SECURITIES (Tables)
|
3 Months Ended |
Mar. 31, 2016 |
|---|
| 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):
| |
|
Amortized
Cost
|
|
|
Gross
Unrealized
Gains
|
|
|
Gross
Unrealized
Losses
|
|
|
Fair
Value
|
|
March 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Available for Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
76,689 |
|
|
|
327 |
|
|
|
(43 |
) |
|
$ |
76,973 |
|
U.S. Agency MBS and CMOs |
|
|
11,719 |
|
|
|
73 |
|
|
|
(30 |
) |
|
|
11,762 |
|
Tax-exempt state and municipal bonds |
|
|
35,557 |
|
|
|
835 |
|
|
|
(51 |
) |
|
|
36,341 |
|
Taxable state and municipal bonds |
|
|
26,093 |
|
|
|
345 |
|
|
|
(4 |
) |
|
|
26,434 |
|
Corporate bonds and other debt securities |
|
|
14,974 |
|
|
|
56 |
|
|
|
(14 |
) |
|
|
15,016 |
|
Other equity securities |
|
|
1,500 |
|
|
|
15 |
|
|
|
--- |
|
|
|
1,515 |
|
| |
|
$ |
166,532 |
|
|
$ |
1,651 |
|
|
$ |
(142 |
) |
|
$ |
168,041 |
|
Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt state and municipal bonds |
|
$ |
51,303 |
|
|
$ |
1,182 |
|
|
$ |
--- |
|
|
$ |
52,485 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
74,618 |
|
|
|
48 |
|
|
|
(274 |
) |
|
$ |
74,392 |
|
U. S. Agency MBS and CMOs |
|
|
13,828 |
|
|
|
35 |
|
|
|
(108 |
) |
|
|
13,755 |
|
Tax-exempt state and municipal bonds |
|
|
32,943 |
|
|
|
692 |
|
|
|
(37 |
) |
|
|
33,598 |
|
Taxable state and municipal bonds |
|
|
28,554 |
|
|
|
246 |
|
|
|
(37 |
) |
|
|
28,763 |
|
Corporate bonds and other debt securities |
|
|
14,838 |
|
|
|
19 |
|
|
|
(44 |
) |
|
|
14,813 |
|
Other equity securities |
|
|
1,500 |
|
|
|
--- |
|
|
|
(6 |
) |
|
|
1,494 |
|
| |
|
$ |
166,281 |
|
|
$ |
1,040 |
|
|
$ |
(506 |
) |
|
$ |
166,815 |
|
Held to Maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt state and municipal bonds |
|
$ |
51,856 |
|
|
$ |
986 |
|
|
$ |
(5 |
) |
|
$ |
52,837 |
|
|
| Contractual Maturities of Debt Securities |
Contractual maturities of debt securities at March 31, 2016 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 |
|
$ |
14,655 |
|
|
$ |
14,673 |
|
|
$ |
12,213 |
|
|
$ |
12,256 |
|
Due from one to five years |
|
|
9,704 |
|
|
|
9,873 |
|
|
|
98,184 |
|
|
|
98,805 |
|
Due from five to ten years |
|
|
14,744 |
|
|
|
15,556 |
|
|
|
41,794 |
|
|
|
42,559 |
|
Due after ten years |
|
|
12,200 |
|
|
|
12,383 |
|
|
|
12,841 |
|
|
|
12,906 |
|
| |
|
$ |
51,303 |
|
|
$ |
52,485 |
|
|
$ |
165,032 |
|
|
$ |
166,526 |
|
|
| Securities in Continuous Unrealized Loss Position |
Securities with unrealized losses at March 31, 2016 and December 31, 2015, 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 |
|
|
March 31, 2016
|
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
U.S. Treasury and federal agency securities |
|
$ |
12,335 |
|
|
$ |
(33 |
) |
|
$ |
3,107 |
|
|
$ |
(10 |
) |
|
$ |
15,442 |
|
|
$ |
(43 |
) |
U.S. Agency MBS and CMOs |
|
|
1,937 |
|
|
|
(9 |
) |
|
|
1,828 |
|
|
|
(21 |
) |
|
|
3,765 |
|
|
|
(30 |
) |
Tax-exempt state and municipal bonds |
|
|
11,652 |
|
|
|
(36 |
) |
|
|
860 |
|
|
|
(15 |
) |
|
|
12,512 |
|
|
|
(51 |
) |
Taxable state and municipal bonds |
|
|
529 |
|
|
|
(2 |
) |
|
|
643 |
|
|
|
(2 |
) |
|
|
1,172 |
|
|
|
(4 |
) |
Corporate bonds and other debt securities |
|
|
3,570 |
|
|
|
(12 |
) |
|
|
502 |
|
|
|
(2 |
) |
|
|
4,072 |
|
|
|
(14 |
) |
Other equity securities |
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
Total temporarily impaired |
|
$ |
30,023 |
|
|
$ |
(92 |
) |
|
$ |
6,940 |
|
|
$ |
(50 |
) |
|
$ |
36,963 |
|
|
$ |
(142 |
) |
| |
|
Less than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
|
December 31, 2015
|
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
U.S. Treasury and federal agency securities |
|
$ |
35,090 |
|
|
$ |
(187 |
) |
|
$ |
7,036 |
|
|
$ |
(82 |
) |
|
$ |
42,126 |
|
|
$ |
(269 |
) |
U.S. Agency MBS and CMOs |
|
|
8,842 |
|
|
|
(108 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
8,842 |
|
|
|
(108 |
) |
Tax-exempt state and municipal bonds |
|
|
3,487 |
|
|
|
(9 |
) |
|
|
2,022 |
|
|
|
(33 |
) |
|
|
5,509 |
|
|
|
(42 |
) |
Taxable state and municipal bonds |
|
|
8,158 |
|
|
|
(29 |
) |
|
|
640 |
|
|
|
(8 |
) |
|
|
8,798 |
|
|
|
(37 |
) |
Corporate bonds and other debt securities |
|
|
9,330 |
|
|
|
(47 |
) |
|
|
499 |
|
|
|
(2 |
) |
|
|
9,829 |
|
|
|
(49 |
) |
Other equity securities |
|
|
1,494 |
|
|
|
(6 |
) |
|
|
--- |
|
|
|
|
|
|
|
1,494 |
|
|
|
(6 |
) |
Total temporarily impaired |
|
$ |
66,401 |
|
|
$ |
(386 |
) |
|
$ |
10,197 |
|
|
$ |
(125 |
) |
|
$ |
76,598 |
|
|
$ |
(511 |
) |
|