Securities (Tables)

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Estimated Fair Value of Securities Classified as Available for Sale

The amortized cost and estimated fair value of securities classified as available for sale at September 30, 2015 and December 31, 2014 are as follows:


	September 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Securities of U.S. Government agencies and corporations	$	2,568,777	$	21,531	$	(5,835	)	$	2,584,473
Mortgage-backed and related securities (1)		10,841,447		222,478		(2,154	)		11,061,771
State and municipal securities		12,716,799		312,800		(9,972	)		13,019,627

	$	26,127,023	$	566,809	$	(17,961	)	$	26,665,871


	December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Securities of U.S. Government agencies and corporations	$	2,641,393	$	9,564	$	(21,103	)	$	2,629,854
Mortgage-backed and related securities (1)		12,835,109		204,492		(2,478	)		13,037,123
State and municipal securities		12,750,735		393,364		(39,322	)		13,104,777

	$	28,227,237	$	607,420	$	(62,903	)	$	28,771,754

(1)	Collateralized by residential mortgages and guaranteed by U.S. Government sponsored entities.

Amortized Cost and Estimated Fair Value of Securities, by Contractual Maturity

The amortized cost and estimated market value of securities at September 30, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	September 30, 2015
	Securities Available for Sale
	Amortized Cost		Fair Value
Due in one year or less	$	171,425	$	172,489
Due after one year through five years		9,037,555		9,178,440
Due five years to ten years		4,918,172		5,081,931
Due after ten years		1,158,424		1,171,240
Mortgage-backed securities		10,841,447		11,061,771

Total	$	26,127,023	$	26,665,871

Summary of Securities with Gross Unrealized Losses, Aggregated by Investment Category

Securities with gross unrealized losses at September 30, 2015 and December 31, 2014, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows:


	September 30, 2015
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	(dollars in thousands)
Securities of U.S. Government agencies and corporations	$	—	$	—		$	994	$	(6	)	$	994	$	(6	)
State and municipal securities		1,491		(2	)		918		(8	)		2,409		(10	)
Mortgage-backed and related securities		1,367		(2	)		—		—			1,367		(2	)

	$	2,858	$	(4	)	$	1,912	$	(14	)	$	4,770	$	(18	)


	December 31, 2014
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	(dollars in thousands)
Securities of U.S. Government agencies and corporations	$	—	$	—		$	979	$	(21	)	$	979	$	(21	)
State and municipal securities		—		—			2,354		(39	)		2,354		(39	)
Mortgage-backed and related securities		986		(2	)		793		(1	)		1,779		(3	)

	$	986	$	(2	)	$	4,126	$	(61	)	$	5,112	$	(63	)

Athens Bancshares Corp 10-Q