5.	INVESTMENT SECURITIES

Details of investment securities available-for-sale and held-to-maturity as of September 30, 2014 and December 31, 2013 are as follows:


	Available-for-Sale
	September 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(Dollars in Thousands)
Mortgage-backed securities:
Residential	$	122,911	$	1,450	$	(594	)	$	123,767
Commercial		34,331		167		(152	)		34,346
Obligations of states and political subdivisions		15,695		1,207		(3	)		16,899
U.S. treasury securities		4,155		—		(209	)		3,946
Obligations of U.S. government sponsored agencies		387		1		—			388

Total	$	177,479	$	2,825	$	(958	)	$	179,346


	Held-to-Maturity
	September 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(Dollars in Thousands)
Mortgage-backed securities:
Commercial	$	3,281	$	17	$	(5	)	$	3,293
Obligations of states and political subdivisions		586		—		(2	)		584
Obligations of U.S. government sponsored agencies		32,657		—		(443	)		32,214

Total	$	36,524	$	17	$	(450	)	$	36,091


	Available-for-Sale
	December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(Dollars in Thousands)
Mortgage-backed securities:
Residential	$	82,840	$	1,479	$	(885	)	$	83,434
Commercial		30,677		143		(355	)		30,465
Obligations of states and political subdivisions		16,230		799		(2	)		17,027
U.S. treasury securities		4,161		—		(334	)		3,827
Obligations of U.S. government sponsored agencies		1,000		1		—			1,001

Total	$	134,908	$	2,422	$	(1,576	)	$	135,754


	Held-to-Maturity
	December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(Dollars in Thousands)
Obligations of U.S. government sponsored agencies	$	35,050	$	—	$	(1,685	)	$	33,365

The scheduled maturities of investment securities available-for-sale and held-to-maturity as of September 30, 2014 are presented in the following table:


	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(Dollars in Thousands)
Maturing within one year	$	387	$	388	$	—	$	—
Maturing after one to five years		8,173		8,582		—		—
Maturing after five to ten years		100,395		100,714		14,362		14,320
Maturing after ten years		68,524		69,662		22,162		21,771

Total	$	177,479	$	179,346	$	36,524	$	36,091

For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been allocated over maturity groupings based on the weighted-average contractual maturities of underlying collateral. The mortgage-backed securities generally mature earlier than their weighted-average contractual maturities because of principal prepayments.

Management evaluates securities for other-than-temporary impairment no less frequently than quarterly and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer and (3) whether the Company intends to sell securities, and whether it is more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases. As of September 30, 2014 and December 31, 2013, based on the aforementioned considerations, management did not record an other-than-temporary impairment on any security that was in an unrealized loss position.

The following table reflects the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of September 30, 2014 and December 31, 2013.


	Available-for-Sale
	September 30, 2014
	Less than 12 Months					12 Months or More
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in Thousands)
Mortgage-backed securities:
Residential	$	48,499	$	(280	)	$	13,257	$	(314	)
Commercial		22,236		(116	)		1,344		(36	)
Obligations of states and political subdivisions		269		(3	)		—		—
U.S. treasury securities		—		—			3,866		(209	)

Total	$	71,004	$	(399	)	$	18,467	$	(559	)


	Held-to-Maturity
	September 30, 2014
	Less than 12 Months					12 Months or More
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in Thousands)
Mortgage-backed securities:
Commercial	$	552	$	(5	)	$	—	$	—
Obligations of states and political subdivisions		583		(2	)		—		—
Obligations of U.S. government sponsored agencies		9,848		(17	)		21,369		(426	)

Total	$	10,983	$	(24	)	$	21,369	$	(426	)


	Available-for-Sale
	December 31, 2013
	Less than 12 Months					12 Months or More
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in Thousands)
Mortgage-backed securities:
Residential	$	43,091	$	(885	)	$	—	$	—
Commercial		21,231		(337	)		271		(18	)
Obligations of states and political subdivisions		1,050		(2	)		—		—
U.S. treasury securities		3,748		(334	)		—		—

Total	$	69,120	$	(1,558	)	$	271	$	(18	)


	Held-to-Maturity
	December 31, 2013
	Less than 12 Months					12 Months or More
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in Thousands)
Obligations of U.S. government sponsored agencies	$	33,365	$	(1,685	)	$	—	$	—

As of September 30, 2014, 16 debt securities had been in a loss position for more than twelve months and 48 debt securities had been in a loss position for less than twelve months. The losses for all securities are considered to be a direct result of the effect that the current interest rate environment has on the value of debt securities and not related to the creditworthiness of the issuers. Further, the Company has the current intent and ability to retain its investments in the issuer for a period of time that we believe to be sufficient to allow for any anticipated recovery in fair value. Therefore, the Company has not recognized any other-than-temporary impairments.

Investment securities available-for-sale with a carrying value of $63.4 million and $72.7 million as of September 30, 2014 and December 31, 2013, respectively, were pledged to secure public deposits and for other purposes.

Gains realized on sales of securities available-for-sale were approximately $0.1 million and $0.5 million for the nine months ended September 30, 2014 and 2013, respectively. There were no losses on sales of securities during the nine months ended September 30, 2014 and 2013, respectively.