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INVESTMENT SECURITIES | 9 Months Ended
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Sep. 30, 2015
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 available-for-sale were as follows:
|  | September 30, 2015 |  | December 31, 2014
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Market Value |  | Amortized Cost |  | Unrealized Gain |  | Unrealized Losses |  | Market Value
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Treasury |  | $ | 242,659 |  |  | $ | 1,330 |  |  | $ | — |  |  | $ | 243,989 |  |  | $ | 185,830 |  |  | $ | 220 |  |  | $ | 19 |  |  | $ | 186,031 |
U.S. Government Agency |  |  | 104,763 |  |  |  | 428 |  |  |  | 115 |  |  |  | 105,076 |  |  |  | 95,950 |  |  |  | 289 |  |  |  | 142 |  |  |  | 96,097 |
States and Political Subdivisions |  |  | 83,971 |  |  |  | 283 |  |  |  | 14 |  |  |  | 84,240 |  |  |  | 48,405 |  |  |  | 65 |  |  |  | 82 |  |  |  | 48,388 |
Mortgage-Backed Securities |  |  | 1,897 |  |  |  | 174 |  |  |  | — |  |  |  | 2,071 |  |  |  | 2,094 |  |  |  | 193 |  |  |  | — |  |  |  | 2,287 |
Equity Securities(1) |  |  | 8,695 |  |  |  | — |  |  |  | — |  |  |  | 8,695 |  |  |  | 8,745 |  |  |  | — |  |  |  | — |  |  |  | 8,745 |
Total |  | $ | 441,985 |  |  | $ | 2,215 |  |  | $ | 129 |  |  | $ | 444,071 |  |  | $ | 341,024 |  |  | $ | 767 |  |  | $ | 243 |  |  | $ | 341,548 |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Treasury |  | $ | 134,670 |  |  | $ | 757 |  |  | $ | — |  |  | $ | 135,427 |  |  | $ | 76,179 |  |  | $ | 144 |  |  | $ | 6 |  |  | $ | 76,317 |
U.S. Government Agency |  |  | 10,060 |  |  |  | 35 |  |  |  | — |  |  |  | 10,095 |  |  |  | 19,807 |  |  |  | 29 |  |  |  | 19 |  |  |  | 19,817 |
States and Political Subdivisions |  |  | 18,676 |  |  |  | 57 |  |  |  | 1 |  |  |  | 18,732 |  |  |  | 26,717 |  |  |  | 36 |  |  |  | 6 |  |  |  | 26,747 |
Mortgage-Backed Securities |  |  | 30,558 |  |  |  | 96 |  |  |  | 68 |  |  |  | 30,586 |  |  |  | 40,878 |  |  |  | 33 |  |  |  | 380 |  |  |  | 40,531 |
Total |  | $ | 193,964 |  |  | $ | 945 |  |  | $ | 69 |  |  | $ | 194,840 |  |  | $ | 163,581 |  |  | $ | 242 |  |  | $ | 411 |  |  | $ | 163,412 |
Total Investment Securities |  | $ | 635,949 |  |  | $ | 3,160 |  |  | $ | 198 |  |  | $ | 638,911 |  |  | $ | 504,605 |  |  | $ | 1,009 |  |  | $ | 654 |  |  | $ | 504,960 |
| (1) | Includes Federal Home Loan Bank, Federal Reserve Bank, and FNBB, Inc. stock recorded at cost of $3.7 million, $4.8 million, and $0.2 million, respectively, as of September 30, 2015 and Federal Home Loan Bank, Federal Reserve Bank, and Bankers Bancorporation of Florida, Inc. stock recorded at cost of $3.9 million, $4.8 million, and $0.1 million, respectively, as of December 31, 2014.
Securities with a carrying value of $243.8 million and $337.9 million at September 30, 2015 and December 31, 2014, 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. Maturity Distribution. As of September 30, 2015, 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 because 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 |  | $ | 59,038 |  |  | $ | 59,115 |  |  | $ | 29,291 |  |  | $ | 29,385 |
Due after one through five years |  |  | 299,404 |  |  |  | 300,992 |  |  |  | 134,115 |  |  |  | 134,869 |
Mortgage-Backed Securities |  |  | 1,897 |  |  |  | 2,071 |  |  |  | 30,558 |  |  |  | 30,586 |
U.S. Government Agency |  |  | 72,951 |  |  |  | 73,198 |  |  |  | — |  |  |  | — |
Equity Securities |  |  | 8,695 |  |  |  | 8,695 |  |  |  | — |  |  |  | — |
Total |  | $ | 441,985 |  |  | $ | 444,071 |  |  | $ | 193,964 |  |  | $ | 194,840 |
Unrealized Losses on Investment Securities. The following table summarizes the investment securities with unrealized losses as of September 30, 2015, 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
September 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agency |  | $ | 11,909 |  |  | $ | 50 |  |  | $ | 11,409 |  |  | $ | 65 |  |  | $ | 23,318 |  |  | $ | 115 |
States and Political Subdivisions |  |  | 12,690 |  |  |  | 13 |  |  |  | 604 |  |  |  | 1 |  |  |  | 13,294 |  |  |  | 14 |
Total |  | $ | 24,599 |  |  | $ | 63 |  |  | $ | 12,013 |  |  | $ | 66 |  |  | $ | 36,612 |  |  | $ | 129 |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and Political Subdivisions |  | $ | 926 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 926 |  |  | $ | 1 |
Mortgage-Backed Securities |  |  | 2,691 |  |  |  | 19 |  |  |  | 13,235 |  |  |  | 49 |  |  |  | 15,926 |  |  |  | 68 |
Total |  | $ | 3,617 |  |  | $ | 20 |  |  | $ | 13,235 |  |  | $ | 49 |  |  | $ | 16,852 |  |  | $ | 69 |
December 31, 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 |
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 $12.0 million of investment securities, with an unrealized loss of approximately $66,000, 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 September 30, 2015. 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 does not intend to sell the investments and it is more likely than not that the Company will not be required to sell the investments before recovery of their amortized cost bases, which may be at maturity, the Company does not consider these investments to be other-than-temporarily impaired as of September 30, 2015.

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