Investment Securities (Tables)

6 Months Ended

Jun. 30, 2016

Amortized Cost, Fair Values, and Unrealized Gains and Losses of 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
June 30, 2016	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	93,139	$	192	$	-	$	93,331
US Treasury Notes		65,522		457		-		65,979
Mortgage Backed Securities⁽¹⁾		195,860		6,043		-		201,903
Other		1,010		-		-		1,010
Total	$	355,531	$	6,692	$	-	$	362,223

	Amortized		Gross Unrealized				Fair/Book
December 31, 2015	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	33,536	$	134	$	419	$	33,251
US Treasury Notes		73,048		-		164		72,884
Mortgage Backed Securities⁽¹⁾		261,016		2,708		1,231		262,493
Other		509		-		-		509
Total	$	368,109	$	2,842	$	1,814	$	369,137

	Amortized		Gross Unrealized				Fair/Book
June 30, 2015	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	11,063	$	58	$	-	$	11,121
US Treasury Notes		80,212		85		59		80,238
Mortgage Backed Securities⁽¹⁾		256,849		3,812		1,081		259,580
Other		485		-		-		485
Total	$	348,609	$	3,955	$	1,140	$	351,424

⁽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
June 30, 2016	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	60,949	$	1,894	$	-	$	62,843
Total	$	60,949	$	1,894	$	-	$	62,843

	Book		Gross Unrealized				Fair
December 31, 2015	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	61,396	$	993	$	1	$	62,388
Total	$	61,396	$	993	$	1	$	62,388

	Book		Gross Unrealized				Fair
June 30, 2015	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	65,270	$	278	$	213	$	65,335
Other		2,131		-		-		2,131
Total	$	67,401	$	278	$	213	$	67,466

Amortized Cost and Estimated Fair Values of Investment Securities by Contractual Maturity

The amortized cost and estimated fair values of investment securities at June 30, 2016 by contractual maturity are shown in the following table (in thousands):

	Available-for-Sale				Held-to-Maturity
June 30, 2016	Amortized Cost		Fair/Book Value		Book Value		Fair Value
Within one year	$	90,999	$	90,999	$	719	$	719
After one year through five years		68,672		69,321		11,275		11,325
After five years through ten years		-		-		12,426		12,692
After ten years		-		-		36,529		38,107
		159,671		160,320		60,949		62,843

Investment securities not due at a single maturity date:
Mortgage Backed Securities		195,860		201,903		-		-

Total	$	355,531	$	362,223	$	60,949	$	62,843

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 tables below 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 December 31, 2015 and June 30, 2015, (in thousands):

	Less Than 12 Months				12 Months or More				Total
December 31, 2015	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
Government Agency & Government-Sponsored Entities	$	29,944	$	419	$	-	$	-	$	29,944	$	419
US Treasury Notes		44,887		164		-		-		44,887		164
Mortgage Backed Securities		78,899		1,089		7,277		142		86,176		1,231
Total	$	153,730	$	1,672	$	7,277	$	142	$	161,007	$	1,814

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	839	$	1	$	-	$	-	$	839	$	1
Total	$	839	$	1	$	-	$	-	$	839	$	1

	Less Than 12 Months				12 Months or More				Total
June 30, 2015	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
US Treasury Notes	$	35,117	$	59	$	-	$	-	$	35,117	$	59
Mortgage Backed Securities		42,839		942		7,796		139		50,635		1,081
Total	$	77,956	$	1,001	$	7,796	$	139	$	85,752	$	1,140

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	16,083	$	213	$	-	$	-	$	16,083	$	213
Total	$	16,083	$	213	$	-	$	-	$	16,083	$	213

Proceeds from Sales and Calls of Securities

Proceeds from sales and calls of securities were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2016		2015		2016		2015
Proceeds	$	-	$	4,060	$	102,895	$	4,535
Gains		-		5		245		6
Losses		-		-		534		-

- 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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