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INVESTMENT SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2014
INVESTMENT SECURITIES [Abstract]  
Amortized cost, estimated fair values, and gross unrealized gains and losses of securities available for sale and held to maturity
The amortized cost, estimated fair value and gross unrealized gains and losses of the Company’s investment securities available for sale and held to maturity at March 31, 2014 and December 31, 2013 were as follows (in thousands):

 
 
March 31, 2014
  
December 31, 2013
 
 
 
  
Gross
  
Gross
  
Estimated
  
  
Gross
  
Gross
  
Estimated
 
 
 
Amortized
  
Unrealized
  
Unrealized
  
Fair
  
Amortized
  
Unrealized
  
Unrealized
  
Fair
 
 
 
Cost
  
Gains
  
Losses
  
Value
  
Cost
  
Gains
  
Losses
  
Value
 
Available for sale:
 
  
  
  
  
  
  
  
 
U.S. Government agency securities
 
$
70,466
  
$
-
  
$
(3,705
)
 
$
66,761
  
$
109,315
  
$
-
  
$
(9,220
)
 
$
100,095
 
Obligations of states and political subdivisions
  
147,472
   
8,451
   
-
   
155,923
   
148,664
   
8,499
   
-
   
157,163
 
Collateralized mortgage obligations
  
27,108
   
880
   
(689
)
  
27,299
   
30,335
   
557
   
(788
)
  
30,104
 
Mortgage-backed securities
  
102,591
   
18
   
(4,128
)
  
98,481
   
103,332
   
19
   
(5,584
)
  
97,767
 
Corporate bonds
  
15,561
   
241
   
(118
)
  
15,684
   
15,565
   
264
   
(178
)
  
15,651
 
Total available for sale securities
  
363,198
   
9,590
   
(8,640
)
  
364,148
   
407,211
   
9,339
   
(15,770
)
  
400,780
 
Held to maturity:
                                
U.S. Government agency securities
  
31,318
   
-
   
(165
)
  
31,153
   
-
   
-
   
-
   
-
 
Obligations of states and political subdivisions
  
14,161
   
694
   
-
   
14,855
   
11,666
   
655
   
(87
)
  
12,234
 
Total held to maturity securities
  
45,479
   
694
   
(165
)
  
46,008
   
11,666
   
655
   
(87
)
  
12,234
 
Total investment securities
 
$
408,677
  
$
10,284
  
$
(8,805
)
 
$
410,156
  
$
418,877
  
$
9,994
  
$
(15,857
)
 
$
413,014
 
Investment securities amortized cost, maturities, and approximate fair value
The amortized cost, contractual maturities and estimated fair value of the Company’s investment securities at March 31, 2014 (in thousands) are presented in the table below. Collateralized mortgage obligations (“CMOs”) and mortgage-backed securities (“MBS”) assume maturity dates pursuant to average lives.
 
 
 
March 31, 2014
 
 
 
Amortized
  
Estimated
 
 
 
Cost
  
Fair Value
 
Securities available for sale:
 
  
 
Due in one year or less
 
$
11,353
  
$
11,499
 
Due from one to five years
  
130,651
   
136,363
 
Due from five to ten years
  
216,194
   
211,507
 
Due after ten years
  
5,000
   
4,779
 
Total securities available for sale
  
363,198
   
364,148
 
Securities held to maturity:
        
Due in one year or less
  
627
   
632
 
Due from one to five years
  
6,584
   
7,175
 
Due from five to ten years
  
15,154
   
15,010
 
Due after ten years
  
23,114
   
23,191
 
Total securities held to maturity
  
45,479
   
46,008
 
Total investment securities
 
$
408,677
  
$
410,156
 
Proceeds from sales of securities available for sale and the associated realized securities gains and losses
The proceeds from sales of securities available for sale and the associated net realized gains are shown below for the periods indicated (in thousands):
 
 
 
Three Months Ended March 31,
 
 
 
2014
  
2013
 
 
 
  
 
Proceeds
 
$
-
  
$
10,475
 
 
        
Gross realized gains
 
$
-
  
$
359
 
Gross realized losses
  
-
   
-
 
Net realized gains
 
$
-
  
$
359
 
Length of time individual securities for held-to-maturity and available-for-sale held in a continuous unrealized loss position
Information pertaining to securities with unrealized losses at March 31, 2014 and December 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows (in thousands):
 
 
 
Less than 12 months
  
12 months or longer
  
Total
 
 
 
Estimated
  
Unrealized
  
Estimated
  
Unrealized
  
Estimated
  
Unrealized
 
March 31, 2014
 
Fair value
  
Losses
  
Fair value
  
Losses
  
Fair value
  
Losses
 
U.S. Government agency securities
 
$
88,511
  
$
3,273
  
$
9,403
  
$
597
  
$
97,914
  
$
3,870
 
Collateralized mortgage obligations
  
-
   
-
   
8,634
   
689
   
8,634
   
689
 
Mortgage-backed securities
  
85,484
   
3,566
   
12,739
   
562
   
98,223
   
4,128
 
Corporate bonds
  
2,409
   
44
   
2,926
   
74
   
5,335
   
118
 
Total
 
$
176,404
  
$
6,883
  
$
33,702
  
$
1,922
  
$
210,106
  
$
8,805
 

 
 
Less than 12 months
  
12 months or longer
  
Total
 
 
 
Estimated
  
Unrealized
  
Estimated
  
Unrealized
  
Estimated
  
Unrealized
 
December 31, 2013
 
Fair value
  
Losses
  
Fair value
  
Losses
  
Fair value
  
Losses
 
U.S. Government agency securities
 
$
86,590
  
$
7,726
  
$
13,505
  
$
1,494
  
$
100,095
  
$
9,220
 
Obligations of states and political subdivisions
  
3,932
   
87
   
-
   
-
   
3,932
   
87
 
Collateralized mortgage obligations
  
2,935
   
160
   
5,713
   
628
   
8,648
   
788
 
Mortgage-backed securities
  
84,869
   
4,850
   
12,637
   
734
   
97,506
   
5,584
 
Corporate bonds
  
8,681
   
178
   
-
   
-
   
8,681
   
178
 
Total
 
$
187,007
  
$
13,001
  
$
31,855
  
$
2,856
  
$
218,862
  
$
15,857