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SECURITIES | 9 Months Ended
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Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract] |
SECURITIES | SECURITIES Amortized cost and estimated fair value of securities available for sale are as follows (in thousands):
|  | September 30, 2015
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Obligations of U.S. Government and U.S. Government sponsored enterprises |  | $ | 124,565 |  |  | $ | 1,463 |  |  | $ | — |  |  | $ | 126,028 |
Mortgage-backed securities, residential |  | 162,007 |  |  | 917 |  |  | 344 |  |  | 162,580 |
Obligations of states and political subdivisions |  | 43,907 |  |  | 683 |  |  | 17 |  |  | 44,573 |
Corporate bonds and notes |  | 1,247 |  |  | 13 |  |  | — |  |  | 1,260 |
SBA loan pools |  | 663 |  |  | 7 |  |  | 1 |  |  | 669 |
Corporate stocks |  | 285 |  |  | 176 |  |  | — |  |  | 461 |
Total |  | $ | 332,674 |  |  | $ | 3,259 |  |  | $ | 362 |  |  | $ | 335,571 |
|  | December 31, 2014
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Obligations of U.S. Government and U.S. Government sponsored enterprises |  | $ | 180,535 |  |  | $ | 1,300 |  |  | $ | 162 |  |  | $ | 181,673 |
Mortgage-backed securities, residential |  | 60,787 |  |  | 892 |  |  | 19 |  |  | 61,660 |
Collateralized mortgage obligations |  | 335 |  |  | 3 |  |  | — |  |  | 338 |
Obligations of states and political subdivisions |  | 30,677 |  |  | 802 |  |  | 28 |  |  | 31,451 |
Corporate bonds and notes |  | 1,502 |  |  | 35 |  |  | 4 |  |  | 1,533 |
SBA loan pools |  | 1,296 |  |  | 11 |  |  | 3 |  |  | 1,304 |
Trust preferred securities |  | 1,906 |  |  | 122 |  |  | — |  |  | 2,028 |
Corporate stocks |  | 285 |  |  | 235 |  |  | — |  |  | 520 |
Total |  | $ | 277,323 |  |  | $ | 3,400 |  |  | $ | 216 |  |  | $ | 280,507 |
Amortized cost and estimated fair value of securities held to maturity are as follows (in thousands):
|  | September 30, 2015
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Obligations of states and political subdivisions |  | $ | 4,409 |  |  | $ | 293 |  |  | $ | — |  |  | $ | 4,702 |
Time deposits with other financial institutions |  | 195 |  |  | — |  |  | — |  |  | 195 |
Total |  | $ | 4,604 |  |  | $ | 293 |  |  | $ | — |  |  | $ | 4,897 |
|  | December 31, 2014
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Obligations of states and political subdivisions |  | $ | 5,175 |  |  | $ | 360 |  |  | $ | — |  |  | $ | 5,535 |
Time deposits with other financial institutions |  | 656 |  |  | 6 |  |  | — |  |  | 662 |
Total |  | $ | 5,831 |  |  | $ | 366 |  |  | $ | — |  |  | $ | 6,197 |
The amortized cost and estimated fair value of debt securities 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 (in thousands):
|  | September 30, 2015
|  | Available for Sale |  | Held to Maturity
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Within one year |  | $ | 50,363 |  |  | $ | 50,779 |  |  | $ | 2,464 |  |  | $ | 2,505 |
After one, but within five years |  | 95,370 |  |  | 96,694 |  |  | 1,924 |  |  | 2,143 |
After five, but within ten years |  | 23,687 |  |  | 24,089 |  |  | 216 |  |  | 249 |
After ten years |  | 299 |  |  | 299 |  |  | — |  |  | — |
|  | 169,719 |  |  | 171,861 |  |  | 4,604 |  |  | 4,897 |
Mortgage-backed securities, residential |  | 162,007 |  |  | 162,580 |  |  | — |  |  | — |
SBA loan pools |  | 663 |  |  | 669 |  |  | — |  |  | — |
Total |  | $ | 332,389 |  |  | $ | 335,110 |  |  | $ | 4,604 |  |  | $ | 4,897 |
The proceeds from sales and calls of securities resulting in gains or losses for the three months ended September 30, 2015 and 2014 are listed below (in thousands):
|  | 2015 |  | 2014
Proceeds |  | $ | 2,936 |  |  | $ | 5,845 |
Gross gains |  | $ | 24 |  |  | $ | — |
Gross losses |  | $ | (35 | ) |  | $ | — |
Tax benefit |  | $ | (5 | ) |  | $ | — |
The proceeds from sales and calls of securities resulting in gains or losses for the nine months ended September 30, 2015 and 2014 are listed below (in thousands):
|  | 2015 |  | 2014
Proceeds |  | $ | 58,035 |  |  | $ | 55,610 |
Gross gains |  | $ | 326 |  |  | $ | 522 |
Gross losses |  | $ | (35 | ) |  | $ | — |
Tax expense |  | $ | 111 |  |  | $ | 201 |
The following tables summarize the investment securities available for sale with unrealized losses at September 30, 2015 and December 31, 2014 by aggregated major security type and length of time in a continuous unrealized loss position (in thousands):
| Less than 12 months |  | 12 months or longer |  | Total
September 30, 2015 | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Mortgage-backed securities, residential | $ | 65,248 |  |  | $ | 344 |  |  | $ | — |  |  | $ | — |  |  | $ | 65,248 |  |  | $ | 344 |
Obligations of states and political subdivisions | 4,545 |  |  | 15 |  |  | 921 |  |  | 2 |  |  | 5,466 |  |  | 17 |
SBA loan pools | — |  |  | — |  |  | 257 |  |  | 1 |  |  | 257 |  |  | 1 |
Total temporarily impaired securities | $ | 69,793 |  |  | $ | 359 |  |  | $ | 1,178 |  |  | $ | 3 |  |  | $ | 70,971 |  |  | $ | 362 |
| Less than 12 months |  | 12 months or longer |  | Total
December 31, 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 |
Other-Than-Temporary Impairment As of September 30, 2015, the majority of the Corporation’s unrealized losses in the investment securities portfolio related to mortgage backed securities. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because it is not likely that the Corporation will be required to sell these securities before their anticipated recovery, the Corporation does not consider these securities to be other-than-temporarily impaired at September 30, 2015. During the first quarter of 2014, the Corporation received notice that one CDO consisting of a pool of trust preferred securities was liquidated and recorded $500 thousand in other operating income during the first quarter of 2014. The Corporation does not own any other CDO’s in its investment securities portfolio. There were no cumulative credit losses recognized in earnings for the three month periods ended September 30, 2015 and 2014. The table below presents a roll forward of the cumulative credit losses recognized in earnings for the nine month periods ended September 30, 2015 and 2014 (in thousands):
| 2015 |  | 2014
Beginning balance, January 1, | $ | — |  |  | $ | 1,939 |
Amounts related to credit loss for which an other-than-temporary impairment was not previously recognized | — |  |  | — |
Additions/Subtractions: |  |  |  |  |
Amounts realized for securities sold during the period | — |  |  | — |
Amounts related to securities for which the Corporation intends to sell or that it will be more likely than not that the Corporation 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 in securities liquidated during the period | — |  |  | (1,939 | )
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized | — |  |  | — |
Ending balance, September 30, | $ | — |  |  | $ | — |

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