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INVESTMENT SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2016
INVESTMENT SECURITIES [Abstract]  
Amortized Cost, Unrealized Gains and Losses and Estimated Fair Values of Investments in Debt and Other Securities
The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at March 31, 2016 are summarized as follows:
 
(in thousands)
 
Amortized
cost
  
Unrealized
gains
  
Unrealized
losses
  
Estimated
fair value
 
 
            
Investment securities available-for-sale:
            
U.S. Treasury securities
 
$
26,310
  
$
66
  
$
—
  
$
26,376
 
Securities of U.S. government agencies and corporations
  
46,655
   
84
   
(2
)
  
46,737
 
Obligations of states and political subdivisions
  
24,273
   
616
   
(10
)
  
24,879
 
Collateralized mortgage obligations
  
13,200
   
83
   
(3
)
  
13,280
 
Mortgage-backed securities
  
113,937
   
696
   
(193
)
  
114,440
 
Total debt securities
 
$
224,375
  
$
1,545
  
$
(208
)
 
$
225,712
 

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 31, 2015 are summarized as follows:
 
(in thousands)
 
Amortized
cost
  
Unrealized
gains
  
Unrealized
losses
  
Estimated
fair value
 
 
            
Investment securities available-for-sale:
            
U.S. Treasury securities
 
$
20,240
  
$
5
  
$
(59
)
 
$
20,186
 
Securities of U.S. government agencies and corporations
  
34,079
   
6
   
(88
)
  
33,997
 
Obligations of states and political subdivisions
  
25,323
   
436
   
(50
)
  
25,709
 
Collateralized mortgage obligations
  
10,994
   
7
   
(69
)
  
10,932
 
Mortgage-backed securities
  
92,465
   
546
   
(484
)
  
92,527
 
Total debt securities
 
$
183,101
  
$
1,000
  
$
(750
)
 
$
183,351
 
Amortized Cost and Estimated Fair Value of Debt and Other Securities by Contractual Maturity
The amortized cost and estimated market value of debt and other securities at March 31, 2016, by contractual and expected maturity, are shown in the following table:
 
(in thousands)
 
Amortized
cost
  
Estimated
fair value
 
 
      
Due in one year or less
 
$
36,527
  
$
36,567
 
Due after one year through five years
  
177,246
   
178,085
 
Due after five years through ten years
  
9,379
   
9,754
 
Due after ten years
  
1,223
   
1,306
 
 
 
$
224,375
  
$
225,712
 
Analysis of Gross Unrealized Losses of the Available-for-sale Investment Securities Portfolio
An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of March 31, 2016, follows:
 
 
Less than 12 months
 
12 months or more
 
Total
 
(in thousands)
Fair Value
 
Unrealized
losses
 
Fair Value
 
Unrealized
losses
 
Fair Value
 
Unrealized
losses
 
 
            
Securities of U.S. government agencies and corporations
 
$
5,097
  
$
(2
)
 
$
—
  
$
—
  
$
5,097
  
$
(2
)
Obligations of states and political subdivisions
  
4,102
   
(10
)
  
—
   
—
   
4,102
   
(10
)
Collateralized Mortgage obligations
  
1,430
   
(3
)
  
—
   
—
   
1,430
   
(3
)
Mortgage-backed securities
  
23,666
   
(98
)
  
9,036
   
(95
)
  
32,702
   
(193
)
Total
 
$
34,295
  
$
(113
)
 
$
9,036
  
$
(95
)
 
$
43,331
  
$
(208
)
An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2015, follows:
 
 
 
Less than 12 months
  
12 months or more
  
Total
 
(in thousands)
 
Fair Value
  
Unrealized
losses
  
Fair Value
  
Unrealized
losses
  
Fair Value
  
Unrealized
losses
 
 
                  
U.S. Treasury securities
 
$
15,014
  
$
(59
)
 
$
—
  
$
—
  
$
15,014
  
$
(59
)
Securities of U.S. government agencies and corporations
  
7,005
   
(32
)
  
4,047
   
(56
)
  
11,052
   
(88
)
Obligations of states and political subdivisions
  
7,107
   
(50
)
  
—
   
—
   
7,107
   
(50
)
Collateralized Mortgage obligations
  
9,982
   
(69
)
  
—
   
—
   
9,982
   
(69
)
Mortgaged-backed securities
  
44,933
   
(372
)
  
5,838
   
(112
)
  
50,771
   
(484
)
Total
 
$
84,041
  
$
(582
)
 
$
9,885
  
$
(168
)
 
$
93,926
  
$
(750
)