Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT SECURITIES (Tables)

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INVESTMENT SECURITIES (Tables)
3 Months Ended
Mar. 31, 2014
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 available-for-sale were as follows:

 

 

    March 31, 2014   December 31, 2013
    Amortized
Cost
  Unrealized
Gains
  Unrealized
Losses
  Market
Value
  Amortized
Cost
  Unrealized
Gain
  Unrealized
Losses
  Market
Value
Available for Sale                                                                
U.S. Treasury   $ 64,258     $ 50     $ 22     $ 64,286     $ 71,791     $ 82     $ 40     $ 71,833  
U.S. Government Agency     80,102       160       265       79,997       75,275       127       256       75,146  
States and Political Subdivisions     73,632       147       15       73,764       91,605       167       19       91,753  
Mortgage-Backed Securities     2,509       213       —         2,722       2,583       212       —         2,795  
Other Securities(1)     8,846       —         —         8,846       9,893       —         —         9,893  
Total     229,347     $ 570     $ 302     $ 229,615     $ 251,147     $ 588     $ 315     $ 251,420  
                                                                 
Held to Maturity                                                                
U.S. Treasury   $ 71,417     $ 88     $ 87     $ 71,418     $ 43,533     $ 84     $ 38     $ 43,579  
U.S. Government Agency     33,854       47       48       33,853       15,794       38       22       15,810  
States and Political Subdivisions     34,410       63       14       34,459       33,216       53       4       33,265  
Mortgage-Backed Securities     51,964       12       722       51,254       55,668       12       1,373       54,307  
Other Securities     —         —         —         —         —         —         —         —    
Total   $ 191,645     $ 210     $ 871     $ 190,984     $ 148,211     $ 187     $ 1,437     $ 146,961  

 

 

 

  (1) Includes Federal Home Loan Bank and Federal Reserve Bank stock recorded at cost of $4.0 million and $4.8 million, respectively, at March 31, 2014 and $5.0 million and $4.8 million, respectively, at December 31, 2013.
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   $ 96,559     $ 96,670     $ 15,374     $ 15,392  
Due after one through five years     56,260       56,327       124,307       124,338  
No Maturity     8,846       8,846       —         —    
U.S. Government Agency     65,173       65,050       —         —    
Mortgage-Backed Securities     2,509       2,722       51,964       51,254  
Total   $ 229,347     $ 229,615     $ 191,645     $ 190,984
Investment securities with unrealized losses

Unrealized Losses on Investment Securities. The following table summarizes the investment securities with unrealized losses at March 31, 2014, 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
March 31, 2014                                                
Available for Sale                                                
U.S. Government Treasury   $ 19,952     $ 22     $ —       $ —       $ 19,952     $ 22  
U.S. Government Agency     31,184       223       6,133       42       37,317       265  
States and Political Subdivisions     529       —         1,258       15       1,787       15  
Total   $ 51,665     $ 245     $ 7,391     $ 57     $ 59,056     $ 302  
                                                 
Held to Maturity                                                
U.S. Government Treasury     39,968       88       —         —         39,968       88  
U.S. Government Agency     23,178       48       —         —         23,178       48  
States and Political Subdivisions     4.637       14       —         —         4.637       14  
Mortgage-Backed Securities     40,969       721       —         —         40,969       721  
Total   $ 108,752     $ 871     $ —       $ —       $ 108,752     $ 871  
                                                 
December 31, 2013                                                
Available for Sale                                                
U.S. Government Treasury   $ 24,924     $ 40     $ —       $ —       $ 24,924     $ 40  
U.S. Government Agency     40,944       235       4,842       21       45,786       256  
States and Political Subdivisions     4,101       7       511       12       4,612       19  
Total   $ 69,969     $ 282     $ 5,353     $ 33     $ 75,322     $ 315  
                                                 
Held to Maturity                                                
U.S. Government Treasury     10,054       38       —         —         10,054       38  
U.S. Government Agency     5,676       22       —         —         5,676       22  
States and Political Subdivisions     3,316       4       —         —         3,316       4  
Mortgage-Backed Securities     44,031       1,373       —         —         44,031       1,373  
Total   $ 63,077     $ 1,437     $ —       $ —       $ 63,077     $ 1,437