Securities Available for Sale (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Investments Debt And Equity Securities [Abstract] |
|
| Summary of the Amortized Cost and Fair Value of Available-for-Sale Investment Securities Corresponding Amounts of Unrealized Gains and Losses |
The following table summarizes the amortized cost and fair value of the available-for-sale securities portfolio at December 31, 2015 and 2014 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows:
|
|
|
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
|
|
|
|
|
2015 |
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
|
U.S. Treasury and U.S. government sponsored entities |
|
|
$ |
11,120 |
|
|
$ |
38 |
|
|
$ |
(52 |
) |
|
$ |
11,106 |
|
|
State and political subdivisions |
|
|
|
136,781 |
|
|
|
2,354 |
|
|
|
(412 |
) |
|
|
138,723 |
|
|
Corporate bonds |
|
|
|
1,134 |
|
|
|
5 |
|
|
|
(5 |
) |
|
|
1,134 |
|
|
Mortgage-backed securities - residential |
|
|
|
197,289 |
|
|
|
1,433 |
|
|
|
(2,135 |
) |
|
|
196,587 |
|
|
Collateralized mortgage obligations |
|
|
|
28,035 |
|
|
|
0 |
|
|
|
(870 |
) |
|
|
27,165 |
|
|
Small Business Administration |
|
|
|
19,755 |
|
|
|
1 |
|
|
|
(457 |
) |
|
|
19,299 |
|
|
Equity securities |
|
|
|
203 |
|
|
|
127 |
|
|
|
(32 |
) |
|
|
298 |
|
|
Totals |
|
|
$ |
394,317 |
|
|
$ |
3,958 |
|
|
$ |
(3,963 |
) |
|
$ |
394,312 |
|
|
|
|
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
|
|
|
|
|
2014 |
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
|
U.S. Treasury and U.S. government sponsored entities |
|
|
$ |
24,515 |
|
|
$ |
418 |
|
|
$ |
(112 |
) |
|
$ |
24,821 |
|
|
State and political subdivisions |
|
|
|
90,369 |
|
|
|
2,183 |
|
|
|
(671 |
) |
|
|
91,881 |
|
|
Corporate bonds |
|
|
|
936 |
|
|
|
3 |
|
|
|
(8 |
) |
|
|
931 |
|
|
Mortgage-backed securities - residential |
|
|
|
223,216 |
|
|
|
2,395 |
|
|
|
(1,249 |
) |
|
|
224,362 |
|
|
Collateralized mortgage obligations |
|
|
|
25,988 |
|
|
|
98 |
|
|
|
(911 |
) |
|
|
25,175 |
|
|
Small Business Administration |
|
|
|
23,193 |
|
|
|
1 |
|
|
|
(775 |
) |
|
|
22,419 |
|
|
Equity securities |
|
|
|
120 |
|
|
|
121 |
|
|
|
(1 |
) |
|
|
240 |
|
|
Totals |
|
|
$ |
388,337 |
|
|
$ |
5,219 |
|
|
$ |
(3,727 |
) |
|
$ |
389,829 |
|
|
| Proceeds from Sales of Available-for-Sale Securities and the Associated Gains and Losses |
The proceeds from sales of available-for-sale securities and the associated gains and losses were as follows:
|
|
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2013 |
|
|
Proceeds |
|
|
|
$ |
102,257 |
|
|
$ |
57,170 |
|
|
$ |
94,016 |
|
|
Gross gains |
|
|
|
|
908 |
|
|
|
758 |
|
|
|
1,924 |
|
|
Gross losses |
|
|
|
|
(814 |
) |
|
|
(301 |
) |
|
|
(1,061 |
) |
|
| Amortized Cost and Fair Value of the Debt Securities Maturity |
The amortized cost and fair value of the debt securities portfolio are shown by expected maturity. Expected maturities may differ from contractual maturities if issuers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
|
Available for sale |
|
|
|
|
|
December 31, 2015 |
|
|
|
|
|
|
|
|
Amortized |
|
|
|
|
|
|
Maturity |
|
|
|
|
|
Cost |
|
|
Fair Value |
|
|
Within one year |
|
|
|
|
|
$ |
16,564 |
|
|
$ |
16,697 |
|
|
One to five years |
|
|
|
|
|
|
68,354 |
|
|
|
69,023 |
|
|
Five to ten years |
|
|
|
|
|
|
51,655 |
|
|
|
52,775 |
|
|
Beyond ten years |
|
|
|
|
|
|
12,462 |
|
|
|
12,468 |
|
|
Mortgage-backed securities, collateralized mortgage obligations and Small Business Administration |
|
|
245,079 |
|
|
|
243,051 |
|
|
|
|
|
|
Totals |
|
$ |
394,114 |
|
|
$ |
394,014 |
|
|
| Investment Securities with Unrealized Losses |
The following table summarizes the investment securities with unrealized losses at December 31, 2015 and 2014 aggregated by major security type and length of time in a continuous unrealized loss position.
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
|
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Description of Securities |
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
|
U.S. Treasury and U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
sponsored entities |
|
$ |
6,044 |
|
|
$ |
(51 |
) |
|
$ |
199 |
|
|
$ |
(1 |
) |
|
$ |
6,243 |
|
|
$ |
(52 |
) |
|
State and political subdivisions |
|
|
22,016 |
|
|
|
(167 |
) |
|
|
12,635 |
|
|
|
(245 |
) |
|
|
34,651 |
|
|
|
(412 |
) |
|
Corporate bonds |
|
|
102 |
|
|
|
(1 |
) |
|
|
478 |
|
|
|
(4 |
) |
|
|
580 |
|
|
|
(5 |
) |
|
Mortgage-backed securities - residential |
|
|
79,301 |
|
|
|
(1,044 |
) |
|
|
40,794 |
|
|
|
(1,091 |
) |
|
|
120,095 |
|
|
|
(2,135 |
) |
|
Collateralized mortgage obligations |
|
|
14,342 |
|
|
|
(169 |
) |
|
|
12,695 |
|
|
|
(701 |
) |
|
|
27,037 |
|
|
|
(870 |
) |
|
Small Business Administration |
|
|
0 |
|
|
|
0 |
|
|
|
19,237 |
|
|
|
(457 |
) |
|
|
19,237 |
|
|
|
(457 |
) |
|
Equity securities |
|
|
88 |
|
|
|
(32 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
88 |
|
|
|
(32 |
) |
|
Total temporarily impaired |
|
$ |
121,893 |
|
|
$ |
(1,464 |
) |
|
$ |
86,038 |
|
|
$ |
(2,499 |
) |
|
$ |
207,931 |
|
|
$ |
(3,963 |
) |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
|
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Description of Securities |
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
|
U.S. Treasury and U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
sponsored entities |
|
$ |
498 |
|
|
$ |
(2 |
) |
|
$ |
10,159 |
|
|
$ |
(110 |
) |
|
$ |
10,657 |
|
|
$ |
(112 |
) |
|
State and political subdivisions |
|
|
987 |
|
|
|
(11 |
) |
|
|
24,063 |
|
|
|
(660 |
) |
|
|
25,050 |
|
|
|
(671 |
) |
|
Corporate bonds |
|
|
0 |
|
|
|
0 |
|
|
|
476 |
|
|
|
(8 |
) |
|
|
476 |
|
|
|
(8 |
) |
|
Mortgage-backed securities - residential |
|
|
25,770 |
|
|
|
(202 |
) |
|
|
55,576 |
|
|
|
(1,047 |
) |
|
|
81,346 |
|
|
|
(1,249 |
) |
|
Collateralized mortgage obligations |
|
|
0 |
|
|
|
0 |
|
|
|
19,541 |
|
|
|
(911 |
) |
|
|
19,541 |
|
|
|
(911 |
) |
|
Small Business Administration |
|
|
0 |
|
|
|
0 |
|
|
|
22,319 |
|
|
|
(775 |
) |
|
|
22,319 |
|
|
|
(775 |
) |
|
Equity securities |
|
|
26 |
|
|
|
(1 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
26 |
|
|
|
(1 |
) |
|
Total temporarily impaired |
|
$ |
27,281 |
|
|
$ |
(216 |
) |
|
$ |
132,134 |
|
|
$ |
(3,511 |
) |
|
$ |
159,415 |
|
|
$ |
(3,727 |
) |
|