INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2017

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, along with unrealized gains and losses, are summarized as follows:

(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2017
U.S. government sponsored agencies	$	999	$	16	$	-	$	1,015
State, county and municipal securities		147,109		2,762		(315)		149,556
Corporate debt securities		44,801		372		(271)		44,902
Mortgage-backed securities		640,055		2,094		(6,857)		635,292
Total debt securities	$	832,964	$	5,244	$	(7,443)	$	830,765
December 31, 2016
U.S. government sponsored agencies	$	999	$	21	$	-	$	1,020
State, county and municipal securities		149,899		2,605		(469)		152,035
Corporate debt securities		32,375		167		(370)		32,172
Mortgage-backed securities		641,362		2,700		(6,554)		637,508
Total debt securities	$	824,635	$	5,493	$	(7,393)	$	822,735

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 March 31, 2017 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.

(dollars in thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	9,947	$	10,075
Due from one year to five years		63,050		63,720
Due from five to ten years		65,834		67,069
Due after ten years		54,078		54,609
Mortgage-backed securities		640,055		635,292
	$	832,964	$	830,765

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 March 31, 2017 and December 31, 2016.

	Less Than 12 Months				12 Months or More				Total
(dollars in thousands)	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
March 31, 2017
U.S. government sponsored agencies	$	-	$	-	$	-	$	-	$	-	$	-
State, county and municipal securities		38,520		(315)		-		-		38,520		(315)
Corporate debt securities		18,430		(263)		492		(8)		18,922		(271)
Mortgage-backed securities		435,815		(6,503)		11,138		(354)		446,953		(6,857)
Total debt securities	$	492,765	$	(7,081)	$	11,630	$	(362)	$	504,395	$	(7,443)
December 31, 2016
U.S. government sponsored agencies	$	-	$	-	$	-	$	-	$	-	$	-
State, county and municipal securities		47,647		(469)		-		-		47,647		(469)
Corporate debt securities		18,377		(363)		493		(7)		18,870		(370)
Mortgage-backed securities		414,300		(6,177)		11,791		(377)		426,091		(6,554)
Total debt securities	$	480,324	$	(7,009)	$	12,284	$	(384)	$	492,608	$	(7,393)

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 three months ended March 31, 2017 and 2016:

(dollars in thousands)	March 31, 2017		March 31, 2016
Gross gains on sales of securities	$	-	$	312
Gross losses on sales of securities		-		(218)
Net realized gains on sales of securities available for sale	$	-	$	94
Sales proceeds	$	-	$	41,564