Investment Securities (Tables)

9 Months Ended

Sep. 30, 2014

Amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale

The amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale are as follows

(in thousands):

	Amortized		Gross Unrealized				Fair/Book
September 30, 2014	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	13,220	$	141	$	-	$	13,361
Mortgage Backed Securities⁽¹⁾		321,187		3,936		2,443		322,680
Other		485		-		-		485
Total	$	334,892	$	4,077	$	2,443	$	336,526

	Amortized		Gross Unrealized				Fair/Book
December 31, 2013	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	28,287	$	149	$	-	$	28,436
Mortgage Backed Securities⁽¹⁾		329,469		3,026		7,566		324,929
Corporate Securities		49,247		280		147		49,380
Other		1,894		-		-		1,894
Total	$	408,897	$	3,455	$	7,713	$	404,639

	Amortized		Gross Unrealized				Fair/Book
September 30, 2013	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	28,404	$	239	$	-	$	28,643
Mortgage Backed Securities⁽¹⁾		342,963		4,928		5,814		342,077
Corporate Securities		49,696		250		185		49,761
Other		1,284		-		-		1,284
Total	$	422,347	$	5,417	$	5,999	$	421,765

⁽¹⁾All Mortgage Backed Securities consist of securities collateralized by residential real estate and were issued by an agency or government sponsored entity of the U.S. government.

Book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity

The book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity are as follows (in thousands):

	Book		Gross Unrealized				Fair
September 30, 2014	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	67,206	$	725	$	17	$	67,914
Other		2,235		-		-		2,235
Total	$	69,441	$	725	$	17	$	70,149

	Book		Gross Unrealized				Fair
December 31, 2013	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	65,685	$	812	$	627	$	65,870
Mortgage Backed Securities⁽¹⁾		45		-		-		45
Other		2,775		-		-		2,775
Total	$	68,505	$	812	$	627	$	68,690

	Book		Gross Unrealized				Fair
September 30, 2013	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	67,717	$	965	$	741	$	67,941
Mortgage Backed Securities⁽¹⁾		121		1		-		122
Other		3,123		-		-		3,123
Total	$	70,961	$	966	$	741	$	71,186

⁽¹⁾All Mortgage Backed Securities consist of securities collateralized by residential real estate and were issued by an agency or government sponsored entity of the U.S. government.

Amortized cost and estimated fair values of investment securities by contractual maturity

The amortized cost and estimated fair values of investment securities at September 30, 2014 by contractual maturity are shown in the following tables (in thousands):

	Available-for-Sale				Held-to-Maturity
	Amortized		Fair/Book		Book		Fair
September 30, 2014	Cost		Value		Value		Value
Within one year	$	10,473	$	10,496	$	4,115	$	4,117
After one year through five years		3,232		3,350		17,518		17,814
After five years through ten years		-		-		13,440		13,589
After ten years		-		-		34,368		34,629
		13,705		13,846		69,441		70,149

Investment securities not due at a single maturity date:
Mortgage-backed securities		321,187		322,680		-		-

Total	$	334,892	$	336,526	$	69,441	$	70,149

Investments with gross unrealized losses and their market value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

The following tables show those investments with gross unrealized losses and their market value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at the dates indicated (in thousands):

	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
September 30, 2014	Value		Loss		Value		Loss		Value		Loss

Securities Available-for-Sale
Mortgage Backed Securities	$	62,825	$	240	$	64,968	$	2,203		127,793	$	2,443
Total	$	62,825	$	240	$	64,968	$	2,203	$	127,793	$	2,443

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	1,943	$	11	$	2,556	$	6	$	4,499	$	17
Total	$	1,943	$	11	$	2,556	$	6	$	4,499	$	17

	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2013	Value		Loss		Value		Loss		Value		Loss

Securities Available-for-Sale
Mortgage Backed Securities	$	195,736	$	7,566	$	-	$	-	$	195,736	$	7,566
Corporate Securities		15,297		106		2,457		41		17,754		147
Total	$	211,033	$	7,672	$	2,457	$	41	$	213,490	$	7,713

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	9,518	$	627	$	-	$	-	$	9,518	$	627
Total	$	9,518	$	627	$	-	$	-	$	9,518	$	627

	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
September 30, 2013	Value		Loss		Value		Loss		Value		Loss
Securities Available-for-Sale
Mortgage Backed Securities	$	129,198	$	5,814	$	-	$	-	$	129,198	$	5,814
Corporate Securities		19,881		185		-		-		19,881		185
Total	$	149,079	$	5,999	$	-	$	-	$	149,079	$	5,999

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	9,411	$	741	$	-	$	-	$	9,411	$	741
Total	$	9,411	$	741	$	-	$	-	$	9,411	$	741

Proceeds from sales and calls of securities

Proceeds from sales and calls of securities were as follows:

	Three Months				Nine Months
	Ended September 30,				Ended September 30,
(in thousands)	2014		2013		2014		2013
Proceeds	$	85,433	$	28,297	$	95,349	$	77,912
Gains		811		285		845		1,189
Losses		807		1,422		807		1,437

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

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