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SECURITIES AVAILABLE FOR SALE | 12 Months Ended
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Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract] |
SECURITIES AVAILABLE FOR SALE | SECURITIES AVAILABLE FOR SALE The following table summarizes amortized cost and fair value of securities available for sale at December 31, 2016 and 2015 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss). At December 31, 2016 and 2015 all investment securities were classified as available for sale.
(Dollars in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2016 |  |  |  |  |  |  |
U.S. Government Agencies | $ | 39,569 |  |  | $ | 147 |  |  | $ | 124 |  |  | $ | 39,592 |
States and political subdivisions | 163,677 |  |  | 1,782 |  |  | 1,177 |  |  | 164,282 |
U.S. Government Sponsored Enterprises (GSE) residential mortgage-backed securities | 116,022 |  |  | 928 |  |  | 6 |  |  | 116,944 |
GSE residential collateralized mortgage obligations (CMOs) | 72,411 |  |  | 240 |  |  | 3,268 |  |  | 69,383 |
GSE commercial CMOs | 5,148 |  |  | 0 |  |  | 292 |  |  | 4,856 |
Private label CMOs | 5,042 |  |  | 0 |  |  | 36 |  |  | 5,006 |
Total debt securities | 401,869 |  |  | 3,097 |  |  | 4,903 |  |  | 400,063 |
Equity securities | 50 |  |  | 41 |  |  | 0 |  |  | 91 |
Totals | $ | 401,919 |  |  | $ | 3,138 |  |  | $ | 4,903 |  |  | $ | 400,154 |
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 summarizes securities available for sale with unrealized losses at December 31, 2016 and 2015, aggregated by major security type and length of time in a continuous unrealized loss position.
| 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, 2016 |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies | $ | 10,710 |  |  | $ | 23 |  |  | $ | 13,531 |  |  | $ | 101 |  |  | $ | 24,241 |  |  | $ | 124 |
States and political subdivisions | 58,924 |  |  | 610 |  |  | 5,075 |  |  | 567 |  |  | 63,999 |  |  | 1,177 |
GSE residential mortgage-backed securities | 5,034 |  |  | 6 |  |  | 0 |  |  | 0 |  |  | 5,034 |  |  | 6 |
GSE residential CMOs | 59,534 |  |  | 3,264 |  |  | 634 |  |  | 4 |  |  | 60,168 |  |  | 3,268 |
GSE commercial CMOs | 4,856 |  |  | 292 |  |  | 0 |  |  | 0 |  |  | 4,856 |  |  | 292 |
Private label CMOs | 0 |  |  | 0 |  |  | 5,005 |  |  | 36 |  |  | 5,005 |  |  | 36 |
Totals | $ | 139,058 |  |  | $ | 4,195 |  |  | $ | 24,245 |  |  | $ | 708 |  |  | $ | 163,303 |  |  | $ | 4,903 |
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 |
Totals | $ | 183,310 |  |  | $ | 1,430 |  |  | $ | 18,376 |  |  | $ | 610 |  |  | $ | 201,686 |  |  | $ | 2,040 |
The Company has 46 securities and 53 securities at December 31, 2016 and 2015 for which amortized cost exceeds fair value, as discussed below. U.S. Government Agencies and GSE Securities. At December 31, 2016, a total of 17 U.S. Government Agencies and GSE securities, including mortgage-backed and CMOs have unrealized losses, 14 of which were in the less than 12 months category, and 3 which were in the 12 months or more category. At December 31, 2015, the Company had 29 such securities with unrealized losses, 25 of which were in the less than 12 months category, and 4 of which were in the 12 months or more category. These unrealized losses have been caused by a widening of spreads or 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, 2016 or 2015. State and Political Subdivisions. At December 31, 2016, a total of 26 state and political subdivision securities have unrealized losses, 25 of which were in the less than 12 months category, and 1 which was in the 12 months or more category. At December 31, 2015, the Company had 21 such securities with unrealized losses, 16 of which were in the less than 12 months category, and 5 of which were in the 12 months or more category. These unrealized losses have been caused by a widening of spreads or 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, 2016 or 2015. Private Label CMOs. At December 31, 2016, a total of 3 private label CMOs have unrealized losses, all 3 of which were in the 12 months or more category. At December 31, 2015, the Company had 3 such securities with unrealized losses, all 3 of which were in the less than 12 months category. These unrealized losses have been caused by a widening of spreads or 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, 2016. The following table summarizes amortized cost and fair value of securities available for sale at December 31, 2016 by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
| Available for Sale
(Dollars in thousands) | Amortized Cost |  | Fair Value
Due in one year or less | $ | 15 |  |  | $ | 15 |
Due after one year through five years | 7,157 |  |  | 7,258 |
Due after five years through ten years | 72,205 |  |  | 72,817 |
Due after ten years | 123,869 |  |  | 123,784 |
Mortgage-backed securities and CMOs | 198,623 |  |  | 196,189 |
Total debt securities | 401,869 |  |  | 400,063 |
Equity securities | 50 |  |  | 91 |
Totals | $ | 401,919 |  |  | $ | 400,154 |
Proceeds from sales of securities available for sale for the years ended December 31, 2016, 2015 and 2014 totaled $64,742,000, $65,611,000 and $169,573,000. Gross gains on the sales of securities totaled $1,468,000, $1,948,000 and $2,301,000 for the years ended December 31, 2016, 2015 and 2014. Gross losses on sales of securities available for sale totaled $48,000, $24,000 and $366,000 for the years ended December 31, 2016, 2015 and 2014. Securities pledged at December 31, 2016 and 2015 had a fair value of $317,282,000 and $250,397,000 and were pledged to secure public funds and for other purposes as required or permitted by law.

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