4.	SECURITIES

Components of the available for sale portfolio are as follows:

	June 30, 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	$	226,539	$	125	$	(5,569	)	$	221,095
Mortgage-backed GSE securities: residential		256,221		93		(4,437	)		251,877
Total	$	482,760	$	218	$	(10,006	)	$	472,972

	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

Components of held to maturity securities portfolio are as follows:

	June 30, 2015
			Gross		Gross
	Amortized		unrecognized		unrecognized			Fair
	cost		gains		losses			value
	(Dollars in thousands)
Held to maturity
States of the U.S. and political subdivisions	$	4,775	$	—	$	(96	)	$	4,679
Total	$	4,775	$	—	$	(96	)	$	4,679

The Company had no held to maturity securities at December 31, 2014.

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

	June 30, 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		199,219		194,901
Due after ten years		27,320		26,194
Mortgage-backed GSE securities: residential		256,221		251,877
Total	$	482,760	$	472,972

Debt securities held to maturity by contractual maturity, repricing or expected call date are shown below:

	June 30, 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		570		561
Due after ten years		4,205		4,118
Mortgage-backed GSE securities: residential	$	—	$	—
Total	$	4,775	$	4,679

Securities pledged for participation in the Ohio Linked Deposit Program were $0 at June 30, 2015 and approximately $501,000 at December 31, 2014. Securities pledged for public funds were approximately $109.5 million at June 30, 2015 and $36.2 million at December 31, 2014. Securities pledged for borrowings, including repurchase agreements, were approximately $64.3 million at June 30, 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:

	June 30, 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	$	153,352	$	(3,434	)	$	54,383	$	(2,135	)	$	207,735	$	(5,569	)
Mortgage-backed GSE securities: residential		121,603		(1,280	)		103,555		(3,157	)		225,158		(4,437	)
Total temporarily impaired securities	$	274,955	$	(4,714	)	$	157,938	$	(5,292	)	$	432,893	$	(10,006	)

	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	)

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

	June 30, 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:
States of the U.S. and political subdivisions	$	4,679	$	(96	)	$	—	$	—	$	4,679	$	(96	)
Total temporarily impaired securities	$	4,679	$	(96	)	$	—	$	—	$	4,679	$	(96	)

All of the U.S. Treasury and government sponsored entities (GSE) and mortgage-backed securities that were temporarily impaired at June 30, 2015 and December 31, 2014, were impaired due to the level of interest rates at that time. Unrealized losses on these securities have not been recognized into income as of June 30, 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. 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 before their anticipated recovery.

At June 30, 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 did not consider these securities to be other-than-temporarily impaired at June 30, 2015 or December 31, 2014. The Company expects to realize all interest and principal on these securities.

At June 30, 2015, all of the obligations of U.S. states and political subdivisions were impaired due to the level of interest rates at that time. Unrealized losses on these securities have not been recognized into income as of June 30, 2015 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.

Proceeds from the sale of available for sale securities were $0 and $5.0 million for the three months ended June 30, 2015 and 2014, respectively. Gross gains of $0 and $31,000 were realized on these sales during the three months ended June 30, 2015 and 2014, respectively.

Proceeds from the sales of available for sale securities were $5.2 million and $5.0 million for the six months ended June 30, 2015 and 2014, respectively. Gross gains of $11,000 and $34,000 were realized on these sales during the six months ended June 30, 2015 and 2014, respectively.