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Securities Available for Sale | 6 Months Ended
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Jun. 30, 2014
Investments Debt And Equity Securities [Abstract] |
Securities Available for Sale | NOTE 2. SECURITIES AVAILABLE FOR SALE At June 30, 2014 and December 31, 2013, the investment securities portfolio was comprised exclusively of securities classified as “available for sale,” resulting in investment securities being carried at fair value. The amortized cost and fair values of investment securities available for sale at June 30, 2014 and December 31, 2013 were:
(Dollars in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
June 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies |  | $ | 24,646 |  |  | $ | 0 |  |  | $ | 238 |  |  | $ | 24,408 |
U.S. Government Sponsored Enterprises (GSE) |  |  | 1,464 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,464 |
States and political subdivisions |  |  | 53,538 |  |  |  | 690 |  |  |  | 1,395 |  |  |  | 52,833 |
GSE residential mortgage-backed securities |  |  | 154,773 |  |  |  | 2,629 |  |  |  | 57 |  |  |  | 157,345 |
GSE residential collateralized mortgage obligations (CMOs) |  |  | 88,240 |  |  |  | 885 |  |  |  | 498 |  |  |  | 88,627 |
GSE commercial CMOs |  |  | 65,273 |  |  |  | 708 |  |  |  | 766 |  |  |  | 65,215 |
Total debt securities |  |  | 387,934 |  |  |  | 4,912 |  |  |  | 2,954 |  |  |  | 389,892 |
Equity securities |  |  | 50 |  |  |  | 19 |  |  |  | 0 |  |  |  | 69 |
Totals |  | $ | 387,984 |  |  | $ | 4,931 |  |  | $ | 2,954 |  |  | $ | 389,961 |
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies |  | $ | 25,610 |  |  | $ | 34 |  |  | $ | 193 |  |  | $ | 25,451 |
U.S. Government Sponsored Enterprises (GSE) |  |  | 14,431 |  |  |  | 5 |  |  |  | 722 |  |  |  | 13,714 |
States and political subdivisions |  |  | 75,494 |  |  |  | 417 |  |  |  | 4,367 |  |  |  | 71,544 |
GSE residential mortgage-backed securities |  |  | 198,449 |  |  |  | 895 |  |  |  | 725 |  |  |  | 198,619 |
GSE residential collateralized mortgage obligations (CMOs) |  |  | 40,502 |  |  |  | 251 |  |  |  | 221 |  |  |  | 40,532 |
GSE commercial CMOs |  |  | 59,812 |  |  |  | 0 |  |  |  | 2,798 |  |  |  | 57,014 |
Total debt securities |  |  | 414,298 |  |  |  | 1,602 |  |  |  | 9,026 |  |  |  | 406,874 |
Equity securities |  |  | 50 |  |  |  | 19 |  |  |  | 0 |  |  |  | 69 |
Totals |  | $ | 414,348 |  |  | $ | 1,621 |  |  | $ | 9,026 |  |  | $ | 406,943 |
The following table shows gross unrealized losses and fair value of the Company’s available for sale securities that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at June 30, 2014 and December 31, 2013:
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
(Dollars in thousands) |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
June 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies |  | $ | 12,987 |  |  | $ | 87 |  |  | $ | 11,421 |  |  | $ | 151 |  |  | $ | 24,408 |  |  | $ | 238 |
States and political subdivisions |  |  | 0 |  |  |  | 0 |  |  |  | 35,574 |  |  |  | 1,395 |  |  |  | 35,574 |  |  |  | 1,395 |
GSE residential mortgage-backed securities |  |  | 11,623 |  |  |  | 25 |  |  |  | 10,122 |  |  |  | 32 |  |  |  | 21,745 |  |  |  | 57 |
GSE residential collateralized mortgage obligations (CMOs) |  |  | 41,474 |  |  |  | 498 |  |  |  | 0 |  |  |  | 0 |  |  |  | 41,474 |  |  |  | 498 |
GSE commercial CMOs |  |  | 0 |  |  |  | 0 |  |  |  | 34,952 |  |  |  | 766 |  |  |  | 34,952 |  |  |  | 766 |
Total temporarily impaired securities |  | $ | 66,084 |  |  | $ | 610 |  |  | $ | 92,069 |  |  | $ | 2,344 |  |  | $ | 158,153 |  |  | $ | 2,954 |
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies |  | $ | 17,454 |  |  | $ | 193 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 17,454 |  |  | $ | 193 |
U.S. Government Sponsored Enterprises (GSE) |  |  | 12,049 |  |  |  | 722 |  |  |  | 0 |  |  |  | 0 |  |  |  | 12,049 |  |  |  | 722 |
States and political subdivisions |  |  | 53,606 |  |  |  | 4,367 |  |  |  | 0 |  |  |  | 0 |  |  |  | 53,606 |  |  |  | 4,367 |
GSE residential mortgage-backed securities |  |  | 125,468 |  |  |  | 716 |  |  |  | 7,447 |  |  |  | 9 |  |  |  | 132,915 |  |  |  | 725 |
GSE residential collateralized mortgage obligations (CMOs) |  |  | 14,033 |  |  |  | 220 |  |  |  | 44 |  |  |  | 1 |  |  |  | 14,077 |  |  |  | 221 |
GSE commercial CMOs |  |  | 38,298 |  |  |  | 1,248 |  |  |  | 18,716 |  |  |  | 1,550 |  |  |  | 57,014 |  |  |  | 2,798 |
Total temporarily impaired securities |  | $ | 260,908 |  |  | $ | 7,466 |  |  | $ | 26,207 |  |  | $ | 1,560 |  |  | $ | 287,115 |  |  | $ | 9,026 |
The Company had 40 securities and 77 securities at June 30, 2014 and December 31, 2013 in which the amortized cost exceeds their values, as discussed below. U.S. Agencies and Government Sponsored Enterprises (GSE). Twenty-four U.S. Agencies and GSE securities, including mortgage-backed securities, have amortized costs which exceed their fair values, 11 of which are in the less than 12 months category at June 30, 2014. At December 31, 2013, the Company had 46 U.S. Government Agencies and GSE securities, including mortgage-backed and collateralized mortgage obligations with unrealized losses, 38 GSE securities have amortized costs which exceed their fair values for less than 12 months, and eight have amortized costs which exceed their fair values for more than 12 months. These unrealized losses have been caused by a rise in interest rates from the time the securities were purchased. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the par value basis of the investments. Because, at period end, the Company did not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at June 30, 2014 or at December 31, 2013. State and Political Subdivisions. Sixteen state and political subdivision securities have amortized costs which exceeded their fair value for more than 12 months at June 30, 2014. At December 31, 2013, 31 state and political subdivision securities have an amortized cost which exceeds their fair value for less than 12 months. These unrealized losses have been caused by a rise in interest rates from the time the securities were purchased. Management considers the investment rating, the state of the issuer of the security and other credit support in determining whether the security is other-than-temporarily impaired. Because, at period end, the Company did not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at June 30, 2014 or at December 31, 2013. The amortized cost and fair values of securities available for sale at June 30, 2014 by contractual maturity are shown below. Contractual maturities will differ from expected maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Available for Sale |
(Dollars in thousands) |  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 1,464 |  |  | $ | 1,464 |
Due after one year through five years |  |  | 380 |  |  |  | 381 |
Due after five years through ten years |  |  | 16,578 |  |  |  | 16,439 |
Due after ten years |  |  | 61,226 |  |  |  | 60,421 |
Mortgage-backed securities and collateralized mortgage obligations |  |  | 308,286 |  |  |  | 311,187 |
Total debt securities |  |  | 387,934 |  |  |  | 389,892 |
Equity securities |  |  | 50 |  |  |  | 69 |
|  | $ | 387,984 |  |  | $ | 389,961 |
Gross gains on the sales of securities were $874,000 and $0 for the three months ended June 30, 2014 and 2013. Gross losses on securities available for sale were $272,000 and $0 for the three months ended June 30, 2014 and 2013. Gross gains on the sales of securities were $1,519,000 and $259,000 for the six months ended June 30, 2014 and 2013. Gross losses on securities available for sale were $320,000 and $137,000 for the six months ended June 30, 2014 and 2013. Securities with a fair value of $223,282,000 and $241,911,000 at June 30, 2014 and December 31, 2013 were pledged to secure public funds and for other purposes as required or permitted by law.

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