Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT SECURITIES (Tables)

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INVESTMENT SECURITIES (Tables)
3 Months Ended
Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost and related market value of investment securities available-for-sale

Investment Portfolio Composition. The amortized cost and related market value of investment securities available-for-sale were as follows:

 

    March 31, 2016   December 31, 2015
    Amortized
Cost
  Unrealized
Gains
  Unrealized
Losses
  Market
Value
  Amortized
Cost
  Unrealized
Gain
  Unrealized
Losses
  Market
Value
Available for Sale                                                                
U.S. Government Treasury   $ 257,978     $ 1,083     $ 1     $ 259,060     $ 250,458     $ 101     $ 213     $ 250,346  
U.S. Government Agency     103,802       530       125       104,207       101,730       357       263       101,824  
States and Political Subdivisions     88,556       321       12       88,865       88,358       103       99       88,362  
Mortgage-Backed Securities     1,429       134       —         1,563       1,742       159       —         1,901  
Equity Securities(1)     8,749       —         —         8,749       8,595       —         —         8,595  
Total   $ 460,514     $ 2,068     $ 138     $ 462,444     $ 450,883     $ 720     $ 575     $ 451,028  
                                                                 
Held to Maturity                                                                
U.S. Government Treasury   $ 139,501     $ 596     $ —       $ 140,097     $ 134,554     $ 45     $ 160     $ 134,439  
U.S. Government Agency     10,026       13       —         10,039       10,043       7       5       10,045  
States and Political Subdivisions     12,495       81       1       12,575       15,693       38       7       15,724  
Mortgage-Backed Securities     25,057       76       195       24,938       27,602       4       407       27,199  
Total   $ 187,079     $ 766     $ 196     $ 187,649     $ 187,892     $ 94     $ 579     $ 187,407  
                                                                 
Total Investment Securities   $ 647,593     $ 2,834     $ 334     $ 650,093     $ 638,775     $ 814     $ 1,154     $ 638,435  

 

  (1) Includes Federal Home Loan Bank, Federal Reserve Bank, and FNBB Inc. stock recorded at cost of $3.7 million, $4.8 million, and $0.2 million, respectively, at March 31, 2016 and $3.6 million, $4.8 million, and $0.2 million, respectively, at December 31, 2015.
Schedule of investment securities with maturity distribution based on contractual maturities

Maturity Distribution. As of March 31, 2016, the Company’s investment securities had the following maturity distribution based on contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations. Mortgage-backed securities and certain amortizing U.S. government agency securities are shown separately because they are not due at a certain maturity date.

 

    Available for Sale   Held to Maturity
(Dollars in Thousands)   Amortized
Cost
  Market
Value
  Amortized
Cost
  Market
Value
Due in one year or less   $ 91,208     $ 91,254     $ 70,534     $ 70,630  
Due after one through five years     289,626       291,096       91,488       92,081  
Mortgage-Backed Securities     1,429       1,563       25,057       24,938  
U.S. Government Agency     69,502       69,782       —         —    
Equity Securities     8,749       8,749       —         —    
Total   $ 460,514     $ 462,444     $ 187,079     $ 187,649  
Schedule of investment securities with continuous unrealized loss position

Unrealized Losses on Investment Securities. The following table summarizes the investment securities with unrealized losses aggregated by major security type and length of time in a continuous unrealized loss position:

 

    Less Than
12 Months
  Greater Than
12 Months
  Total
(Dollars in Thousands)   Market
Value
  Unrealized
Losses
  Market
Value
  Unrealized
Losses
  Market
Value
  Unrealized
Losses
March 31, 2016                                                
Available for Sale                                                
U.S. Government Treasury   $ 7,497     $ 1     $ —       $ —       $ 7,497     $ 1  
U.S. Government Agency     15,142       60       12,362       65       27,504       125  
States and Political Subdivisions     10,733       11       305       1       11,038       12  
Mortgage-Backed Securities     4       —         —         —         4       —    
Total     33,376       72       12,667       66       46,043       138  
                                                 
Held to Maturity                                                
U.S. Government Agencies     1,913       —         —         —         1,913       —    
States and Political Subdivisions     1,724       1       —         —         1,724       1  
Mortgage-Backed Securities     4,032       19       11,630       176       15,662       195  
Total   $ 7,669     $ 20     $ 11,630     $ 176     $ 19,299     $ 196  
                                                 
December 31, 2015                                                
Available for Sale                                                
U.S. Government Treasury   $ 150,061     $ 213     $ —       $ —       $ 150,061     $ 213  
U.S. Government Agency     43,508       200       9,644       63       53,152       263  
States and Political Subdivisions     39,608       86       5,066       13       44,674       99  
Total     233,177       499       14,710       76       247,887       575  
                                                 
Held to Maturity                                                
U.S. Government Treasury     92,339       160       —         —         92,339       160  
U.S. Government Agency     5,006       5       —         —         5,006       5  
States and Political Subdivisions     3,791       7       —         —         3,791       7  
Mortgage-Backed Securities     13,267       185       11,889       222       25,156       407  
Total   $ 114,403     $ 357     $ 11,889     $ 222     $ 126,292     $ 579