Securities (Tables)

6 Months Ended

Jun. 30, 2014

Securities [Abstract]

Summary of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities

The amortized cost and fair value of securities available-for-sale and held-to-maturity at June 30, 2014 and December 31, 2013 are summarized as follows (in thousands):

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2014:
Securities available-for-sale:
U.S. Treasury securities		$	-	$	-	$	-	$	-
U.S. government agency securities			117,053		19		6,148		110,924
Mortgage-backed agency securities			452,580		11,608		4,250		459,938
State and municipal securities			138,382		8,066		328		146,120
Asset-backed securities			15,380		-		150		15,230
Corporate notes and other			10,207		1,109		-		11,316
		$	733,602	$	20,802	$	10,876	$	743,528
Securities held-to-maturity:
State and municipal securities		$	38,538	$	120	$	368	$	38,290
		$	38,538	$	120	$	368	$	38,290
December 31, 2013:
Securities available-for-sale:
U.S. Treasury securities		$	-	$	-	$	-	$	-
U.S. government agency securities			117,282		13		13,422		103,873
Mortgage-backed agency securities			411,967		9,771		8,802		412,936
State and municipal securities			143,763		5,504		856		148,411
Asset-backed securities			17,262		-		255		17,007
Corporate notes and other			10,218		1,018		7		11,229
		$	700,492	$	16,306		23,342	$	693,456
Securities held-to-maturity:
State and municipal securities		$	39,796	$	72	$	1,051	$	38,817
		$	39,796	$	72	$	1,051	$	38,817

Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

The amortized cost and fair value of debt securities as of June 30, 2014 by contractual maturity are shown below. Actual maturities may differ from contractual maturities of mortgage- and asset-backed securities since the mortgages and assets underlying the securities may be called or prepaid with or without penalty. Therefore, these securities are not included in the maturity categories in the following summary (in thousands):

	Available-for-sale				Held-to-maturity
June 30, 2014:	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	4,124	$	4,161	$	658	$	660
Due in one year to five years		33,208		34,896		8,184		8,107
Due in five years to ten years		125,395		128,613		12,578		12,632
Due after ten years		102,915		100,690		17,118		16,891
Mortgage-backed agency securities		452,580		459,938		-		-
Asset-backed securities		15,380		15,230		-		-
	$	733,602	$	743,528	$	38,538	$	38,290

Classification of Investments According to Term of Unrealized Losses of Less than Twelve Months or Twelve Months or Longer

At June 30, 2014 and December 31, 2013, the following investments had unrealized losses. The table below classifies these investments according to the term of the unrealized losses of less than twelve months or twelve months or longer (in thousands):

	Investments with an Unrealized Loss of less than 12 months				Investments with an Unrealized Loss of 12 months or longer				Total Investments with an Unrealized Loss
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
At June 30, 2014:
U.S. Treasury securities	$	-	$	-	$	-	$	-	$	-	$	-
U.S. government agency securities		903		2		101,152		6,146		102,055		6,148
Mortgage-backed agency securities		69,147		515		109,845		3,735		178,992		4,250
State and municipal securities		3,098		13		31,228		683		34,326		696
Asset-backed securities		-		-		15,230		150		15,230		150
Corporate notes		500		-		157		-		657		-
Total temporarily-impaired securities	$	73,648	$	530	$	257,612	$	10,714	$	331,260	$	11,244
At December 31, 2013:
U.S. Treasury securities	$	-	$	-	$	-	$	-	$	-	$	-
U.S. government agency securities		8,742		22		92,869		13,400		101,611		13,422
Mortgage-backed agency securities		157,262		3,913		42,903		4,889		200,165		8,802
State and municipal securities		46,282		1,351		3,798		555		50,080		1,906
Asset-backed securities		-		-		17,006		255		17,006		255
Corporate notes		946		6		159		2		1,105		8
Total temporarily-impaired securities	$	213,232	$	5,292	$	156,735	$	19,101	$	369,967	$	24,393