Investment Securities

3 Months Ended

Mar. 31, 2012

Investment Securities [Abstract]

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 March 31, 2012, December 31, 2011 and March 31, 2011 are presented below:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(Dollars in Thousands)
March 31, 2012:
U. S. government agencies	$	28,634	$	258	$	(44	)	$	28,848
State, county and municipal securities		78,440		3,723		(166	)		81,997
Corporate debt securities		11,639		217		(471	)		11,385
Mortgage-backed securities		244,232		5,573		(244	)		249,561
Total debt securities	$	362,945	$	9,771	$	(925	)	$	371,791
December 31, 2011:
U. S. government agencies	$	14,670	$	267	$	—		$	14,937
State, county and municipal securities		75,665		3,558		(90	)		79,133
Corporate debt securities		11,640		167		(406	)		11,401
Mortgage-backed securities		228,085		6,559		(148	)		234,496
Total debt securities	$	330,060	$	10,551	$	(644	)	$	339,967
March 31, 2011:
U. S. government agencies	$	33,137	$	455	$	(47	)	$	33,545
State, county and municipal securities		55,971		1,310		(383	)		56,898
Corporate debt securities		12,150		168		(2,569	)		9,749
Mortgage-backed securities		202,204		5,143		(1,919	)		205,428
Total debt securities	$	303,462	$	7,076	$	(4,918	)	$	305,620

The amortized cost and fair value of available-for-sale securities at March 31, 2012 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	$	16,167	$	16,220
Due from one year to five years		18,833		19,527
Due from five to ten years		43,629		46,232
Due after ten years		40,084		40,251
Mortgage-backed securities		244,232		249,561
	$	362,945	$	371,791

Securities with a carrying value of approximately $208.1 million serve as collateral to secure public deposits and other purposes required or permitted by law at March 31, 2012.

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, 2012, December 31, 2011 and March 31, 2011.

	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)
March 31, 2012:
U. S. government agencies	$	8,960	$	(44	)	$	—	$	—		$	8,960	$	(44	)
State, county and municipal securities		8,960		(166	)		—		—			8,960		(166	)
Corporate debt securities		100		—			6,611		(471	)		6,711		(471	)
Mortgage-backed securities		37,860		(234	)		2,292		(10	)		40,152		(244	)
Total debt securities	$	55,880	$	(444	)	$	8,903	$	(481	)	$	64,783	$	(925	)
December 31, 2011:
U. S. government agencies	$	—	$	—		$	—	$	—		$	—	$	—
State, county and municipal securities		10,134		(90	)		—		—			10,134		(90	)
Corporate debt securities		100		—			6,681		(406	)		6,781		(406	)
Mortgage-backed securities		20,929		(148	)		—		—			20,929		(148	)
Total debt securities	$	31,163	$	(238	)	$	6,681	$	(406	)	$	37,844	$	(644	)
March 31, 2011:
U. S. government agencies	$	11,037	$	(47	)	$	—	$	—		$	11,037	$	(47	)
State, county and municipal securities		12,171		(383	)		—		—			12,171		(383	)
Corporate debt securities		413		(26	)		5,067		(2,543	)		5,480		(2,569	)
Mortgage-backed securities		75,721		(1,919	)		—		—			75,721		(1,919	)
Total debt securities	$	99,342	$	(2,375	)	$	5,067	$	(2,543	)	$	104,409	$	(4,918	)