|
INVESTMENT SECURITIES (Tables)
|
3 Months Ended |
|
Mar. 31, 2013
|
| Investment Securities [Abstract] |
|
| Amortized cost and related market value of investment securities available-for-sale |
Investment Portfolio Composition. The amortized cost and related market value of investment securities available-for-sale were as follows:
|
|
|
March 31, 2013
|
|
(Dollars in Thousands)
|
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Market
Value
|
|
U.S. Government Treasury
|
|
$
|
94,550
|
|
|
$
|
355
|
|
|
$
|
—
|
|
|
$
|
94,905
|
|
|
U.S. Government Agency
|
|
|
52,178
|
|
|
|
216
|
|
|
|
22
|
|
|
|
52,372
|
|
|
States and Political Subdivisions
|
|
|
82,860
|
|
|
|
172
|
|
|
|
38
|
|
|
|
82,994
|
|
|
Mortgage-Backed Securities
|
|
|
66,167
|
|
|
|
890
|
|
|
|
40
|
|
|
|
67,017
|
|
|
Other Securities(1)
|
|
|
10,814
|
|
|
|
—
|
|
|
|
600
|
|
|
|
10,214
|
|
|
Total Investment Securities
|
|
$
|
306,569
|
|
|
$
|
1,633
|
|
|
$
|
700
|
|
|
$
|
307,502
|
|
|
|
|
December 31, 2012
|
|
(Dollars in Thousands)
|
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Market
Value
|
|
U.S. Government Treasury
|
|
$
|
96,745
|
|
|
$
|
504
|
|
|
$
|
—
|
|
|
$
|
97,249
|
|
|
U.S. Government Agency
|
|
|
51,468
|
|
|
|
221
|
|
|
|
25
|
|
|
|
51,664
|
|
|
States and Political Subdivisions
|
|
|
79,818
|
|
|
|
124
|
|
|
|
63
|
|
|
|
79,879
|
|
|
Mortgage-Backed Securities
|
|
|
56,217
|
|
|
|
805
|
|
|
|
40
|
|
|
|
56,982
|
|
|
Other Securities(1)
|
|
|
11,811
|
|
|
|
—
|
|
|
|
600
|
|
|
|
11,211
|
|
|
Total Investment Securities
|
|
$
|
296,059
|
|
|
$
|
1,654
|
|
|
$
|
728
|
|
|
$
|
296,985
|
|
|
(1)
|
Includes Federal Home Loan Bank and Federal Reserve Bank stock recorded at cost of $5.4 million and $4.8 million, respectively, at March 31, 2013 and $6.4 million and $4.8 million, respectively, at December 31, 2012.
|
|
| Maturity Distribution |
Maturity Distribution. As of March 31, 2013, the Company’s investment securities had the following maturity distribution based on contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations. Mortgage-backed securities and certain amortizing U.S. government agency securities are shown separately since they are not due at a certain maturity date.
|
(Dollars in Thousands)
|
|
Amortized Cost
|
|
Market Value
|
|
Due in one year or less
|
|
$
|
85,517
|
|
|
$
|
85,799
|
|
|
Due after one through five years
|
|
|
106,857
|
|
|
|
107,078
|
|
|
No Maturity
|
|
|
10,814
|
|
|
|
10,214
|
|
|
Mortgage-Backed Securities
|
|
|
66,167
|
|
|
|
67,017
|
|
|
U.S. Government Agency
|
|
|
37,214
|
|
|
|
37,394
|
|
|
Total Investment Securities
|
|
$
|
306,569
|
|
|
$
|
307,502
|
|
|
| Investment securities with unrealized losses |
Other Than Temporarily Impaired Securities. The following tables summarize the investment securities with unrealized losses aggregated by major security type and length of time in a continuous unrealized loss position:
|
|
|
|
March 31, 2013
|
|
|
|
|
Less Than
12 Months
|
|
Greater Than
12 Months
|
|
Total
|
|
(Dollars in Thousands)
|
|
Market
Value
|
|
Unrealized
Losses
|
|
Market
Value
|
|
Unrealized
Losses
|
|
Market
Value
|
|
Unrealized
Losses
|
|
U.S. Government Treasury
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
U.S. Government Agency
|
|
|
21,891
|
|
|
|
19
|
|
|
|
762
|
|
|
|
3
|
|
|
|
22,653
|
|
|
|
22
|
|
|
States and Political Subdivisions
|
|
|
11,373
|
|
|
|
30
|
|
|
|
6,179
|
|
|
|
8
|
|
|
|
17,552
|
|
|
|
38
|
|
|
Mortgage-Backed Securities
|
|
|
4,711
|
|
|
|
20
|
|
|
|
1,532
|
|
|
|
20
|
|
|
|
6,243
|
|
|
|
40
|
|
|
Other Securities
|
|
|
—
|
|
|
|
—
|
|
|
|
600
|
|
|
|
600
|
|
|
|
600
|
|
|
|
600
|
|
|
Total Investment Securities
|
|
$
|
37,975
|
|
|
$
|
69
|
|
|
$
|
9,073
|
|
|
$
|
631
|
|
|
$
|
47,048
|
|
|
$
|
700
|
|
|
|
|
|
December 31, 2012
|
|
|
|
|
Less Than
12 Months
|
|
Greater Than
12 Months
|
|
Total
|
|
(Dollars in Thousands)
|
|
Market
Value
|
|
Unrealized
Losses
|
|
Market
Value
|
|
Unrealized
Losses
|
|
Market
Value
|
|
Unrealized
Losses
|
|
U.S. Government Treasury
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
U.S. Government Agency
|
|
|
8,464
|
|
|
|
23
|
|
|
|
790
|
|
|
|
2
|
|
|
|
9,254
|
|
|
|
25
|
|
|
States and Political Subdivisions
|
|
|
30,302
|
|
|
|
55
|
|
|
|
5,028
|
|
|
|
8
|
|
|
|
35,330
|
|
|
|
63
|
|
|
Mortgage-Backed Securities
|
|
|
3,921
|
|
|
|
15
|
|
|
|
1,624
|
|
|
|
25
|
|
|
|
5,545
|
|
|
|
40
|
|
|
Other Securities
|
|
|
—
|
|
|
|
—
|
|
|
|
600
|
|
|
|
600
|
|
|
|
600
|
|
|
|
600
|
|
|
Total Investment Securities
|
|
$
|
42,687
|
|
|
$
|
93
|
|
|
$
|
8,042
|
|
|
$
|
635
|
|
|
$
|
50,729
|
|
|
$
|
728
|
|
|