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INVESTMENT SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Value of Investment Securities Available for Sale
The amortized cost and estimated fair value of investment securities available for sale at June 30, 2016, December 31, 2015 and June 30, 2015 are presented below:
 
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
 
 
(Dollars in Thousands)
 
June 30, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
$
5,999
 
$
38
 
$
-
 
$
6,037
 
State, county and municipal securities
 
 
151,504
 
 
6,936
 
 
(54)
 
 
158,386
 
Corporate debt securities
 
 
20,151
 
 
174
 
 
(22)
 
 
20,303
 
Mortgage-backed securities
 
 
645,045
 
 
14,053
 
 
(178)
 
 
658,920
 
Total debt securities
 
$
822,699
 
$
21,201
 
$
(254)
 
$
843,646
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015:
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
$
14,959
 
$
-
 
$
(69)
 
$
14,890
 
State, county and municipal securities
 
 
157,681
 
 
4,046
 
 
(411)
 
 
161,316
 
Corporate debt securities
 
 
5,900
 
 
145
 
 
(28)
 
 
6,017
 
Mortgage-backed securities
 
 
599,721
 
 
3,945
 
 
(2,704)
 
 
600,962
 
Total debt securities
 
$
778,261
 
$
8,136
 
$
(3,212)
 
$
783,185
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2015:
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
$
14,956
 
$
-
 
$
(210)
 
$
14,746
 
State, county and municipal securities
 
 
165,070
 
 
3,305
 
 
(1,003)
 
 
167,372
 
Corporate debt securities
 
 
12,710
 
 
184
 
 
(58)
 
 
12,836
 
Mortgage-backed securities
 
 
665,274
 
 
4,948
 
 
(3,022)
 
 
667,200
 
Total debt securities
 
$
858,010
 
$
8,437
 
$
(4,293)
 
$
862,154
 
Amortized Cost and Fair Value of Available for Sale Securities by Contractual Maturity
The amortized cost and fair value of available-for-sale securities at June 30, 2016 by contractual maturity are summarized in the table below. Expected maturities for mortgage-backed securities may differ from contractual maturities because in certain cases borrowers can prepay obligations without prepayment penalties. Therefore, these securities are not included in the following maturity summary.
 
 
 
Amortized
Cost
 
Fair
Value
 
 
 
(Dollars in Thousands)
 
Due in one year or less
 
$
4,829
 
$
4,875
 
Due from one year to five years
 
 
60,389
 
 
62,119
 
Due from five to ten years
 
 
52,279
 
 
55,280
 
Due after ten years
 
 
60,157
 
 
62,452
 
Mortgage-backed securities
 
 
645,045
 
 
658,920
 
 
 
$
822,699
 
$
843,646
 
Schedule of Gross Unrealized Losses and Fair Value of Securities
The following table details the gross unrealized losses and fair value of securities aggregated by category and duration of continuous unrealized loss position at June 30, 2016, December 31, 2015 and June 30, 2015.
 
 
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Description of Securities
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
 
 
(Dollars in Thousands)
 
June 30, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
$
-
 
$
-
 
$
-
 
$
-
 
$
-
 
$
-
 
State, county and municipal securities
 
 
-
 
 
-
 
 
3,862
 
 
(54)
 
 
3,862
 
 
(54)
 
Corporate debt securities
 
 
5,683
 
 
(22)
 
 
-
 
 
-
 
 
5,683
 
 
(22)
 
Mortgage-backed securities
 
 
30,187
 
 
(128)
 
 
9,411
 
 
(50)
 
 
39,598
 
 
(178)
 
Total debt securities
 
$
35,870
 
$
(150)
 
$
13,273
 
$
(104)
 
$
49,143
 
$
(254)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
$
9,932
 
$
(27)
 
$
4,958
 
$
(42)
 
$
14,890
 
$
(69)
 
State, county and municipal securities
 
 
19,293
 
 
(199)
 
 
11,557
 
 
(212)
 
 
30,850
 
 
(411)
 
Corporate debt securities
 
 
1,383
 
 
(28)
 
 
-
 
 
-
 
 
1,383
 
 
(28)
 
Mortgage-backed securities
 
 
263,281
 
 
(1,950)
 
 
29,950
 
 
(754)
 
 
293,231
 
 
(2,704)
 
Total debt securities
 
$
293,889
 
$
(2,204)
 
$
46,465
 
$
(1,008)
 
$
340,354
 
$
(3,212)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2015:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
$
9,818
 
$
(138)
 
$
4,928
 
$
(72)
 
$
14,746
 
$
(210)
 
State, county and municipal securities
 
 
50,294
 
 
(680)
 
 
10,404
 
 
(323)
 
 
60,698
 
 
(1,003)
 
Corporate debt securities
 
 
7,149
 
 
(58)
 
 
-
 
 
-
 
 
7,149
 
 
(58)
 
Mortgage-backed securities
 
 
238,174
 
 
(2,046)
 
 
30,672
 
 
(976)
 
 
268,846
 
 
(3,022)
 
Total debt securities
 
$
305,435
 
$
(2,922)
 
$
46,004
 
$
(1,371)
 
$
351,439
 
$
(4,293)
 
Gross Realized Gains And Losses On Sales Of Available For Sale Securities
The following table is a summary of sales activities in the Company’s investment securities available for sale for the six months ended June 30, 2016, year ended December 31, 2015 and six months ended June 30, 2015:
 
 
 
June 30, 2016
 
December 31, 2015
 
June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in Thousands)
 
Gross gains on sales of securities
 
$
313
 
$
396
 
$
41
 
Gross losses on sales of securities
 
 
(219)
 
 
(259)
 
 
(19)
 
Net realized gains on sales of securities available for sale
 
$
94
 
$
137
 
$
22
 
Sales proceeds
 
$
46,731
 
$
72,528
 
$
30,113