Securities (Tables)

6 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

The following tables present the amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of securities by major security type and class of security:



(Dollars in thousands)
June 30, 2015	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Securities Available for Sale:
Obligations of U.S. government-sponsored enterprises		$61,430		$49		($225	)		$61,254
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	208,539		8,091		(10		)	216,620
Obligations of states and political subdivisions	39,487		1,187		—			40,674
Individual name issuer trust preferred debt securities	30,772		16		(4,064		)	26,724
Corporate bonds	6,118		12		(24		)	6,106
Total securities available for sale		$346,346		$9,355		($4,323	)		$351,378
Held to Maturity:
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises		$22,523		$568		$—			$23,091
Total securities held to maturity		$22,523		$568		$—			$23,091
Total securities		$368,869		$9,923		($4,323	)		$374,469



(Dollars in thousands)
December 31, 2014	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Securities Available for Sale:
Obligations of U.S. government-sponsored enterprises		$31,205		$21		($54	)		$31,172
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	235,343		10,023		—			245,366
Obligations of states and political subdivisions	47,647		1,529		—			49,176
Individual name issuer trust preferred debt securities	30,753		—		(4,979		)	25,774
Corporate bonds	6,120		57		(3		)	6,174
Total securities available for sale		$351,068		$11,630		($5,036	)		$357,662
Held to Maturity:
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises		$25,222		$786		$—			$26,008
Total securities held to maturity		$25,222		$786		$—			$26,008
Total securities		$376,290		$12,416		($5,036	)		$383,670

Securities by Contractual Maturity

The schedule of maturities of debt securities available for sale and held to maturity is presented below. Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments. All other debt securities are included based on contractual maturities. Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations with or without call or prepayment penalties. Yields on tax exempt obligations are not computed on a tax equivalent basis.



(Dollars in thousands)
June 30, 2015	Within 1 Year			1-5 Years			5-10 Years			After 10 Years			Totals
Securities Available for Sale:
Obligations of U.S. government-sponsored enterprises:
Amortized cost		$—			$41,000			$20,430			$—			$61,430
Weighted average yield	—		%	1.83		%	2.34		%	—		%	2.00		%
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises:
Amortized cost	36,933			94,871			53,099			23,636			208,539
Weighted average yield	3.75			3.28			2.75			1.65			3.04
Obligations of state and political subdivisions:
Amortized cost	5,166			20,851			13,470			—			39,487
Weighted average yield	3.80			3.96			3.99			—			3.95
Individual name issuer trust preferred debt securities:
Amortized cost	—			—			—			30,772			30,772
Weighted average yield	—			—			—			1.13			1.13
Corporate bonds:
Amortized cost	5,712			203			203			—			6,118
Weighted average yield	3.04			1.63			3.21			—			3.00
Total debt securities available for sale:
Amortized cost		$47,811			$156,925			$87,202			$54,408			$346,346
Weighted average yield	3.67		%	2.99		%	2.85		%	1.35		%	2.79		%
Fair value		$49,385			$161,110			$89,606			$51,277			$351,378
Securities Held to Maturity:
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises:
Amortized cost		$2,842			$8,809			$6,948			$3,924			$22,523
Weighted average yield	3.11		%	3.03		%	2.75		%	0.82		%	2.57		%
Fair value		$2,914			$9,031			$7,123			$4,023			$23,091

Included in the above table are debt securities with an amortized cost balance of $125.5 million and a fair value of $122.3 million at June 30, 2015 that are callable at the discretion of the issuers. Final maturities of the callable securities range from 4 months to 22 years, with call features ranging from 1 month to 2 years.

Securities in a Continuous Unrealized Loss Position

The following tables summarize temporarily impaired securities, segregated by length of time the securities have been in a continuous unrealized loss position:



(Dollars in thousands)	Less than 12 Months						12 Months or Longer						Total
June 30, 2015	#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses
Obligations of U.S. government-sponsored enterprises	4		$20,004		($225	)	—		$—		$—		4		$20,004		($225	)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	2	844		(10		)	—	—		—			2	844		(10		)
Individual name issuer trust preferred debt securities	—	—		—			10	25,734		(4,064		)	10	25,734		(4,064		)
Corporate bonds	3	2,394		(24		)	—	—		—			3	2,394		(24		)
Total temporarily impaired securities	9		$23,242		($259	)	10		$25,734		($4,064	)	19		$48,976		($4,323	)



(Dollars in thousands)	Less than 12 Months						12 Months or Longer						Total
December 31, 2014	#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses
Obligations of U.S. government-sponsored enterprises	3		$20,952		($54	)	—		$—		$—		3		$20,952		($54	)
Individual name issuer trust preferred debt securities	—	—		—			11	25,774		(4,979		)	11	25,774		(4,979		)
Corporate bonds	—	—		—			1	199		(3		)	1	199		(3		)
Total temporarily impaired securities	3		$20,952		($54	)	12		$25,973		($4,982	)	15		$46,925		($5,036	)