SECURITIES AVAILABLE FOR SALE (Tables)

12 Months Ended

Dec. 31, 2014

SECURITIES AVAILABLE FOR SALE [Abstract]

Schedule of amortized cost and fair value of securities

The amortized cost and fair value of securities held at December 31, 2014, and 2013, are as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	$		$		$			$

December 31, 2014
U.S. government agencies		46,577		110		(528	)		46,159
U.S. agency mortgage-backed securities		37,946		138		(134	)		37,950
U.S. agency collateralized mortgage obligations		48,690		55		(679	)		48,066
Corporate bonds		65,274		145		(311	)		65,108
Obligations of states and political subdivisions		90,628		2,961		(258	)		93,331
Total debt securities		289,115		3,409		(1,910	)		290,614
Marketable equity securities		5,189		19		—			5,208
Total securities available for sale		294,304		3,428		(1,910	)		295,822

December 31, 2013
U.S. government agencies		41,671		148		(2,152	)		39,667
U.S. agency mortgage-backed securities		52,502		101		(680	)		51,923
U.S. agency collateralized mortgage obligations		42,465		161		(938	)		41,688
Private collateralized mortgage obligations		4,135		44		(138	)		4,041
Corporate bonds		56,437		430		(673	)		56,194
Obligations of states and political subdivisions		103,936		1,057		(3,349	)		101,644
Total debt securities		301,146		1,941		(7,930	)		295,157
Marketable equity securities		5,151		20		—			5,171
Total securities available for sale		306,297		1,961		(7,930	)		300,328

Schedule of contractual maturity of debt securities

CONTRACTUAL MATURITY OF DEBT SECURITIES

(DOLLARS IN THOUSANDS)


	Amortized
	Cost		Fair Value
	$		$
Due in one year or less		23,243		23,095
Due after one year through five years		92,687		92,375
Due after five years through ten years		89,574		89,262
Due after ten years		83,611		85,882
Total debt securities		289,115		290,614

Schedule of proceeds and gains and losses on securities available for sale

PROCEEDS FROM SALES OF SECURITIES AVAILABLE FOR SALE

(DOLLARS IN THOUSANDS)

	Securities Available for Sale
	2014		2013		2012
	$		$		$

Proceeds from sales		155,363		116,347		33,388
Gross realized gains		3,815		4,209		1,212
Gross realized losses		684		821		132

SUMMARY OF GAINS AND LOSSES ON SECURITIES AVAILABLE FOR SALE

(DOLLARS IN THOUSANDS)


	2014		2013		2012
	$		$		$
Gross realized gains		3,815		4,209		1,212

Gross realized losses		684		821		132
Impairment on securities		22		171		140
Total gross realized losses		706		992		272

Net gains on securities		3,109		3,217		940

Schedule of securities in an unrealized loss position (temporary impairment)

TEMPORARY IMPAIRMENTS OF SECURITIES

(DOLLARS IN THOUSANDS)

	Less than 12 months					More than 12 months					Total
			Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	$		$			$		$				$		$
As of December 31, 2014
U.S. government agencies		9,676		(30	)		19,689		(498	)		29,365		(528	)
U.S. agency mortgage-backed securities		7,412		(18	)		5,412		(116	)		12,824		(134	)
U.S. agency collateralized mortgage obligations		25,314		(403	)		11,222		(276	)		36,536		(679	)
Corporate bonds		33,413		(227	)		9,855		(84	)		43,268		(311	)
Obligations of states & political subdivisions		2,710		(29	)		16,720		(229	)		19,430		(258	)

Total debt securities		78,525		(707	)		62,898		(1,203	)		141,423		(1,910	)

Marketable equity securities		—		—			—		—			—		—

Total temporarily impaired securities		78,525		(707	)		62,898		(1,203	)		141,423		(1,910	)

As of December 31, 2013
U.S. government agencies		33,043		(1,735	)		3,603		(417	)		36,646		(2,152	)
U.S. agency mortgage-backed securities		31,810		(659	)		4,938		(21	)		36,748		(680	)
U.S. agency collateralized mortgage obligations		28,138		(938	)		—		—			28,138		(938	)
Private collateralized mortgage obligations		1,384		(59			1,790		(79	)		3,174		(138	)
Corporate bonds		32,349		(664	)		2,010		(9	)		34,359		(673	)
Obligations of states & political subdivisions		58,920		(2,778	)		8,950		(571	)		67,870		(3,349	)

Total debt securities		185,644		(6,833	)		21,291		(1,097	)		206,935		(7,930	)

Marketable equity securities		—		—			—		—			—		—

Total temporarily impaired securities		185,644		(6,833	)		21,291		(1,097	)		206,935		(7,930	)

Schedule of security impairment charges

SECURITY IMPAIRMENT CHARGES

December 31, 2014

(DOLLARS IN THOUSANDS)

	Amortized		Market		Unrealized		Impairment
	Cost		Value		Loss		Charge
	$		$		$		$

Private collateralized mortgage obligations		—		—		—		(22	)

SECURITY IMPAIRMENT CHARGES

December 31, 2013

(DOLLARS IN THOUSANDS)

	Amortized		Market		Unrealized			Impairment
	Cost		Value		Loss			Charge
	$		$		$			$

Private collateralized mortgage obligations		3,312		3,174		(138	)		(171	)

Schedule of credit losses recognized in earnings on debt securities

The following table provides a cumulative roll forward of credit losses recognized in earnings for debt securities held:

(DOLLARS IN THOUSANDS)

	For the year ended December 31,
	2014			2013		2012
	$			$		$

Beginning balance		1,148			977		1,057
Credit losses on debt securities for which other-than-temporary
impairment has not been previously recognized		—			—		—
Additional credit losses on debt securities for which other-than-
temporary impairment was previously recognized		22			171		86
Sale of debt securities with previously recognized impairment		(1,170	)		—		(166	)

Ending balance		—			1,148		977

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References+ Details

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

+ References+ Details