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SECURITIES AVAILABLE FOR SALE | 3 Months Ended
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Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract] |
SECURITIES AVAILABLE FOR SALE | SECURITIES AVAILABLE FOR SALE At March 31, 2016 and December 31, 2015, 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 March 31, 2016 and December 31, 2015 were:
(Dollars in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
March 31, 2016 |  |  |  |  |  |  |
U.S. Government Agencies | $ | 45,072 |  |  | $ | 188 |  |  | $ | 121 |  |  | $ | 45,139 |
States and political subdivisions | 124,302 |  |  | 5,246 |  |  | 367 |  |  | 129,181 |
U.S. Government Sponsored Enterprises (GSE) residential mortgage-backed securities | 129,219 |  |  | 1,556 |  |  | 0 |  |  | 130,775 |
GSE residential collateralized mortgage obligations (CMOs) | 14,040 |  |  | 384 |  |  | 20 |  |  | 14,404 |
Private label CMOs | 8,086 |  |  | 0 |  |  | 68 |  |  | 8,018 |
Total debt securities | 320,719 |  |  | 7,374 |  |  | 576 |  |  | 327,517 |
Equity securities | 50 |  |  | 23 |  |  | 0 |  |  | 73 |
Totals | $ | 320,769 |  |  | $ | 7,397 |  |  | $ | 576 |  |  | $ | 327,590 |
December 31, 2015 |  |  |  |  |  |  |
U.S. Government Agencies | $ | 47,209 |  |  | $ | 200 |  |  | $ | 182 |  |  | $ | 47,227 |
States and political subdivisions | 124,421 |  |  | 2,483 |  |  | 943 |  |  | 125,961 |
GSE residential mortgage-backed securities | 132,389 |  |  | 229 |  |  | 269 |  |  | 132,349 |
GSE residential 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 |
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 March 31, 2016 and December 31, 2015:
| Less Than 12 Months |  | 12 Months or More |  | Total
(Dollars in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
March 31, 2016 |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies | $ | 19,951 |  |  | $ | 121 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 19,951 |  |  | $ | 121 |
States and political subdivisions | 1,205 |  |  | 2 |  |  | 5,313 |  |  | 365 |  |  | 6,518 |  |  | 367 |
GSE residential collateralized mortgage obligations (CMOs) | 0 |  |  | 0 |  |  | 2,555 |  |  | 20 |  |  | 2,555 |  |  | 20 |
Private label CMOs | 8,018 |  |  | 68 |  |  | 0 |  |  | 0 |  |  | 8,018 |  |  | 68 |
Total temporarily impaired securities | $ | 29,174 |  |  | $ | 191 |  |  | $ | 7,868 |  |  | $ | 385 |  |  | $ | 37,042 |  |  | $ | 576 |
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 |
GSE residential mortgage-backed securities | 82,911 |  |  | 269 |  |  | 0 |  |  | 0 |  |  | 82,911 |  |  | 269 |
GSE residential 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 |
The Company had 11 securities and 53 securities at March 31, 2016 and December 31, 2015 in which the amortized cost exceed their values, as discussed below. U.S. Agencies and Government Sponsored Enterprises (GSE). Six U.S. Agencies and GSE securities, including mortgage-backed securities and collateralized mortgage obligations, have amortized costs which exceed their fair values, four of which are in the less than 12 months, and two have amortized costs which exceed their fair value for more than 12 months at March 31, 2016. At December 31, 2015, the Company had 29 U.S. Government Agencies and GSE securities, including mortgage-backed and collateralized mortgage obligations with unrealized losses, 25 GSE securities 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. 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 March 31, 2016 or at December 31, 2015. State and Political Subdivisions. Two state and political subdivision securities have amortized costs which exceeded their fair values, one in the less than 12 months, and one in the more than 12 months category at March 31, 2016. At December 31, 2015, 21 state and political subdivision securities have an amortized cost which exceeds their fair value, 16 of which are in the less than 12 months category, and five have amortized costs which exceed their fair value for more than 12 months. These unrealized losses have been caused by a rise in interest rates or a widening of spreads 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 March 31, 2016 or at December 31, 2015. Private Label. Three private label collateralized mortgage obligations have unrealized losses, all of which were in the less than 12 months category at March 31, 2016. At December 31, 2015, three private label 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. 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 March 31, 2016 or at December 31, 2015. The amortized cost and fair values of securities available for sale at March 31, 2016 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 | 3,232 |  |  | 3,381 |
Due after five years through ten years | 62,821 |  |  | 65,147 |
Due after ten years | 102,956 |  |  | 105,426 |
Mortgage-backed securities and collateralized mortgage obligations | 151,345 |  |  | 153,197 |
Total debt securities | 320,719 |  |  | 327,517 |
Equity securities | 50 |  |  | 73 |
| $ | 320,769 |  |  | $ | 327,590 |
Gross gains on the sales of securities were $1,468,000 and $1,553,000 for the three months ended March 31, 2016 and 2015. Gross losses on securities available for sale were $48,000 and $24,000 for the three months ended March 31, 2016 and 2015. Securities with a fair value of $254,252,000 and $250,397,000 at March 31, 2016 and December 31, 2015 were pledged to secure public funds and for other purposes as required or permitted by law.

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