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Investment Securities
6 Months Ended
Jun. 30, 2011
Investment Securities  
Investment Securities

NOTE 2 – INVESTMENT SECURITIES

Ameris' investment policy blends the Company's liquidity needs and interest rate risk management with its desire to increase income and provide funds for expected growth in loans. The investment securities portfolio consists primarily of U.S. government sponsored mortgage-backed securities and agencies, state, county and municipal securities and corporate debt securities. Ameris' portfolio and investing philosophy concentrate activities in obligations where the credit risk is limited. For the small portion of Ameris' portfolio found to present credit risk, the Company has reviewed the investments and financial performance of the obligors and believes the credit risk to be acceptable.

The amortized cost and estimated fair value of investment securities available for sale at June 30, 2011, December 31, 2010 and June 30, 2010 are presented below:

 

     Amortized
Cost
     Gross
Unrealized
Gains
     Gross
Unrealized
Losses
    Fair
Value
 
     (Dollars in Thousands)  

June 30, 2011:

          

U. S. government agencies

   $ 24,056       $ 203       $ —        $ 24,259   

State, county and municipal securities

     58,636         1,950         (40     60,546   

Corporate debt securities

     11,637         242         (2,157     9,722   

Mortgage-backed securities

     234,437         5,979         (567     239,849   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total securities

   $ 328,766       $ 8,374       $ (2,764   $ 334,376   
  

 

 

    

 

 

    

 

 

   

 

 

 

December 31, 2010:

          

U. S. government agencies

   $ 35,128       $ 448       $ (108   $ 35,468   

State, county and municipal securities

     57,385         928         (617     57,696   

Corporate debt securities

     13,540         123         (2,877     10,786   

Mortgage-backed securities

     213,737         6,732         (1,838     218,631   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total securities

   $ 319,790       $ 8,231       $ (5,440   $ 322,581   
  

 

 

    

 

 

    

 

 

   

 

 

 

June 30, 2010:

          

U. S. government agencies

   $ 19,329       $ 585       $ —        $ 19,914   

State, county and municipal securities

     42,823         1,100         (13     43,910   

Corporate debt securities

     12,635         92         (3,142     9,585   

Mortgage-backed securities

     156,307         8,110         (62     164,355   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total securities

   $ 231,094       $ 9,887       $ (3,217   $ 237,764   
  

 

 

    

 

 

    

 

 

   

 

 

 

The amortized cost and fair value of available-for-sale securities at June 30, 2011 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

   $ 13,491       $ 13,543   

Due from one year to five years

     22,120         22,722   

Due from five to ten years

     35,564         37,000   

Due after ten years

     23,154         21,262   

Mortgage-backed securities

     234,437         239,849   
  

 

 

    

 

 

 
   $ 328,766       $ 334,376   
  

 

 

    

 

 

 

Securities with a carrying value of approximately $200.2 million serve as collateral to secure public deposits and other purposes required or permitted by law at June 30, 2011.

 

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, 2011, December 31, 2010 and June 30, 2010.

 

     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, 2011:

               

U. S. government agencies

   $ —         $ —        $ —         $ —        $ —         $ —     

State, county and municipal securities

     3,844         (39     203         (1     4,047         (40

Corporate debt securities

     100         (1     4,936         (2,156     5,036         (2,157

Mortgage-backed securities

     60,926         (567     —           —          60,926         (567
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total temporarily impaired securities

   $ 64,870       $ (607   $ 5,139       $ (2,158   $ 70,009       $ (2,764
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

December 31, 2010:

               

U. S. government agencies

   $ 25,017       $ (108   $ —         $ —        $ 25,017       $ (108

State, county and municipal securities

     17,563         (617     —           —          17,563         (617

Corporate debt securities

     1,048         (20     5,078         (2,857     6,126         (2,877

Mortgage-backed securities

     64,549         (1,838     15         —          64,564         (1,838
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total temporarily impaired securities

   $ 108,177       $ (2,583   $ 5,093       $ (2,857   $ 113,270       $ (5,440
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

June 30, 2010:

               

U. S. government agencies

   $ —         $ —        $ —         $ —        $ —         $ —     

State, county and municipal securities

     2,488         (9     921         (4     3,409         (13

Corporate debt securities

     916         (84     5,045         (3,058     5,961         (3,142

Mortgage-backed securities

     3,072         (1     1,509         (61     4,581         (62
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total temporarily impaired securities

   $ 6,476       $ (94   $ 7,475       $ (3,123   $ 13,951       $ (3,217