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Securities | 12 Months Ended
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Dec. 31, 2014
Securities [Abstract] |
Securities | Note 3. Securities The book values and approximate fair values of investment securities at December 31, 2014 and 2013 are summarized as follows:
|  | 2014 |  | 2013
|  | Amortized |  | Fair |  | Unrealized |  | Amortized |  | Fair |  | Unrealized
($ in thousands) |  | Cost |  | Value |  | Gains |  | (Losses) |  | Cost |  | Value |  | Gains |  | (Losses)
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities |  | $ | 27,546 |  |  | 27,521 |  |  | 33 |  |  | (58) |  |  | 18,432 |  |  | 18,245 |  |  | 32 |  |  | (219)
Mortgage-backed securities |  |  | 130,073 |  |  | 129,510 |  |  | 751 |  |  | (1,314) |  |  | 148,646 |  |  | 147,187 |  |  | 1,415 |  |  | (2,874)
Corporate bonds |  |  | 1,000 |  |  | 865 |  |  | - |  |  | (135) |  |  | 3,999 |  |  | 3,598 |  |  | 44 |  |  | (445)
Equity securities |  |  | 6,105 |  |  | 6,138 |  |  | 46 |  |  | (13) |  |  | 3,984 |  |  | 4,011 |  |  | 40 |  |  | (13)
Total available for sale |  | $ | 164,724 |  |  | 164,034 |  |  | 830 |  |  | (1,520) |  |  | 175,061 |  |  | 173,041 |  |  | 1,531 |  |  | (3,551)
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 124,924 |  |  | 124,861 |  |  | 45 |  |  | (108) |  |  | - |  |  | - |  |  | - |  |  | -
State and local governments |  |  | 53,763 |  |  | 57,550 |  |  | 3,787 |  |  | - |  |  | 53,995 |  |  | 56,700 |  |  | 2,709 |  |  | (4)
Total held to maturity |  | $ | 178,687 |  |  | 182,411 |  |  | 3,832 |  |  | (108) |  |  | 53,995 |  |  | 56,700 |  |  | 2,709 |  |  | (4)
Included in mortgage-backed securities at December 31, 2014 were collateralized mortgage obligations with an amortized cost of $108,000 and a fair value of $111,000. Included in mortgage-backed securities at December 31, 2013 were collateralized mortgage obligations with an amortized cost of $192,000 and a fair value of $200,000. All of the Company's mortgage-backed securities, including the collateralized mortgage obligations, were issued by government-sponsored corporations. The Company owned Federal Home Loan Bank (“FHLB”) stock with a cost and fair value of $6,016,000 at Dec ember 31, 2014 and $3,894,000 at December 31, 2013, which is included in equity securities above and serves as part of the collateral for the Company's line of credit with the FHLB (see Note 10 for additional discussion). The investment in this stock is a requirement for membership in the FHLB system. Periodically the FHLB recalculates the Company's required level of holdings, and the Company either buys more stock or the FHLB redeems a portion of the stock at cost. The following table presents information regarding securities with unreal ized losses at December 31, 2014:
($ in thousands) |  | Securities in an Unrealized Loss Position for Less than 12 Months |  | Securities in an Unrealized Loss Position for More than 12 Months |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Government-sponsored enterprise securities |  | $ | 5,489 |  |  | 11 |  |  | 2,953 |  |  | 47 |  |  | 8,442 |  |  | 58
Mortgage-backed securities |  |  | 69,985 |  |  | 318 |  |  | 33,557 |  |  | 1,104 |  |  | 103,542 |  |  | 1,422
Corporate bonds |  |  | − |  |  | − |  |  | 865 |  |  | 135 |  |  | 865 |  |  | 135
Equity securities |  |  | − |  |  | − |  |  | 17 |  |  | 13 |  |  | 17 |  |  | 13
State and local governments |  |  | − |  |  | − |  |  | – |  |  | – |  |  | – |  |  | –
Total temporarily impaired securities |  | $ | 75,474 |  |  | 329 |  |  | 37,392 |  |  | 1,299 |  |  | 112,866 |  |  | 1,628
The following table presents information regarding securities with unrealized losses at December 3 1, 2013:
($ in thousands) |  | Securities in an Unrealized Loss Position for Less than 12 Months |  | Securities in an Unrealized Loss Position for More than 12 Months |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Government-sponsored enterprise securities |  | $ | 12,212 |  |  | 219 |  |  | – |  |  | – |  |  | 12,212 |  |  | 219
Mortgage-backed securities |  |  | 64,937 |  |  | 1,675 |  |  | 17,979 |  |  | 1,199 |  |  | 82,916 |  |  | 2,874
Corporate bonds |  |  | − |  |  | − |  |  | 555 |  |  | 445 |  |  | 555 |  |  | 445
Equity securities |  |  | − |  |  | − |  |  | 22 |  |  | 13 |  |  | 22 |  |  | 13
State and local governments |  |  | 992 |  |  | 4 |  |  | – |  |  | – |  |  | 992 |  |  | 4
Total temporarily impaired securities |  | $ | 78,141 |  |  | 1,898 |  |  | 18,556 |  |  | 1,657 |  |  | 96,697 |  |  | 3,555
In the above tables, all of the non-equity securities that were in an unrealized lo ss position at December 31, 2014 and 2013 are bonds that the Company has determined are in a loss position due to interest rate factors, the overall economic downturn in the financial sector, and the broader economy in general. The Company has evaluated the collectability of each of these bonds and has concluded that there is no other-than-temporary impairment. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost. The Company has concluded that each of the equity securities in an unrealized lo ss position at December 31, 2014 and 2013 was in such a position due to temporary fluctuations in the market prices of the securities. The Company's policy is to record an impairment charge for any of these equity securities that remains in an unrealized loss position for twelve consecutive months unless the amount is insignificant. The aggregate carrying amount of cost-method investments was $6,016,000 and $3,894,000 at December 31, 2014 and 2013, respectively, which was the Federal Home Loan Bank stock discussed above. The Company determined that none of its cost-method investments were impaired at either year end. The book values and approximate fair values of investment securities at December 31, 2014, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Securities Available for Sale |  | Securities Held to Maturity
|  | Amortized |  | Fair |  | Amortized |  | Fair
($ in thousands) |  | Cost |  | Value |  | Cost |  | Value
Debt securities |  |  |  |  |  |  |  |
Due within one year |  | $ | − |  |  | − |  | $ | 100 |  |  | 103
Due after one year but within five years |  |  | 27,546 |  |  | 27,521 |  |  | 10,829 |  |  | 11,539
Due after five years but within ten years |  |  | − |  |  | − |  |  | 38,385 |  |  | 41,190
Due after ten years |  |  | 1,000 |  |  | 865 |  |  | 4,449 |  |  | 4,718
Mortgage-backed securities |  |  | 130,073 |  |  | 129,510 |  |  | 124,924 |  |  | 124,861
Total debt securities |  |  | 158,619 |  |  | 157,896 |  |  | 178,687 |  |  | 182,411
Equity securities |  |  | 6,105 |  |  | 6,138 |  |  | - |  |  | -
Total securities |  | $ | 164,724 |  |  | 164,034 |  | $ | 178,687 |  |  | 182,411
At December 31, 2014 and 2013, investment securities with carrying values of $100,113,000 and $79,838,000, respectively, were pledged as collateral for public deposits. The Company recorded $47,473,000, $12,908,000, and $9,641,000 in sales of securities in 2014, 2013, and 2012, respectively, whic h resulted in net gains of $786,000, $525,000, and $439,000 in 2014, 2013, and 2012, respectively. During the twelve months ended December 31, 2013 and 2012, the Company also recorded net gains of $7,000 and $200,000, respectively, related to the call of several municipal and corporate bond se curities.

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