Securities (Tables)

9 Months Ended

Sep. 30, 2017

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, 2017 and December 31, 2016 were as follows (dollars in thousands):

	September 30, 2017
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Securities available for sale:
Federal agencies and GSEs	$	88,413	$	21	$	1,511	$	86,923
Mortgage-backed and CMOs	80,026		412		542		79,896
State and municipal	93,012		1,996		225		94,783
Corporate	8,100		248		4		8,344
Equity securities	1,288		971		—		2,259
Total securities available for sale	$	270,839	$	3,648	$	2,282	$	272,205

	December 31, 2016
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Securities available for sale:
Federal agencies and GSEs	$	106,379	$	62	$	2,387	$	104,054
Mortgage-backed and CMOs	79,917		514		938		79,493
State and municipal	145,757		2,540		782		147,515
Corporate	13,392		123		23		13,492
Equity securities	1,288		660		—		1,948
Total securities available for sale	$	346,733	$	3,899	$	4,130	$	346,502

Cost of restricted stock

The cost of restricted stock at September 30, 2017 and December 31, 2016 was as follows (dollars in thousands):

	September 30, 2017		December 31, 2016
FRB stock	$	3,581	$	3,559
FHLB stock	1,928		2,665
Total restricted stock	$	5,509	$	6,224

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

The table below shows estimated fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2016 (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	$	89,597	$	2,387	$	89,597	$	2,387	$	—	$	—
Mortgage-backed and CMOs	57,762		938		56,076		911		1,686		27
State and municipal	47,221		782		47,221		782		—		—
Corporate	2,895		23		2,895		23		—		—
Total	$	197,475	$	4,130	$	195,789	$	4,103	$	1,686	$	27

The following table shows estimated 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, 2017.  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.

Available for sale securities that have been in a continuous unrealized loss position are as follows (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	$	73,901	$	1,511	$	32,812	$	131	$	41,089	$	1,380
Mortgage-backed and CMOs	56,190		542		42,328		270		13,862		272
State and municipal	13,165		225		6,370		61		6,795		164
Corporate	1,546		4		1,546		4		—		—
Total	$	144,802	$	2,282	$	83,056	$	466	$	61,746	$	1,816

Schedule of gross realized gains and losses on and proceeds from sale of securities

The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the three and nine months ended September 30, 2017 and 2016 (dollars in thousands):

	Three Months Ended September 30, 2017			Nine Months Ended September 30, 2017
Realized gains (losses):
Gross realized gains	$	—		$	605
Gross realized losses	—			(15		)
Net realized gains	$	—		$	590
Proceeds from sales of securities	$	—		$	55,403
	Three Months Ended September 30, 2016			Nine Months Ended September 30, 2016
Realized gains (losses):
Gross realized gains	$	81		$	674
Gross realized losses	(8		)	(13		)
Net realized gains	$	73		$	661
Proceeds from sales of securities	$	—		$	9,317