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Note 6: Investment Securities: Gain Loss on Investments Policy (Policies)
6 Months Ended
Jun. 30, 2014
Policies  
Gain Loss on Investments Policy

Gross gains of $569,000 and $642,000 and gross losses of $-0- and $-0- resulting from sales of available-for-sale securities were realized for the three and six months ended June 30, 2014.  Gross gains of $117,000 and $151,000 and gross losses of $20,000 and $20,000 resulting from sales of available-for-sale securities were realized for the three and six months ended June 30, 2013.  Gains and losses on sales of securities are determined on the specific-identification method.

 

At June 30, 2014, investment securities included $88.5 million of securities acquired in the Valley Bank transaction.  These securities were comprised of $39.8 million of government agency collateralized mortgage obligations, $47.8 million of government agency mortgage-backed securities and $978,000 of securities issued by states and political subdivisions.  The Company sold these securities in July 2014 and recorded a gain of approximately $175,000.  See Note 16 FDIC-Assisted Acquisition for further information on the Valley acquisition.