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2. Investment Securities | 9 Months Ended
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Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract] |
2. Investment Securities | Investment securities available for sale at September 30, 2015 and December 31, 2014 are as follows:
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |
|  | September 30, 2015
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value
Mortgage-backed securities |  | $ | 75,386 |  |  |  | 2,098 |  |  |  | 18 |  |  |  | 77,466
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  |  | 38,793 |  |  |  | 505 |  |  |  | 129 |  |  |  | 39,169
State and political subdivisions |  |  | 143,094 |  |  |  | 5,566 |  |  |  | 338 |  |  |  | 148,322
Corporate bonds |  |  | 1,937 |  |  |  | 4 |  |  |  | 1 |  |  |  | 1,940
Trust preferred securities |  |  | 750 |  |  |  | - |  |  |  | - |  |  |  | 750
Equity securities |  |  | 748 |  |  |  | 426 |  |  |  | - |  |  |  | 1,174
Total |  | $ | 260,708 |  |  |  | 8,599 |  |  |  | 486 |  |  |  | 268,821
(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
The current fair value and associated unrealized losses on investments in securities with unrealized losses at September 30, 2015 and December 31, 2014 are summarized in the tables below, with the length of time the individual securities have been in a continuous loss position.
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | September 30, 2015
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses
Mortgage-backed securities |  | $ | 2,278 |  |  |  | 18 |  |  |  | - |  |  |  | - |  |  |  | 2,278 |  |  |  | 18
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  |  | 2,319 |  |  |  | 20 |  |  |  | 9,064 |  |  |  | 109 |  |  |  | 11,383 |  |  |  | 129
State and political subdivisions |  |  | 15,762 |  |  |  | 170 |  |  |  | 6,668 |  |  |  | 168 |  |  |  | 22,430 |  |  |  | 338
Corporate bonds |  |  | - |  |  |  | - |  |  |  | 526 |  |  |  | 1 |  |  |  | 526 |  |  |  | 1
Total |  | $ | 20,359 |  |  |  | 208 |  |  |  | 16,258 |  |  |  | 278 |  |  |  | 36,617 |  |  |  | 486
(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
At September 30, 2015, unrealized losses in the investment securities portfolio relating to debt securities totaled $486,000. The unrealized losses on these debt securities arose due to changing interest rates and are considered to be temporary. From the September 30, 2015 tables above, 26 out of 173 securities issued by state and political subdivisions contained unrealized losses, seven out of 79 securities issued by U.S. Government sponsored enterprises, including mortgage-backed securities, contained unrealized losses, and one out of three securities issued by corporations contained unrealized losses. These unrealized losses are considered temporary because of acceptable financial condition and results of operations of entities that issued each security and the repayment sources of principal and interest on U.S. Government sponsored enterprises, including mortgage-backed securities, are government backed. The amortized cost and estimated fair value of investment securities available for sale at September 30, 2015, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
September 30, 2015 |  |  |
(Dollars in thousands) |  |  |
| Amortized Cost |  | Estimated Fair Value
Due within one year | $ | 4,431 |  | 4,440
Due from one to five years |  | 57,499 |  | 60,100
Due from five to ten years |  | 107,022 |  | 109,524
Due after ten years |  | 15,622 |  | 16,117
Mortgage-backed securities |  | 75,386 |  | 77,466
Equity securities |  | 748 |  | 1,174
Total | $ | 260,708 |  | 268,821
No securities available for sale were sold during the nine months ended September 30, 2015. Proceeds from sales of securities available for sale during the nine months ended September 30, 2014 totaled $20.2 million and resulted in gross gains of $291,000 and gross losses of $25,000. Securities with a fair value of approximately $88.9 million and $89.9 million at September 30, 2015 and December 31, 2014, respectively, were pledged to secure public deposits and for other purposes as required by law.

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