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Securities | 12 Months Ended
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Dec. 31, 2014
Investments debt and equity securities [Abstract] |
Investments In Debt And Marketable Equity Securities And Certain Trading Assets Disclosure Text Block | NOTE 5: SECURITIES At December 31, 2014 and 2013, respectively, all securities within the scope of ASC 320, Investments – Debt and Equity Securities were classified as available-for-sale. The fair value and amortized cost for securities available-for-sale by contractual maturity December 31, 2014 and 2013, respectively, are presented below.
|  |  | 1 year | 1 to 5 | 5 to 10 | After 10 | Fair |  | Gross Unrealized |  | Amortized
(Dollars in thousands) |  | or less | years | years | years | Value |  | Gains | Losses |  | Cost
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |
Agency obligations (a) | $ | — | 30,947 | 14,869 | 14,433 | 60,249 |  | 375 | 830 |  | $ | 60,704
Agency RMBS (a) |  | — | — | 14,523 | 120,520 | 135,043 |  | 1,597 | 616 |  |  | 134,062
State and political subdivisions |  | — | 502 | 15,520 | 56,289 | 72,311 |  | 3,379 | 34 |  |  | 68,966
| Total available-for-sale | $ | — | 31,449 | 44,912 | 191,242 | 267,603 |  | 5,351 | 1,480 |  | $ | 263,732
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |
Agency obligations (a) | $ | — | — | 23,247 | 21,275 | 44,522 |  | — | 4,557 |  | $ | 49,079
Agency RMBS (a) |  | — | — | 8,306 | 154,052 | 162,358 |  | 976 | 4,733 |  | $ | 166,115
State and political subdivisions |  | — | 1,735 | 21,366 | 41,238 | 64,339 |  | 1,560 | 459 |  | $ | 63,238
| Total available-for-sale | $ | — | 1,735 | 52,919 | 216,565 | 271,219 |  | 2,536 | 9,749 |  | $ | 278,432
(a) Includes securities issued by U.S. government agencies or government sponsored entities.
Securities with aggregate fair values of $132.2 million and $120.5 million at December 31, 2014 and 2013, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase, Federal Home Loan Bank (“FHLB”) advances, and for other purposes required or permitted by law. Included in other assets on the accompanying consolida ted balance sheets are cost-method investments. The carrying amounts of cost-method investments were $1.6 and $1.8 million at December 31, 2014 and 2013, respectively. Cost-method investments primarily include non-marketable equity investments, such as FHLB of Atlanta stock and Federal Reserve Bank (“FRB”) stock. Gross Unrealized Losses and Fair Value The fair values and gross unrealized losses on securities at December 31, 2014 and 2013, respectively, segregated by those securities that have been in an unrealized loss position for less than 12 months and 12 months or more are presented below.
|  |  |  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total
|  |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized
(Dollars in thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses
December 31, 2014: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency obligations | $ | — |  |  | — |  |  | 24,126 |  |  | 830 |  |  | 24,126 |  | $ | 830
Agency RMBS |  | 9,078 |  |  | 22 |  |  | 42,744 |  |  | 594 |  |  | 51,822 |  |  | 616
State and political subdivisions |  | 4,257 |  |  | 34 |  |  | — |  |  | — |  |  | 4,257 |  |  | 34
|  | Total | $ | 13,335 |  |  | 56 |  |  | 66,870 |  |  | 1,424 |  |  | 80,205 |  | $ | 1,480
December 31, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency obligations | $ | 35,932 |  |  | 3,181 |  |  | 8,590 |  |  | 1,376 |  |  | 44,522 |  | $ | 4,557
Agency RMBS |  | 109,774 |  |  | 4,394 |  |  | 7,683 |  |  | 339 |  |  | 117,457 |  |  | 4,733
State and political subdivisions |  | 9,575 |  |  | 459 |  |  | — |  |  | — |  |  | 9,575 |  |  | 459
|  | Total | $ | 155,281 |  |  | 8,034 |  |  | 16,273 |  |  | 1,715 |  |  | 171,554 |  | $ | 9,749
For the securities in the previous table, the Company does not have the intent to sell and has determined it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, which may be maturity. The Company assesses each security for credit impairment. For debt securities, the Company evaluates, where necessary, whether credit impairment exists by comparing the present value of the expected cash flows to the securities’ amortized cost ba sis. For cost-method investments, the Company evaluates whether an event or change in circumstances has occurred during the reporting period that may have a significant adverse effect on the fair value of the investment. In determining whether a loss is temporary, the Company considers all relevant information including: the length of time and the extent to which the fair value has been less than the amortized cost basis; adverse conditions specifically related to the security, an industry, or a geographic area (for example, changes in the financial condition of the issuer of the security, or in the case of an asset-backed debt security, in the financial condition of the underlying loan obligors, including changes in technology or the discontinuance of a segment of the business that may affect the future earnings potential of the issuer or underlying loan obligors of the security or changes in the quality of the credit enhancement); the historical and implied volatility of the fair value of the security; the payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future; failure of the issuer of the security to make scheduled interest or principal payments; any changes to the rating of the security by a rating agency; and recoveries or additional declines in fair value subsequent to the balance sheet date. Agency obligations The unrealized losses associated with agency obligations were primarily driven by changes in interest rates and not due to the credit quality of the securities. These securities were issued by U.S. government agencies or government-sponsored entities and did not have any credit losses given the explicit government guarantee or other government support. Agency residential mortgage-backed securities (“RMBS”) The unrealized losses associated with agency RMBS were primarily driven by changes in interest rates and not due to the credit quality of the securities. These securities were issued by U.S. governmen t agencies or government-sponsored entities and did not have any credit losses given the explicit government guarantee or other government support. Securities of U.S. states and political subdivisions The unrealized losses associated with securities of U.S. states and political subdivisions were primarily driven by changes in interest rates and were not due to the credit quality of the securities. Some of these securities are guaranteed by a bond insurer, but management did not rely on the guarantee in ma king its investment decision. These securities will continue to be monitored as part of the Company’s quarterly impairment analysis, but are expected to perform even if the rating agencies reduce the credit rating of the bond insurers. As a result, the Com pany expects to recover the entire amortized cost basis of these securities. Cost-method investments At December 31, 2014, cost-method investments with an aggregate cost of $1.6 million were not evaluated for impairment because the Company did not identify any events or changes in circumstances that may have a significant adverse effect on the fair value of these cost-method investments. The carrying values of the Company’s investment securities could decline in the future if the financial condition of an issuer deteriorates and the Company determines it is probable that it will not recover the entire amortized cost basis for the security. As a result, there is a risk that significant other-than-temporary impairment charges may occur in the future. Other-Than-Temporarily Impaired Securities The following table presents a roll-forward of the credit loss component of the amortized cost of debt securities that the Company has written down for other-than-temporary impairment and the credit component of the loss is recognized in earnings (referred to as “credit-impaired” debt securities). Other-than-temporary impairments recognized in earnings for the years ended 2014, 2013, and 2012, for credit-impaired debt securities are presented as additi ons in two components based upon whether the current period is the first time the debt security was credit-impaired (initial credit impairment) or is not the first time the debt security was credit-impaired (subsequent credit impairments). The credit loss component is reduced if the Company sells, intends to sell, or believes it will be required to sell previously credit-impaired debt securities. Additionally, the credit loss component is reduced if the Company receives cash flows in excess of what it expec ted to receive over the remaining life of the credit-impaired debt security, the security matures or the security is fully written-down and deemed worthless. Changes in the credit loss component of credit-impaired debt securities were:
|  |  |  |  | Year ended December 31
(Dollars in thousands) |  |  | 2014 |  |  | 2013 |  |  | 2012
Balance, beginning of period |  | $ | — |  |  | 1,257 |  |  | 3,276
| Additions: |  |  |  |  |  |  |  |  |
|  | Subsequent credit impairments |  |  | — |  |  | — |  |  | 130
| Reductions: |  |  |  |  |  |  |  |  |
|  | Securities sold |  |  | — |  |  | (757) |  |  | (2,149)
|  | Securities fully written down and deemed worthless |  |  | — |  |  | (500) |  |  | —
Balance, end of period |  | $ | — |  |  | — |  |  | 1,257
Other-Than-Temporary Impairment The following table presents details of the other-than-temporary impairment related to securities.
|  |  |  |  |  | Year ended December 31
(Dollars in thousands) |  |  | 2014 |  |  | 2013 |  |  | 2012
Other-than-temporary impairment charges (included in earnings): |  |  |  |  |  |  |  |  |
| Debt securities: |  |  |  |  |  |  |  |  |
|  | Agency RMBS |  | $ | 333 |  |  | — |  |  | —
|  | Individual issuer trust preferred securities |  | $ | — |  |  | — |  |  | 130
|  |  | Total debt securities |  | $ | 333 |  |  | — |  |  | 130
Total other-than-temporary impairment charges (included in earnings) |  | $ | 333 |  |  | — |  |  | 130
Other-than-temporary impairment on debt securities: |  |  |  |  |  |  |  |  |
| Recorded as part of gross realized losses: |  |  |  |  |  |  |  |  |
|  | Credit-related |  | $ | — |  |  | — |  |  | 130
|  | Securities with intent to sell |  |  | 333 |  |  | — |  |  | —
| Recorded directly to other comprehensive income for non-credit |  |  |  |  |  |  |  |  |
|  | related impairment |  |  | — |  |  | — |  |  | —
Total other-than-temporary impairment on debt securities |  | $ | 333 |  |  | — |  |  | 130
Realized Gains and Losses
The following table presents the gross realized gains and losses on sales and other-than-temporary impairment charges
related to securities.
|  |  |  | Year ended December 31
(Dollars in thousands) |  |  | 2014 |  |  | 2013 |  |  | 2012
Gross realized gains |  | $ | 467 |  |  | 745 |  |  | 1,005
Gross realized losses |  |  | (664) |  |  | (94) |  |  | (196)
Other-than-temporary impairment charges |  |  | (333) |  |  | — |  |  | (130)
| Realized gains, net |  | $ | (530) |  |  | 651 |  |  | 679

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