SECURITIES (Tables)

3 Months Ended

Mar. 31, 2016

Summary of Available-For-Sale Securities

Information related to the fair value and amortized cost of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income is provided in the tables below.

		Gross	Gross
	Amortized	Unrealized	Unrealized	Fair
(dollars in thousands)	Cost	Gain	Losses	Value
March 31, 2016
U.S. Treasury securities	$988	$46	$0	$1,034
U.S. government sponsored agencies	7,132	59	0	7,191
Agency residential mortgage-backed securities	350,450	9,539	(262)	359,727
State and municipal securities	113,030	4,448	(167)	117,311
Total	$471,600	$14,092	$(429)	$485,263

December 31, 2015
U.S. Treasury securities	$988	$15	$0	$1,003
U.S. government sponsored agencies	7,178	19	(77)	7,120
Agency residential mortgage-backed securities	357,984	5,087	(2,399)	360,672
State and municipal securities	105,753	3,773	(250)	109,276
Total	$471,903	$8,894	$(2,726)	$478,071

Schedule of Available-For-Sale Securities By Maturity

Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without a prepayment penalty.

	Amortized	Fair
(dollars in thousands)	Cost	Value
Due in one year or less	$2,895	$2,939
Due after one year through five years	20,132	20,834
Due after five years through ten years	47,500	49,987
Due after ten years	50,623	51,776
	121,150	125,536
Mortgage-backed securities	350,450	359,727
Total debt securities	$471,600	$485,263

Schedule of Sales of Securities Available For Sale

Securities proceeds, gross gains and gross losses are presented below.

	Three months ended March 31,
(dollars in thousands)	2016	2015
Sales of securities available for sale
Proceeds	$6,929	$7,787
Gross gains	65	42
Gross losses	13	0

Schedule of Available-For-Sale Securities Continuous Unrealized Loss Position

The tables divide the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more.

	Less than 12 months		12 months or more		Total
	Fair	Unrealized	Fair	Unrealized	Fair	Unrealized
(dollars in thousands)	Value	Losses	Value	Losses	Value	Losses
March 31, 2016
Agency residential mortgage-backed
securities	$9,481	$(34)	$28,551	$(228)	$38,032	$(262)
State and municipal securities	12,527	(80)	3,587	(87)	16,114	(167)
Total temporarily impaired	$22,008	$(114)	$32,138	$(315)	$54,146	$(429)

December 31, 2015
U.S. government sponsored agencies	$0	$0	$3,895	$(77)	$3,895	$(77)
Agency residential mortgage-backed
securities	151,792	(1,521)	30,116	(878)	181,908	(2,399)
State and municipal securities	11,364	(78)	8,326	(172)	19,690	(250)
Total temporarily impaired	$163,156	$(1,599)	$42,337	$(1,127)	$205,493	$(2,726)

Quantitative Disclosure of Available-For-Sale Securities

The total number of securities with unrealized losses as of March 31, 2016 and December 31, 2015 is presented below.

	Less than	12 months
	12 months	or more	Total
March 31, 2016
Agency residential mortgage-backed securities	6	10	16
State and municipal securities	13	4	17
Total temporarily impaired	19	14	33

December 31, 2016
U.S. government sponsored agencies	0	1	1
Agency residential mortgage-backed securities	46	9	55
State and municipal securities	21	12	33
Total temporarily impaired	67	22	89

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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