|
SECURITIES (Tables)
|
6 Months Ended |
|
Jun. 30, 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 |
|
June 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Available for Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
60,051 |
|
|
$ |
68 |
|
|
$ |
(744 |
) |
|
$ |
59,375 |
|
U.S. Agency MBS and CMOs |
|
|
18,459 |
|
|
|
42 |
|
|
|
(299 |
) |
|
|
18,202 |
|
Tax-exempt state and municipal bonds |
|
|
34,899 |
|
|
|
235 |
|
|
|
(400 |
) |
|
|
34,734 |
|
Taxable state and municipal bonds |
|
|
25,087 |
|
|
|
438 |
|
|
|
(112 |
) |
|
|
25,413 |
|
Corporate bonds and other debt securities |
|
|
12,956 |
|
|
|
85 |
|
|
|
(32 |
) |
|
|
13,009 |
|
Other equity securities |
|
|
1,500 |
|
|
|
--- |
|
|
|
(6 |
) |
|
|
1,494 |
|
|
|
$ |
152,952 |
|
|
$ |
868 |
|
|
$ |
(1,593 |
) |
|
$ |
152,227 |
|
Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt state and municipal bonds |
|
$ |
19,123 |
|
|
$ |
102 |
|
|
$ |
(41 |
) |
|
$ |
19,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 and other debt securities |
|
|
11,211 |
|
|
|
64 |
|
|
|
(63 |
) |
|
|
11,212 |
|
Other equity securities |
|
|
1,500 |
|
|
|
--- |
|
|
|
(34 |
) |
|
|
1,466 |
|
|
|
$ |
142,667 |
|
|
$ |
519 |
|
|
$ |
(3,527 |
) |
|
$ |
139,659 |
|
Held to Maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt state and municipal bonds |
|
$ |
19,248 |
|
|
$ |
46 |
|
|
$ |
(16 |
) |
|
$ |
19,278 |
|
|
| Contractual maturities of debt securities |
Contractual maturities of debt securities at June 30, 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 |
|
$ |
12,700 |
|
|
$ |
12,700 |
|
|
$ |
4,028 |
|
|
$ |
4,062 |
|
Due from one to five years |
|
|
630
|
|
|
|
632
|
|
|
|
70,537 |
|
|
|
70,788 |
|
Due from five to ten years |
|
|
5,533
|
|
|
|
5,599
|
|
|
|
51,123 |
|
|
|
50,491 |
|
Due after ten years |
|
|
260
|
|
|
|
253
|
|
|
|
25,764 |
|
|
|
25,392 |
|
|
|
$ |
19,123 |
|
|
$ |
19,184 |
|
|
$ |
151,452 |
|
|
$ |
150,733 |
|
|
| Securities in continuous unrealized loss position |
Securities with unrealized losses at June 30, 2014 and December 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (dollars in thousands):
|
|
Less than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
June 30, 2014 |
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
U.S. Treasury and federal agency securities |
|
$ |
8,109 |
|
|
$ |
(31 |
) |
|
$ |
40,374 |
|
|
$ |
(713 |
) |
|
$ |
48,483 |
|
|
$ |
(744 |
) |
U.S. Agency MBS and CMOs |
|
|
4,298 |
|
|
|
(34 |
) |
|
|
10,599 |
|
|
|
(265 |
) |
|
|
14,897 |
|
|
|
(299 |
) |
Tax-exempt state and municipal bonds |
|
|
21,946 |
|
|
|
(103 |
) |
|
|
13,104 |
|
|
|
(338 |
) |
|
|
35,050 |
|
|
|
(441 |
) |
Taxable state and municipal bonds |
|
|
1,635 |
|
|
|
(4 |
) |
|
|
4,503 |
|
|
|
(108 |
) |
|
|
6,138 |
|
|
|
(112 |
) |
Corporate bonds and other debt securities |
|
|
1,613 |
|
|
|
(6 |
) |
|
|
1,979 |
|
|
|
(26 |
) |
|
|
3,592 |
|
|
|
(32 |
) |
Other equity securities |
|
|
--- |
|
|
|
--- |
|
|
|
1,500 |
|
|
|
(6 |
) |
|
|
1,500 |
|
|
|
(6 |
) |
Total temporarily impaired |
|
$ |
37,601 |
|
|
$ |
(178 |
) |
|
$ |
72,059 |
|
|
$ |
(1,456 |
) |
|
$ |
109,660 |
|
|
$ |
(1,634 |
) |
|
|
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 |
) |
|