Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT SECURITIES (Tables)

v2.4.0.8
INVESTMENT SECURITIES (Tables)
6 Months Ended
Jun. 30, 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:

 

    June 30, 2013
(Dollars in Thousands)   Amortized
Cost
  Unrealized
Gains
  Unrealized
Losses
  Market
Value
U.S. Treasury   $ 91,901     $ 204     $ 133     $ 91,972  
U.S. Government Agency     60,801       232       81       60,952  
States and Political Subdivisions     119,529       146       107       119,568  
Mortgage-Backed Securities     68,351       481       824       68,008  
Other Securities(1)     10,514       —         400       10,114  
Total Investment Securities   $ 351,096     $ 1,063     $ 1,545     $ 350,614  

 

    December 31, 2012
(Dollars in Thousands)   Amortized
Cost
  Unrealized
Gains
  Unrealized
Losses
  Market
Value
U.S. 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 $5.3 million and $4.8 million, respectively, at June 30, 2013 and $6.4 million and $4.8 million, respectively, at December 31, 2012.
Maturity Distribution

Maturity Distribution. As of June 30, 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   $ 103,003     $ 103,273  
Due after one through five years     123,383       123,215  
No Maturity     10,514       10,114  
U.S. Government Agency     45,845       46,004  
Mortgage-Backed Securities     68,351       68,008  
Total Investment Securities   $ 351,096     $ 350,614  
                 

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:

 

        June 30, 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 Agency   $ 49,639     $ 208     $ 2,984     $ 7     $ 52,623     $ 215  
    States and Political Subdivisions     24,238       100       6,270       7       30,508       107  
    Mortgage-Backed Securities     35,190       808       1,342       15       36,532       823  
    Other Securities     —         —         400       400       400       400  
    Total Investment Securities   $ 109,067     $ 1,116     $ 10,996     $ 429     $ 120,063     $ 1,545  

 

        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 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