Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT SECURITIES (Tables)

v2.4.0.6
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