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SECURITIES AVAILABLE FOR SALE | 12 Months Ended
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Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract] |
SECURITIES AVAILABLE FOR SALE | SECURITIES AVAILABLE FOR SALE At December 31, 2015 and 2014 the investment securities portfolio was comprised 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 December 31, were:
(Dollars in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2015 |  |  |  |  |  |  |
U.S. Government Agencies | $ | 47,209 |  |  | $ | 200 |  |  | $ | 182 |  |  | $ | 47,227 |
States and political subdivisions | 124,421 |  |  | 2,483 |  |  | 943 |  |  | 125,961 |
U.S. Government Sponsored Enterprises (GSE) residential mortgage-backed securities | 132,389 |  |  | 229 |  |  | 269 |  |  | 132,349 |
GSE residential collateralized mortgage obligations (CMOs) | 15,668 |  |  | 215 |  |  | 40 |  |  | 15,843 |
GSE commercial CMOs | 63,598 |  |  | 735 |  |  | 563 |  |  | 63,770 |
Private label CMOs | 8,944 |  |  | 0 |  |  | 43 |  |  | 8,901 |
Total debt securities | 392,229 |  |  | 3,862 |  |  | 2,040 |  |  | 394,051 |
Equity securities | 50 |  |  | 23 |  |  | 0 |  |  | 73 |
Totals | $ | 392,279 |  |  | $ | 3,885 |  |  | $ | 2,040 |  |  | $ | 394,124 |
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 individual securities have been in a continuous unrealized loss position at December 31:
| Less Than 12 Months |  | 12 Months or More |  | Total
(Dollars in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies | $ | 27,640 |  |  | $ | 182 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 27,640 |  |  | $ | 182 |
States and political subdivisions | 30,252 |  |  | 373 |  |  | 14,139 |  |  | 570 |  |  | 44,391 |  |  | 943 |
U.S. Government Sponsored Enterprises (GSE) residential mortgage-backed securities | 82,911 |  |  | 269 |  |  | 0 |  |  | 0 |  |  | 82,911 |  |  | 269 |
GSE residential collateralized mortgage obligations (CMOs) | 0 |  |  | 0 |  |  | 4,237 |  |  | 40 |  |  | 4,237 |  |  | 40 |
GSE commercial CMOs | 33,606 |  |  | 563 |  |  | 0 |  |  | 0 |  |  | 33,606 |  |  | 563 |
Private label CMOs | 8,901 |  |  | 43 |  |  | 0 |  |  | 0 |  |  | 8,901 |  |  | 43 |
Total temporarily impaired securities | $ | 183,310 |  |  | $ | 1,430 |  |  | $ | 18,376 |  |  | $ | 610 |  |  | $ | 201,686 |  |  | $ | 2,040 |
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 has 53 securities and 37 securities at December 31, 2015 and 2014 in which the amortized cost exceeds their values, as discussed below. U.S. Government Agencies and U.S. Government Sponsored Enterprises (GSE). Twenty-nine U.S. Government Agencies and GSE securities, including mortgage-backed and collateralized mortgage obligations have unrealized losses, 25 of which have amortized costs which exceed their fair values for less than 12 months, and four have amortized costs which exceed their fair values for more than 12 months at December 31, 2015. At December 31, 2014, the Company had 21 GSE securities with unrealized losses, 13 of which were in the less than 12 months category, 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 the Company does 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 December 31, 2015 or 2014. State and Political Subdivisions. Twenty-one state and political subdivision securities have an amortized cost which exceeds its fair value, 16 of which were in the less than 12 months category, and five for more than 12 months at December 31, 2015. At December 31, 2014, 16 state and political subdivision security had unrealized losses 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 does 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 December 31, 2015 or 2014. Private Label. three Private Label collateralized mortgage obligations have unrealized losses, three of which were in the less than 12 months category. These unrealized losses have been caused by a rise in interest rates from the time the securities were purchased. Because the Company does 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 December 31, 2015. The amortized cost and fair values of securities available for sale at December 31, 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. INVESTMENT PORTFOLIO
| 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 | 3,244 |  |  | 3,319 |
Due after five years through ten years | 62,915 |  |  | 63,194 |
Due after ten years | 105,106 |  |  | 106,309 |
Mortgage-backed securities and collateralized mortgage obligations | 220,599 |  |  | 220,863 |
Total debt securities | 392,229 |  |  | 394,051 |
Equity securities | 50 |  |  | 73 |
| $ | 392,279 |  |  | $ | 394,124 |
Proceeds from sales of securities available for sale for the years ended December 31, 2015, 2014 and 2013 were $65,611,000, $169,573,000 and $74,273,000. Gross gains on the sales of securities were $1,948,000, $2,301,000 and $473,000 for the years ended December 31, 2015, 2014 and 2013. Gross losses on securities available for sale were $24,000, $366,000 and $141,000 for the years ended December 31, 2015, 2014 and 2013. Securities with a fair value of $250,397,000 and $261,034,000 at December 31, 2015 and 2014 were pledged to secure public funds and for other purposes as required or permitted by law. As a result of changes in interest rate and economic market conditions, in the first quarter of 2016 the Company evaluated its GSE commercial CMO security portfolio and elected to liquidate this entire portfolio, which had an amortized cost of $63,598,000, and fair value of $63,770,000 at December 31, 2015, at a net gain of $1,420,000 (unaudited). The proceeds from the sales will be used to pay down maturing debt, meet loan demand, or be reinvested in the securities portfolio.

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