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Securities | 6 Months Ended
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Jun. 30, 2015
Investments debt and equity securities [Abstract] |
Investments In Debt And Marketable Equity Securities And Certain Trading Assets Disclosure Text Block | NOTE 4: SECURITIES At June 30, 2015 and December 31, 2014, respectively, all securities within the scope of Accounting Standards Codification (“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 at June 30, 2015 and December 31, 2014, 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
June 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Agency obligations (a) | $ | 5,007 | 26,033 | 14,870 | 14,309 | 60,219 |  | 509 | 869 |  | $ | 60,579
Agency RMBS (a) |  | — | 1,994 | 15,340 | 104,779 | 122,113 |  | 1,156 | 995 |  |  | 121,952
State and political subdivisions |  | — | 1,055 | 13,121 | 56,398 | 70,574 |  | 2,525 | 290 |  |  | 68,339
| Total available-for-sale | $ | 5,007 | 29,082 | 43,331 | 175,486 | 252,906 |  | 4,190 | 2,154 |  | $ | 250,870
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
(a) Includes securities issued by U.S. government agencies or government sponsored entities.
Securities with aggregate fair values of $140.3 million and $132.2 million at June 30, 2015 and December 31, 2014, 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 are cost-method investments. The carrying amounts of cost-method investments were $1.4 million and $1.6 million at June 30, 2015 and December 31, 2014, 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 June 30, 2015 and December 31, 2014, respectively, segregated by those securities that have been in an unrealized loss position for less than 12 months and 12 months or longer, 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
June 30, 2015: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency obligations | $ | — |  |  | — |  |  | 24,089 |  |  | 869 |  | $ | 24,089 |  |  | 869
Agency RMBS |  | 28,866 |  |  | 558 |  |  | 19,464 |  |  | 437 |  |  | 48,330 |  |  | 995
State and political subdivisions |  | 13,050 |  |  | 290 |  |  | — |  |  | — |  |  | 13,050 |  |  | 290
|  | Total | $ | 41,916 |  |  | 848 |  |  | 43,553 |  |  | 1,306 |  | $ | 85,469 |  |  | 2,154
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
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. On a quarterly basis, 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 securi ties’ amortized cost basis. 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 determi ning 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 o r 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 fai r 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 cha nges 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 a gency 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 d id not have any credit losses given the explicit government guarantee or other government support. Agency RMBS The unr ealized losses associated with a gency residential mortgage-backed securities (“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. government agencies or government-sponsored entities and d id 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 insure r, but management did not rely on the guarantee in making 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 c redit rating of the bond insurers. As a result, the Company expects to recover the entire amortized cost basis of these securities. Cost-method investments At June 30, 2015, cost-method investments with an aggregate cost of $1.4 million were no t 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 securitie s 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 other-than-temporary i mpairment charges may occur in the future. Other-Than-Temporarily Impaired Securities Credit-impaired debt securities are debt securities where the Company has written down the amortized cost basis of a security for other-than-temporary impairment and the credit component of the loss is recognized in earnings. At June 30, 2015 and December 31, 2014, the Company had no credit-impaired debt securities and there were no additions or reductions in the credit loss component of credit-impaired debt securities during the six months ended June 30, 2015 and 2014, respectively. Other-Than-Temporary Impairment The following table presents details of the other-than-temporary impairment related to securities.
|  |  |  |  | Quarter ended June 30, |  |  | Six Months Ended June 30,
(Dollars in thousands) |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014
Other-than-temporary impairment charges |  |  |  |  |  |  |  |  |  |  |
| Debt securities: |  |  |  |  |  |  |  |  |  |  |
|  | Agency RMBS | $ | — |  | $ | — |  | $ | — |  | $ | 333
|  |  | Total debt securities |  | — |  |  | — |  |  | — |  |  | 333
Total other-than-temporary impairment charges | $ | — |  | $ | — |  | $ | — |  | $ | 333
Other-than-temporary impairment on debt securities: |  |  |  |  |  |  |  |  |  |
| Recorded as part of gross realized losses: |  |  |  |  |  |  |  |  |  |  |
|  | Securities with intent to sell |  | — |  |  | — |  |  | — |  |  | 333
Total other-than-temporary impairment on debt securities | $ | — |  | $ | — |  | $ | — |  | $ | 333
Realized Gains and Losses
|  | The following table presents the gross realized gains and losses on sales of securities.
|  |  |  |  | Quarter ended June 30, |  |  | Six Months Ended June 30,
(Dollars in thousands) |  |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014
Gross realized gains |  | $ | — |  | $ | 12 |  | $ | 3 |  | $ | 38
| Realized gains, net |  | $ | — |  | $ | 12 |  | $ | 3 |  | $ | 38

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 + Details
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