|
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 |
) |
|