4. Investment securities:

The amortized cost and fair value of investment securities aggregated by investment category at June 30, 2015 and December 31, 2014 are summarized as follows:


June 30 2015	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale:
U.S. Treasury securities	$	30,631	$	84	$	30	$	30,685
U.S. Government-sponsored enterprises		85,377		490		5		85,862
State and municipals:
Taxable		15,930		804		22		16,712
Tax-exempt		109,241		3,886		613		112,514
Mortgage-backed securities:
U.S. Government agencies		32,995		156		62		33,089
U.S. Government-sponsored enterprises		39,848		250		170		39,928

Total	$	314,022	$	5,670	$	902	$	318,790

Held-to-maturity:
State and municipals Tax-exempt	$	7,369	$	103	$	53	$	7,419
Mortgage-backed securities:
U.S. Government agencies		93		1				94
U.S. Government-sponsored enterprises		6,164		427				6,591

Total	$	13,626	$	531	$	53	$	14,104


December 31, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale:
U.S. Treasury securities	$	48,393	$	157			$	48,550
U.S. Government-sponsored enterprises		95,990		337	$	82		96,245
State and municipals:
Taxable		16,490		943		26		17,407
Tax-exempt		87,954		4,971		24		92,901
Mortgage-backed securities:
U.S. Government agencies		37,511		132		167		37,476
U.S. Government-sponsored enterprises		46,956		277		226		47,007

Total	$	333,294	$	6,817	$	525	$	339,586

Held-to-maturity:
Tax-exempt state and municipals	$	7,370	$	105	$	38	$	7,437
Mortgage-backed securities:
U.S. Government agencies		100		2				102
U.S. Government-sponsored enterprises		7,195		481				7,676

Total	$	14,665	$	588	$	38	$	15,215

The maturity distribution of the fair value, which is the net carrying amount, of the debt securities classified as available-for-sale at June 30, 2015, is summarized as follows:


June 30, 2015	Fair Value
Within one year	$	28,289
After one but within five years		108,675
After five but within ten years		54,059
After ten years		54,750

		245,773
Mortgage-backed securities		73,017

Total	$	318,790

The maturity distribution of the amortized cost and fair value, of debt securities classified as held-to-maturity at June 30, 2015, is summarized as follows:


June 30, 2015	Amortized Cost		Fair Value
Within one year
After one but within five years	$	326	$	330
After five but within ten years		176		180
After ten years		6,867		6,909

		7,369		7,419
Mortgage-backed securities		6,257		6,685

Total	$	13,626	$	14,104

Securities with a carrying value of $191,687 and $216,192 at June 30, 2015 and December 31, 2014, respectively, were pledged to secure public deposits and repurchase agreements as required or permitted by law.

Securities and short-term investment activities are conducted with a diverse group of government entities, corporations and state and local municipalities. The counterparty’s creditworthiness and type of collateral is evaluated on a case-by-case basis. At June 30, 2015 and December 31, 2014, there were no significant concentrations of credit risk from any one issuer, with the exception of U.S. Government agencies and sponsored enterprises that exceeded 10.0 percent of stockholders’ equity.

The fair value and gross unrealized losses of investment securities with unrealized losses for which an other-than-temporary impairment (“OTTI”) has not been recognized at June 30, 2015 and December 31, 2014, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized as follows:


	Less Than 12 Months				12 Months or More				Total
June 30, 2015	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities	$	10,044	$	30					$	10,044	$	30
U.S. Government-sponsored enterprises		3,003		5						3,003		5
State and municipals:
Taxable					$	545	$	22		545		22
Tax-exempt		44,196		636		786		30		44,982		666
Mortgage-backed securities:
U.S. Government agencies		7,457		26		5,402		36		12,859		62
U.S. Government-sponsored enterprises		13,785		68		3,721		102		17,506		170

Total	$	78,485	$	765	$	10,454	$	190	$	88,939	$	955


	Less Than 12 Months				12 Months or More				Total
December 31, 2014	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Government-sponsored enterprises	$	21,228	$	33	$	7,954	$	49	$	29,182	$	82
State and municipals:
Taxable						544		26		544		26
Tax-exempt		4,702		23		2,423		39		7,125		62
Mortgage-backed securities:
U.S. Government agencies		20,148		167						20,148		167
U.S. Government-sponsored enterprises		22,870		226						22,870		226

Total	$	68,948	$	449	$	10,921	$	114	$	79,869	$	563

The Company had 110 investment securities, consisting of 84 tax-exempt state and municipal obligations, two U.S. Treasury Securities, one taxable state and municipal obligation, one U.S. Government-sponsored enterprise securities, and 22 mortgage-backed securities that were in unrealized loss positions at June 30, 2015. Of these securities, one taxable state and municipal obligation, six mortgage-backed securities and three tax-exempt state and municipal securities were in a continuous unrealized loss position for twelve months or more. Management does not consider the unrealized losses on the debt securities, as a result of changes in interest rates, to be OTTI based on historical evidence that indicates the cost of these securities is recoverable within a reasonable period of time in relation to normal cyclical changes in the market rates of interest. Moreover, because there has been no material change in the credit quality of the issuers or other events or circumstances that may cause a significant adverse impact on the fair value of these securities, and management does not intend to sell these securities and it is unlikely that the Company will be required to sell these securities before recovery of their amortized cost basis, which may be maturity, the Company does not consider the unrealized losses to be OTTI at June 30, 2015. There was no OTTI recognized for the three or six months ended June 30, 2015 and 2014.

The Company had 52 investment securities, consisting of 16 tax-exempt state and municipal obligations, one taxable state and municipal obligation, nine U.S. Government-sponsored enterprise securities and 26 mortgage-backed securities that were in unrealized loss positions at December 31, 2014. Of these securities, two U.S. Government-sponsored enterprise securities, four tax-exempt state and municipal securities, and one taxable state and municipal obligation were in a continuous unrealized loss position for twelve months or more.