INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2017

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:

			September 30, 2017								December 31, 2016
					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			$	109,348	$	-	$	(2,008)	$	107,340	$	124,314	$	32	$	(2,556)	$	121,790
State and municipal				312,656		8,534		(63)		321,127		281,090		7,180		(586)		287,684
Mortgage-backed				316,770		2,724		(2,615)		316,879		314,029		2,851		(4,169)		312,711
Corporate debt				9,100		422		-		9,522		9,100		34		-		9,134
Trust preferred				931		58		-		989		1,089		-		(77)		1,012
	Total debt securities			748,805		11,738		(4,686)		755,857		729,622		10,097		(7,388)		732,331
Marketable equity securities				212		-		-		212		1,223		-		-		1,223
		Total investments available-for-sale	$	749,017	$	11,738	$	(4,686)	$	756,069	$	730,845	$	10,097	$	(7,388)	$	733,554

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, 2016	$	531
Additions for credit losses not previously recognized		-
Cumulative credit losses on investment securities through September 30, 2017	$	531

Other Equity Securities

Equity securities

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

(In thousands)		September 30, 2017		December 31, 2016
Federal Reserve Bank stock		$	8,382	$	8,334
Federal Home Loan Bank of Atlanta stock			31,471		37,760
	Total equity securities	$	39,853	$	46,094

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:

		September 30, 2017
						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			12	$	102,340	$	2,008	$	-	$	2,008
State and municipal			14		11,076		37		26		63
Mortgage-backed			34		171,833		2,012		603		2,615
	Total		60	$	285,249	$	4,057	$	629	$	4,686

		December 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			12	$	96,788	$	2,556	$	-	$	2,556
State and municipal			53		48,010		516		70		586
Mortgage-backed			37		212,844		3,971		198		4,169
Trust preferred			1		1,012		-		77		77
	Total		103	$	358,654	$	7,043	$	345	$	7,388

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.

		September 30, 2017				December 31, 2016
				Estimated				Estimated
		Amortized		Fair		Amortized		Fair
(In thousands)		Cost		Value		Cost		Value
Due in one year or less		$	10,821	$	10,934	$	7,493	$	7,541
Due after one year through five years			173,513		179,386		156,953		162,233
Due after five years through ten years			244,098		245,324		282,468		282,713
Due after ten years			320,373		320,213		282,708		279,844
	Total debt securities available for sale	$	748,805	$	755,857	$	729,622	$	732,331