SECURITIES (Tables)

6 Months Ended

Jun. 30, 2014

Summary of available-for-sale securities

Information related to the fair value and amortized cost of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) is provided in the tables below.

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gain		Losses		Value
June 30, 2014
U.S. Treasury securities	$	1,000	$	6	$	0	$	1,006
Agency residential mortgage-backed securities		370,111		7,533		(3,066)		374,578
State and municipal securities		97,236		3,771		(729)		100,278
Total	$	468,347	$	11,310	$	(3,795)	$	475,862

December 31, 2013
U.S. Treasury securities	$	1,001	$	16	$	0	$	1,017
Agency residential mortgage-backed securities		374,611		5,301		(7,935)		371,977
State and municipal securities		95,388		2,597		(2,012)		95,973
Total	$	471,000	$	7,914	$	(9,947)	$	468,967

Schedule of available-for-sale securities by maturity

Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without a prepayment penalty.

	Amortized		Fair
(dollars in thousands)	Cost		Value
Due in one year or less	$	4,994	$	5,029
Due after one year through five years		17,438		18,464
Due after five years through ten years		42,389		44,103
Due after ten years		33,415		33,688
		98,236		101,284
Mortgage-backed securities		370,111		374,578
Total debt securities	$	468,347	$	475,862

Schedule of available-for-sale securities continuous unrealized loss position

Information regarding securities with unrealized losses as of June 30, 2014 and December 31, 2013 is presented below. The tables divide the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more.

	Less than 12 months				12 months or more				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(dollars in thousands)	Value		Losses		Value		Losses		Value		Losses
June 30, 2014
Agency residential mortgage-backed securities	$	37,421	$	(209)	$	116,718	$	(2,857)	$	154,139	$	(3,066)
State and municipal securities		3,518		(31)		18,648		(698)		22,166		(729)
Total temporarily impaired	$	40,939	$	(240)	$	135,366	$	(3,555)	$	176,305	$	(3,795)

December 31, 2013
Agency residential mortgage-backed securities	$	177,779	$	(6,444)	$	34,093	$	(1,491)	$	211,872	$	(7,935)
State and municipal securities		24,610		(1,102)		8,037		(910)		32,647		(2,012)
Total temporarily impaired	$	202,389	$	(7,546)	$	42,130	$	(2,401)	$	244,519	$	(9,947)

Quantitative disclosure of available-for-sale securities

The total number of securities with unrealized losses as of June 30, 2014 and December 31, 2013 is presented below.

	Less than		12 months
	12 months		or more		Total
June 30, 2014
Agency residential mortgage-backed securities		11		30		41
State and municipal securities		8		36		44
Total temporarily impaired		19		66		85

	Less than		12 months
	12 months		or more		Total
December 31, 2013
Agency residential mortgage-backed securities		49		10		59
State and municipal securities		59		12		71
Total temporarily impaired		108		22		130

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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