Securities (Tables)

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost and estimated fair value of investments in debt securities

The amortized cost and fair value of investments in debt and equity securities at September 30, 2015 and December 31, 2014 were as follows (dollars in thousands):

	September 30, 2015
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Securities available for sale:
Federal agencies and GSEs	$	103,765	$	510	$	29	$	104,246
Mortgage-backed and CMOs	54,687		1,086		74		55,699
State and municipal	179,761		6,623		28		186,356
Corporate	10,681		57		30		10,708
Equity securities	1,000		297		—		1,297
Total securities available for sale	$	349,894	$	8,573	$	161	$	358,306

	December 31, 2014
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Securities available for sale:
Federal agencies and GSEs	$	81,958	$	252	$	104	$	82,106
Mortgage-backed and CMOs	56,289		1,248		112		57,425
State and municipal	188,060		7,523		90		195,493
Corporate	8,416		16		53		8,379
Equity securities	1,000		313		—		1,313
Total securities available for sale	$	335,723	$	9,352	$	359	$	344,716

Cost of restricted stock

The cost of restricted stock at September 30, 2015 and December 31, 2014 was as follows (dollars in thousands):

	September 30, 2015		December 31, 2014
FRB stock	$	3,531	$	2,742
FHLB stock	1,777		1,625
Total restricted stock	$	5,308	$	4,367

Schedule of fair value and gross unrealized losses by investment category and length of time

The table below shows gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2014 (dollars in thousands):

	Total				Less than 12 Months				12 Months or More
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Federal agencies and GSEs	$	28,979	$	104	$	21,449	$	35	$	7,530	$	69
Mortgage-backed and CMOs	7,182		112		1,171		13		6,011		99
State and municipal	20,542		90		15,836		60		4,706		30
Corporate	5,032		53		2,273		4		2,759		49
Total	$	61,735	$	359	$	40,729	$	112	$	21,006	$	247

The following table shows fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2015.  The reference point for determining when securities are in an unrealized loss position is month-end.  Therefore, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period (dollars in thousands).

	Total				Less than 12 Months				12 Months or More
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Federal agencies and GSEs	$	15,037	$	29	$	12,939	$	27	$	2,098	$	2
Mortgage-backed and CMOs	8,281		74		6,243		54		2,038		20
State and municipal	8,457		28		8,457		28		—		—
Corporate	2,726		30		1,135		9		1,591		21
Total	$	34,501	$	161	$	28,774	$	118	$	5,727	$	43