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Securities
 3 Months Ended
Mar. 31, 2014
Securities [Abstract]  
SECURITIES

6.         Securities

 

The amortized cost and fair value of securities were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2014

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

 

Cost

 

Gains

 

Losses

 

Value

 

 

(In Thousands)

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agencies

 

$
27,762 

 

$
5 

 

$
(675)

 

$
27,092 

States and political subdivisions

 

 
62,177 

 

 
1,239 

 

 
(833)

 

 
62,583 

Corporate obligations

 

 
3,646 

 

 
81 

 

 
(27)

 

 
3,700 

Mortgage-backed securities-

 

 

 

 

 

 

 

 

 

 

 

 

government sponsored entities

 

 
63,798 

 

 
132 

 

 
(1,485)

 

 
62,445 

Equity securities-financial services

 

 
292 

 

 
53 

 

 

 -

 

 
345 

 

 

$
157,675 

 

$
1,510 

 

$
(3,020)

 

$
156,165 

Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$
175 

 

$
1 

 

$

 -

 

$
176 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

 

Cost

 

Gains

 

Losses

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In Thousands)

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agencies

 

$
34,471 

 

$

 -

 

$
(1,058)

 

$
33,413 

States and political subdivisions

 

 
60,174 

 

 
650 

 

 
(1,794)

 

 
59,030 

Corporate obligations

 

 
3,667 

 

 
84 

 

 
(40)

 

 
3,711 

Mortgage-backed securities-government

 

 

 

 

 

 

 

 

 

 

 

 

sponsored entities

 

 
63,467 

 

 
81 

 

 
(1,898)

 

 
61,650 

Equity securities-financial services

 

 
293 

 

 
50 

 

 
(15)

 

 
328 

 

 

$
162,072 

 

$
865 

 

$
(4,805)

 

$
158,132 

Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$
174 

 

$
3 

 

$

 -

 

$
177 

 

The following tables show the Company’s investments’ gross unrealized losses and fair value aggregated by length of time that individual securities have been in a continuous unrealized loss position (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2014

 

Less than 12 Months

 

12 Months or More

 

Total

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

U.S. government agencies

$
23,010 

 

$
(622)

 

$
947 

 

$
(53)

 

$
23,957 

 

$
(675)

States and political subdivisions

 
15,113 

 

 
(506)

 

 
5,406 

 

 
(327)

 

 
20,519 

 

 
(833)

Corporate Obligations

 
1,151 

 

 
(27)

 

 

 -

 

 

 -

 

 
1,151 

 

 
(27)

Mortgage-backed securities-government sponsored agencies

 
31,166 

 

 
(632)

 

 
16,545 

 

 
(853)

 

 
47,711 

 

 
(1,485)

 

$
70,440 

 

$
(1,787)

 

$
22,898 

 

$
(1,233)

 

$
93,338 

 

$
(3,020)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

Less than 12 Months

 

12 Months or More

 

Total

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

U.S. government agencies

$
32,481 

 

$
(990)

 

$
932 

 

$
(68)

 

$
33,413 

 

$
(1,058)

States and political subdivisions

 
26,281 

 

 
(1,415)

 

 
4,228 

 

 
(379)

 

 
30,509 

 

 
(1,794)

Corporate obligations

 
1,145 

 

 
(40)

 

 

 -

 

 

 -

 

 
1,145 

 

 
(40)

Mortgage-backed securities-government sponsored agencies

 
47,014 

 

 
(1,524)

 

 
7,478 

 

 
(374)

 

 
54,492 

 

 
(1,898)

Equity securities - financial services

 
170 

 

 
(15)

 

 

 -

 

 

 -

 

 
170 

 

 
(15)

 

$
107,091 

 

$
(3,984)

 

$
12,638 

 

$
(821)

 

$
119,729 

 

$
(4,805)

 

 

 

 

 

At March 31, 2014, the Company has 80 debt securities in an unrealized loss position in the less than twelve months category and 24 debt securities in the twelve months or more category.  In Management’s opinion the unrealized losses reflect changes in interest rates subsequent to the acquisition of specific securities.  No other-than-temporary-impairment charges were recorded in 2014.  Management believes that all unrealized losses represent temporary impairment of the securities as the Company does not have the intent to sell the securities and it is more likely than not that it will not have to sell the securities before recovery of its cost basis.

 

The amortized cost and fair value of debt securities as of March 31, 2014 by contractual maturity are shown below.  Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for Sale

 

Held to Maturity

 

 

Amortized Cost

 

Fair Value

 

Amortized Cost

 

Fair Value

 

 

(In Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Due in one year or less

 

$

 -

 

$

 -

 

$
175 

 

$
176 

Due after one year through five years

 

 
16,825 

 

 
16,692 

 

 

 -

 

 

 -

Due after five years through ten years

 

 
28,352 

 

 
28,041 

 

 

 -

 

 

 -

Due after ten years

 

 
48,408 

 

 
48,642 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities-government sponsored agencies

 

 
63,798 

 

 
62,445 

 

 

 -

 

 

 -

 

 

$
157,383 

 

$
155,820 

 

$
175 

 

$
176 

 

 

Gross realized gains and gross realized losses on sales of securities available for sale were as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

 

 

 

 

Ended March 31,

 

 

 

 

2014

 

2013

 

 

 

 

Gross realized gains

 

$
95 

 

$
156 

 

 

 

 

 

 

Gross realized losses

 

 

 -

 

 
(18)

 

 

 

 

 

 

Net realized gain

 

$
95 

 

$
138 

 

 

 

 

 

 

Proceeds from sales of securities

 

$
12,080 

 

$
7,403