TRADING SECURITY

12 Months Ended

Dec. 31, 2014

TRADING SECURITY.

TRADING SECURITY

NOTE 4.TRADING SECURITY

The Company holds a tax advantaged economic development bond that is being accounted for at fair value. The security had an amortized cost of $12.6 million and $13.1 million and a fair value of $14.9 million and $14.8 million at year-end 2014 and 2013, respectively.  Unrealized gains (losses) recorded through income on this security totaled $0.6 million, ($1.5) million, and ($15) thousand for 2014, 2013, and 2012, respectively. As discussed further in Note 16 - Derivative Instruments and Hedging Activities, the Company has entered into a swap contract to swap-out the fixed rate of the security in exchange for a variable rate. The Company does not purchase securities with the intent of selling them in the near term, and there are no other securities in the trading portfolio at year-end 2014 and 2013.