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 March 31, 2015 and December 31, 2014, were as follows:



Securities Available-for-Sale:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value

March 31, 2015
U.S. Treasury and Agency Securities	$	20,000	$	—	$	(80	)	$	19,920
Obligations of State and Political Subdivisions	151,288		7,546		(34		)	158,800
Mortgage-backed Securities - Residential	437,920		5,015		(2,430		)	440,505
Equity Securities	353		—		—			353
Total	$	609,561	$	12,561	$	(2,544	)	$	619,578

December 31, 2014
U.S. Treasury and Agency Securities	$	20,000	$	—	$	(439	)	$	19,561
Obligations of State and Political Subdivisions	147,321		6,515		(59		)	153,777
Mortgage-backed Securities - Residential	458,709		3,615		(5,020		)	457,304
Equity Securities	353		—		—			353
Total	$	626,383	$	10,130	$	(5,518	)	$	630,995

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 March 31, 2015 and December 31, 2014, were as follows:



Securities Held-to-Maturity:	Carrying Amount		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value

March 31, 2015
Obligations of State and Political Subdivisions	$	95	$	—	$	—	$	95

December 31, 2014
Obligations of State and Political Subdivisions	$	184	$	2	$	—	$	186

The amortized cost and fair value of Securities at March 31, 2015 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	$	4,692	$	4,740
Due after one year through five years	16,972		17,096
Due after five years through ten years	74,720		78,267
Due after ten years	74,904		78,617
Mortgage-backed Securities - Residential	437,920		440,505
Equity Securities	353		353
Total	$	609,561	$	619,578



Securities Held-to-Maturity:	Carrying Amount		Fair Value

Due in one year or less	$	—	$	—
Due after one year through five years	95		95
Due after five years through ten years	—		—
Due after ten years	—		—
Total	$	95	$	95

Proceeds from the Sales of Securities are summarized below:



	Three Months Ended		Three Months Ended
	March 31, 2015		March 31, 2014

Proceeds from Sales	$	9,808	$	254
Gross Gains on Sales	463		228
Income Taxes on Gross Gains	162		80

Below is a summary of securities with unrealized losses as of March 31, 2015 and December 31, 2014, presented by length of time the securities have been in a continuous unrealized loss position:



	Less than 12 Months					12 Months or More					Total
March 31, 2015	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss

U.S. Treasury and Agency Securities	$	—	$	—		$	19,920	$	(80	)	$	19,920	$	(80	)
Obligations of State and Political Subdivisions	3,392		(31		)	357		(3		)	3,749		(34		)
Mortgage-backed Securities - Residential	39,548		(98		)	156,304		(2,332		)	195,852		(2,430		)
Equity Securities	—		—			—		—			—		—
Total	$	42,940	$	(129	)	$	176,581	$	(2,415	)	$	219,521	$	(2,544	)



	Less than 12 Months					12 Months or More					Total
December 31, 2014	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss

U.S. Treasury and Agency Securities	$	—	$	—		$	19,561	$	(439	)	$	19,561	$	(439	)
Obligations of State and Political Subdivisions	3,765		(25		)	4,298		(34		)	8,063		(59		)
Mortgage-backed Securities - Residential	26,606		(191		)	209,679		(4,829		)	236,285		(5,020		)
Equity Securities	—		—			—		—			—		—
Total	$	30,371	$	(216	)	$	233,538	$	(5,302	)	$	263,909	$	(5,518	)

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.