Investments (Tables)

3 Months Ended

Mar. 31, 2014

Investments

Schedule of amortized cost and fair values of investment securities held-to-maturity

Amortized cost and fair values of investment securities held-to-maturity at March 31, 2014, including gross unrealized gains and losses, are summarized as follows:

	Amortized		Unrealized		Unrealized			Fair
(in thousands)	Cost		Gain		Loss			Value
Municipal securities	$	56,823	$	691	$	(1,773	)	$	55,741
Total investment securities held—to-maturity	$	56,823	$	691	$	(1,773	)	$	55,741

Amortized cost and fair values of investment securities held-to-maturity at December 31, 2013, including gross unrealized gains and losses, are summarized as follows:

	Amortized		Unrealized		Unrealized			Fair
(in thousands)	Cost		Gain		Loss			Value
Municipal securities	$	56,670	$	367	$	(2,919	)	$	54,118
Total investment securities held—to-maturity	$	56,670	$	367	$	(2,919	)	$	54,118

Schedule of amortized cost and fair values of investment securities available-for-sale

Amortized cost and fair values of investment securities available-for-sale at March 31, 2014 are summarized as follows:

	Amortized		Unrealized		Unrealized			Fair
(in thousands)	Cost		Gain		Loss			Value
U.S. Agency securities	$	60,732	$	12	$	(1,480	)	$	59,264
U.S. Sponsored Mortgage-backed securities	44,785		165		(619		)	44,331
Total debt securities	105,517		177		(2,099		)	103,595
Equity and other securities	810		187		—			997
Total investment securities available-for-sale	$	106,327	$	364	$	(2,099	)	$	104,592

Amortized cost and fair values of investment securities available-for-sale at December 31, 2013 are summarized as follows:

	Amortized		Unrealized		Unrealized			Fair
(in thousands)	Cost		Gain		Loss			Value
U.S. Agency securities	$	60,744	$	—	$	(1,922	)	$	58,822
U.S. Sponsored Mortgage-backed securities	47,317		118		(843		)	46,592
Total debt securities	108,061		118		(2,765		)	105,414
Equity and other securities	810		187		—			997
Total investment securities available-for-sale	$	108,871	$	305	$	(2,765	)	$	106,411

Schedule of amortized cost and fair values of debt securities by maturity

	March 31, 2014
	Held to Maturity				Available for sale
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Within one year	$	—	$	—	$	—	$	—
After one year, but within five	1,696		1,736		34,457		34,066
After five years, but within ten	14,877		14,910		37,087		36,066
After ten years	40,250		39,095		33,973		33,463
Total	$	56,823	$	55,741	$	105,517	$	103,595

Schedule of investments in an unrealized loss position

The following table discloses investments in an unrealized loss position at March 31, 2014:

(in thousands)

	Less than 12 months					12 months or more
Description and number of positions	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Agency securities (17)	$	51,599	$	(1,480	)	$	—	$	—
U.S. Sponsored Mortgage-backed securities (16)	11,095		(72		)	18,799		(547		)
Municipal securities (83)	24,021		(1,242		)	7,544		(531		)
	$	86,715	$	(2,794	)	$	26,343	$	(1,078	)

The following table discloses investments in an unrealized loss position at December 31, 2013:

(in thousands)

	Less than 12 months					12 months or more
Description and number of positions	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Agency securities (19)	$	58,822	$	(1,922	)	$	—	$	—
U.S. Sponsored Mortgage-backed securities (18)	14,969		(113		)	19,781		(730		)
Municipal securities (103)	35,502		(2,535		)	4,471		(384		)
	$	109,293	$	(4,570	)	$	24,252	$	(1,114	)