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INVESTMENT SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2016
INVESTMENT SECURITIES [Abstract] |
Summary of amortized cost and fair value of investment securities | The amortized cost, gross unrealized gains and losses, and fair value of investment securities at December 31, 2016 and 2015 were as follows (in thousands):
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
2016 |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | 170,276 |  |  | $ | 407 |  |  | $ | (269 | ) |  | $ | 170,414 |
U.S. Treasuries |  |  | 2,999 |  |  |  | 1 |  |  |  | - |  |  |  | 3,000 |
Obligations of state and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
political subdivisions |  |  | 95,956 |  |  |  | 1,463 |  |  |  | (493 | ) |  |  | 96,926 |
Corporate obligations |  |  | 3,000 |  |  |  | 50 |  |  |  | - |  |  |  | 3,050 |
Mortgage-backed securities in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  |  | 37,987 |  |  |  | 88 |  |  |  | (347 | ) |  |  | 37,728 |
Equity securities in financial institutions |  |  | 1,821 |  |  |  | 1,078 |  |  |  | - |  |  |  | 2,899 |
Total available-for-sale securities |  | $ | 312,039 |  |  | $ | 3,087 |  |  | $ | (1,109 | ) |  | $ | 314,017 |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | 199,749 |  |  | $ | 369 |  |  | $ | (527 | ) |  | $ | 199,591 |
U.S. Treasuries |  |  | 10,103 |  |  |  | - |  |  |  | (21 | ) |  |  | 10,082 |
Obligations of state and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
political subdivisions |  |  | 99,856 |  |  |  | 3,080 |  |  |  | (73 | ) |  |  | 102,863 |
Corporate obligations |  |  | 14,583 |  |  |  | 68 |  |  |  | (86 | ) |  |  | 14,565 |
Mortgage-backed securities in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  |  | 30,107 |  |  |  | 186 |  |  |  | (89 | ) |  |  | 30,204 |
Equity securities in financial institutions |  |  | 2,001 |  |  |  | 436 |  |  |  | (5 | ) |  |  | 2,432 |
Total available-for-sale securities |  | $ | 356,399 |  |  | $ | 4,139 |  |  | $ | (801 | ) |  | $ | 359,737 |
Unrealized losses and fair value of investments | The following table shows the Company's gross unrealized losses and fair value, aggregated by investment category and length of time, that the individual securities have been in a continuous unrealized loss position, at December 31, 2016 and 2015 (in thousands). As of December 31, 2016, the Company owned 88 securities whose fair value was less than their cost basis.
|  | Less than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
|  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
2016 |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S. Agency securities |  | $ | 50,947 |  |  | $ | (269 | ) |  | $ | - |  |  | $ | - |  |  | $ | 50,947 |  |  | $ | (269 | )
Obligations of states and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
political subdivisions |  |  | 28,398 |  |  |  | (472 | ) |  |  | 767 |  |  |  | (21 | ) |  |  | 29,165 |  |  |  | (493 | )
Mortgage-backed securities in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  |  | 26,717 |  |  |  | (330 | ) |  |  | 753 |  |  |  | (17 | ) |  |  | 27,470 |  |  |  | (347 | )
Total securities |  | $ | 106,062 |  |  | $ | (1,071 | ) |  | $ | 1,520 |  |  | $ | (38 | ) |  | $ | 107,582 |  |  | $ | (1,109 | )
2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | 123,591 |  |  | $ | (527 | ) |  | $ | - |  |  | $ | - |  |  | $ | 123,591 |  |  | $ | (527 | )
U.S. Treasuries |  |  | 10,082 |  |  |  | (21 | ) |  |  | - |  |  |  | - |  |  |  | 10,082 |  |  |  | (21 | )
Obligations of states and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
political subdivisions |  |  | 7,023 |  |  |  | (57 | ) |  |  | 2,914 |  |  |  | (16 | ) |  |  | 9,937 |  |  |  | (73 | )
Corporate obligations |  |  | 5,822 |  |  |  | (61 | ) |  |  | 2,138 |  |  |  | (25 | ) |  |  | 7,960 |  |  |  | (86 | )
Mortgage-backed securities in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  |  | 9,830 |  |  |  | (77 | ) |  |  | 227 |  |  |  | (12 | ) |  |  | 10,057 |  |  |  | (89 | )
Equity securities in financial institutions |  |  | 106 |  |  |  | (5 | ) |  |  | - |  |  |  | - |  |  |  | 106 |  |  |  | (5 | )
Total securities |  | $ | 156,454 |  |  | $ | (748 | ) |  | $ | 5,279 |  |  | $ | (53 | ) |  | $ | 161,733 |  |  | $ | (801 | )
Gross gains and losses on available-for-sale securities | Gross gains and gross losses were realized as follows (in thousands):
|  | 2016 |  |  | 2015 |  |  | 2014 |
Gross gains |  | $ | 312 |  |  | $ | 440 |  |  | $ | 647 |
Gross losses |  |  | (57 | ) |  |  | (11 | ) |  |  | (31 | )
Net gains |  | $ | 255 |  |  | $ | 429 |  |  | $ | 616 |
Summary of amortized cost and fair value of debt securities by contractual maturity | The amortized cost and fair value of debt securities at December 31, 2016, by contractual maturity are shown below (in thousands). Municipal securities that have been refunded and will therefore pay-off on the call date are reflected in the table below utilizing the call date as the date of repayment as payment is guaranteed on that day:
|  | Amortized |  |  |  |
|  | Cost |  |  | Fair Value |
Available-for-sale securities: |  |  |  |  |  |
Due in one year or less |  | $ | 44,331 |  |  | $ | 44,484 |
Due after one year through five years |  |  | 155,199 |  |  |  | 156,177 |
Due after five years through ten years |  |  | 38,363 |  |  |  | 38,305 |
Due after ten years |  |  | 72,325 |  |  |  | 72,152 |
Total |  | $ | 310,218 |  |  | $ | 311,118 |

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