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INVESTMENT SECURITIES
 12 Months Ended
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES
INVESTMENT SECURITIES
 
The amortized cost and fair values of investment securities at December 31, 2015 and 2014 are as follows:
 
 
 
2015
(In Thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
Available for sale (AFS)
 
 

 
 

 
 

 
 

U.S. Government and agency securities
 
$
3,586

 
$
—

 
$
(37
)
 
$
3,549

Mortgage-backed securities
 
9,785

 
284

 
(60
)
 
10,009

Asset-backed securities
 
1,960

 
—

 
(20
)
 
1,940

State and political securities
 
84,992

 
1,797

 
(234
)
 
86,555

Other debt securities
 
59,832

 
185

 
(2,245
)
 
57,772

Total debt securities
 
160,155

 
2,266

 
(2,596
)
 
159,825

Financial institution equity securities
 
10,397

 
1,100

 
(14
)
 
11,483

Other equity securities
 
5,214

 
70

 
(435
)
 
4,849

Total equity securities
 
15,611

 
1,170

 
(449
)
 
16,332

Total investment securities AFS
 
$
175,766

 
$
3,436

 
$
(3,045
)
 
$
176,157

 
 
 
 
 
 
 
 
 
 
 
 
2014
(In Thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
Available for sale (AFS)
 
 

 
 

 
 

 
 

U.S. Government and agency securities
 
$
3,953

 
$
—

 
$
(112
)
 
$
3,841

Mortgage-backed securities
 
12,240

 
485

 
(28
)
 
12,697

Asset-backed securities
 
2,468

 
27

 
(3
)
 
2,492

State and political securities
 
104,820

 
3,885

 
(589
)
 
108,116

Other debt securities
 
89,736

 
1,026

 
(1,299
)
 
89,463

Total debt securities
 
213,217

 
5,423

 
(2,031
)
 
216,609

Financial institution equity securities
 
8,823

 
1,110

 
(18
)
 
9,915

Other equity securities
 
5,733

 
84

 
(128
)
 
5,689

Total equity securities
 
14,556

 
1,194

 
(146
)
 
15,604

Total investment securities AFS
 
$
227,773

 
$
6,617

 
$
(2,177
)
 
$
232,213



The amortized cost and fair values of trading investment securities at December 31, 2015 are as follows. There were no trading securities at December 31, 2014.
 
 
2015
(In Thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
Trading
 
 
 
 
 
 
 
 
Financial institution equity securities
 
$
78

 
$
—

 
$
(5
)
 
$
73

Total trading securities
 
$
78

 
$
—


$
(5
)

$
73




The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at December 31, 2015 and 2014.
 
 
 
2015
 
 
Less than Twelve Months
 
Twelve Months or Greater
 
Total
 
 
 
 
Gross
 
 
 
Gross
 
 
 
Gross
 
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
(In Thousands)
 
Value
 
Losses
 
Value
 
Losses
 
Value
 
Losses
Available for Sale (AFS)
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government and agency securities
 
$
—

 
$
—

 
$
3,549

 
$
(37
)
 
$
3,549

 
$
(37
)
Mortgage-backed securities
 
6,081

 
(60
)
 
—

 
—

 
6,081

 
(60
)
Asset-backed securities
 
1,626

 
(16
)
 
314

 
(4
)
 
1,940

 
(20
)
State and political securities
 
7,345

 
(47
)
 
1,656

 
(187
)
 
9,001

 
(234
)
Other debt securities
 
24,381

 
(530
)
 
22,547

 
(1,715
)
 
46,928

 
(2,245
)
Total debt securities
 
39,433

 
(653
)
 
28,066

 
(1,943
)
 
67,499

 
(2,596
)
Financial institution equity securities
 
—

 
—

 
53

 
(14
)
 
53

 
(14
)
Other equity securities
 
2,363

 
(277
)
 
1,001

 
(158
)
 
3,364

 
(435
)
Total equity securities
 
2,363

 
(277
)
 
1,054

 
(172
)
 
3,417

 
(449
)
Total Investment Securities AFS
 
$
41,796

 
$
(930
)
 
$
29,120

 
$
(2,115
)
 
$
70,916

 
$
(3,045
)
 
 
 
2014
 
 
Less than Twelve Months
 
Twelve Months or Greater
 
Total
 
 
 
 
Gross
 
 
 
Gross
 
 
 
Gross
 
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
(In Thousands)
 
Value
 
Losses
 
Value
 
Losses
 
Value
 
Losses
Available for Sale (AFS)
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government and agency securities
 
$
—

 
$
—

 
$
3,841

 
$
(112
)
 
$
3,841

 
$
(112
)
Mortgage-backed securities
 
6,741

 
(28
)
 
—

 
—

 
6,741

 
(28
)
Asset-backed securities
 
—

 
—

 
519

 
(3
)
 
519

 
(3
)
State and political securities
 
8,243

 
(14
)
 
6,382

 
(575
)
 
14,625

 
(589
)
Other debt securities
 
23,174

 
(718
)
 
29,266

 
(581
)
 
52,440

 
(1,299
)
Total debt securities
 
38,158

 
(760
)
 
40,008

 
(1,271
)
 
78,166

 
(2,031
)
Financial institution equity securities
 
407

 
(18
)
 
—

 
—

 
407

 
(18
)
Other equity securities
 
1,837

 
(100
)
 
773

 
(28
)
 
2,610

 
(128
)
Total equity securities
 
2,244

 
(118
)
 
773

 
(28
)
 
3,017

 
(146
)
Total Investment Securities AFS
 
$
40,402

 
$
(878
)
 
$
40,781

 
$
(1,299
)
 
$
81,183

 
$
(2,177
)

 
At December 31, 2015 there were 44 individual securities in a continuous unrealized loss position for less than twelve months and 21 individual securities in a continuous unrealized loss position for greater than twelve months.

The Company reviews its position quarterly and has asserted that at December 31, 2015 and 2014, the declines outlined in the above table represent temporary declines and the Company does not intend to sell and does not believe they will be required to sell these securities before recovery of their cost basis, which may be at maturity.  The Company has concluded that any impairment of its investment securities portfolio is not other than temporary but is the result of interest rate changes that are not expected to result in the non-collection of principal and interest during the period.

The amortized cost and fair value of debt securities at December 31, 2015, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
(In Thousands)
 
Amortized Cost
 
Fair Value
Due in one year or less
 
$
1,835

 
$
1,843

Due after one year to five years
 
32,085

 
31,926

Due after five years to ten years
 
88,554

 
87,311

Due after ten years
 
37,681

 
38,745

Total
 
$
160,155

 
$
159,825


 
Total gross proceeds from sales of securities available for sale were $65,672,000, $102,145,000, and $79,114,000 for 2015, 2014, and 2013, respectively.  The following table represents gross realized gains and losses on those transactions:
 
 
Year Ended December 31,
(In Thousands)
 
2015
 
2014
 
2013
Gross realized gains:
 
 

 
 

 
 

U.S. Government and agency securities
 
$
—

 
$
59

 
$
—

Mortgage-backed securities
 
—

 
89

 
—

State and political securities
 
1,571

 
2,327

 
2,076

Other debt securities
 
825

 
622

 
490

Financial institution equity securities
 
183

 
710

 
241

Other equity securities
 
132

 
491

 
340

Total gross realized gains
 
$
2,711

 
$
4,298

 
$
3,147

Gross realized losses:
 
 

 
 

 
 

U.S. Government and agency securities
 
$
—

 
$
45

 
$
—

Mortgage-backed securities
 
—

 
—

 
92

State and political securities
 
22

 
412

 
611

Other debt securities
 
54

 
209

 
27

Financial institution equity securities
 
—

 
—

 
—

Other equity securities
 
43

 
117

 
—

Total gross realized losses
 
$
119

 
$
783

 
$
730



There were no impairment charges included in gross realized losses for the years ended December 31, 2015, 2014, and 2013.

Investment securities with a carrying value of approximately $131,089,000 and $128,501,000 at December 31, 2015 and 2014, respectively, were pledged to secure certain deposits, repurchase agreements, and for other purposes as required by law.

There is no concentration of investments that exceed ten percent of shareholders’ equity for any individual issuer, excluding those guaranteed by the U.S. Government.