Annual report pursuant to Section 13 and 15(d)

SECURITIES (Tables)

v2.4.1.9
SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2014
SECURITIES [Abstract]  
Amortized Cost and Fair Value of Securities
The amortized cost and fair value of securities were as follows (dollars in thousands):
 
   
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair
Value
  
December 31, 2014
                
Available for Sale:
                
U.S. Treasury and federal agency securities
  
$
67,612
    
$
53
    
$
(501
)
  
$
67,164
  
U.S. Agency MBS and CMOs
    
16,692
      
67
      
(71
)
    
16,688
  
Tax-exempt state and municipal bonds
    
37,203
      
419
      
(161
)
    
37,461
  
Taxable state and municipal bonds
    
25,012
      
351
      
(70
)
    
25,293
  
Corporate bonds and other debt securities
    
13,762
      
34
      
(30
)
    
13,766
  
Other equity securities
    
1,500
      
2
      
---
      
1,502
  
   
$
161,781
    
$
926
    
$
(833
)
  
$
161,874
  
Held to Maturity
                                
Tax-exempt state and municipal bonds
  
$
31,585
    
$
64
    
$
(221
)
  
$
31,428
  
                                 
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 December 31, 2014 were as follows (dollars in thousands):
 
 
Held–to-Maturity Securities
Available-for-Sale Securities
 
 
Amortized
Cost
  
 
Fair
Value
  
 
Amortized
Cost
  
 
Fair
Value
  
Due in one year or less
  
$
19,075
    
$
19,044
    
$
4,280
    
$
4,295
  
Due from one to five years
    
640
      
638
      
96,108
      
96,112
  
Due from five to ten years
    
11,610
      
11,492
      
37,532
      
37,580
  
Due after ten years
    
260
      
254
      
22,361
      
22,385
  
   
$
31,585
    
$
31,428
    
$
160,281
    
$
160,372
  
 
Securities in Continuous Unrealized Loss Position
Securities with unrealized losses at December 31, 2014 and 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
  
December 31, 2014
  
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
  
U.S. Treasury and federal agency securities
  
$
16,426
    
$
(45
)
  
$
35,350
    
$
(456
)
  
$
51,776
    
$
(501
)
U.S. Agency MBS and CMOs
    
---
      
---
      
9,732
      
(71
)
    
9,732
      
(71
)
Tax-exempt state and municipal bonds
    
26,820
      
(264
)
    
4,545
      
(118
)
    
31,365
      
(382
)
Taxable state and municipal bonds
    
3,982
      
(19
)
    
3,240
      
(51
)
    
7,222
      
(70
)
Corporate bonds and other debt securities
    
4,187
      
(13
)
    
1,988
      
(17
)
    
6,175
      
(30
)
Other equity securities
    
---
      
---
      
---
      
---
      
---
      
---
  
Total temporarily impaired
  
$
51,415
    
$
(341
)
  
$
54,855
    
$
(713
)
  
$
106,270
    
$
(1,054
)

   
Less than 12 Months
    
12 Months or More
    
Total
  
December 31, 2013
  
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
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
)