Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT SECURITIES (Tables)

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INVESTMENT SECURITIES (Tables)
 9 Months Ended
Sep. 30, 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:

 

    September 30, 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   $ 165,055     $ 97     $ 95     $ 165,057     $ 71,791     $ 82     $ 40     $ 71,833  
U.S. Government Agency     94,925       259       190       94,994       75,275       127       256       75,146  
States and Political Subdivisions     51,052       99       11       51,140       91,605       167       19       91,753  
Mortgage-Backed Securities     2,167       194       —       2,361       2,583       212       —       2,795  
Equity Securities(1)     8,745       —       —       8,745       9,893       —       —       9,893  
Total     321,944     $ 649     $ 296     $ 322,297     $ 251,147     $ 588     $ 315     $ 251,420  
                                                                 
Held to Maturity                                                                
U.S. Treasury   $ 76,235     $ 108     $ 63     $ 76,280     $ 43,533     $ 84     $ 38     $ 43,579  
U.S. Government Agency     22,322       28       37       22,313       15,794       38       22       15,810  
States and Political Subdivisions     30,244       63       5       30,302       33,216       53       4       33,265  
Mortgage-Backed Securities     44,387       14       579       43,822       55,668       12       1,373       54,307  
Total   $ 173,188     $ 213     $ 684     $ 172,717     $ 148,211     $ 187     $ 1,437     $ 146,961  
                                                                 
  (1) Includes Federal Home Loan Bank and Federal Reserve Bank stock recorded at cost of $3.9 million and $4.8 million, respectively, at September 30, 2014 and $5.0 million and $4.8 million, respectively, at December 31, 2013.
Maturity Distribution

Maturity Distribution. As of September 30, 2014, the Company’s investment securities are presented below by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities, certain amortizing U.S. government agency securities, and equity securities are shown separately since they are not due at a single maturity date.

 

    Available for Sale     Held to Maturity  
(Dollars in Thousands)   Amortized
Cost 		    Market
Value 		    Amortized
Cost 		    Market
Value 		 
Due in one year or less   $ 67,038     $ 67,110     $ 17,588     $ 17,616  
Due after one through five years     173,739       173,766       111,213       111,279  
Mortgage-Backed Securities     2,167       2,361       44,387       43,822  
U.S. Government Agency     70,255       70,315       —       —  
Equity Securities     8,745       8,745       —       —  
Total   $ 321,944     $ 322,297     $ 173,188     $ 172,717  
Investment securities with unrealized losses

Unrealized Losses on Investment Securities. The following table summarizes 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, 2014                                    
Available for Sale                                                
U.S. Government Treasury   $ 95,417     $ 95     $ —     $ —     $ 95,417     $ 95  
U.S. Government Agency     21,896       71       21,702       119       43,598       190  
States and Political Subdivisions     3,549       6       507       5       4,056       11  
Total   $ 120,862     $ 172     $ 22,209     $ 124     $ 143,071     $ 296  
                                                 
Held to Maturity                                                
U.S. Government Treasury   $ 47,915     $ 63     $ —     $ —     $ 47,915     $ 63  
U.S. Government Agency     13,486       37       —       —       13,486       37  
States and Political Subdivisions     3,717       5       —       —       3,717       5  
Mortgage-Backed Securities     33,309       508       3,935       71       37,244       579  
Total   $ 98,427     $ 613     $ 3,935     $ 71     $ 102,362     $ 684  
                                                 
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