|
SECURITIES (Tables)
|
9 Months Ended |
|
Sep. 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 |
|
September 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Available for Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
67,769 |
|
|
$ |
62 |
|
|
$ |
(715 |
) |
|
$ |
67,116 |
|
U.S. Agency MBS and CMOs |
|
|
17,517 |
|
|
|
36 |
|
|
|
(289 |
) |
|
|
17,264 |
|
Tax-exempt state and municipal bonds |
|
|
36,286 |
|
|
|
333 |
|
|
|
(221 |
) |
|
|
36,398 |
|
Taxable state and municipal bonds |
|
|
26,131 |
|
|
|
433 |
|
|
|
(85 |
) |
|
|
26,479 |
|
Corporate bonds and other debt securities |
|
|
13,307 |
|
|
|
66 |
|
|
|
(19 |
) |
|
|
13,354 |
|
Other equity securities |
|
|
1,500 |
|
|
|
--- |
|
|
|
(10 |
) |
|
|
1,490 |
|
| |
|
$ |
162,510 |
|
|
$ |
930 |
|
|
$ |
(1,339 |
) |
|
$ |
162,101 |
|
Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt state and municipal bonds |
|
$ |
31,744 |
|
|
$ |
102 |
|
|
$ |
(75 |
) |
|
$ |
31,771 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 September 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 |
|
$ |
19,075 |
|
|
$ |
19,035 |
|
|
$ |
4,424 |
|
|
$ |
4,450 |
|
Due from one to five years |
|
|
745 |
|
|
|
746 |
|
|
|
92,569 |
|
|
|
92,577 |
|
Due from five to ten years |
|
|
5,624 |
|
|
|
5,690 |
|
|
|
38,215 |
|
|
|
38,051 |
|
Due after ten years |
|
|
6,300 |
|
|
|
6,300 |
|
|
|
25,802 |
|
|
|
25,533 |
|
| |
|
$ |
31,744 |
|
|
$ |
31,771 |
|
|
$ |
161,010 |
|
|
$ |
160,611 |
|
|
| Securities in continuous unrealized loss position |
Securities with unrealized losses at September 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 |
|
September 30, 2014 |
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
U.S. Treasury and federal agency securities |
|
$ |
17,499 |
|
|
$ |
(48 |
) |
|
$ |
40,350 |
|
|
$ |
(667 |
) |
|
$ |
57,849 |
|
|
$ |
(715 |
) |
U.S. Agency MBS and CMOs |
|
|
1,497 |
|
|
|
(6 |
) |
|
|
12,617 |
|
|
|
(283 |
) |
|
|
14,114 |
|
|
|
(289 |
) |
Tax-exempt state and municipal bonds |
|
|
23,642 |
|
|
|
(107 |
) |
|
|
8,726 |
|
|
|
(189 |
) |
|
|
32,368 |
|
|
|
(296 |
) |
Taxable state and municipal bonds |
|
|
3,053 |
|
|
|
(12 |
) |
|
|
4,173 |
|
|
|
(73 |
) |
|
|
7,226 |
|
|
|
(85 |
) |
Corporate bonds and other debt securities |
|
|
2,702 |
|
|
|
(2 |
) |
|
|
1,988 |
|
|
|
(17 |
) |
|
|
4,690 |
|
|
|
(19 |
) |
Other equity securities |
|
|
--- |
|
|
|
--- |
|
|
|
1,490 |
|
|
|
(10 |
) |
|
|
1,490 |
|
|
|
(10 |
) |
Total temporarily impaired |
|
$ |
48,393 |
|
|
$ |
(175 |
) |
|
$ |
69,344 |
|
|
$ |
(1,239 |
) |
|
$ |
117,737 |
|
|
$ |
(1,414 |
) |
| |
|
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 |
) |
|