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INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2016

Amortized cost and Estimated fair values of Investments Available-for-sale

Investments available-for-sale

The amortized cost and estimated fair values of investments available-for-sale at the dates indicated are presented in the following table:

			March 31, 2016								December 31, 2015
					Gross		Gross		Estimated				Gross		Gross		Estimated
			Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
(In thousands)			Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. government agencies			$	126,341	$	157	$	(91)	$	126,407	$	109,602	$	132	$	(1,334)	$	108,400
State and municipal				297,455		14,172		(70)		311,557		156,402		8,305		-		164,707
Mortgage-backed				256,891		5,967		(365)		262,493		312,846		6,396		(2,546)		316,696
Corporate debt				2,100		57		-		2,157		-		-		-		-
Trust preferred				1,089		-		(54)		1,035		1,089		-		(66)		1,023
	Total debt securities			683,876		20,353		(580)		703,649		579,939		14,833		(3,946)		590,826
Marketable equity securities				1,223		-		-		1,223		1,223		-		-		1,223
		Total investments available-for-sale	$	685,099	$	20,353	$	(580)	$	704,872	$	581,162	$	14,833	$	(3,946)	$	592,049

Activity of OTTI on investment Securities Due to Credit Losses Recognized in Earnings

The following table provides the activity of OTTI on investment securities due to credit losses recognized in earnings for the period indicated:

(In thousands)		OTTI Losses
Cumulative credit losses on investment securities, through December 31, 2015	$	531

Additions for credit losses not previously recognized		-

Cumulative credit losses on investment securities, through March 31, 2016	$	531

Amortized Cost and Estimated Fair Values of Investments Held-To-Maturity

Investments held-to-maturity

The amortized cost and estimated fair values of investments held-to-maturity at the dates indicated are presented in the following table:

		December 31, 2015
				Gross		Gross		Estimated
		Amortized		Unrealized		Unrealized		Fair
(In thousands)		Cost		Gains		Losses		Value
U.S. government agencies		$	56,460	$	-	$	(733)	$	55,727
State and municipal			149,537		4,297		(148)		153,686
Mortgage-backed			168		23		-		191
Corporate debt			2,100		-		-		2,100
	Total investments held-to-maturity	$	208,265	$	4,320	$	(881)	$	211,704

Other Equity Securities

Equity securities

Other equity securities at the dates indicated are presented in the following table:

(In thousands)		March 31, 2016		December 31, 2015
Federal Reserve Bank stock		$	8,269	$	8,269
Federal Home Loan Bank of Atlanta stock			29,260		33,067
	Total equity securities	$	37,529	$	41,336

Available-for-Sale Securities

Gross Unrealized Losses and Fair Value by Length of Time

Gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in an unrealized loss position at the dates indicated are presented in the following table:

		March 31, 2016
						Continuous Unrealized
						Losses Existing for:
		Number								Total
		of				Less than		More than		Unrealized
(Dollars in thousands)		securities		Fair Value		12 months		12 months		Losses
U.S. government agencies			3	$	29,900	$	71	$	20	$	91
State and municipal			7		5,205		22		48		70
Mortgage-backed			11		45,670		93		272		365
Trust preferred			1		1,035		-		54		54
	Total		22	$	81,810	$	186	$	394	$	580

		December 31, 2015
						Continuous Unrealized
						Losses Existing for:
		Number								Total
		of				Less than		More than		Unrealized
(Dollars in thousands)		securities		Fair Value		12 months		12 months		Losses
U.S. government agencies			7	$	78,555	$	1,020	$	314	$	1,334
Mortgage-backed			26		140,556		716		1,830		2,546
Trust preferred			1		1,023		-		66		66
	Total		34	$	220,134	$	1,736	$	2,210	$	3,946

Amortized Cost and Estimated Fair Values of Investment Securities

The amortized cost and estimated fair values of debt securities available-for-sale by contractual maturity at the dates indicated are provided in the following table. The Company has allocated mortgage-backed securities into the four maturity groupings reflected in the following table using the expected average life of the individual securities based on statistics provided by independent third party industry sources. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with or without prepayment penalties.

		March 31, 2016				December 31, 2015
				Estimated				Estimated
		Amortized		Fair		Amortized		Fair
(In thousands)		Cost		Value		Cost		Value
Due in one year or less		$	1,605	$	1,623	$	301	$	306
Due after one year through five years			163,105		169,257		157,710		160,257
Due after five years through ten years			293,974		304,116		168,136		174,677
Due after ten years			225,192		228,653		253,792		255,586
	Total debt securities available for sale	$	683,876	$	703,649	$	579,939	$	590,826

Held-to-Maturity Securities

Gross Unrealized Losses and Fair Value by Length of Time

Gross unrealized losses and fair value by length of time that the individual held-to-maturity securities have been in a continuous unrealized loss position at the dates indicated are presented in the following tables:

		December 31, 2015
						Continuous Unrealized
						Losses Existing for:
		Number								Total
		of				Less than		More than		Unrealized
(Dollars in thousands)		securities		Fair Value		12 months		12 months		Losses
U.S. government agencies			6	$	55,727	$	456	$	277	$	733
State and municipal			11		12,369		23		125		148
	Total		17	$	68,096	$	479	$	402	$	881

Amortized Cost and Estimated Fair Values of Investment Securities

The amortized cost and estimated fair values of debt securities held-to-maturity by contractual maturity at the dates indicated are reflected in the following table. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with or without prepayment penalties.

		December 31, 2015
				Estimated
		Amortized		Fair
(In thousands)		Cost		Value
Due in one year or less		$	845	$	853
Due after one year through five years			19,217		20,041
Due after five years through ten years			163,125		165,620
Due after ten years			25,078		25,190
	Total debt securities held-to-maturity	$	208,265	$	211,704

- 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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- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

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