Securities (Tables)

9 Months Ended

Sep. 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)
September 30, 2015	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Securities Available for Sale:
Obligations of U.S. government-sponsored enterprises		$52,430		$220		($7	)		$52,643
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	197,790		8,498		—			206,288
Obligations of states and political subdivisions	36,775		982		—			37,757
Individual name issuer trust preferred debt securities	29,806		—		(4,123		)	25,683
Corporate bonds	1,418		8		(2		)	1,424
Total securities available for sale		$318,219		$9,708		($4,132	)		$323,795
Held to Maturity:
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises		$21,140		$680		$—			$21,820
Total securities held to maturity		$21,140		$680		$—			$21,820
Total securities		$339,359		$10,388		($4,132	)		$345,615



(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)
September 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		$—			$15,100			$37,330			$—			$52,430
Weighted average yield	—		%	1.42		%	2.40		%	—		%	2.12		%
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises:
Amortized cost	34,731			90,071			51,254			21,734			197,790
Weighted average yield	3.70			3.25			2.77			1.66			3.03
Obligations of state and political subdivisions:
Amortized cost	4,606			21,546			10,623			—			36,775
Weighted average yield	3.83			3.96			4.01			—			3.96
Individual name issuer trust preferred debt securities:
Amortized cost	—			—			—			29,806			29,806
Weighted average yield	—			—			—			1.17			1.17
Corporate bonds:
Amortized cost	—			709			709			—			1,418
Weighted average yield	—			2.03			2.95			—			2.63
Total debt securities available for sale:
Amortized cost		$39,337			$127,426			$99,916			$51,540			$318,219
Weighted average yield	3.72		%	3.15		%	2.76		%	1.37		%	2.81		%
Fair value		$40,952			$131,936			$102,557			$48,350			$323,795
Securities Held to Maturity:
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises:
Amortized cost		$2,690			$8,332			$6,562			$3,556			$21,140
Weighted average yield	3.11		%	3.03		%	2.71		%	0.78		%	2.56		%
Fair value		$2,777			$8,600			$6,773			$3,670			$21,820

Included in the above table are debt securities with an amortized cost balance of $114.2 million and a fair value of $111.1 million at September 30, 2015 that are callable at the discretion of the issuers. Final maturities of the callable securities range from 5 months to 21 years, with call features ranging from 1 month to 6 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
September 30, 2015	#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses
Obligations of U.S. government-sponsored enterprises	2		$10,148		($7	)	—		$—		$—		2		$10,148		($7	)
Individual name issuer trust preferred debt securities	—	—		—			10	25,683		(4,123		)	10	25,683		(4,123		)
Corporate bonds	1	200		(2		)	—	—		—			1	200		(2		)
Total temporarily impaired securities	3		$10,348		($9	)	10		$25,683		($4,123	)	13		$36,031		($4,132	)



(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	)