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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract] |
INVESTMENT SECURITIES | Note 2 INVESTMENT SECURITIES Investment Portfolio Composition. The amortized cost and related market value of investment securities at December 31 were as follows:
|  | 2014 |  | 2013 |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Market |  |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Market |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |  |  | Cost |  |  | Gain |  |  | Losses |  |  | Value |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Treasury |  | $ | 185,830 |  |  | $ | 220 |  |  | $ | 19 |  |  | $ | 186,031 |  |  | $ | 71,791 |  |  | $ | 82 |  |  | $ | 40 |  |  | $ | 71,833 |
U.S. Government Agency |  |  | 95,950 |  |  |  | 289 |  |  |  | 142 |  |  |  | 96,097 |  |  |  | 75,275 |  |  |  | 127 |  |  |  | 256 |  |  |  | 75,146 |
States and Political |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subdivisions |  |  | 48,405 |  |  |  | 65 |  |  |  | 82 |  |  |  | 48,388 |  |  |  | 91,605 |  |  |  | 167 |  |  |  | 19 |  |  |  | 91,753 |
Mortgage-Backed Securities |  |  | 2,094 |  |  |  | 193 |  |  |  | — |  |  |  | 2,287 |  |  |  | 2,583 |  |  |  | 212 |  |  |  | — |  |  |  | 2,795 |
Equity Securities(1) |  |  | 8,745 |  |  |  | — |  |  |  | — |  |  |  | 8,745 |  |  |  | 9,893 |  |  |  | — |  |  |  | — |  |  |  | 9,893 |
Total |  | $ | 341,024 |  |  | $ | 767 |  |  | $ | 243 |  |  | $ | 341,548 |  |  | $ | 251,147 |  |  | $ | 588 |  |  | $ | 315 |  |  | $ | 251,420 |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Treasury |  | $ | 76,179 |  |  | $ | 144 |  |  | $ | 6 |  |  | $ | 76,317 |  |  | $ | 43,533 |  |  | $ | 84 |  |  | $ | 38 |  |  | $ | 43,579 |
U.S. Government Agency |  |  | 19,807 |  |  |  | 29 |  |  |  | 19 |  |  |  | 19,817 |  |  |  | 15,794 |  |  |  | 38 |  |  |  | 22 |  |  |  | 15,810 |
States and Political |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subdivisions |  |  | 26,717 |  |  |  | 36 |  |  |  | 6 |  |  |  | 26,747 |  |  |  | 33,216 |  |  |  | 53 |  |  |  | 4 |  |  |  | 33,265 |
Mortgage-Backed Securities |  |  | 40,878 |  |  |  | 33 |  |  |  | 380 |  |  |  | 40,531 |  |  |  | 55,668 |  |  |  | 12 |  |  |  | 1,373 |  |  |  | 54,307 |
Total |  | $ | 163,581 |  |  | $ | 242 |  |  | $ | 411 |  |  | $ | 163,412 |  |  | $ | 148,211 |  |  | $ | 187 |  |  | $ | 1,437 |  |  | $ | 146,961 |
Total Investment Securities |  | $ | 504,605 |  |  | $ | 1,009 |  |  | $ | 654 |  |  | $ | 504,960 |  |  | $ | 399,358 |  |  | $ | 775 |  |  | $ | 1,752 |  |  | $ | 398,381 |
| (1) | Includes Federal Home Loan Bank and Federal Reserve Bank stock recorded at cost of $3.9 million and $4.8 million, respectively, at December 31, 2014 and $5.0 million and $4.8 million, respectively, at December 31, 2013.
During the third quarter of 2013, the Company transferred certain securities from available for sale to held to maturity. Transfers of securities into the held to maturity categories from available for sale are made at fair value on the date of the transfer. The securities had an aggregate fair value of $63.0 million with an aggregate net unrealized loss of $523,000 on the date of the transfer. The net unamortized, unrealized loss on the transferred securities included in accumulated other comprehensive income in the accompanying balance sheet as of December 31, 2014 totaled $428,000. This amount will be amortized out of accumulated other comprehensive income over the remaining life of the underlying securities as an adjustment of the yield on those securities. Securities with an amortized cost of $337.9 million and $258.5 million at December 31, 2014 and December 31, 2013, respectively, were pledged to secure public deposits and for other purposes. The Bank, as a member of the Federal Home Loan Bank of Atlanta (“FHLB”), is required to own capital stock in the FHLB based generally upon the balances of residential and commercial real estate loans, and FHLB advances. FHLB stock which is included in other securities is pledged to secure FHLB advances. No ready market exists for this stock, and it has no quoted market value; however, redemption of this stock has historically been at par value. Investment Sales. The total proceeds from the sale of investment securities and the gross realized gains and losses from the sale of such securities for each of the last three years are as follows:
(Dollars in Thousands) |  | Year |  |  | Total Proceeds |  |  | Gross Realized Gains |  |  | Gross Realized Losses |
|  | 2014 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | 2013 |  |  |  | 7,506 |  |  |  | 3 |  |  |  | — |
|  | 2012 |  |  | $ | 805 |  |  | $ | — |  |  | $ | — |
Maturity Distribution. As of December 31, 2014, the Company’s investment securities had the following maturity distribution based on contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations. Mortgage-backed securities and certain amortizing U.S. government agency securities are shown separately since they are not due at a certain maturity date.
|  | Available for Sale |  |  | Held to Maturity |
(Dollars in Thousands) |  | Amortized Cost |  |  | Market Value |  |  | Amortized Cost |  |  | Market Value |
Due in one year or less |  | $ | 45,747 |  |  | $ | 45,780 |  |  | $ | 17,957 |  |  | $ | 17,983 |
Due after one through five years |  |  | 213,639 |  |  |  | 213,786 |  |  |  | 104,745 |  |  |  | 104,898 |
Mortgage-Backed Securities |  |  | 2,094 |  |  |  | 2,287 |  |  |  | 40,879 |  |  |  | 40,531 |
U.S. Government Agency |  |  | 70,799 |  |  |  | 70,950 |  |  |  | — |  |  |  | — |
Equity Securities |  |  | 8,745 |  |  |  | 8,745 |  |  |  | — |  |  |  | — |
Total |  | $ | 341,024 |  |  | $ | 341,548 |  |  | $ | 163,581 |  |  | $ | 163,412 |
Other Than Temporarily Impaired Securities. The following table summarizes the investment securities with unrealized losses at December 31, aggregated by major security type and length of time in a continuous unrealized loss position:
|  | Less Than 12 Months |  |  | Greater Than 12 Months |  |  | Total |
(Dollars in Thousands) |  | Market Value |  |  | Unrealized Losses |  |  | Market Value |  |  | Unrealized Losses |  |  | Market Value |  |  | Unrealized Losses |
2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Treasury |  | $ | 35,838 |  |  | $ | 19 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,838 |  |  | $ | 19 |
U.S. Government Agency |  |  | 18,160 |  |  |  | 54 |  |  |  | 18,468 |  |  |  | 88 |  |  |  | 36,628 |  |  |  | 142 |
States and Political Subdivisions |  |  | 16,497 |  |  |  | 77 |  |  |  | 505 |  |  |  | 5 |  |  |  | 17,002 |  |  |  | 82 |
Total |  |  | 70,495 |  |  |  | 150 |  |  |  | 18,973 |  |  |  | 93 |  |  |  | 89,468 |  |  |  | 243 |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Treasury |  |  | 15,046 |  |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 15,046 |  |  |  | 6 |
U.S. Government Agency |  |  | 10,002 |  |  |  | 19 |  |  |  | — |  |  |  | — |  |  |  | 10,002 |  |  |  | 19 |
States and Political Subdivisions |  |  | 3,788 |  |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 3,788 |  |  |  | 6 |
Mortgage-Backed Securities |  |  | 15,066 |  |  |  | 149 |  |  |  | 18,155 |  |  |  | 231 |  |  |  | 33,221 |  |  |  | 380 |
Total |  | $ | 43,902 |  |  | $ | 180 |  |  | $ | 18,155 |  |  | $ | 231 |  |  | $ | 62,057 |  |  | $ | 411 |
2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Treasury |  | $ | 24,924 |  |  | $ | 40 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,924 |  |  | $ | 40 |
U.S. Government Agency |  |  | 40,944 |  |  |  | 235 |  |  |  | 4,842 |  |  |  | 21 |  |  |  | 45,786 |  |  |  | 256 |
States and Political Subdivisions |  |  | 4,101 |  |  |  | 7 |  |  |  | 511 |  |  |  | 12 |  |  |  | 4,612 |  |  |  | 19 |
Total |  |  | 69,969 |  |  |  | 282 |  |  |  | 5,353 |  |  |  | 33 |  |  |  | 75,322 |  |  |  | 315 |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Treasury |  |  | 10,054 |  |  |  | 38 |  |  |  | — |  |  |  | — |  |  |  | 10,054 |  |  |  | 38 |
U.S. Government Agency |  |  | 5,676 |  |  |  | 22 |  |  |  | — |  |  |  | — |  |  |  | 5,676 |  |  |  | 22 |
States and Political Subdivisions |  |  | 3,316 |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 3,316 |  |  |  | 4 |
Mortgage-Backed Securities |  |  | 44,031 |  |  |  | 1,373 |  |  |  | — |  |  |  | — |  |  |  | 44,031 |  |  |  | 1,373 |
Total |  | $ | 63,077 |  |  | $ | 1,437 |  |  | $ | — |  |  | $ | — |  |  | $ | 63,077 |  |  | $ | 1,437 |
Management evaluates securities for other than temporary impairment at least quarterly, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to: 1) the length of time and the extent to which the fair value has been less than amortized cost, 2) the financial condition and near-term prospects of the issuer, and 3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in cost. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by rating agencies have occurred, regulatory issues, and analysts’ reports. Approximately $19.0 million of investment securities with an unrealized loss of approximately $93,000 have been in a loss position for greater than 12 months. These debt securities are in a loss position because they were acquired when the general level of interest rates was lower than that on December 31, 2014. The Company believes that the unrealized losses in these debt securities are temporary in nature and that the full principal will be collected as anticipated. Because the declines in the market value of these investments are attributable to changes in interest rates and not credit quality and because the Company has the present ability and intent to hold these investments until there is a recovery in fair value, which may be at maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2014.

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