4.	SECURITIES

Components of the available for sale portfolio are as follows:

	March 31, 2015
			Gross		Gross
	Amortized		unrealized		unrealized			Fair
	cost		gains		losses			value
	(Dollars in thousands)
Available for Sale
U.S. Treasury and government sponsored entities' securities	$	226,812	$	947	$	(866	)	$	226,893
Mortgage-backed GSE securities: residential		266,255		770		(1,506	)		265,519
Total	$	493,067	$	1,717	$	(2,372	)	$	492,412

	December 31, 2014
			Gross		Gross
	Amortized		unrealized		unrealized			Fair
	cost		gains		losses			value
	(Dollars in thousands)
Available for Sale
U.S. Treasury and government sponsored entities' securities	$	232,225	$	184	$	(4,452	)	$	227,957
Mortgage-backed GSE securities: residential		274,204		331		(2,702	)		271,833
Total	$	506,429	$	515	$	(7,154	)	$	499,790

Debt securities available for sale by contractual maturity, repricing or expected call date are shown below:

	March 31, 2015
	Amortized cost		Fair value
	(Dollars in thousands)
Due in one year or less	$	—	$	—
Due after one year through five years		—		—
Due after five years through ten years		199,464		199,567
Due after ten years		27,348		27,326
Mortgage-backed GSE securities: residential		266,255		265,519
Total	$	493,067	$	492,412

Securities pledged for participation in the Ohio Linked Deposit Program were approximately $509,000 at March 31, 2015 and $501,000 at December 31, 2014. Securities pledged for public funds were approximately $66.7 million at March 31, 2015 and $36.2 million at December 31, 2014. Securities pledged for borrowings were approximately $68.0 million at March 31, 2015 and $82.2 million at December 31, 2014.

Securities available for sale that have been in an unrealized loss position for less than twelve months or twelve months or more are as follows:

	March 31, 2015
	Less than 12 months					12 months or more					Total
	Fair		Unrealized loss			Fair		Unrealized loss			Fair		Unrealized loss
	value		Loss			value		Loss			value		Loss
	(Dollars in thousands)
Description of securities:
U.S. Treasury and government sponsored entities	$	41,547	$	(104	)	$	55,810	$	(762	)	$	97,357	$	(866	)
Mortgage-backed GSE securities: residential		30,851		(92	)		108,848		(1,414	)		139,699		(1,506	)
Total temporarily impaired securities	$	72,398	$	(196	)	$	164,658	$	(2,176	)	$	237,056	$	(2,372	)

	December 31, 2014
	Less than 12 months					12 months or more					Total
	Fair		Unrealized loss			Fair		Unrealized loss			Fair		Unrealized loss
	value		Loss			value		Loss			value		Loss
	(Dollars in thousands)
Description of securities:
U.S. Treasury and government sponsored entities	$	—	$	—		$	214,495	$	(4,452	)	$	214,495	$	(4,452	)
Mortgage-backed GSE securities: residential		4,625		(40	)		193,434		(2,662	)		198,059		(2,702	)
Total temporarily impaired securities	$	4,625	$	(40	)	$	407,929	$	(7,114	)	$	412,554	$	(7,154	)

All of the U.S. Treasury and government sponsored entities (GSE) and mortgage-backed securities that were temporarily impaired at March 31, 2015 and December 31, 2014, were impaired due to the level of interest rates at that time. Unrealized losses on U.S. Treasury and government sponsored entities and mortgage-backed securities have not been recognized into income as of March 31, 2015 and December 31, 2014 because the issuer’s securities are of high credit quality (rated AA or higher), it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. There is risk that longer term rates could rise further resulting in greater unrealized losses. The Company can look for opportunities to sell securities to reduce the portfolio or change the duration characteristics. All of the securities are GSE issued debt or mortgage-backed securities and carry the same rating as the U.S. Government. The Company expects to realize all interest and principal on these securities and has no intent to sell and more than likely will not be required to sell these securities until maturity.

At March 31, 2015 and December 31, 2014, all of the mortgage-backed securities held by the Company were issued by U.S. government sponsored agencies, primarily Fannie Mae and Freddie Mac, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at March 31, 2015 and December 31, 2014. The Company expects to realize all interest and principal on these securities.

Proceeds from sales of available for sale securities were $5.2 million and $4,000 for the three months ended March 31, 2015 and 2014, respectively. Gross gains of $11,000 and $3,000 were realized on these sales during the three months ended March 31, 2015 and 2014, respectively.