SECURITIES AVAILABLE-FOR-SALE

The following tables present the amortized cost and fair value of available-for-sale securities as of the dates presented:



	December 31, 2014									December 31, 2013
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities	$	14,873	$	7	$	—		$	14,880	$	—	$	—	$	—		$	—
Obligations of U.S. government corporations and agencies	268,029		2,334		(1,078		)	269,285		235,181		2,151		(2,581		)	234,751
Collateralized mortgage obligations of U.S. government corporations and agencies	116,897		1,257		(148		)	118,006		63,776		601		(603		)	63,774
Residential mortgage-backed securities of U.S. government corporations and agencies	45,274		1,548		(154		)	46,668		47,934		1,420		(685		)	48,669
Commercial mortgage-backed securities of U.S. government corporations and agencies	39,834		232		(393		)	39,673		40,357		—		(1,305		)	39,052
Obligations of states and political subdivisions	136,977		5,789		(64		)	142,702		115,572		1,294		(2,602		)	114,264
Debt Securities	621,884		11,167		(1,837		)	631,214		502,820		5,466		(7,776		)	500,510
Marketable equity securities	7,579		1,480		—			9,059		7,579		1,336		—			8,915
Total	$	629,463	$	12,647	$	(1,837	)	$	640,273	$	510,399	$	6,802	$	(7,776	)	$	509,425

The following table shows the composition of gross and net realized gains and losses for the periods presented:



	Years ended December 31,
(dollars in thousands)	2014		2013		2012
Gross realized gains	$	41	$	5	$	3,027
Gross realized losses	—		—		(11		)
Net Realized Gains	$	41	$	5	$	3,016

The following tables present the fair value and the age of gross unrealized losses by investment category as of the dates presented:



	December 31, 2014
	Less Than 12 Months						12 Months or More							Total
(dollars in thousands)	Number of Securities	Fair Value		Unrealized Losses			Number of Securities	Fair Value		Unrealized Losses			Number of Securities	Fair Value		Unrealized Losses
Obligations of U.S. government corporations and agencies	4	$	39,745	$	(207	)	8	$	63,149	$	(871	)	12	$	102,894	$	(1,078	)
Collateralized mortgage obligations of U.S. government corporations and agencies	1	9,323		(148		)	—	—		—			1	9,323		(148		)
Residential mortgage-backed securities of U.S. government corporations and agencies	—	—		—			1	8,982		(154		)	1	8,982		(154		)
Commercial mortgage-backed securities of U.S. government corporations and agencies	1	9,998		(25		)	2	20,640		(368		)	3	30,638		(393		)
Obligations of states and political subdivisions	1	263		(1		)	2	10,756		(63		)	3	11,019		(64		)
Total Temporarily Impaired Securities	7	$	59,329	$	(381	)	13	$	103,527	$	(1,456	)	20	$	162,856	$	(1,837	)



	December 31, 2013
	Less Than 12 Months						12 Months or More							Total
(dollars in thousands)	Number of Securities	Fair Value		Unrealized Losses			Number of Securities	Fair Value		Unrealized Losses			Number of Securities	Fair Value		Unrealized Losses
Obligations of U.S. government corporations and agencies	16	$	126,017	$	(2,581	)	—	$	—	$	—		16	$	126,017	$	(2,581	)
Collateralized mortgage obligations of U.S. government corporations and agencies	3	39,522		(603		)	—	—		—			3	39,522		(603		)
Residential mortgage-backed securities of U.S. government corporations and agencies	2	22,822		(685		)	—	—		—			2	22,822		(685		)
Commercial mortgage-backed securities of U.S. government corporations and agencies	4	39,052		(1,305		)	—	—		—			4	39,052		(1,305		)
Obligations of states and political subdivisions	16	47,529		(1,739		)	2	10,088		(863		)	18	57,617		(2,602		)
Total Temporarily Impaired Securities	41	$	274,942	$	(6,913	)	2	$	10,088	$	(863	)	43	$	285,030	$	(7,776	)

We do not believe any individual unrealized loss as of December 31, 2014 represents an OTTI. As of December 31, 2014, the unrealized losses on 20 debt securities were primarily attributable to changes in interest rates and not related to the credit quality of these securities. All debt securities are determined to be investment grade and are paying principal and interest according to the contractual terms of the security. There were no unrealized losses on marketable equity securities. We do not intend to sell and it is more likely than not that we will not be required to sell any of the securities in an unrealized loss position before recovery of their amortized cost.

The following table displays net unrealized gains and losses, net of tax on securities available for sale included in accumulated other comprehensive income/(loss) for the periods presented:



	December 31, 2014							December 31, 2013
(dollars in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Net Unrealized Gains/(Losses)		Gross Unrealized Gains		Gross Unrealized Losses			Net Unrealized Gains/(Losses)
Total unrealized gains/(losses) on securities available for sale	$	12,647	$	(1,837	)	$	10,810	$	6,802	$	(7,776	)	$	(974	)
Income tax expense/(benefit)	4,426		(643		)	3,783		2,381		(2,722		)	(341		)
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss)	$	8,221	$	(1,194	)	$	7,027	$	4,421	$	(5,054	)	$	(633	)

The amortized cost and fair value of securities available-for-sale at December 31, 2014 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.



	December 31, 2014
(dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	21,137	$	21,339
Due after one year through five years	196,589		197,183
Due after five years through ten years	101,013		102,788
Due after ten years	101,140		105,557
	419,879		426,867
Collateralized mortgage obligations of U.S. government corporations and agencies	116,897		118,006
Residential mortgage-backed securities of U.S. government corporations and agencies	45,274		46,668
Commercial mortgage-backed securities of U.S. government corporations and agencies	39,834		39,673
Debt Securities	621,884		631,214
Marketable equity securities	7,579		9,059
Total	$	629,463	$	640,273

At December 31, 2014 and 2013, securities with carrying values of $289.1 million and $243.2 million were pledged for various regulatory and legal requirements.