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SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2014
SECURITIES [Abstract] |
Amortized Cost and Estimated Fair Value of Securities Available for Sale | Amortized cost and estimated fair value of securities available for sale at December 31, 2014 and 2013 are as follows (amounts in thousands):
|  | 2014 |  |  | 2013 |
|  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
Obligations of U.S. Government and U.S. Government sponsored enterprises |  | $ | 180,535 |  |  | $ | 181,673 |  |  | $ | 187,098 |  |  | $ | 188,106 |
Mortgage-backed securities, residential |  |  | 60,787 |  |  |  | 61,660 |  |  |  | 104,069 |  |  |  | 104,356 |
Collateralized mortgage obligations |  |  | 335 |  |  |  | 338 |  |  |  | 1,001 |  |  |  | 1,015 |
Obligations of states and political subdivisions |  |  | 30,677 |  |  |  | 31,451 |  |  |  | 37,339 |  |  |  | 38,376 |
Corporate bonds and notes |  |  | 1,502 |  |  |  | 1,533 |  |  |  | 2,879 |  |  |  | 2,946 |
SBA loan pools |  |  | 1,296 |  |  |  | 1,304 |  |  |  | 1,471 |  |  |  | 1,488 |
Trust preferred securities |  |  | 1,906 |  |  |  | 2,028 |  |  |  | 1,898 |  |  |  | 2,034 |
Corporate stocks |  |  | 285 |  |  |  | 520 |  |  |  | 444 |  |  |  | 7,695 |
Total |  | $ | 277,323 |  |  | $ | 280,507 |  |  | $ | 336,199 |  |  | $ | 346,016 |
Gross unrealized gains and losses on securities available for sale at December 31, 2014 and 2013, were as follows (amounts in thousands):
|  | 2014 |  |  | 2013 |
|  | Unrealized |  |  | Unrealized |  |  | Unrealized |  |  | Unrealized |
|  | Gains |  |  | Losses |  |  | Gains |  |  | Losses |
Obligations of U.S. Government and U.S. Government sponsored enterprises |  | $ | 1,300 |  |  | $ | 162 |  |  | $ | 1,914 |  |  | $ | 906 |
Mortgage-backed securities, residential |  |  | 892 |  |  |  | 19 |  |  |  | 1,037 |  |  |  | 750 |
Collateralized mortgage obligations |  |  | 3 |  |  |  | - |  |  |  | 14 |  |  |  | - |
Obligations of states and political subdivisions |  |  | 802 |  |  |  | 28 |  |  |  | 1,059 |  |  |  | 22 |
Corporate bonds and notes |  |  | 35 |  |  |  | 4 |  |  |  | 76 |  |  |  | 9 |
SBA loan pools |  |  | 11 |  |  |  | 3 |  |  |  | 17 |  |  |  | - |
Trust preferred securities |  |  | 122 |  |  |  | - |  |  |  | 136 |  |  |  | - |
Corporate stocks |  |  | 235 |  |  |  | - |  |  |  | 7,253 |  |  |  | 2 |
Total |  | $ | 3,400 |  |  | $ | 216 |  |  | $ | 11,506 |  |  | $ | 1,689 |
Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale by Contractual Maturity | The amortized cost and estimated fair value of debt securities available for sale are shown below by expected 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 (amounts in thousands):
|  | December 31, 2014 |
|  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
Within one year |  | $ | 37,087 |  |  | $ | 37,552 |
After one, but within five years |  |  | 172,100 |  |  |  | 173,534 |
After five, but within ten years |  |  | 5,433 |  |  |  | 5,599 |
After ten years |  |  | - |  |  |  | - |
Mortgage-backed securities, residential |  |  | 60,787 |  |  |  | 61,660 |
Collateralized mortgage obligations |  |  | 335 |  |  |  | 338 |
SBA loan pools |  |  | 1,296 |  |  |  | 1,304 |
Total |  | $ | 277,038 |  |  | $ | 279,987 |
Proceeds from Sales and Calls of Securities Resulting in Gains or Losses | The proceeds from sales and calls of securities resulting in gains or losses are listed below (amounts in thousands):
|  | 2014 |  |  | 2013 |  |  | 2012 |
Proceeds |  | $ | 36,258 |  |  | $ | 2,650 |  |  | $ | 26,210 |
Gross gains |  | $ | 6,869 |  |  | $ | 16 |  |  | $ | 301 |
Tax expense |  | $ | 2,641 |  |  | $ | 6 |  |  | $ | 116 |
Amortized Cost and Estimated Fair Value of Securities Held to Maturity | Amortized cost and estimated fair value of securities held to maturity at December 31, 2014 and 2013 are as follows (amounts in thousands):
| 2014 |  | 2013 |
| Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value |
Obligations of states and political subdivisions |  | $ | 5,175 |  |  | $ | 5,535 |  |  | $ | 5,472 |  |  | $ | 5,891 |
Time deposits with other financial institutions |  |  | 656 |  |  |  | 662 |  |  |  | 1,023 |  |  |  | 1,039 |
|  | $ | 5,831 |  |  | $ | 6,197 |  |  | $ | 6,495 |  |  | $ | 6,930 |
Gross unrealized gains and losses on securities held to maturity at December 31, 2014 and 2013, were as follows (amounts in thousands):
| 2014 |  | 2013 |
| Unrealized |  | Unrealized |  | Unrealized |  | Unrealized |
| Gains |  | Losses |  | Gains |  | Losses |
Obligations of states and political subdivisions |  | $ | 360 |  |  | $ | - |  |  | $ | 419 |  |  | $ | - |
Time deposits with other financial institutions |  |  | 6 |  |  |  | - |  |  |  | 16 |  |  |  | - |
Total |  | $ | 366 |  |  | $ | - |  |  | $ | 435 |  |  | $ | - |
Contractual Maturities of Securities Held to Maturity | The contractual maturity of securities held to maturity is as follows at December 31, 2014 (amounts in thousands):
| December 31, 2014 |
| Amortized |  | Fair |
| Cost |  | Value |
Within one year |  | $ | 2,629 |  |  | $ | 2,658 |
After one, but within five years |  |  | 2,199 |  |  |  | 2,390 |
After five, but within ten years |  |  | 1,003 |  |  |  | 1,149 |
After ten years |  |  | - |  |  |  | - |
Total |  | $ | 5,831 |  |  | $ | 6,197 |
Investment Securities Available for Sale in Unrealized Loss Position | The following table summarizes the investment securities available for sale with unrealized losses at December 31, 2014 and December 31, 2013 by aggregated major security type and length of time in a continuous unrealized position (amounts in thousands):
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
2014 |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Obligations of U.S. Government and U.S. Government sponsored enterprises |  | $ | 57,512 |  |  | $ | 108 |  |  | $ | 4,945 |  |  | $ | 54 |  |  | $ | 62,457 |  |  | $ | 162 |
Mortgage-backed securities, residential |  |  | 11,051 |  |  |  | 19 |  |  |  | - |  |  |  | - |  |  |  | 11,051 |  |  |  | 19 |
Obligations of states and political subdivisions |  |  | 4,625 |  |  |  | 22 |  |  |  | 1,056 |  |  |  | 6 |  |  |  | 5,681 |  |  |  | 28 |
Corporate bonds and notes |  |  | - |  |  |  | - |  |  |  | 243 |  |  |  | 4 |  |  |  | 243 |  |  |  | 4 |
SBA loan pools |  |  | 276 |  |  |  | 1 |  |  |  | 316 |  |  |  | 2 |  |  |  | 592 |  |  |  | 3 |
Total temporarily impaired securities |  | $ | 73,464 |  |  | $ | 150 |  |  | $ | 6,560 |  |  | $ | 66 |  |  | $ | 80,024 |  |  | $ | 216 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
2013 |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Obligations of U.S. Government and U.S. Government sponsored enterprises |  | $ | 83,840 |  |  | $ | 867 |  |  | $ | 1,978 |  |  | $ | 39 |  |  | $ | 85,818 |  |  | $ | 906 |
Mortgage-backed securities, residential |  |  | 63,115 |  |  |  | 750 |  |  |  | - |  |  |  | - |  |  |  | 63,115 |  |  |  | 750 |
Obligations of states and political subdivisions |  |  | 4,589 |  |  |  | 22 |  |  |  | - |  |  |  | - |  |  |  | 4,589 |  |  |  | 22 |
Corporate bonds and notes |  |  | 238 |  |  |  | 9 |  |  |  | - |  |  |  | - |  |  |  | 238 |  |  |  | 9 |
Corporate stocks |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Total temporarily impaired securities |  | $ | 151,782 |  |  | $ | 1,648 |  |  | $ | 1,980 |  |  | $ | 41 |  |  | $ | 153,762 |  |  | $ | 1,689 |
Roll Forward of Cumulative Credit Losses Recognized in Earnings | The table below presents a roll forward of the cumulative credit losses recognized in earnings for the periods ended December 31, 2014, 2013 and 2012 (amounts in thousands):
|  | 2014 |  |  | 2013 |  |  | 2012 |
Beginning balance, January 1, |  | $ | 1,939 |  |  | $ | 3,506 |  |  | $ | 3,506 |
Amounts related to credit loss for which other-than-temporary impairment was not previously recognized |  |  | - |  |  |  | - |  |  |  | - |
Additions/Subtractions: |  |  |  |  |  |  |  |  |  |  |  |
Amounts related to securities for which the company intends to sell or that it will be more likely than not that the company will be required to sell prior to recovery of amortized cost basis |  |  | - |  |  |  | - |  |  |  | - |
Reductions for increase in cash flows expected to be collected that are recognized over the remaining life of the security |  |  | - |  |  |  | - |  |  |  | - |
Reductions for previous credit losses realized on securities sold during the year |  |  | - |  |  |  | (1,596 | ) |  |  | - |
Reductions for previous credit losses realized on securities liquidated during the year |  |  | (1,939 | ) |  |  | - |  |  |  | - |
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized |  |  | - |  |  |  | 29 |  |  |  | - |
Ending balance, December 31, |  | $ | - |  |  | $ | 1,939 |  |  | $ | 3,506 |
Securities Pledged to Secure Securities Sold under Agreements to Repurchase | The table below shows the securities pledged to secure securities sold under agreements to repurchase at December 31, 2014 and 2013. (amounts in thousands)
|  | 2014 |  |  | 2013 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Obligations of U.S. Government and U. S. Government sponsored enterprises |  | $ | 36,195 |  |  | $ | 36,641 |  |  | $ | 33,746 |  |  | $ | 34,369 |
Mortgage-backed securities, residential |  |  | 7,934 |  |  |  | 8,350 |  |  |  | 11,802 |  |  |  | 12,365 |
Collateralized mortgage obligations |  |  | 48 |  |  |  | 48 |  |  |  | 205 |  |  |  | 207 |
Total |  | $ | 44,177 |  |  | $ | 45,039 |  |  | $ | 45,753 |  |  | $ | 46,941 |

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