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2. Investment Securities (Tables)

12 Months Ended

Dec. 31, 2014

Investment Securities Tables

Investment securities available for sale

(Dollars in thousands)
	December 31, 2014
	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Mortgage-backed securities	$	88,496		1,766		52		90,210
U.S. Government
sponsored enterprises		33,766		418		136		34,048
State and political subdivisions		145,938		6,534		226		152,246
Corporate bonds		2,469		16		18		2,467
Trust preferred securities		750		-		-		750
Equity securities		748		630		-		1,378
Total	$	272,167		9,364		432		281,099

(Dollars in thousands)
	December 31, 2013
	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Mortgage-backed securities	$	123,706		1,040		769		123,977
U.S. Government
sponsored enterprises		22,115		97		69		22,143
State and political subdivisions		148,468		1,987		5,087		145,368
Corporate bonds		3,522		11		70		3,463
Trust preferred securities		1,250		-		-		1,250
Equity securities		748		941		-		1,689
Total	$	299,809		4,076		5,995		297,890

Current fair value and associated unrealized losses on investments in debt securities with unrealized losses

(Dollars in thousands)
	December 31, 2014
	Less than 12 Months					12 Months or More				Total
	Fair Value			Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Mortgage-backed securities	$	436		1		2,963		51		3,399		52
U.S. Government
sponsored enterprises		2,996		4		9,850		132		12,846		136
State and political subdivisions		567		1		14,998		225		15,565		226
Corporate bonds		-		-		525		18		525		18
Total	$	3,999		6		28,336		426		32,335		432

(Dollars in thousands)
	December 31, 2013
	Less than 12 Months					12 Months or More				Total
	Fair Value			Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Mortgage-backed securities	$	40,857		691		10,128		78		50,985		769
U.S. Government
sponsored enterprises		9,714		69		-		-		9,714		69
State and political subdivisions		77,187		4,863		1,824		224		79,011		5,087
Corporate bonds		1,984		16		511		54		2,495		70
Total	$	129,742		5,639		12,463		356		142,205		5,995

Amortized cost and estimated fair value of investment securities available for sale by contractual maturity


(Dollars in thousands)
		Amortized Cost				Estimated Fair Value
Due within one year		$	4,308				4,323
Due from one to five years			40,564				42,548
Due from five to ten years			117,452				121,399
Due after ten years			20,599				21,241
Mortgage-backed securities			88,496				90,210
Equity securities			748				1,378
Total		$	272,167				281,099

Available for sale securities measured at fair value on a recurring basis

(Dollars in thousands)
	December 31, 2014
	Fair Value Measurements			Level 1 Valuation		Level 2 Valuation		Level 3 Valuation
Mortgage-backed securities	$	90,210		-		90,210		-
U.S. Government
sponsored enterprises	$	34,048		-		34,048		-
State and political subdivisions	$	152,246		-		152,246		-
Corporate bonds	$	2,467		-		2,467		-
Trust preferred securities	$	750		-		-		750
Equity securities	$	1,378		1,378		-		-


(Dollars in thousands)
	December 31, 2013
	Fair Value Measurements			Level 1 Valuation		Level 2 Valuation		Level 3 Valuation
Mortgage-backed securities	$	123,977		-		123,977		-
U.S. Government
sponsored enterprises	$	22,143		-		22,143		-
State and political subdivisions	$	145,368		-		145,368		-
Corporate bonds	$	3,463		-		3,463		-
Trust preferred securities	$	1,250		-		-		1,250
Equity securities	$	1,689		1,689		-		-

Fair value measurements of investment securities available for sale using Level 3 significant unobservable inputs

(Dollars in thousands)
	Investment Securities Available for Sale
	Level 3 Valuation
Balance, beginning of period	$	1,250
Change in book value		-
Change in gain/(loss) realized and unrealized		-
Purchases/(sales and calls)		(500	)
Transfers in and/or (out) of Level 3		-
Balance, end of period	$	750

Change in unrealized gain/(loss) for assets still held in Level 3	$	-

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

+ References+ Details