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SECURITIES (Tables)

12 Months Ended

Dec. 31, 2014

Amortized Cost and Estimated Fair Value of Securities Available for Sale

Amortized cost and estimated fair value of securities available for sale at December 31, 2014 and 2013 are as follows (amounts in thousands):

	2014				2013
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	180,535	$	181,673	$	187,098	$	188,106
Mortgage-backed securities, residential		60,787		61,660		104,069		104,356
Collateralized mortgage obligations		335		338		1,001		1,015
Obligations of states and political subdivisions		30,677		31,451		37,339		38,376
Corporate bonds and notes		1,502		1,533		2,879		2,946
SBA loan pools		1,296		1,304		1,471		1,488
Trust preferred securities		1,906		2,028		1,898		2,034
Corporate stocks		285		520		444		7,695
Total	$	277,323	$	280,507	$	336,199	$	346,016

Gross unrealized gains and losses on securities available for sale at December 31, 2014 and 2013, were as follows (amounts in thousands):

	2014				2013
	Unrealized		Unrealized		Unrealized		Unrealized
	Gains		Losses		Gains		Losses
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	1,300	$	162	$	1,914	$	906
Mortgage-backed securities, residential		892		19		1,037		750
Collateralized mortgage obligations		3		-		14		-
Obligations of states and political subdivisions		802		28		1,059		22
Corporate bonds and notes		35		4		76		9
SBA loan pools		11		3		17		-
Trust preferred securities		122		-		136		-
Corporate stocks		235		-		7,253		2
Total	$	3,400	$	216	$	11,506	$	1,689

Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale by Contractual Maturity

The amortized cost and estimated fair value of debt securities available for sale are shown below by expected maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately (amounts in thousands):

	December 31, 2014
	Amortized		Fair
	Cost		Value
Within one year	$	37,087	$	37,552
After one, but within five years		172,100		173,534
After five, but within ten years		5,433		5,599
After ten years		-		-
Mortgage-backed securities, residential		60,787		61,660
Collateralized mortgage obligations		335		338
SBA loan pools		1,296		1,304
Total	$	277,038	$	279,987

Proceeds from Sales and Calls of Securities Resulting in Gains or Losses

The proceeds from sales and calls of securities resulting in gains or losses are listed below (amounts in thousands):

	2014		2013		2012
Proceeds	$	36,258	$	2,650	$	26,210
Gross gains	$	6,869	$	16	$	301
Tax expense	$	2,641	$	6	$	116

Amortized Cost and Estimated Fair Value of Securities Held to Maturity

Amortized cost and estimated fair value of securities held to maturity at December 31, 2014 and 2013 are as follows (amounts in thousands):

	2014						2013
	Amortized Cost			Estimated Fair Value			Amortized Cost			Estimated Fair Value
Obligations of states and political subdivisions		$	5,175		$	5,535		$	5,472		$	5,891
Time deposits with other financial institutions			656			662			1,023			1,039
		$	5,831		$	6,197		$	6,495		$	6,930

Gross unrealized gains and losses on securities held to maturity at December 31, 2014 and 2013, were as follows (amounts in thousands):

	2014						2013
	Unrealized			Unrealized			Unrealized			Unrealized
	Gains			Losses			Gains			Losses
Obligations of states and political subdivisions		$	360		$	-		$	419		$	-
Time deposits with other financial institutions			6			-			16			-
Total		$	366		$	-		$	435		$	-

Contractual Maturities of Securities Held to Maturity

The contractual maturity of securities held to maturity is as follows at December 31, 2014 (amounts in thousands):

	December 31, 2014
	Amortized			Fair
	Cost			Value
Within one year		$	2,629		$	2,658
After one, but within five years			2,199			2,390
After five, but within ten years			1,003			1,149
After ten years			-			-
Total		$	5,831		$	6,197

Investment Securities Available for Sale in Unrealized Loss Position

The following table summarizes the investment securities available for sale with unrealized losses at December 31, 2014 and December 31, 2013 by aggregated major security type and length of time in a continuous unrealized position (amounts in thousands):

	Less than 12 months				12 months or longer				Total
2014	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	57,512	$	108	$	4,945	$	54	$	62,457	$	162
Mortgage-backed securities, residential		11,051		19		-		-		11,051		19
Obligations of states and political subdivisions		4,625		22		1,056		6		5,681		28
Corporate bonds and notes		-		-		243		4		243		4
SBA loan pools		276		1		316		2		592		3
Total temporarily impaired securities	$	73,464	$	150	$	6,560	$	66	$	80,024	$	216

	Less than 12 months				12 months or longer				Total
2013	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	83,840	$	867	$	1,978	$	39	$	85,818	$	906
Mortgage-backed securities, residential		63,115		750		-		-		63,115		750
Obligations of states and political subdivisions		4,589		22		-		-		4,589		22
Corporate bonds and notes		238		9		-		-		238		9
Corporate stocks		-		-		2		2		2		2
Total temporarily impaired securities	$	151,782	$	1,648	$	1,980	$	41	$	153,762	$	1,689

Roll Forward of Cumulative Credit Losses Recognized in Earnings

The table below presents a roll forward of the cumulative credit losses recognized in earnings for the periods ended December 31, 2014, 2013 and 2012 (amounts in thousands):

	2014			2013			2012
Beginning balance, January 1,	$	1,939		$	3,506		$	3,506
Amounts related to credit loss for which other-than-temporary impairment was not previously recognized		-			-			-
Additions/Subtractions:
Amounts related to securities for which the company intends to sell or that it will be more likely than not that the company will be required to sell prior to recovery of amortized cost basis		-			-			-
Reductions for increase in cash flows expected to be collected that are recognized over the remaining life of the security		-			-			-
Reductions for previous credit losses realized on securities sold during the year		-			(1,596	)		-
Reductions for previous credit losses realized on securities liquidated during the year		(1,939	)		-			-
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized		-			29			-
Ending balance, December 31,	$	-		$	1,939		$	3,506

Securities Pledged to Secure Securities Sold under Agreements to Repurchase

The table below shows the securities pledged to secure securities sold under agreements to repurchase at December 31, 2014 and 2013. (amounts in thousands)

	2014				2013
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Obligations of U.S. Government and U. S. Government sponsored enterprises	$	36,195	$	36,641	$	33,746	$	34,369
Mortgage-backed securities, residential		7,934		8,350		11,802		12,365
Collateralized mortgage obligations		48		48		205		207
Total	$	44,177	$	45,039	$	45,753	$	46,941

- 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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- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

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- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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