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INVESTMENT SECURITIES (Tables)
 9 Months Ended
Sep. 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 September 30, 2016, December 31, 2015 and September 30, 2015 are presented below:
 
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
 
 
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
$
999
 
$
29
 
$
(0)
 
$
1,028
 
State, county and municipal securities
 
 
150,083
 
 
5,939
 
 
(28)
 
 
155,994
 
Corporate debt securities
 
 
28,924
 
 
194
 
 
(20)
 
 
29,098
 
Mortgage-backed securities
 
 
641,404
 
 
10,917
 
 
(317)
 
 
652,004
 
Total debt securities
 
$
821,410
 
$
17,079
 
$
(365)
 
$
838,124
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2015:
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
$
14,957
 
$
26
 
$
(15)
 
$
14,968
 
State, county and municipal securities
 
 
161,509
 
 
3,875
 
 
(519)
 
 
164,865
 
Corporate debt securities
 
 
5,901
 
 
150
 
 
(19)
 
 
6,032
 
Mortgage-backed securities
 
 
622,313
 
 
5,208
 
 
(2,001)
 
 
625,520
 
Total debt securities
 
$
804,680
 
$
9,259
 
$
(2,554)
 
$
811,385
 
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 September 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
 
$
5,260
 
$
5,312
 
Due from one year to five years
 
 
63,450
 
 
65,135
 
Due from five to ten years
 
 
56,521
 
 
59,169
 
Due after ten years
 
 
54,775
 
 
56,504
 
Mortgage-backed securities
 
 
641,404
 
 
652,004
 
 
 
$
821,410
 
$
838,124
 
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 September 30, 2016, December 31, 2015 and September 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)
 
September 30, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
$
-
 
$
-
 
$
-
 
$
-
 
$
-
 
$
-
 
State, county and municipal securities
 
 
4,398
 
 
(17)
 
 
1,634
 
 
(11)
 
 
6,032
 
 
(28)
 
Corporate debt securities
 
 
3,012
 
 
(5)
 
 
487
 
 
(15)
 
 
3,499
 
 
(20)
 
Mortgage-backed securities
 
 
66,920
 
 
(195)
 
 
12,519
 
 
(122)
 
 
79,439
 
 
(317)
 
Total debt securities
 
$
74,330
 
$
(217)
 
$
14,640
 
$
(148)
 
$
88,970
 
$
(365)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2015:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
$
-
 
$
-
 
$
4,985
 
$
(15)
 
$
4,985
 
$
(15)
 
State, county and municipal securities
 
 
28,339
 
 
(297)
 
 
10,451
 
 
(222)
 
 
38,790
 
 
(519)
 
Corporate debt securities
 
 
894
 
 
(19)
 
 
-
 
 
-
 
 
894
 
 
(19)
 
Mortgage-backed securities
 
 
213,439
 
 
(1,184)
 
 
30,708
 
 
(817)
 
 
244,147
 
 
(2,001)
 
Total debt securities
 
$
242,672
 
$
(1,500)
 
$
46,144
 
$
(1,054)
 
$
288,816
 
$
(2,554)
 
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 nine months ended September 30, 2016, year ended December 31, 2015 and nine months ended September 30, 2015:
 
 
 
September 30,
2016
 
December 31,
2015
 
September 30,
2015
 
 
 
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Gross gains on sales of securities
 
$
312
 
$
396
 
$
396
 
Gross losses on sales of securities
 
 
(218)
 
 
(259)
 
 
(259)
 
Net realized gains on sales of securities available for sale
 
$
94
 
$
137
 
$
137
 
Sales proceeds
 
$
53,026
 
$
72,528
 
$
69,208