|
SECURITIES (Tables)
|
9 Months Ended |
|
Sep. 30, 2013
|
| 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 |
|
September 30, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
53,606 |
|
|
$ |
92 |
|
|
$ |
(1,210 |
) |
|
$ |
52,488 |
|
U.S. Agency MBS and CMOs |
|
|
18,848 |
|
|
|
21 |
|
|
|
(267 |
) |
|
|
18,602 |
|
Tax-exempt state and municipal bonds |
|
|
25,455 |
|
|
|
56 |
|
|
|
(946 |
) |
|
|
24,565 |
|
Taxable state and municipal bonds |
|
|
27,821 |
|
|
|
352 |
|
|
|
(312 |
) |
|
|
27,861 |
|
Corporate bonds and other debt securities |
|
|
10,439 |
|
|
|
59 |
|
|
|
(63 |
) |
|
|
10,435 |
|
Other equity securities |
|
|
1,500 |
|
|
|
--- |
|
|
|
(12 |
) |
|
|
1,488 |
|
|
|
$ |
137,669 |
|
|
$ |
580 |
|
|
$ |
(2,810 |
) |
|
$ |
135,439 |
|
Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State and municipal bonds |
|
$ |
18,995 |
|
|
$ |
449 |
|
|
$ |
--- |
|
|
$ |
19,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
42,245 |
|
|
$ |
340 |
|
|
$ |
(21 |
) |
|
$ |
42,564 |
|
U. S. Agency MBS and CMOs |
|
|
23,495 |
|
|
|
272 |
|
|
|
(6 |
) |
|
|
23,761 |
|
Tax-exempt state and municipal bonds |
|
|
20,598 |
|
|
|
244 |
|
|
|
(49 |
) |
|
|
20,793 |
|
Taxable state and municipal bonds |
|
|
26,726 |
|
|
|
619 |
|
|
|
(49 |
) |
|
|
27,296 |
|
Corporate bonds |
|
|
7,456 |
|
|
|
77 |
|
|
|
(7 |
) |
|
|
7,526 |
|
Other equity securities |
|
|
1,500 |
|
|
|
57 |
|
|
|
--- |
|
|
|
1,557 |
|
|
|
$ |
122,020 |
|
|
$ |
1,609 |
|
|
$ |
(132 |
) |
|
$ |
123,497 |
|
Held to Maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State and municipal bonds |
|
$ |
4,300 |
|
|
$ |
1 |
|
|
$ |
--- |
|
|
$ |
4,301 |
|
|
| Contractual maturities of debt securities |
Contractual maturities of debt securities at September 30, 2013 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 |
|
$ |
12,630 |
|
|
$ |
13,026 |
|
|
$ |
4,195 |
|
|
$ |
4,227 |
|
Due from one to five years |
|
|
430 |
|
|
|
430 |
|
|
|
56,572 |
|
|
|
56,585 |
|
Due from five to ten years |
|
|
5,655 |
|
|
|
5,708 |
|
|
|
44,609 |
|
|
|
43,265 |
|
Due after ten years |
|
|
280 |
|
|
|
280 |
|
|
|
30,793 |
|
|
|
29,874 |
|
|
|
$ |
18,995 |
|
|
$ |
19,444 |
|
|
$ |
136,169 |
|
|
$ |
133,951 |
|
|
| Securities in continuous unrealized loss position |
Securities with unrealized losses at September 30, 2013 and December 31, 2012, 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 |
|
September 30, 2013 |
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
U.S. Treasury and federal agency securities |
|
$ |
43,255 |
|
|
$ |
(1,210 |
) |
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
43,255 |
|
|
$ |
(1,210 |
) |
U.S. Agency MBS and CMOs |
|
|
15,930 |
|
|
|
(267 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
15,930 |
|
|
|
(267 |
) |
Tax-exempt state and municipal bonds |
|
|
20,051 |
|
|
|
(946 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
20,051 |
|
|
|
(946 |
) |
Taxable state and municipal bonds |
|
|
10,505 |
|
|
|
(285 |
) |
|
|
756 |
|
|
|
(27 |
) |
|
|
11,261 |
|
|
|
(312 |
) |
Corporate bonds and other debt securities |
|
|
4,157 |
|
|
|
(63 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
4,157 |
|
|
|
(63 |
) |
Other equity securities |
|
|
1,488 |
|
|
|
(12 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
1,488 |
|
|
|
(12 |
) |
Total temporarily impaired |
|
$ |
95,386 |
|
|
$ |
(2,783 |
) |
|
$ |
756 |
|
|
$ |
(27 |
) |
|
$ |
96,142 |
|
|
$ |
(2,810 |
) |
|
|
Less than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
December 31, 2012 |
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
U.S. Treasury and federal agency securities |
|
$ |
10,977 |
|
|
$ |
(21 |
) |
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
10,977 |
|
|
$ |
(21 |
) |
U.S. Agency MBS and CMOs |
|
|
3,373 |
|
|
|
(6 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
3,373 |
|
|
|
(6 |
) |
Tax-exempt state and municipal bonds |
|
|
4,613 |
|
|
|
(49 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
4,613 |
|
|
|
(49 |
) |
Taxable state and municipal bonds |
|
|
4,661 |
|
|
|
(49 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
4,661 |
|
|
|
(49 |
) |
Corporate bonds |
|
|
3,945 |
|
|
|
(7 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
3,945 |
|
|
|
(7 |
) |
Other equity securities |
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
Total temporarily impaired |
|
$ |
27,569 |
|
|
$ |
(132 |
) |
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
27,569 |
|
|
$ |
(132 |
) |
|