XML 154 R14.htm IDEA: XBRL DOCUMENT v3.2.0.727
Securities
 3 Months Ended 12 Months Ended
Mar. 31, 2015
Dec. 31, 2014
SECURITIES    
SECURITIES

6. SECURITIES

The amortized cost and fair value of securities as of the dates set forth were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2015

 

 

Amortized Cost

 

Gross Unrealized Gains

 

Gross Unrealized Losses

 

Fair Value

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of the U.S. Treasury and other U.S. government agencies or sponsored enterprises

    

$
55,049 

    

$
78 

    

$
(5)

    

$
55,122 

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

 

 
94,716 

 

 
2,445 

 

 
(28)

 

 
97,133 

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

 

 
27,893 

 

 
72 

 

 
(182)

 

 
27,783 

Total

 

$
177,658 

 

$
2,595 

 

$
(215)

 

$
180,038 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

 

$
15,650 

 

$
493 

 

$
(83)

 

$
16,060 

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

 

 
32,347 

 

 
137 

 

 
(182)

 

 
32,302 

Total

 

$
47,997 

 

$
630 

 

$
(265)

 

$
48,362 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

Amortized Cost

 

Gross Unrealized Gains

 

Gross Unrealized Losses

 

Fair Value

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of the U.S. Treasury and other U.S. government agencies or sponsored enterprises

    

$
57,108 

    

$
21 

    

$
(85)

    

$
57,044 

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

 

 
100,002 

 

 
2,022 

 

 
(108)

 

 
101,916 

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

 

 
28,821 

 

 
74 

 

 
(290)

 

 
28,605 

Total

 

$
185,931 

 

$
2,117 

 

$
(483)

 

$
187,565 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

 

$
16,823 

 

$
485 

 

$
(123)

 

$
17,185 

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

 

 
33,890 

 

 
87 

 

 
(437)

 

 
33,540 

Total

 

$
50,713 

 

$
572 

 

$
(560)

 

$
50,725 

 

Expected maturities of securities will differ from contractual maturities because the underlying borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The following table sets forth, as of the date indicated, contractual maturities of securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2015

 

 

Available-for-sale

 

Held-to-maturity

 

 

Amortized Cost

 

Fair Value

 

Amortized Cost

 

Fair Value

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Due in one year or less

    

$
15,023 

    

$
15,037 

    

$

 -

    

$

 -

Due after one year through five years

 

 
40,026 

 

 
40,085 

 

 

 -

 

 

 -

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

 

 
94,716 

 

 
97,133 

 

 
15,650 

 

 
16,060 

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

 

 
27,893 

 

 
27,783 

 

 
32,347 

 

 
32,302 

Total

 

$
177,658 

 

$
180,038 

 

$
47,997 

 

$
48,362 

There were no sales of securities during the three months ended March 31, 2015 or 2014.

Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The investment securities portfolio is evaluated for OTTI by segregating the portfolio into two general segments and applying the appropriate OTTI model. Investment securities classified as available-for-sale or held-to-maturity are evaluated for OTTI under ASC 320, Investments—Debt and Equity Securities.

In determining OTTI, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the entity has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time.

When OTTI occurs, the amount of the other-than-temporary impairment recognized in earnings depends on whether an entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss.

As of March 31, 2015, the Company does not intend to sell any debt securities classified as held-to-maturity and management believes that the Company more likely than not will not be required to sell any debt securities that are in a loss position before their anticipated recovery, at which time the Company will receive full value for the securities. Furthermore, as of March 31, 2015, management does not have the intent to sell any of its securities classified as available-for-sale that are in a loss position and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of March 31, 2015, management believes any impairment in the Company’s securities is temporary and no impairment loss has been realized in the Company’s consolidated statements of income.

Declines in the fair value of individual securities below their cost that are other-than-temporary would result in writedowns, as a realized loss, to their fair value. In evaluating other-than-temporary impairment losses, management considers several factors including the severity and the duration that the fair value has been less than cost, the credit quality of the issuer, and whether it is more likely than not that the Company will be required to sell the security before a recovery in value. The Company has not realized any losses due to other-than-temporary impairment of securities as of March 31, 2015.

Securities with unrealized losses segregated by length of continuous unrealized loss position as of the dates set forth were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2015

 

 

Less than 12 Months

 

More than 12 Months

 

 

Amortized Cost

 

Gross Unrealized Losses

 

Fair Value

 

Amortized Cost

 

Gross Unrealized Losses

 

Fair Value

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of the U.S. Treasury and other U.S. government agencies or sponsored enterprises

    

$
7,003 

    

$
(5)

    

$
6,998 

    

$

 -

    

$

 -

    

$

 -

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

 

 
7,438 

 

 
(28)

 

 
7,410 

 

 

 -

 

 

 -

 

 

 -

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

 

 
3,396 

 

 
(7)

 

 
3,389 

 

 
7,642 

 

 
(175)

 

 
7,467 

Total

 

$
17,837 

 

$
(40)

 

$
17,797 

 

$
7,642 

 

$
(175)

 

$
7,467 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

 

$
1,714 

 

$
(23)

 

$
1,691 

 

$
2,631 

 

$
(60)

 

$
2,571 

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

 

 
6,968 

 

 
(15)

 

 
6,953 

 

 
10,431 

 

 
(167)

 

 
10,264 

Total

 

$
8,682 

 

$
(38)

 

$
8,644 

 

$
13,062 

 

$
(227)

 

$
12,835 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

Less than 12 Months

 

More than 12 Months

 

 

Amortized Cost

 

Gross Unrealized Losses

 

Fair Value

 

Amortized Cost

 

Gross Unrealized Losses

 

Fair Value

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

            

 

 

 

 

 

            

Obligations of the U.S. Treasury and other U.S. government agencies or sponsored enterprises

    

$
37,049 

    

$
(85)

    

$
36,964 

    

$

 -

    

$

 -

    

$

 -

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

 

 
20,403 

 

 
(53)

 

 
20,350 

 

 
4,440 

 

 
(56)

 

 
4,384 

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

 

 
3,514 

 

 

 -

 

 
3,514 

 

 
12,559 

 

 
(289)

 

 
12,270 

Total

 

$
60,966 

 

$
(138)

 

$
60,828 

 

$
16,999 

 

$
(345)

 

$
16,654 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

 

$

 -

 

$

 -

 

$

 -

 

$
4,564 

 

$
(122)

 

$
4,442 

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

 

 
12,414 

 

 
(92)

 

 
12,322 

 

 
13,988 

 

 
(346)

 

 
13,642 

Total

 

$
12,414 

 

$
(92)

 

$
12,322 

 

$
18,552 

 

$
(468)

 

$
18,084 

At March 31, 2015 and December 31, 2014, there were fifteen securities and twelve securities, respectively, in an unrealized loss position for more than 12 months.

The Company did not own securities of any one issuer (other than the U.S. government and its agencies or sponsored enterprises) for which the aggregate adjusted cost exceeds 10% of the consolidated shareholders’ equity at March 31, 2015 or December 31, 2014.

Securities with an amortized cost of $17.1 million and $17.7 million and fair value of $17.3 million and $17.9 million were pledged and available to be sold under repurchase agreements at March 31, 2015 and December 31, 2014, respectively. Securities with an amortized cost of $56.5 million and $55.0 million and fair value of $56.6 million and $54.8 million were pledged to various Federal Reserve Districts related to deposits of bankruptcy trustees at March 31, 2015 and December 31, 2014, respectively. In addition, securities with an amortized cost of $616 thousand and $669 thousand and fair value of $648 thousand and $701 thousand were pledged as collateral for the Company’s derivative instruments at March 31, 2015 and December 31, 2014, respectively.

5. SECURITIES

        The amortized cost and fair value of securities as of the dates set forth were as follows:

 
   December 31, 2014  
 
   Amortized
Cost		   Gross
Unrealized
Gains		   Gross
Unrealized
Losses		   Fair
Value		  
 
   (Dollars in thousands)
  

Available-for-sale:

                          

Obligations of the U.S. Treasury and other U.S. government agencies or sponsored enterprises

   $ 57,108   $ 21   $ (85 ) $ 57,044  

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

     100,002     2,022     (108 )   101,916  

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

     28,821     74     (290 )   28,605  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 185,931   $ 2,117   $ (483 ) $ 187,565  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Held-to-maturity:

                          

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

   $ 16,823   $ 485   $ (123 ) $ 17,185  

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

     33,890     87     (437 )   33,540  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 50,713   $ 572   $ (560 ) $ 50,725  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​


 

 
   December 31, 2013  
 
   Amortized
Cost		   Gross
Unrealized
Gains		   Gross
Unrealized
Losses		   Fair
Value		  
 
   (Dollars in thousands)
  

Available-for-sale:

                          

Obligations of the U.S. Treasury and other U.S. government agencies or sponsored enterprises

   $ 45,168   $ 38   $ (95 ) $ 45,111  

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

     121,042     1,282     (934 )   121,390  

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

     32,223     42     (529 )   31,736  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 198,433   $ 1,362   $ (1,558 ) $ 198,237  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Held-to-maturity:

                          

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

   $ 16,788   $ 409   $ (528 ) $ 16,669  

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

     40,490     135     (706 )   39,919  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 57,278   $ 544   $ (1,234 ) $ 56,588  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

        Expected maturities of securities will differ from contractual maturities because the underlying borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The following table sets forth, as of the date indicated, contractual maturities of securities:

 
   December 31, 2014  
 
   Available-for-sale   Held-to-maturity  
 
   Amortized
Cost		   Fair
Value		   Amortized
Cost		   Fair
Value		  
 
   (Dollars in thousands)
  

Due in one year or less

   $ 15,046   $ 15,058   $ —   $ —  

Due after one year through five years

     42,062     41,986     —     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     57,108     57,044     —     —  

Mortgage-backed securities and collateralized mortgage obligations

    
128,823		    
130,521		    
50,713		    
50,725		  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 185,931   $ 187,565   $ 50,713   $ 50,725  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

        Proceeds from sales of securities classified as available-for-sale of $19.2 million were received during the years ended December 31, 2014. Immediately following the SharePlus acquisition, the acquired securities were sold at acquired market value, which resulted in no gain or loss.

        Proceeds from sales of securities classified as available-for-sale of $6.7 million and $39.2 million were received during the years ended December 31, 2013 and 2012, respectively. Net realized losses of $7 thousand were recorded as a result of these sales for the year ended December 31, 2013, which is comprised of $110 thousand in gross realized losses offset by $103 thousand in gross realized gains. Gross realized gains of $950 thousand were recorded as a result of these sales for the year ended December 31, 2012.

        Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The investment securities portfolio is evaluated for OTTI by segregating the portfolio into two general segments and applying the appropriate OTTI model. Investment securities classified as available-for-sale or held-to-maturity are evaluated for OTTI under ASC 320, Investments—Debt and Equity Securities.

        In determining OTTI, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the entity has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time.

        When OTTI occurs, the amount of the other-than-temporary impairment recognized in earnings depends on whether an entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss.

        As of December 31, 2014, Green does not intend to sell any debt securities classified as held-to-maturity and management believes that Green more likely than not will not be required to sell any debt securities that are in a loss position before their anticipated recovery, at which time Green will receive full value for the securities. Furthermore, as of December 31, 2014, management does not have the intent to sell any of its securities classified as available-for-sale that are in a loss position and believes that it is more likely than not that Green will not have to sell any such securities before a recovery of cost. The unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of December 31, 2014, management believes any impairment in Green's securities is temporary and no impairment loss has been realized in Green's consolidated statements of income.

        Declines in the fair value of individual securities below their cost that are other-than-temporary would result in writedowns, as a realized loss, to their fair value. In evaluating other-than-temporary impairment losses, management considers several factors including the severity and the duration that the fair value has been less than cost, the credit quality of the issuer, and whether it is more likely than not that Green will be required to sell the security before a recovery in value. Green has not realized any losses due to other-than-temporary impairment of securities as of December 31, 2014.

        Securities with unrealized losses segregated by length of continuous unrealized loss position as of the dates set forth were as follows:

 
   December 31, 2014  
 
   Less than 12 Months   More than 12 Months  
 
   Amortized
Cost		   Gross
Unrealized
Losses		   Fair
Value		   Amortized
Cost		   Gross
Unrealized
Losses		   Fair
Value		  
 
   (Dollars in thousands)
  

Available-for-sale:

                                      

Obligations of the U.S. Treasury and other U.S. government agencies or sponsored enterprises

   $ 37,049   $ (85 ) $ 36,964   $ —   $ —   $ —  

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

     20,403     (53 )   20,350     4,440     (56 )   4,384  

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

     3,514     —     3,514     12,559     (289 )   12,270  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 60,966   $ (138 ) $ 60,828   $ 16,999   $ (345 ) $ 16,654  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Held-to-maturity:

                                      

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

   $ —   $ —   $ —   $ 4,564   $ (122 ) $ 4,442  

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

     12,414     (92 )   12,322     13,988     (346 )   13,642  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 12,414   $ (92 ) $ 12,322   $ 18,552   $ (468 ) $ 18,084  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​


 

 
   December 31, 2013  
 
   Less than 12 Months   More than 12 Months  
 
   Amortized
Cost		   Gross
Unrealized
Losses		   Fair
Value		   Amortized
Cost		   Gross
Unrealized
Losses		   Fair
Value		  
 
   (Dollars in thousands)
  

Available-for-sale:

                                      

Obligations of the U.S. Treasury and other U.S. government agencies or sponsored enterprises

   $ 25,008   $ (95 ) $ 24,913   $ —   $ —   $ —  

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

     51,576     (934 )   50,642     —     —     —  

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

     18,447     (215 )   18,232     4,481     (314 )   4,167  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 95,031   $ (1,244 ) $ 93,787   $ 4,481   $ (314 ) $ 4,167  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Held-to-maturity:

                                      

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

   $ 6,033   $ (429 ) $ 5,604   $ 1,022   $ (99 ) $ 923  

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

     23,060     (706 )   22,354     —     —     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 29,093   $ (1,135 ) $ 27,958   $ 1,022   $ (99 ) $ 923  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

        The average loss on securities in an unrealized loss position was 0.96% and 1.92% of the amortized cost basis at December 31, 2014 and 2013, respectively. There were twelve and two securities in an unrealized loss position of greater than 12 months at December 31, 2014 and 2013, respectively.

        Green did not own securities of any one issuer (other than the U.S. government and its agencies or sponsored enterprises) for which the aggregate adjusted cost exceeds 10% of the consolidated shareholders' equity at December 31, 2014 or 2013.

        Securities with an amortized cost of $17.7 million and $10.3 million and fair value of $17.9 million and $10.5 million were pledged and available to be sold under repurchase agreements at December 31, 2014 and 2013, respectively. Securities with an amortized cost of $55.0 million and $38.2 million and fair value of $54.8 million and $37.5 million were pledged to various Federal Reserve districts related to deposits of bankruptcy trustees at December 31, 2014 and 2013, respectively. In addition, securities with an amortized cost of $669 thousand and $895 thousand and fair value of $701 thousand and $929 thousand were pledged as collateral for Green's derivative instruments at December 31, 2014 and 2013, respectively.