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Securities (Tables)
 9 Months Ended
Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities Available for Sale
The amortized cost, gross unrealized gains and losses and fair values of securities at September 30, 2014 and December 31, 2013 follows:
 
At September 30, 2014
 
Amortized 
Cost
 
Unrealized Gains
 
Unrealized Losses
 
Fair
Value
 
(Dollars in thousands)
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government agencies and corporations
$
61,427

 
$
—

 
$
(2,097
)
 
$
59,330

Mortgage backed securities: residential
98,061

 
1,194

 
(701
)
 
98,554

Residential collateralized mortgage obligations
25,206

 
167

 
(221
)
 
25,152

State and political subdivisions
34,391

 
1,569

 
(149
)
 
35,811

Total Securities
$
219,085

 
$
2,930

 
$
(3,168
)
 
$
218,847

 
 
 
 
 
 
 
 
 
At December 31, 2013
 
Amortized 
Cost
 
Unrealized Gains
 
Unrealized Losses
 
Fair
Value
 
(Dollars in thousands)
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government agencies and corporations
$
71,851

 
$
—

 
$
(6,463
)
 
$
65,388

Mortgage backed securities: residential
94,313

 
1,362

 
(1,245
)
 
94,430

Residential collateralized mortgage obligations
18,650

 
255

 
(250
)
 
18,655

State and political subdivisions
32,521

 
1,137

 
(693
)
 
32,965

Preferred securities
4,684

 
—

 
—

 
4,684

Total Securities
$
222,019

 
$
2,754

 
$
(8,651
)
 
$
216,122
Amortized Cost and Fair Value of the Debt Securities Portfolio are Shown by Expected Maturity
Mortgage backed securities and collateralized mortgage obligations are not due at a single maturity date and are therefore shown separately.
 
At September 30, 2014
  
Amortized Cost
 
Fair
Value
 
(Dollars in thousands)
Securities available for sale:
 
 
 
Due in one year or less
$
21,731

 
$
20,885

Due from one year to five years
38,415

 
38,718

Due from five years to ten years
30,078

 
29,733

Due after ten years
5,594

 
5,805

Mortgage backed securities and Residential collateralized mortgage obligations
123,267

 
123,706

 
$
219,085

 
$
218,847
Realized Gains and Losses Related to Securities Available-for-Sale
Gains or losses on the sales of available-for-sale securities are recognized upon sale and are determined using the specific identification method.
 
Nine months ended September 30,
 
2014
 
2013
 
(Dollars in thousands)
Gross realized gains
$
—

 
$
178

Gross realized losses
(5
)
 
—

Net Securities Gains
$
(5
)
 
$
178

Proceeds from the sale of available for sale securities
$
2,327

 
$
2,272
Summary of Securities that had Unrealized Losses
The Corporation has the intent and the ability to hold these securities until their value recovers, which may be until maturity.
 
 
At September 30, 2014
 
Less than 12 months
 
12 months or longer
 
Total
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
(Dollars in thousands)
U.S. Government agencies and corporations
$
1,163

 
$
(2
)
 
$
58,167

 
$
(2,095
)
 
$
59,330

 
$
(2,097
)
Mortgage backed securities: residential
14,267

 
(72
)
 
33,545

 
(629
)
 
47,812

 
(701
)
Residential collateralized mortgage obligations
9,994

 
(58
)
 
4,016

 
(163
)
 
14,010

 
(221
)
State and political subdivisions
936

 
(5
)
 
4,081

 
(144
)
 
5,017

 
(149
)
Total
$
26,360

 
$
(137
)
 
$
99,809

 
$
(3,031
)
 
$
126,169

 
$
(3,168
)
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2013
 
Less than 12 months
 
12 months or longer
 
Total
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
(Dollars in thousands)
U.S. Government agencies and corporations
$
65,388

 
$
(6,463
)
 
$
—

 
$
—

 
$
65,388

 
$
(6,463
)
Mortgage backed securities: residential
28,603

 
(566
)
 
31,051

 
(679
)
 
59,654

 
(1,245
)
Residential collateralized mortgage obligations
5,079

 
(59
)
 
4,411

 
(191
)
 
9,490

 
(250
)
State and political subdivisions
9,188

 
(602
)
 
447

 
(91
)
 
9,635

 
(693
)
Total
$
108,258

 
$
(7,690
)
 
$
35,909

 
$
(961
)
 
$
144,167

 
$
(8,651
)