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INVESTMENT SECURITIES (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2014 and December 31, 2013 were as follows (in thousands):

 
 
June 30, 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
 
$
47,472
  
$
-
  
$
(1,475
)
 
$
45,997
  
$
109,315
  
$
-
  
$
(9,220
)
 
$
100,095
 
Obligations of states and political subdivisions
  
142,213
   
8,438
   
-
   
150,651
   
148,664
   
8,499
   
-
   
157,163
 
Collateralized mortgage obligations
  
24,789
   
754
   
(584
)
  
24,959
   
30,335
   
557
   
(788
)
  
30,104
 
Mortgage-backed securities
  
95,831
   
15
   
(2,242
)
  
93,604
   
103,332
   
19
   
(5,584
)
  
97,767
 
Corporate bonds
  
6,361
   
50
   
(48
)
  
6,363
   
15,565
   
264
   
(178
)
  
15,651
 
Total available for sale securities
  
316,666
   
9,257
   
(4,349
)
  
321,574
   
407,211
   
9,339
   
(15,770
)
  
400,780
 
Held to maturity:
                                
U.S. Government agency securities
  
48,233
   
713
   
(57
)
  
48,889
   
-
   
-
   
-
   
-
 
Obligations of states and political subdivisions
  
13,606
   
785
   
-
   
14,391
   
11,666
   
655
   
(87
)
  
12,234
 
Total held to maturity securities
  
61,839
   
1,498
   
(57
)
  
63,280
   
11,666
   
655
   
(87
)
  
12,234
 
Total investment securities
 
$
378,505
  
$
10,755
  
$
(4,406
)
 
$
384,854
  
$
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 June 30, 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.

 
 
June 30, 2014
 
 
 
Amortized
  
Estimated
 
 
 
Cost
  
Fair Value
 
Securities available for sale:
 
  
 
Due in one year or less
 
$
11,414
  
$
11,653
 
Due from one to five years
  
144,619
   
150,576
 
Due from five to ten years
  
155,633
   
154,368
 
Due after ten years
  
5,000
   
4,977
 
Total securities available for sale
  
316,666
   
321,574
 
Securities held to maturity:
        
Due in one year or less
  
1,710
   
1,774
 
Due from one to five years
  
5,015
   
5,522
 
Due from five to ten years
  
32,005
   
32,091
 
Due after ten years
  
23,109
   
23,893
 
Total securities held to maturity
  
61,839
   
63,280
 
Total investment securities
 
$
378,505
  
$
384,854
 
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 (losses) gains are shown below for the periods indicated (in thousands):

 
 
Three Months Ended June 30,
  
Six Months Ended June 30,
 
 
 
2014
  
2013
  
2014
  
2013
 
 
 
  
  
  
 
Proceeds
 
$
20,604
  
$
2,952
  
$
20,604
  
$
13,427
 
 
                
Gross realized gains
 
$
229
  
$
33
  
$
229
  
$
392
 
Gross realized losses
  
252
   
-
   
252
   
-
 
Net realized (losses) gains
 
$
(23
)
 
$
33
  
$
(23
)
 
$
392
 
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 June 30, 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
 
June 30, 2014
 
Fair value
  
Losses
  
Fair value
  
Losses
  
Fair value
  
Losses
 
U.S. Government agency securities
 
$
-
  
$
-
  
$
62,808
  
$
1,532
  
$
62,808
  
$
1,532
 
Collateralized mortgage obligations
  
114
   
-
   
8,617
   
584
   
8,731
   
584
 
Mortgage-backed securities
  
-
   
-
   
93,370
   
2,242
   
93,370
   
2,242
 
Corporate bonds
  
-
   
-
   
2,951
   
48
   
2,951
   
48
 
Total
 
$
114
  
$
-
  
$
167,746
  
$
4,406
  
$
167,860
  
$
4,406
 

 
 
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