government-Sponsored Agencies, Municipal Securities and Corporate Securities The unrealized losses on the Company’s investments in securities issued by U.S. Government-sponsored agencies, municipal organizations and corporate entities were caused by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at June 30, 2016. Mortgage-Backed and Asset-Backed Securities The unrealized losses on the Company’s investments in mortgage-backed and asset-backed securities were caused by interest rate changes. The Company expects to recover the amortized cost bases over the term of the securities. Because the Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at June 30, 2016. Should any future impairment of these securities become other-than-temporary, the cost basis of the security will be reduced, with the resulting loss recognized in net income in the period in which the other-than-temporary impairment (“OTTI”) is identified. The following tables show the available-for-sale securities portfolio’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2016 and December 31, 2015.
|  | June 30, 2016
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored agencies |  | $ | 19,171 |  |  | $ | (116 | ) |  | $ | 4,043 |  |  | $ | (40 | ) |  | $ | 23,214 |  |  | $ | (156 | )
Municipal securities |  | 2,241 |  |  | (23 | ) |  | — |  |  | — |  |  | 2,241 |  |  | (23 | )
Mortgage-backed securities |  | 39,268 |  |  | (122 | ) |  | — |  |  | — |  |  | 39,268 |  |  | (122 | )
Asset-backed securities |  | 9,806 |  |  | (43 | ) |  | 9,526 |  |  | (82 | ) |  | 19,332 |  |  | (125 | )
Corporate securities |  | 4,904 |  |  | (95 | ) |  | 14,170 |  |  | (831 | ) |  | 19,074 |  |  | (926 | )
Total |  | $ | 75,390 |  |  | $ | (399 | ) |  | $ | 27,739 |  |  | $ | (953 | ) |  | $ | 103,129 |  |  | $ | (1,352 | )
|  | December 31, 2015
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored agencies |  | $ | 18,289 |  |  | $ | (237 | ) |  | $ | 8,537 |  |  | $ | (245 | ) |  | $ | 26,826 |  |  | $ | (482 | )
Municipal securities |  | 1,026 |  |  | (7 | ) |  | — |  |  | — |  |  | 1,026 |  |  | (7 | )
Mortgage-backed securities |  | 74,198 |  |  | (562 | ) |  | 22,655 |  |  | (444 | ) |  | 96,853 |  |  | (1,006 | )
Asset-backed securities |  | 19,361 |  |  | (83 | ) |  | — |  |  | — |  |  | 19,361 |  |  | (83 | )
Corporate securities |  | 19,087 |  |  | (913 | ) |  | — |  |  | — |  |  | 19,087 |  |  | (913 | )
Other securities |  | 2,979 |  |  | (21 | ) |  | — |  |  | — |  |  | 2,979 |  |  | (21 | )
Total |  | $ | 134,940 |  |  | $ | (1,823 | ) |  | $ | 31,192 |  |  | $ | (689 | ) |  | $ | 166,132 |  |  | $ | (2,512 | )
There were no amounts reclassified from accumulated other comprehensive income (loss) during the three and six months ended June 30, 2015. Amounts reclassified from accumulated other comprehensive income (loss) and the affected line items in the consolidated statements of income during the three and six months ended June 30, 2016 were as follows:
Details About Accumulated Other Comprehensive Income Components |  | Amounts Reclassified from Accumulated Other Comprehensive Income for the |  | Affected Line Item in the Statements of Income
| Three Months Ended June 30, 2016 |  | Six Months Ended June 30, 2016 |
Unrealized gains and losses on securities available-for-sale |  |  |  |  |  |  |  |
Gain realized in earnings |  | $ | 177 |  |  | $ | 177 |  |  | Gain on sale of securities
Total reclassified amount before tax |  | 177 |  |  | 177 |  |  | Income Before Income Taxes
Tax expense |  | 60 |  |  | 60 |  |  | Income Tax Provision
Total reclassifications out of accumulated other comprehensive income |  | $ | 117 |  |  | $ | 117 |  |  | Net Income

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: 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 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration