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Securities | 6 Months Ended
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Jun. 30, 2015
Investments Debt And Equity Securities [Abstract] |
Securities |
(3) | SECURITIES
The following table summarizes securities held for investment and securities available for sale:
|  | June 30, 2015 |  |  | December 31, 2014 |
|  | (Dollars in thousands) |
Held for investment, at cost (fair value: $7,991 and $8,671, respectively) |  | $ | 7,923 |  |  | $ | 8,593 |
Available for sale, at fair value |  |  | 529,396 |  |  |  | 516,190 |
Total |  | $ | 537,319 |  |  | $ | 524,783 |
The following table summarizes the amortized cost and estimated fair values of securities held for investment:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
June 30, 2015 |  | (Dollars in thousands) |
Mortgage backed securities (1) |  | $ | 406 |  |  | $ | 26 |  |  | $ | — |  |  | $ | 432 |
States and political subdivisions |  |  | 7,517 |  |  |  | 42 |  |  |  | — |  |  |  | 7,559 |
Total |  | $ | 7,923 |  |  | $ | 68 |  |  | $ | — |  |  | $ | 7,991 |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities (1) |  | $ | 471 |  |  | $ | 34 |  |  | $ | — |  |  | $ | 505 |
States and political subdivisions |  |  | 8,122 |  |  |  | 44 |  |  |  | — |  |  |  | 8,166 |
Total |  | $ | 8,593 |  |  | $ | 78 |  |  | $ | — |  |  | $ | 8,671 |
The following table summarizes the amortized cost and estimated fair values of securities available for sale:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
June 30, 2015 |  | (Dollars in thousands) |
U.S. treasuries |  | $ | 279,414 |  |  | $ | 1,571 |  |  | $ | — |  |  | $ | 280,985 |
U.S. federal agencies |  |  | 165,090 |  |  |  | 1,055 |  |  |  | (28 | ) |  |  | 166,117 |
Mortgage backed securities (1) |  |  | 23,793 |  |  |  | 526 |  |  |  | (549 | ) |  |  | 23,770 |
States and political subdivisions |  |  | 47,560 |  |  |  | 1,457 |  |  |  | (40 | ) |  |  | 48,977 |
Other securities (2) |  |  | 9,540 |  |  |  | 204 |  |  |  | (197 | ) |  |  | 9,547 |
Total |  | $ | 525,397 |  |  | $ | 4,813 |  |  | $ | (814 | ) |  | $ | 529,396 |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 248,767 |  |  | $ | 404 |  |  | $ | (178 | ) |  | $ | 248,993 |
U.S. federal agencies |  |  | 171,641 |  |  |  | 983 |  |  |  | (175 | ) |  |  | 172,449 |
Mortgage backed securities (1) |  |  | 26,441 |  |  |  | 602 |  |  |  | (586 | ) |  |  | 26,457 |
States and political subdivisions |  |  | 51,706 |  |  |  | 1,716 |  |  |  | (49 | ) |  |  | 53,373 |
Other securities (2) |  |  | 10,798 |  |  |  | 4,252 |  |  |  | (132 | ) |  |  | 14,918 |
Total |  | $ | 509,353 |  |  | $ | 7,957 |  |  | $ | (1,120 | ) |  | $ | 516,190 |
(1) | Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies.
(2) | Primarily consists of equity securities.
The unrealized gains decreased in 2015 primarily due to the reclassification of an unrealized gain on one investment of $3.3 million from other comprehensive income to a realized gain by Council Oak Partners, LLC, a wholly-owned subsidiary of the Company. The realized gain is reported as securities transactions within the noninterest income section of the consolidated statement of comprehensive income. The maturities of securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity.
|  | June 30, 2015 |  |  | December 31, 2014 |
|  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
|  | (Dollars in thousands) |
Held for Investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contractual maturity of debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 1,308 |  |  | $ | 1,317 |  |  | $ | 1,451 |  |  | $ | 1,456 |
After one year but within five years |  |  | 6,244 |  |  |  | 6,277 |  |  |  | 6,603 |  |  |  | 6,642 |
After five years but within ten years |  |  | 237 |  |  |  | 249 |  |  |  | 380 |  |  |  | 396 |
After ten years |  |  | 134 |  |  |  | 148 |  |  |  | 159 |  |  |  | 177 |
Total |  | $ | 7,923 |  |  | $ | 7,991 |  |  | $ | 8,593 |  |  | $ | 8,671 |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contractual maturity of debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 166,121 |  |  | $ | 166,327 |  |  | $ | 41,772 |  |  | $ | 41,870 |
After one year but within five years |  |  | 256,716 |  |  |  | 259,037 |  |  |  | 350,975 |  |  |  | 352,044 |
After five years but within ten years |  |  | 15,810 |  |  |  | 16,491 |  |  |  | 21,990 |  |  |  | 22,717 |
After ten years |  |  | 80,657 |  |  |  | 81,449 |  |  |  | 87,252 |  |  |  | 88,132 |
Total debt securities |  |  | 519,304 |  |  |  | 523,304 |  |  |  | 501,989 |  |  |  | 504,763 |
Equity securities |  |  | 6,093 |  |  |  | 6,092 |  |  |  | 7,364 |  |  |  | 11,427 |
Total |  | $ | 525,397 |  |  | $ | 529,396 |  |  | $ | 509,353 |  |  | $ | 516,190 |
The following table is a summary of the Company’s book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law:
|  | June 30, 2015 |  |  | December 31, 2014 |
|  | (Dollars in thousands) |
Book value of pledged securities |  | $ | 463,877 |  |  | $ | 522,190 |

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