Quarterly report pursuant to Section 13 or 15(d)

SECURITIES (Tables)

v2.4.0.8
SECURITIES (Tables)
3 Months Ended
Mar. 31, 2014
SECURITIES [Abstract]  
Amortized cost and fair value of securities
The amortized cost and fair value of securities at period-end were as follows (dollars in thousands):

 
 
   
Gross
   
Gross
   
 
 
 
Amortized
   
Unrealized
   
Unrealized
   
Fair
 
 
 
Cost
   
Gains
   
Losses
   
Value
 
March 31, 2014
 
   
   
   
 
Available for Sale:
 
   
   
   
 
U.S. Treasury and federal agency securities
 
$
63,655
   
$
73
   
$
(1,169
)
 
$
62,559
 
U.S. Agency MBS and CMOs
   
19,301
     
15
     
(419
)
   
18,897
 
Tax-exempt state and municipal bonds
   
32,128
     
118
     
(764
)
   
31,482
 
Taxable state and municipal bonds
   
25,619
     
434
     
(164
)
   
25,889
 
Corporate bonds and other debt securities
   
12,999
     
72
     
(45
)
   
13,026
 
Other equity securities
   
1,500
     
---
     
(26
)
   
1,474
 
 
 
$
155,202
   
$
712
   
$
(2,587
)
 
$
153,327
 
Held to Maturity
                               
State and municipal bonds
 
$
19,175
   
$
6
   
$
(38
)
 
$
19,143
 
 
                               
December 31, 2013
                               
Available for Sale:
                               
U.S. Treasury and federal agency securities
 
$
55,701
   
$
92
   
$
(1,354
)
 
$
54,439
 
U. S. Agency MBS and CMOs
   
20,029
     
9
     
(673
)
   
19,365
 
Tax-exempt state and municipal bonds
   
27,920
     
47
     
(1,118
)
   
26,849
 
Taxable state and municipal bonds
   
26,306
     
307
     
(285
)
   
26,328
 
Corporate bonds
   
11,211
     
64
     
(63
)
   
11,212
 
Other equity securities
   
1,500
     
---
     
(34
)
   
1,466
 
 
 
$
142,667
   
$
519
   
$
(3,527
)
 
$
139,659
 
 Held to Maturity:
                               
State and municipal bonds
 
$
19,248
   
$
46
   
$
(16
)
 
$
19,278
 
Contractual maturities of debt securities
Contractual maturities of debt securities at March 31, 2014 were as follows (dollars in thousands):

 
Held–to-Maturity Securities
 
Available-for-Sale Securities
 
 
Amortized
 
Fair
 
Amortized
 
Fair
 
 
Cost
 
Value
 
Cost
 
Value
 
Due in one year or less
 
$
12,655
   
$
12,654
   
$
8,257
   
$
8,340
 
Due from one to five years
   
625
     
620
     
70,358
     
70,344
 
Due from five to ten years
   
5,635
     
5,609
     
46,648
     
45,470
 
Due after ten years
   
260
     
260
     
28,439
     
27,699
 
 
 
$
19,175
   
$
19,143
   
$
153,702
   
$
151,853
 
Securities in continuous unrealized loss position
Securities with unrealized losses at March 31, 2014 and December 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (dollars in thousands):

 
 
Less than 12 Months
   
12 Months or More
   
Total
 
 
 
Fair
   
Unrealized
   
Fair
   
Unrealized
   
Fair
   
Unrealized
 
March 31, 2014
 
Value
   
Loss
   
Value
   
Loss
   
Value
   
Loss
 
U.S. Treasury and federal agency securities
 
$
48,169
   
$
(1,159
)
 
$
1,105
   
$
(10
)
 
$
49,274
   
$
(1,169
)
U.S. Agency MBS and CMOs
   
17,091
     
(419
)
   
---
     
---
     
17,091
     
(419
)
Tax-exempt state and municipal bonds
   
34,843
     
(668
)
   
1,584
     
(134
)
   
36,427
     
(802
)
Taxable state and municipal bonds
   
6,235
     
(154
)
   
321
     
(10
)
   
6,556
     
(164
)
Corporate bonds and other debt securities
   
4,394
     
(45
)
   
---
     
---
     
4,394
     
(45
)
Other equity securities
   
1,474
     
(26
)
   
---
     
---
     
1,474
     
(26
)
Total temporarily impaired
 
$
112,206
   
$
(2,471
)
 
$
3,010
   
$
(154
)
 
$
115,216
   
$
(2,625
)

 
 
Less than 12 Months
   
12 Months or More
   
Total
 
 
 
Fair
   
Unrealized
   
Fair
   
Unrealized
   
Fair
   
Unrealized
 
December 31, 2013
 
Value
   
Loss
   
Value
   
Loss
   
Value
   
Loss
 
U.S. Treasury and federal agency securities
 
$
43,212
   
$
(1,354
)
 
$
---
   
$
---
   
$
43,212
   
$
(1,354
)
U.S. Agency MBS and CMOs
   
18,494
     
(673
)
   
---
     
---
     
18,494
     
(673
)
Tax-exempt state and municipal bonds
   
21,359
     
(1,066
)
   
831
     
(68
)
   
22,190
     
(1,134
)
Taxable state and municipal bonds
   
9,599
     
(256
)
   
1,015
     
(29
)
   
10,614
     
(285
)
Corporate bonds and other debt securities
   
3,928
     
(63
)
   
---
     
---
     
3,928
     
(63
)
Other equity securities
   
1,466
     
(34
)
   
---
     
---
     
1,466
     
(34
)
Total temporarily impaired
 
$
98,058
   
$
(3,446
)
 
$
1,846
   
$
(97
)
 
$
99,904
   
$
(3,543
)