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INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2015

Amortized cost and Estimated fair values of Investments Available-for-sale

Investments available-for-sale

The amortized cost and estimated fair values of investments available-for-sale at the dates indicated are presented in the following table:

			September 30, 2015								December 31, 2014
					Gross		Gross		Estimated				Gross		Gross		Estimated
			Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
(In thousands)			Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. government agencies			$	139,566	$	347	$	(106)	$	139,807	$	144,497	$	-	$	(2,818)	$	141,679
State and municipal				152,914		9,066		-		161,980		157,603		9,453		(4)		167,052
Mortgage-backed				296,369		8,691		(946)		304,114		354,631		9,824		(2,936)		361,519
Trust preferred				1,078		-		(83)		995		1,348		-		(112)		1,236
	Total debt securities			589,927		18,104		(1,135)		606,896		658,079		19,277		(5,870)		671,486
Marketable equity securities				723		-		-		723		723		-		-		723
		Total investments available-for-sale	$	590,650	$	18,104	$	(1,135)	$	607,619	$	658,802	$	19,277	$	(5,870)	$	672,209

Activity of OTTI on investment Securities Due to Credit Losses Recognized in Earnings

The following table provides the activity of OTTI on investment securities due to credit losses recognized in earnings for the period indicated:

(In thousands)		OTTI Losses
Cumulative credit losses on investment securities, through December 31, 2014	$	531

Additions for credit losses not previously recognized		-

Cumulative credit losses on investment securities, through September 30, 2015	$	531

Amortized Cost and Estimated Fair Values of Investments Held-To-Maturity

Investments held-to-maturity

The amortized cost and estimated fair values of investments held-to-maturity at the dates indicated are presented in the following table:

		September 30, 2015								December 31, 2014
				Gross		Gross		Estimated				Gross		Gross		Estimated
		Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
(In thousands)		Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. government agencies		$	64,517	$	6	$	(410)	$	64,113	$	64,512	$	-	$	(1,734)	$	62,778
State and municipal			149,849		4,283		(323)		153,809		155,261		4,321		(325)		159,257
Mortgage-backed			176		25		-		201		200		25		-		225
Corporate debt			2,100		-		-		2,100		-		-		-		-
	Total investments held-to-maturity	$	216,642	$	4,314	$	(733)	$	220,223	$	219,973	$	4,346	$	(2,059)	$	222,260

Other Equity Securities

Equity securities

Other equity securities at the dates indicated are presented in the following table:

(In thousands)		September 30, 2015		December 31, 2014
Federal Reserve Bank stock		$	8,269	$	8,269
Federal Home Loan Bank of Atlanta stock			29,879		33,168
	Total equity securities	$	38,148	$	41,437

Available-for-Sale Securities

Gross Unrealized Losses and Fair Value by Length of Time

Gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in an unrealized loss position at the dates indicated are presented in the following table:

		September 30, 2015
						Continuous Unrealized
						Losses Existing for:
		Number								Total
		of				Less than		More than		Unrealized
(Dollars in thousands)		securities		Fair Value		12 months		12 months		Losses
U.S. government agencies			3	$	39,871	$	17	$	89	$	106
Mortgage-backed			17		80,532		16		930		946
Trust preferred			1		995		-		83		83
	Total		21	$	121,398	$	33	$	1,102	$	1,135

		December 31, 2014
						Continuous Unrealized
						Losses Existing for:
		Number								Total
		of				Less than		More than		Unrealized
(Dollars in thousands)		securities		Fair Value		12 months		12 months		Losses
U.S. government agencies			14	$	141,679	$	60	$	2,758	$	2,818
State and municipal			2		1,409		4		-		4
Mortgage-backed			20		108,902		58		2,878		2,936
Trust preferred			1		1,236		-		112		112
	Total		37	$	253,226	$	122	$	5,748	$	5,870

Amortized Cost and Estimated Fair Values of Investment Securities

The amortized cost and estimated fair values of debt securities available-for-sale by contractual maturity at the dates indicated are provided in the following table. The Company has allocated mortgage-backed securities into the four maturity groupings reflected in the following table using the expected average life of the individual securities based on statistics provided by independent third party industry sources. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with or without prepayment penalties.

		September 30, 2015				December 31, 2014
				Estimated				Estimated
		Amortized		Fair		Amortized		Fair
(In thousands)		Cost		Value		Cost		Value
Due in one year or less		$	992	$	1,004	$	691	$	714
Due after one year through five years			127,163		130,361		47,900		49,385
Due after five years through ten years			229,704		238,574		332,841		340,852
Due after ten years			232,068		236,957		276,647		280,535
	Total debt securities available for sale	$	589,927	$	606,896	$	658,079	$	671,486

Held-to-Maturity Securities

Gross Unrealized Losses and Fair Value by Length of Time

Gross unrealized losses and fair value by length of time that the individual held-to-maturity securities have been in a continuous unrealized loss position at the dates indicated are presented in the following tables:

		September 30, 2015
						Continuous Unrealized
						Losses Existing for:
		Number								Total
		of				Less than		More than		Unrealized
(Dollars in thousands)		securities		Fair Value		12 months		12 months		Losses
U.S. government agencies			5	$	51,050	$	208	$	202	$	410
State and municipal			29		24,960		137		186		323
	Total		34	$	76,010	$	345	$	388	$	733

		December 31, 2014
						Continuous Unrealized
						Losses Existing for:
		Number								Total
		of				Less than		More than		Unrealized
(Dollars in thousands)		securities		Fair Value		12 months		12 months		Losses
U.S. government agencies			8	$	62,778	$	-	$	1,734	$	1,734
State and municipal			41		32,027		18		307		325
	Total		49	$	94,805	$	18	$	2,041	$	2,059

Amortized Cost and Estimated Fair Values of Investment Securities

The amortized cost and estimated fair values of debt securities held-to-maturity by contractual maturity at the dates indicated are reflected in the following table. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with or without prepayment penalties.

		September 30, 2015				December 31, 2014
				Estimated				Estimated
		Amortized		Fair		Amortized		Fair
(In thousands)		Cost		Value		Cost		Value
Due in one year or less		$	846	$	860	$	1,690	$	1,694
Due after one year through five years			13,098		13,656		6,763		6,938
Due after five years through ten years			170,411		173,352		163,252		164,787
Due after ten years			32,287		32,355		48,268		48,841
	Total debt securities held-to-maturity	$	216,642	$	220,223	$	219,973	$	222,260

- 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 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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