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SECURITIES AVAILABLE FOR SALE | 6 Months Ended
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Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract] |
SECURITIES AVAILABLE FOR SALE | SECURITIES AVAILABLE FOR SALE At June 30, 2015 and December 31, 2014, 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, 2015 and December 31, 2014 were:
(Dollars in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
June 30, 2015 |  |  |  |  |  |  |
U.S. Government Agencies | $ | 45,615 |  |  | $ | 171 |  |  | $ | 177 |  |  | $ | 45,609 |
States and political subdivisions | 99,511 |  |  | 662 |  |  | 1,785 |  |  | 98,388 |
U.S. Government Sponsored Enterprises (GSE) residential mortgage-backed securities | 139,414 |  |  | 1,573 |  |  | 22 |  |  | 140,965 |
GSE residential collateralized mortgage obligations (CMOs) | 21,321 |  |  | 256 |  |  | 75 |  |  | 21,502 |
GSE commercial CMOs | 69,378 |  |  | 913 |  |  | 395 |  |  | 69,896 |
Total debt securities | 375,239 |  |  | 3,575 |  |  | 2,454 |  |  | 376,360 |
Equity securities | 50 |  |  | 26 |  |  | 0 |  |  | 76 |
Totals | $ | 375,289 |  |  | $ | 3,601 |  |  | $ | 2,454 |  |  | $ | 376,436 |
December 31, 2014 |  |  |  |  |  |  |
U.S. Government Agencies | $ | 23,910 |  |  | $ | 71 |  |  | $ | 23 |  |  | $ | 23,958 |
States and political subdivisions | 52,578 |  |  | 819 |  |  | 996 |  |  | 52,401 |
GSE residential mortgage-backed securities | 174,220 |  |  | 1,573 |  |  | 197 |  |  | 175,596 |
GSE residential CMOs | 57,976 |  |  | 857 |  |  | 128 |  |  | 58,705 |
GSE commercial CMOs | 65,041 |  |  | 1,017 |  |  | 586 |  |  | 65,472 |
Total debt securities | 373,725 |  |  | 4,337 |  |  | 1,930 |  |  | 376,132 |
Equity securities | 50 |  |  | 17 |  |  | 0 |  |  | 67 |
Totals | $ | 373,775 |  |  | $ | 4,354 |  |  | $ | 1,930 |  |  | $ | 376,199 |
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, 2015 and December 31, 2014:
| 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, 2015 |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies | $ | 23,313 |  |  | $ | 177 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 23,313 |  |  | $ | 177 |
States and political subdivisions | 68,777 |  |  | 1,011 |  |  | 13,994 |  |  | 774 |  |  | 82,771 |  |  | 1,785 |
U.S. Government Sponsored Enterprises (GSE) residential mortgage-backed securities | 8,259 |  |  | 22 |  |  | 0 |  |  | 0 |  |  | 8,259 |  |  | 22 |
GSE residential collateralized mortgage obligations (CMOs) | 1,807 |  |  | 25 |  |  | 5,017 |  |  | 50 |  |  | 6,824 |  |  | 75 |
GSE commercial CMOs | 34,538 |  |  | 395 |  |  | 0 |  |  | 0 |  |  | 34,538 |  |  | 395 |
Total temporarily impaired securities | $ | 136,694 |  |  | $ | 1,630 |  |  | $ | 19,011 |  |  | $ | 824 |  |  | $ | 155,705 |  |  | $ | 2,454 |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies | $ | 0 |  |  | $ | 0 |  |  | $ | 9,012 |  |  | $ | 23 |  |  | $ | 9,012 |  |  | $ | 23 |
States and political subdivisions | 0 |  |  | 0 |  |  | 35,833 |  |  | 996 |  |  | 35,833 |  |  | 996 |
GSE residential mortgage-backed securities | 65,474 |  |  | 197 |  |  | 0 |  |  | 0 |  |  | 65,474 |  |  | 197 |
GSE residential CMOs | 11,930 |  |  | 128 |  |  | 0 |  |  | 0 |  |  | 11,930 |  |  | 128 |
GSE commercial CMOs | 0 |  |  | 0 |  |  | 29,969 |  |  | 586 |  |  | 29,969 |  |  | 586 |
Total temporarily impaired securities | $ | 77,404 |  |  | $ | 325 |  |  | $ | 74,814 |  |  | $ | 1,605 |  |  | $ | 152,218 |  |  | $ | 1,930 |
The Company had 45 securities and 37 securities at June 30, 2015 and December 31, 2014 in which the amortized cost exceed their values, as discussed below. U.S. Agencies and Government Sponsored Enterprises (GSE). Fifteen U.S. Agencies and GSE securities, including mortgage-backed securities and collateralized mortgage obligations, have amortized costs which exceed their fair values, 12 of which are in the less than 12 months category at June 30, 2015. At December 31, 2014, the Company had 21 U.S. Government Agencies and GSE securities, including mortgage-backed and collateralized mortgage obligations with unrealized losses, 13 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 or widening of spreads 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 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, 2015 or at December 31, 2014. State and Political Subdivisions. Thirty state and political subdivision securities have amortized costs which exceeded their fair values, 25 of which are in the less than 12 months category at June 30, 2015. At December 31, 2014, 16 state and political subdivision securities have an amortized cost which exceeds their fair value for more 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 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, 2015 or at December 31, 2014. The amortized cost and fair values of securities available for sale at June 30, 2015 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 | $ | 365 |  |  | $ | 366 |
Due after one year through five years | 510 |  |  | 537 |
Due after five years through ten years | 51,110 |  |  | 50,856 |
Due after ten years | 93,141 |  |  | 92,238 |
Mortgage-backed securities and collateralized mortgage obligations | 230,113 |  |  | 232,363 |
Total debt securities | 375,239 |  |  | 376,360 |
Equity securities | 50 |  |  | 76 |
| $ | 375,289 |  |  | $ | 376,436 |
Gross gains on the sales of securities were $353,000 and $874,000 for the three months ended June 30, 2015 and 2014. Gross losses on securities available for sale were $0 and $272,000 for the three months ended June 30, 2015 and 2014. Gross gains on the sales of securities were $1,906,000 and $1,519,000 for the six months ended June 30, 2015 and 2014. Gross losses on securities available for sale were $24,000 and $320,000 for the six months ended June 30, 2015 and 2014. Securities with a fair value of $241,016,000 and $261,034,000 at June 30, 2015 and December 31, 2014 were pledged to secure public funds and for other purposes as required or permitted by law.

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