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Investment Securities | 12 Months Ended
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Dec. 31, 2014
Investment Securities [Abstract] |
Investment Securities | (3.) INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities are summarized below (in thousands).
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
December 31, 2014 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 160,334 | $ | 1,116 | $ | 975 | $ | 160,475
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 184,857 |  | 2,344 |  | 1,264 |  | 185,937
Federal Home Loan Mortgage Corporation |  | 29,478 |  | 799 |  | 7 |  | 30,270
Government National Mortgage Association |  | 48,800 |  | 2,022 |  | - |  | 50,822
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 76,247 |  | 489 |  | 944 |  | 75,792
Federal Home Loan Mortgage Corporation |  | 89,623 |  | 199 |  | 2,585 |  | 87,237
Government National Mortgage Association |  | 29,954 |  | 598 |  | 40 |  | 30,512
Privately issued |  | - |  | 1,218 |  | - |  | 1,218
Total collateralized mortgage obligations |  | 195,824 |  | 2,504 |  | 3,569 |  | 194,759
Total mortgage-backed securities |  | 458,959 |  | 7,669 |  | 4,840 |  | 461,788
Asset-backed securities |  | - |  | 231 |  | - |  | 231
Total available for sale securities | $ | 619,293 | $ | 9,016 | $ | 5,815 | $ | 622,494
Securities held to maturity: |  |  |  |  |  |  |  |
State and political subdivisions |  | 277,273 |  | 4,231 |  | 120 |  | 281,384
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 3,279 |  | 24 |  | - |  | 3,303
Government National Mortgage Association |  | 13,886 |  | 122 |  | - |  | 14,008
Total held to maturity securities | $ | 294,438 | $ | 4,377 | $ | 120 | $ | 298,695
December 31, 2013 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 135,840 | $ | 1,414 | $ | 2,802 | $ | 134,452
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 173,507 |  | 1,511 |  | 4,810 |  | 170,208
Federal Home Loan Mortgage Corporation |  | 36,737 |  | 562 |  | 205 |  | 37,094
Government National Mortgage Association |  | 61,832 |  | 2,152 |  | 142 |  | 63,842
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 63,838 |  | 261 |  | 3,195 |  | 60,904
Federal Home Loan Mortgage Corporation |  | 102,660 |  | 169 |  | 5,856 |  | 96,973
Government National Mortgage Association |  | 43,734 |  | 913 |  | 586 |  | 44,061
Privately issued |  | - |  | 1,467 |  | - |  | 1,467
Total collateralized mortgage obligations |  | 210,232 |  | 2,810 |  | 9,637 |  | 203,405
Total mortgage-backed securities |  | 482,308 |  | 7,035 |  | 14,794 |  | 474,549
Asset-backed securities |  | 18 |  | 381 |  | - |  | 399
Total available for sale securities | $ | 618,166 | $ | 8,830 | $ | 17,596 | $ | 609,400
Securities held to maturity: |  |  |  |  |  |  |  |
State and political subdivisions | $ | 249,785 | $ | 1,340 | $ | 468 | $ | 250,657
Investment securities with a total fair value of $768.6 million and $763.1 million at December 31, 2014 and 2013, respectively, were pledged as collateral to secure public deposits and for other purposes required or permitted by law. During the year ended December 31, 2014, the Company transferred $12.8 million of available for sale mortgage backed securities to the held to maturity category, reflecting the Company's intent to hold those securities to maturity. Transfers of investment securities into the held to maturity category from the available for sale category are made at fair value at the date of transfer. The related $51 thousand of unrealized holding losses that were included in the transfer are retained in accumulated other comprehensive income and in the carrying value of the held to maturity securities. This amount will be amortized as an adjustment to interest income over the remaining life of the securities. This will offset the impact of amortization of the net premium created in the transfer. There were no gains or losses recognized as a result of this transfer. Interest and dividends on securities for the years ended December 31 are summarized as follows (in thousands):
|  | 2014 |  | 2013 |  | 2012
Taxable interest and dividends | $ | 13,304 | $ | 12,541 | $ | 12,202
Tax-exempt interest and dividends |  | 5,298 |  | 4,922 |  | 4,242
Total interest and dividends on securities | $ | 18,602 | $ | 17,463 | $ | 16,444
Sales and calls of securities available for sale for the years ended December 31 were as follows (in thousands):
|  | 2014 |  | 2013 |  | 2012
Proceeds from sales | $ | 81,600 | $ | 1,327 | $ | 2,823
Gross realized gains |  | 2,043 |  | 1,226 |  | 2,651
Gross realized losses |  | 2 |  | - |  | -
The scheduled maturities of securities available for sale and securities held to maturity at December 31, 2014 are shown below. Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations (in thousands).
|  | Amortized |  | Fair
|  | Cost |  | Value
Debt securities available for sale: |  |  |  |
Due in one year or less | $ | 22,102 | $ | 22,104
Due from one to five years |  | 136,917 |  | 136,720
Due after five years through ten years |  | 214,050 |  | 217,119
Due after ten years |  | 246,224 |  | 246,551
| $ | 619,293 | $ | 622,494
Debt securities held to maturity: |  |  |  |
Due in one year or less | $ | 23,659 | $ | 23,734
Due from one to five years |  | 136,752 |  | 138,499
Due after five years through ten years |  | 116,862 |  | 119,151
Due after ten years |  | 17,165 |  | 17,311
| $ | 294,438 | $ | 298,695
Unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31 are summarized as follows (in thousands):
|  | Less than 12 months |  | 12 months or longer |  | Total
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
|  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises | $ | 34,995 | $ | 77 | $ | 41,070 | $ | 898 | $ | 76,065 | $ | 975
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 2,242 |  | 8 |  | 62,592 |  | 1,256 |  | 64,834 |  | 1,264
Federal Home Loan Mortgage Corporation |  | 3,387 |  | 7 |  | - |  | - |  | 3,387 |  | 7
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 11,228 |  | 24 |  | 25,644 |  | 920 |  | 36,872 |  | 944
Federal Home Loan Mortgage Corporation |  | - |  | - |  | 76,126 |  | 2,585 |  | 76,126 |  | 2,585
Government National Mortgage Association |  | - |  | - |  | 2,510 |  | 40 |  | 2,510 |  | 40
Total collateralized mortgage obligations |  | 11,228 |  | 24 |  | 104,280 |  | 3,545 |  | 115,508 |  | 3,569
Total mortgage-backed securities |  | 16,857 |  | 39 |  | 166,872 |  | 4,801 |  | 183,729 |  | 4,840
Total available for sale securities |  | 51,852 |  | 116 |  | 207,942 |  | 5,699 |  | 259,794 |  | 5,815
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | 18,036 |  | 120 |  | - |  | - |  | 18,036 |  | 120
Total temporarily impaired securities | $ | 69,888 | $ | 236 | $ | 207,942 | $ | 5,699 | $ | 277,830 | $ | 5,935
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises | $ | 86,177 | $ | 2,788 | $ | 2,717 | $ | 14 | $ | 88,894 | $ | 2,802
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 103,778 |  | 3,491 |  | 20,689 |  | 1,319 |  | 124,467 |  | 4,810
Federal Home Loan Mortgage Corporation |  | 14,166 |  | 205 |  | - |  | - |  | 14,166 |  | 205
Government National Mortgage Association |  | 14,226 |  | 142 |  | - |  | - |  | 14,226 |  | 142
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 35,632 |  | 2,586 |  | 11,760 |  | 609 |  | 47,392 |  | 3,195
Federal Home Loan Mortgage Corporation |  | 72,655 |  | 4,980 |  | 15,762 |  | 876 |  | 88,417 |  | 5,856
Government National Mortgage Association |  | 8,396 |  | 586 |  | - |  | - |  | 8,396 |  | 586
Total collateralized mortgage obligations |  | 116,683 |  | 8,152 |  | 27,522 |  | 1,485 |  | 144,205 |  | 9,637
Total mortgage-backed securities |  | 248,853 |  | 11,990 |  | 48,211 |  | 2,804 |  | 297,064 |  | 14,794
Total available for sale securities |  | 335,030 |  | 14,778 |  | 50,928 |  | 2,818 |  | 385,958 |  | 17,596
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | 72,269 |  | 468 |  | - |  | - |  | 72,269 |  | 468
Total temporarily impaired securities | $ | 407,299 | $ | 15,246 | $ | 50,928 | $ | 2,818 | $ | 458,227 | $ | 18,064
The total number of security positions in the investment portfolio in an unrealized loss position at December 31, 2014 was 122 compared to 331 at December 31, 2013. At December 31, 2014, the Company had positions in 51 investment securities with a fair value of $207.9 million and a total unrealized loss of $5.7 million that have been in a continuous unrealized loss position for more than 12 months. There were a total of 71 securities positions in the Company's investment portfolio, with a fair value of $69.9 million and a total unrealized loss of $236 thousand at December 31, 2014, that have been in a continuous unrealized loss position for less than 12 months. At December 31, 2013, the Company had positions in 14 investment securities with a fair value of $50.9 million and a total unrealized loss of $2.8 million that have been in a continuous unrealized loss position for more than 12 months. There were a total of 317 securities positions in the Company's investment portfolio, with a fair value of $407.3 million and a total unrealized loss of $15.2 million at December 31, 2013, that have been in a continuous unrealized loss position for less than 12 months. The unrealized loss on investment securities was predominantly caused by changes in market interest rates subsequent to purchase. The fair value of most of the investment securities in the Company's portfolio fluctuates as market interest rates change. The Company reviews investment securities on an ongoing basis for the presence of other than temporary impairment ("OTTI") with formal reviews performed quarterly. When evaluating debt securities for OTTI, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intention to sell the debt security or whether it is more likely than not that it will be required to sell the debt security before its anticipated recovery. The assessment of whether OTTI exists involves a high degree of subjectivity and judgment and is based on the information available to management. No impairment was recorded during the years ended December 31, 2014 and 2013. During the year ended December 31, 2012, the Company recognized an OTTI charge of $91 thousand related to privately issued whole loan CMOs that were determined to be impaired due to credit quality. Based on management's review and evaluation of the Company's debt securities as of December 31, 2014, the debt securities with unrealized losses were not considered to be OTTI. As of December 31, 2014, the Company does not have the intent to sell any of the securities in a loss position and believes that it is not likely that it will be required to sell any such securities before the anticipated recovery of amortized cost. Accordingly, as of December 31, 2014, management has concluded that unrealized losses on its investment securities are temporary and no further impairment loss has been realized in the Company's consolidated statements of income.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 + Details
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