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Securities
9 Months Ended
Sep. 30, 2014
Schedule of Investments [Abstract]  
Securities
Securities 
 
The amortized cost, unrealized gross gains and losses recognized in accumulated other comprehensive income (loss), and fair value of Securities Available-for-Sale at September 30, 2014 and December 31, 2013, were as follows:
Securities Available-for-Sale: 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
 Fair
Value
 
 
 

 
 

 
 

 
 

September 30, 2014
 
 

 
 

 
 

 
 

U.S. Treasury and Agency Securities
 
$
20,000

 
$

 
$
(637
)
 
$
19,363

Obligations of State and Political Subdivisions
 
134,763

 
5,858

 
(92
)
 
140,529

Mortgage-backed Securities - Residential
 
420,466

 
2,758

 
(7,728
)
 
415,496

Equity Securities
 
353

 

 

 
353

Total
 
$
575,582

 
$
8,616

 
$
(8,457
)
 
$
575,741

 
 
 
 
 
 
 
 
 
December 31, 2013
 
 

 
 

 
 

 
 

U.S. Treasury and Agency Securities
 
$
20,000

 
$

 
$
(1,048
)
 
$
18,952

Obligations of State and Political Subdivisions
 
112,008

 
2,388

 
(899
)
 
113,497

Mortgage-backed Securities - Residential
 
481,724

 
3,497

 
(11,991
)
 
473,230

Equity Securities
 
353

 

 

 
353

Total
 
$
614,085

 
$
5,885

 
$
(13,938
)
 
$
606,032


 
Equity securities that do not have readily determinable fair values are included in the above totals, are carried at historical cost and are evaluated for impairment on a periodic basis. All mortgage-backed securities in the above table are residential mortgage-backed securities and guaranteed by government sponsored entities.
 
The carrying amount, unrecognized gains and losses and fair value of Securities Held-to-Maturity at September 30, 2014 and December 31, 2013, were as follows:
Securities Held-to-Maturity:
 
Carrying
Amount
 
Gross
Unrecognized
Gains
 
Gross
Unrecognized
Losses
 
Fair
Value
 
 
 

 
 

 
 

 
 

September 30, 2014
 
 

 
 

 
 

 
 

Obligations of State and Political Subdivisions
 
$
184

 
$
2

 
$

 
$
186

 
 
 
 
 
 
 
 
 
December 31, 2013
 
 

 
 

 
 

 
 

Obligations of State and Political Subdivisions
 
$
268

 
$
3

 
$

 
$
271
















The amortized cost and fair value of Securities at September 30, 2014 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because some issuers have the right to call or prepay certain obligations with or without call or prepayment penalties. Mortgage-backed and Equity Securities are not due at a single maturity date and are shown separately.
Securities Available-for-Sale:
 
Amortized
Cost
 
Fair
Value
 
 
 
 
 
Due in one year or less
 
$
3,716

 
$
3,737

Due after one year through five years
 
20,274

 
20,174

Due after five years through ten years
 
65,615

 
67,862

Due after ten years
 
65,158

 
68,119

Mortgage-backed Securities - Residential
 
420,466

 
415,496

Equity Securities
 
353

 
353

Total
 
$
575,582

 
$
575,741

 

Securities Held-to-Maturity:
 
Carrying
Amount
 
Fair
Value
 
 
 
 
 
Due in one year or less
 
$

 
$

Due after one year through five years
 
184

 
186

Due after five years through ten years
 

 

Due after ten years
 

 

Total
 
$
184

 
$
186


 
Proceeds from the Sales of Securities are summarized below:
 
 
Three Months
Ended
 
Three Months
Ended
 
 
September 30, 2014
 
September 30, 2013
 
 
 
 
 
Proceeds from Sales
 
$
45,473

 
$
19,231

Gross Gains on Sales
 
567

 
428

Income Taxes on Gross Gains
 
198

 
150


 
 
Nine Months
Ended
 
Nine Months
Ended
 
 
September 30, 2014
 
September 30, 2013
 
 
 
 
 
Proceeds from Sales
 
$
52,711

 
$
119,952

Gross Gains on Sales
 
1,039

 
1,508

Income Taxes on Gross Gains
 
364

 
528




Below is a summary of securities with unrealized losses as of September 30, 2014 and December 31, 2013, presented by length of time the securities have been in a continuous unrealized loss position:
 
 
Less than 12 Months
 
12 Months or More
 
Total
September 30, 2014
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and Agency Securities
 
$

 
$

 
$
19,363

 
$
(637
)
 
$
19,363

 
$
(637
)
Obligations of State and Political Subdivisions
 
4,849

 
(35
)
 
4,038

 
(57
)
 
8,887

 
(92
)
Mortgage-backed Securities - Residential
 
67,038

 
(543
)
 
239,488

 
(7,185
)
 
306,526

 
(7,728
)
Equity Securities
 

 

 

 

 

 

Total
 
$
71,887

 
$
(578
)
 
$
262,889

 
$
(7,879
)
 
$
334,776

 
$
(8,457
)

 
 
Less than 12 Months
 
12 Months or More
 
Total
December 31, 2013
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and Agency Securities
 
$
18,952

 
$
(1,048
)
 
$

 
$

 
$
18,952

 
$
(1,048
)
Obligations of State and Political Subdivisions
 
38,878

 
(899
)
 

 

 
38,878

 
(899
)
Mortgage-backed Securities - Residential
 
346,028

 
(11,903
)
 
1,735

 
(88
)
 
347,763

 
(11,991
)
Equity Securities
 

 

 

 

 

 

Total
 
$
403,858

 
$
(13,850
)
 
$
1,735

 
$
(88
)
 
$
405,593

 
$
(13,938
)

 
Securities are written down to fair value when a decline in fair value is not considered temporary. In estimating other-than-temporary losses, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The Company doesn’t intend to sell or expect to be required to sell these securities, and the decline in fair value is largely due to changes in market interest rates, therefore, the Company does not consider these securities to be other-than-temporarily impaired. All mortgage-backed securities in the Company’s portfolio are guaranteed by government sponsored entities, are investment grade, and are performing as expected.