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INVESTMENT SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Value of Investment Securities Available for Sale
The amortized cost and estimated fair value of investment securities available for sale at September 30, 2015, December 31, 2014 and September 30, 2014 are presented below:
 
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
 
 
(Dollars in Thousands)
 
September 30, 2015:
 
 
 
 
 
 
 
 
 
 
 
 
 
U. S. government agencies
 
$
14,957
 
$
26
 
$
(15)
 
$
14,968
 
State, county and municipal securities
 
 
161,509
 
 
3,875
 
 
(519)
 
 
164,865
 
Corporate debt securities
 
 
5,901
 
 
150
 
 
(19)
 
 
6,032
 
Mortgage-backed securities
 
 
622,313
 
 
5,208
 
 
(2,001)
 
 
625,520
 
Total securities
 
$
804,680
 
$
9,259
 
$
(2,554)
 
$
811,385
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014:
 
 
 
 
 
 
 
 
 
 
 
 
 
U. S. government agencies
 
$
14,953
 
$
-
 
$
(275)
 
$
14,678
 
State, county and municipal securities
 
 
137,873
 
 
3,935
 
 
(433)
 
 
141,375
 
Corporate debt securities
 
 
10,812
 
 
228
 
 
-
 
 
11,040
 
Mortgage-backed securities
 
 
369,581
 
 
6,534
 
 
(1,403)
 
 
374,712
 
Total securities
 
$
533,219
 
$
10,697
 
$
(2,111)
 
$
541,805
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2014:
 
 
 
 
 
 
 
 
 
 
 
 
 
U. S. government agencies
 
$
14,951
 
$
-
 
$
(491)
 
$
14,460
 
State, county and municipal securities
 
 
134,641
 
 
3,708
 
 
(714)
 
 
137,635
 
Corporate debt securities
 
 
10,801
 
 
237
 
 
(73)
 
 
10,965
 
Mortgage-backed securities
 
 
364,399
 
 
4,493
 
 
(2,443)
 
 
366,449
 
Total securities
 
$
524,792
 
$
8,438
 
$
(3,721)
 
$
529,509
 
Amortized Cost and Fair Value of Available for Sale Securities by Contractual Maturity
The amortized cost and fair value of available-for-sale securities at September 30, 2015 by contractual maturity are summarized in the table below. Expected maturities for mortgage-backed securities may differ from contractual maturities because in certain cases borrowers can prepay obligations without prepayment penalties. Therefore, these securities are not included in the following maturity summary.
 
 
 
Amortized
Cost
 
Fair
Value
 
 
 
(Dollars in Thousands)
 
Due in one year or less
 
$
4,574
 
$
4,604
 
Due from one year to five years
 
 
48,907
 
 
50,206
 
Due from five to ten years
 
 
63,934
 
 
65,751
 
Due after ten years
 
 
64,952
 
 
65,304
 
Mortgage-backed securities
 
 
622,313
 
 
625,520
 
 
 
$
804,680
 
$
811,385
 
Schedule of Gross Unrealized Losses and Fair Value of Securities
The following table details the gross unrealized losses and fair value of securities aggregated by category and duration of continuous unrealized loss position at September 30, 2015, December 31, 2014 and September 30, 2014.
 
 
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Description of Securities
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
 
 
(Dollars in Thousands)
 
September 30, 2015:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U. S. government agencies
 
$
-
 
$
-
 
$
4,985
 
$
(15)
 
$
4,985
 
$
(15)
 
State, county and municipal securities
 
 
28,339
 
 
(297)
 
 
10,451
 
 
(222)
 
 
38,790
 
 
(519)
 
Corporate debt securities
 
 
894
 
 
(19)
 
 
-
 
 
-
 
 
894
 
 
(19)
 
Mortgage-backed securities
 
 
213,439
 
 
(1,184)
 
 
30,708
 
 
(817)
 
 
244,147
 
 
(2,001)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
 
$
242,672
 
$
(1,500)
 
$
46,144
 
$
(1,054)
 
$
288,816
 
$
(2,554)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U. S. government agencies
 
$
-
 
$
-
 
$
14,678
 
$
(275)
 
$
14,678
 
$
(275)
 
State, county and municipal securities
 
 
15,038
 
 
(70)
 
 
19,665
 
 
(363)
 
 
34,703
 
 
(433)
 
Corporate debt securities
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
Mortgage-backed securities
 
 
36,760
 
 
(221)
 
 
46,812
 
 
(1,182)
 
 
83,572
 
 
(1,403)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
 
$
51,798
 
$
(291)
 
$
81,155
 
$
(1,820)
 
$
132,953
 
$
(2,111)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2014:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U. S. government agencies
 
$
-
 
$
-
 
$
14,460
 
$
(491)
 
$
14,460
 
$
(491)
 
State, county and municipal securities
 
 
10,296
 
 
(98)
 
 
22,696
 
 
(616)
 
 
32,992
 
 
(714)
 
Corporate debt securities
 
 
-
 
 
-
 
 
4,997
 
 
(73)
 
 
4,997
 
 
(73)
 
Mortgage-backed securities
 
 
71,050
 
 
(416)
 
 
51,314
 
 
(2,027)
 
 
122,364
 
 
(2,443)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
 
$
81,346
 
$
(514)
 
$
93,467
 
$
(3,207)
 
$
174,813
 
$
(3,721)
 
Gross Realized Gains And Losses On Sales Of Available For Sale Securities
The following table is a summary of sales activities in the Company’s investment securities available for sale for the nine months ended September 30, 2015, year ended December 31, 2014 and nine months ended September 30, 2014:
 
 
 
September 30, 2015
 
December 31, 2014
 
September 30, 2014
 
 
 
(Dollars in Thousands)
 
Gross gains on sales of securities
 
$
396
 
$
141
 
$
141
 
Gross losses on sales of securities
 
 
(259)
 
 
(3)
 
 
(3)
 
Net realized gains on sales of securities available for sale
 
$
137
 
$
138
 
$
138
 
Sales proceeds
 
$
69,208
 
$
94,051
 
$
92,975