Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT SECURITIES (Tables)

v2.4.0.8
INVESTMENT SECURITIES (Tables)
9 Months Ended
Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract]  
Amortized cost and related market value of investment securities

Investment Portfolio Composition. The amortized cost and related market value of investment securities were as follows:

 

    September 30, 2013   December 31, 2012
    Amortized Cost   Unrealized Gains   Unrealized Losses   Market Value   Amortized Cost   Unrealized Gain   Unrealized Losses   Market Value
Available for Sale                                                                
U.S. Treasury   $ 79,336     $ 144     $ 40     $ 79,440     $ 96,745     $ 504     $ —       $ 97,249  
U.S. Government Agency     72,263       142       218       72,187       51,468       221       25       51,664  
States and Political   Subdivisions     107,149       182       38       107,293       79,818       124       63       79,879  
Mortgage-Backed Securities     2,700       204       —         2,904       56,217       805       40       56,982  
Other Securities(1)     10,204       —         190       10,014       11,811       —         600       11,211  
Total     271,652     $ 672     $ 486     $ 271,838     $ 296,059     $ 1,654     $ 728     $ 296,985  
                                                                 
Held to Maturity                                                                
U.S. Treasury   $ 14,949     $ 43     $ —       $ 14,992     $ —       $ —       $ —       $ —    
U.S. Government Agency     8,155       4       —         8,159       —         —         —         —    
States and Political Subdivisions     14,001       17       23       13,995       —         —         —         —    
Mortgage-Backed Securities     60,204       118       53       60,269       —         —         —         —    
Other Securities     —         —         —         —         —         —         —         —    
Total   $ 97,309     $ 182     $ 76     $ 97,415     $ —       $ —       $ —       $ —    
                                                                 

 

  (1) Includes Federal Home Loan Bank and Federal Reserve Bank stock recorded at cost of $5.2 million and $4.8 million, respectively, at September 30, 2013 and $6.4 million and $4.8 million, respectively, at December 31, 2012.
Maturity Distribution

 

    Available for Sale   Held to Maturity
(Dollars in Thousands)   Amortized
Cost
  Market
Value
  Amortized
Cost
  Market
Value
                                 
Due in one year or less   $ 96,446     $ 96,655     $ 8,272     $ 8,272  
Due after one through five years     104,986       105,042       28,833       28,874  
No Maturity     10,204       10,014       —         —    
U.S. Government Agency     57,316       57,223       —         —    
Mortgage-Backed Securities     2,700       2,904       60,204       60,269  
Total   $ 271,652     $ 271,838     $ 97,309     $ 97,415  

 

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:

 

    Less Than
12 Months
  Greater Than
12 Months
  Total
(Dollars in Thousands)   Market
Value
  Unrealized
Losses
  Market
Value
  Unrealized
Losses
  Market
Value
  Unrealized
Losses
September 30, 2013                        
    Available for Sale                                                
    U.S. Government Agency   $ 61,578     $ 239     $ 4,869     $ 19     $ 66,447     $ 258  
    States and Political Subdivisions     9,022       37       2,461       1       11,483       38  
    Other Securities     —         —         190       190       190       190  
    Total   $ 70,600     $ 276     $ 7,520     $ 210     $ 78,120     $ 486  

 

Held to Maturity

                                               
    States and Political Subdivisions     1,328       23       —         —         1,328       23  
    Mortgage-Backed Securities     32,568       53       —         —         32,568       53  
    Total   $ 33,896     $ 76     $ —       $ —       $ 33,896     $ 76  
                                                 
    December 31, 2012                                                
    Available for Sale                                                
    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   $ 42,687     $ 93     $ 8,042     $ 635     $ 50,729     $ 728