(3) Securities

The amortized cost and estimated fair value of securities at year-end were as follows:

2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	150,570	$	3,867	$	(265	)	$	154,172
Corporate bonds		35,927		959		(23	)		36,863
Trust preferred securities		15,000		300		—			15,300

Total	$	201,497	$	5,126	$	(288	)	$	206,335


Securities held-to-maturity:
Agency mortgage-backed securities	$	15,480	$	44	$	(118	)	$	15,406
Municipals — tax exempt		79,882		1,011		(1,346	)		79,547

Total	$	95,362	$	1,055	$	(1,464	)	$	94,953

2013	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	208,644	$	2,465	$	(3,465	)	$	207,644
Corporate bonds		53,002		527		(1,483	)		52,046
Trust preferred securities		20,849		—		(439	)		20,410

Total	$	282,495	$	2,992	$	(5,387	)	$	280,100


Securities held-to-maturity:
Agency mortgage-backed securities	$	15,932	$	—	$	(470	)	$	15,462
Municipals — tax exempt		79,989		54		(9,473	)		70,570

Total	$	95,921	$	54	$	(9,943	)	$	86,032

Securities with unrealized losses at year end, aggregated by investment category and length of time that individual securities have been in an unrealized loss position, are as follows:

	Less Than 12 Months					12 Months or More					Total
2014	Fair Value		Unrealized (Losses)			Fair Value		Unrealized (Losses)			Fair Value		Unrealized (Losses)
	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	12,491	$	(27	)	$	35,614	$	(238	)	$	48,105	$	(265	)
Corporate bonds		—		—			5,148		(23	)		5,148		(23	)

Total	$	12,491	$	(27	)	$	40,762	$	(261	)	$	53,253	$	(288	)


Securities held-to-maturity:
Agency mortgage-backed securities	$	4,869	$	(29	)	$	4,974	$	(89	)	$	9,843	$	(118	)
Municipals — Tax Exempt		1,884		(16	)		42,867		(1,330	)		44,751		(1,346	)

Total	$	6,753	$	(45	)	$	47,841	$	(1,419	)	$	54,594	$	(1,464	)

	Less Than 12 Months					12 Months or More					Total
2013	Fair Value		Unrealized (Losses)			Fair Value		Unrealized (Losses)			Fair Value		Unrealized (Losses)
	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	87,798	$	(2,869	)	$	8,920	$	(596	)	$	96,718	$	(3,465	)
Corporate bonds		38,092		(1,322	)		1,860		(161	)		39,952		(1,483	)
Trust preferred securities		20,410		(439	)		—		—			20,410		(439	)

Total	$	146,300	$	(4,630	)	$	10,780	$	(757	)	$	157,080	$	(5,387	)


Securities held-to-maturity:
Agency mortgage-backed securities	$	5,978	$	(101	)	$	9,134	$	(369	)	$	15,112	$	(470	)
Municipals — Tax Exempt		38,177		(4,421	)		25,520		(5,052	)		63,697		(9,473	)

Total	$	44,155	$	(4,522	)	$	34,654	$	(5,421	)	$	78,809	$	(9,943	)

There were no holdings of securities of any one issuer, other than the U.S. Government and its sponsored entities, in an amount greater than 10% of shareholders' equity. At December 31, 2014, the Company held 361 securities (130 available-for-sale and 231 held-to-maturity), of which 151 had fair values below amortized cost. At December 31, 2014, there were $35,614,000 of agency mortgage-backed securities available-for-sale, $5,148,000 of corporate bonds available-for-sale, $4,974,000 of agency mortgage-backed securities held-to-maturity and $42,867,000 of municipals bonds held-to-maturity carried with an unrealized loss for over 12 months. The total unrealized loss for securities over 12 months was $1,680,000 at December 31, 2014. The unrealized losses were due to higher interest rates. The issuers are of high credit quality and all principal amounts are expected to be paid when securities mature. The fair value is expected to recover as the securities approach their maturity date and/or market rates decline. The Company does not believe that it is more likely than not that the Company will be required to sell a security in an unrealized loss position prior to recovery in value. The Company does not consider these securities to be other-than-temporarily impaired at December 31, 2014.

At December 31, 2013, the Company held 392 securities (163 available-for-sale and 229 held-to-maturity), of which 275 had fair values below amortized cost. At December 31, 2013, there were $8,920,000 of agency mortgage-backed securities available-for-sale, $1,860,000 of corporate bonds available-for-sale, $9,134,000 of agency mortgage-backed securities held-to-maturity, and $25,520,000 of municipal bonds held-to-maturity carried with an unrealized loss for over 12 months. The total unrealized loss for securities over 12 months was $6,178,000 at December 31, 2013. The unrealized losses were due to higher interest rates. The issuers are of high credit quality and all principal amounts are expected to be paid when securities mature. The fair value is expected to recover as the securities approach their maturity date and/or market rates decline. The Company does not believe that it is more likely than not that the Company will be required to sell a security in an unrealized loss position prior to recovery in value. The Company does not consider these securities to be other than temporarily impaired at December 31, 2013.

The proceeds from sales of securities and the resulting gains and losses are listed below:

	2014			2013			2012
	(Dollars in thousands)
Proceeds	$	108,603		$	26,944		$	40,587
Gross gains		1,008			310			1,560
Gross losses		(911	)		(272	)		—

The amortized cost and fair value of debt securities as of December 31, 2014, by contractual maturity, are shown below. The expected maturities will differ from contractual maturities if borrowers 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
	Amortized Cost		Estimated Fair Value
	(Dollars in thousands)
Due after one through five years	$	6,335	$	6,713
Due after five through ten years		29,592		30,150
Due after ten years		15,000		15,300
Agency mortgage-backed securities		150,570		154,172

Total	$	201,497	$	206,335

	Held-to-maturity
	Amortized Cost		Estimated Fair Value
	(Dollars in thousands)
Due after five through ten years		5,883		6,050
Due after ten years		73,999		73,497
Agency mortgage-backed securities		15,480		15,406

Total	$	95,362	$	94,953

Securities with amortized cost of $147,497,000 and $147,455,000 as of December 31, 2014 and 2013 were pledged to secure public deposits and for other purposes as required or permitted by law or contract.