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SECURITIES (Tables)

3 Months Ended

Mar. 31, 2015

Amortized cost and estimated fair value of securities available for sale

Amortized cost and estimated fair value of securities available for sale are as follows (in thousands):

	March 31, 2015
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and U.S.Government sponsored enterprises	$	168,426	$	2,021	$	-	$	170,447
Mortgage-backed securities, residential		57,951		1,231		-		59,182
Collateralized mortgage obligations		229		2		-		231
Obligations of states and political subdivisions		30,356		808		12		31,152
Corporate bonds and notes		1,500		28		-		1,528
SBA loan pools		1,253		10		3		1,260
Trust Preferred securities		1,908		116		-		2,024
Corporate stocks		285		198		-		483
Total	$	261,908	$	4,414	$	15	$	266,307

	December 31, 2014
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	180,535	$	1,300	$	162	$	181,673
Mortgage-backed securities, residential		60,787		892		19		61,660
Collateralized mortgage obligations		335		3		-		338
Obligations of states and political subdivisions		30,677		802		28		31,451
Corporate bonds and notes		1,502		35		4		1,533
SBA loan pools		1,296		11		3		1,304
Trust preferred securities		1,906		122		-		2,028
Corporate stocks		285		235		-		520
Total	$	277,323	$	3,400	$	216	$	280,507

Amortized cost and estimated fair value of securities held to maturity

Amortized cost and estimated fair value of securities held to maturity are as follows (in thousands):

	March 31, 2015
	Amortized Cost			Unrealized Gains			Unrealized Losses			Estimated Fair Value
Obligations of states and political subdivisions		$	5,253		$	379		$	-		$	5,632
Time deposits with other financial institutions			440			4			-			444
Total		$	5,693		$	383		$	-		$	6,076

	December 31, 2014
	Amortized Cost			Unrealized Gains			Unrealized Losses			Estimated Fair Value
Obligations of states and political subdivisions		$	5,175		$	360		$	-		$	5,535
Time deposits with other financial institutions			656			6			-			662
Total		$	5,831		$	366		$	-		$	6,197

Amortized cost and estimated fair value of debt securities by contractual maturity

The amortized cost and estimated fair value of debt securities 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 (in thousands):

	March 31, 2015
	Available for Sale				Held to Maturity
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Within one year	$	33,780	$	34,151	$	2,639	$	2,667
After one, but within five years		162,966		165,245		2,051		2,243
After five, but within ten years		5,444		5,755		1,003		1,166
After ten years		-		-		-		-
		202,190		205,151		5,693		6,076
Mortgage-backed securities, residential		57,951		59,182		-		-
Collateralized mortgage obligations		229		231		-		-
SBA loan pools		1,253		1,260		-		-
Total	$	261,623	$	265,824	$	5,693	$	6,076

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 as of March 31, 2015 and 2014 are listed below (in thousands):

	2015		2014
Proceeds	$	51	$	-
Gross gains	$	50	$	-
Tax expense	$	19	$	-

Investment securities available for sale in an unrealized loss position

The following tables summarize the investment securities available for sale with unrealized losses at March 31, 2015 and December 31, 2014 by aggregated major security type and length of time in a continuous unrealized loss position (in thousands):

	Less than 12 months						12 months or longer						Total
March 31, 2015	Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Obligations of states and political subdivisions		$	1,850		$	10		$	740		$	2		$	2,590		$	12
SBA loan pools			-			-			579			3			579			3
Total temporarily impaired securities		$	1,850		$	10		$	1,319		$	5		$	3,169		$	15

	Less than 12 months				12 months or longer				Total
December 31, 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
Corporate stocks		276		1		316		2		592		3
Total temporarily impaired securities	$	73,464	$	150	$	6,560	$	66	$	80,024	$	216

Roll forward of the cumulative credit losses recognized in earnings

The tables below present a roll forward of the cumulative credit losses recognized in earnings for the three-month periods ended March 31, 2015 and 2014 (in thousands):

	2015		2014
Beginning balance, January 1,	$	-	$	1,939
Amounts related to credit loss for which an other-than-temporary impairment was not previously recognized		-		-
Additions/Subtractions:
Amounts realized for securities sold during the period		-		-
Amounts related to securities for which the Corporation intends to sell or that it will be more likely than not that the Corporation 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 in securities liquidated during the period		-		(1,939	)
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized		-		-
Ending balance, March 31,	$	-	$	-

- 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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