Securities (Tables)

9 Months Ended

Sep. 30, 2015

Cash and Cash Equivalents [Abstract]

Amortized Cost of Securities and their Estimated Fair Values

The carrying amount of securities and their estimated fair values at September 30, 2015, were as follows:

	September 30, 2015
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(Dollars in Thousands)
Restricted:
FHLB stock	$	4,428		—		—			4,428
Available for sale:
U.S. Treasury securities	$	2,001		9		—			2,010
Agency debt securities		91,190		2,352		(159	)		93,383
Taxable municipal bonds		7,173		217		(16	)		7,374
Tax free municipal bonds		47,209		2,525		(96	)		49,638
Trust preferred securities		1,613		177		—			1,790
Mortgage-backed securities:
GNMA		20,214		249		(89	)		20,374
FNMA		31,596		583		(20	)		32,159
FHLMC		5,353		46		(16	)		5,383
SLMA CMO		3,819		—		(183	)		3,636
AGENCY CMO		23,958		259		(42	)		24,175
	$	234,126		6,417		(621	)		239,922

The carrying amount of securities and their estimated fair values at December 31, 2014, was as follows:

	December 31, 2014
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(Dollars in Thousands)
Restricted:
FHLB stock	$	4,428		—		—			4,428
Available for sale:
U.S. Treasury securities	$	3,977		3		—			3,980
Agency debt securities		101,654		2,125		(527	)		103,252
Tax free municipal bonds		57,399		3,814		(166	)		61,047
Taxable municipal bonds		11,871		235		(63	)		12,043
Trust preferred securities		1,600		—		(111	)		1,489
Commercial bonds		2,000		7		—			2,007
Mortgage-backed securities:
GNMA		27,535		670		(122	)		28,083
FNMA		50,617		694		(536	)		50,775
FHLMC		3,276		38		—			3,314
SLMA CMO		9,895		—		(252	)		9,643
AGENCY CMO		28,024		176		(205	)		27,995
	$	297,848		7,762		(1,982	)		303,628

Maturities of Debt Securities Available for Sale

The scheduled maturities of debt securities available for sale at September 30, 2015, were as follows:

			Estimated
	Amortized		Fair
September 30, 2015	Cost		Value
Due within one year	$	4,830	$	4,894
Due in one to five years		26,697		27,089
Due in five to ten years		29,401		30,316
Due after ten years		24,604		26,089
		85,532		88,388
Amortizing agency bonds		63,654		65,807
Mortgage-backed securities		84,940		85,727
Total unrestricted securities available for sale	$	234,126	$	239,922

The scheduled maturities of debt securities available for sale at December 31, 2014, were as follows:

			Estimated
	Amortized		Fair
December 31, 2014	Cost		Value
Due within one year	$	4,830	$	4,927
Due in one to five years		21,564		21,818
Due in five to ten years		41,683		42,613
Due after ten years		33,119		35,380
		101,196		104,738
Amortizing agency bonds		77,305		79,080
Mortgage-backed securities		119,347		119,810
Total unrestricted securities available for sale	$	297,848	$	303,628

Estimated Fair Value and Unrealized Loss Amounts of Impaired Investments

The estimated fair value and unrealized loss amounts of temporarily impaired investments as of September 30, 2015, are as follows:

	Less than 12 months					12 months or longer					Total
	Estimated		Unrealized			Estimated		Unrealized			Estimated		Unrealized
	Fair Value		Losses			Fair Value		Losses			Fair Value		Losses
	(Dollars in Thousands)
Available for sale
U.S. Agency debt securities	$	5,009		(13	)		9,997		(146	)		15,006		(159	)
Taxable municipals		—		—			1,926		(16	)		1,926		(16	)
Tax free municipals		—		—			6,308		(96	)		6,308		(96	)
Mortgage-backed securities:
GNMA		4,180		(22	)		10,694		(67	)		14,874		(89	)
FNMA		2,267		(12	)		3,101		(8	)		5,368		(20	)
FHLMC		2,539		(16	)		—		—			2,539		(16	)
SLMA CMOs		—		—			3,636		(183	)		3,636		(183	)
AGENCY CMOs		2,422		(27	)		2,072		(15	)		4,494		(42	)
Total available for sale	$	16,417		(90	)		37,734		(531	)		54,151		(621	)

The estimated fair value and unrealized loss amounts of temporarily impaired investments as of December 31, 2014, were as follows:

	Less than 12 months					12 months or longer					Total
	Estimated		Unrealized			Estimated		Unrealized			Estimated		Unrealized
	Fair Value		Losses			Fair Value		Losses			Fair Value		Losses
Available for sale
U.S. Agency debt securities	$	14,021		(20	)		29,156		(507	)		43,177		(527	)
Taxable municipals		—		—			4,785		(63	)		4,785		(63	)
Tax free municipals		—		—			6,647		(166	)		6,647		(166	)
Trust preferred securities		—		—			1,489		(111	)		1,489		(111	)
Mortgage-backed securities:
GNMA		12,568		(108	)		2,895		(14	)		15,463		(122	)
FNMA		—		—			18,927		(536	)		18,927		(536	)
SLMA CMOs		1,923		(14	)		7,720		(238	)		9,643		(252	)
AGENCY CMOs		9,545		(91	)		7,685		(114	)		17,230		(205	)
Total available for sale	$	38,057		(233	)		79,304		(1,749	)		117,361		(1,982	)