Securities (Tables)

3 Months Ended

Mar. 31, 2017

Investments, Debt and Equity Securities [Abstract]

The fair value of securities is as follows:


March 31, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale
U.S. Treasury and federal agencies	$	13,546	$	2	$	(68	)	$	13,480
State and municipal		127,108		656		(659	)		127,105
Federal agency collateralized mortgage obligations		137,815		241		(1,867	)		136,189
Federal agency mortgage-backed pools		196,064		1,194		(3,547	)		193,711
Private labeled mortgage-backed pools		1,901		—		(19	)		1,882
Corporate notes		1,236		619		—			1,855

Total available for sale investment securities	$	477,670	$	2,712	$	(6,160	)	$	474,222


Held to maturity
State and municipal	$	176,631	$	3,317	$	(1,948	)	$	178,000
Federal agency collateralized mortgage obligations		6,297		30		(65	)		6,262
Federal agency mortgage-backed pools		15,940		449		(169	)		16,220

Total held to maturity investment securities	$	198,868	$	3,796	$	(2,182	)	$	200,482


December 31, 2016	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale
U.S. Treasury and federal agencies	$	8,051	$	2	$	(64	)	$	7,989
State and municipal		117,327		324		(1,059	)		116,592
Federal agency collateralized mortgage obligations		139,040		254		(2,099	)		137,195
Federal agency mortgage-backed pools		180,183		251		(3,707	)		176,726
Corporate notes		1,238		91		—			1,329

Total available for sale investment securities	$	445,839	$	922	$	(6,929	)	$	439,831


Held to maturity
U.S. Treasury and federal agencies	$	—	$	—	$	—		$	—
State and municipal		165,607		2,700		(2,485	)		165,822
Federal agency collateralized mortgage obligations		6,530		31		(71	)		6,490
Federal agency mortgage-backed pools		21,057		897		(180	)		21,774

Total held to maturity investment securities	$	193,194	$	3,628	$	(2,736	)	$	194,086

Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity

The amortized cost and fair value of securities available for sale and held to maturity at March 31, 2017 and December 31, 2016, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


	March 31, 2017				December 31, 2016
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available for sale
Within one year	$	8,277	$	8,311	$	7,455	$	7,480
One to five years		40,343		40,404		37,483		37,479
Five to ten years		28,390		28,380		21,112		20,984
After ten years		64,880		65,345		60,566		59,967

		141,890		142,440		126,616		125,910
Federal agency collateralized mortgage obligations		137,815		136,189		139,040		137,195
Federal agency mortgage-backed pools		196,064		193,711		180,183		176,726
Private labeled mortgage-backed pools		1,901		1,882		—		—

Total available for sale investment securities	$	477,670	$	474,222	$	445,839	$	439,831


Held to maturity
Within one year	$	9,941	$	9,941	$	—	$	—
One to five years		30,869		31,892		24,594		25,271
Five to ten years		86,470		87,885		87,645		88,805
After ten years		49,351		48,282		53,368		51,746

		176,631		178,000		165,607		165,822
Federal agency collateralized mortgage obligations		6,297		6,262		6,530		6,490
Federal agency mortgage-backed pools		15,940		16,220		21,057		21,774

Total held to maturity investment securities	$	198,868	$	200,482	$	193,194	$	194,086

Gross Unrealized Losses and Fair Value of Company's Investments

The following table shows the gross unrealized losses and the fair value of the Company’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.


	Less than 12 Months					12 Months or More					Total
March 31, 2017	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses

U.S. Treasury and federal agencies	$	13,158	$	(68	)	$	—	$	—		$	13,158	$	(68	)
State and municipal		107,096		(2,607	)		—		—			107,096		(2,607	)
Federal agency collateralized mortgage obligations		105,289		(1,700	)		9,626		(232	)		114,916		(1,932	)
Federal agency mortgage-backed pools		162,271		(3,716	)		—		—			162,271		(3,716	)
Private labeled mortgage-backed pools		1,882		(19	)		—		—			1,882		(19	)

Total temporarily impaired securities	$	389,696	$	(8,110	)	$	9,626	$	(232	)	$	399,323	$	(8,342	)


	Less than 12 Months					12 Months or More					Total
December 31, 2016	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses

U.S. Treasury and federal agencies	$	6,987	$	(64	)	$	—	$	—		$	6,987	$	(64	)
State and municipal		142,466		(3,544	)		—		—			142,466		(3,544	)
Federal agency collateralized mortgage obligations		112,414		(1,918	)		10,199		(252	)		122,613		(2,170	)
Federal agency mortgage-backed pools		163,768		(3,887	)		—		—			163,768		(3,887	)

Total temporarily impaired securities	$	425,635	$	(9,413	)	$	10,199	$	(252	)	$	435,834	$	(9,665	)

Sales of Securities Available for Sale


	Three Months Ended March 31
	2017		2016
Sales of securities available for sale (Unaudited)
Proceeds	$	2,090	$	7,297
Gross gains		35		108
Gross losses		—		—

- 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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