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Securities (Tables)
 12 Months Ended
Dec. 31, 2015
SECURITIES  
Schedule of amortized cost and fair value of securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

Amortized Cost

 

Gross Unrealized Gains

 

Gross Unrealized Losses

 

Fair Value

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of the U.S. Treasury and other U.S. government agencies or sponsored enterprises

    

$
90,032

    

$
3

    

$
(85)

    

$
89,950

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

 

 
129,752

 

 
1,137

 

 
(184)

 

 
130,705

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

 

 
51,569

 

 
74

 

 
(314)

 

 
51,329

Corporate debt securities

 

 
3,790

 

 
4

 

 
(1)

 

 
3,793

Obligations of municipal subdivisions

 

 
236

 

 
8

 

 

 -

 

 
244

Total

 

$
275,379

 

$
1,226

 

$
(584)

 

$
276,021

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

 

$
15,002

 

$
320

 

$
(143)

 

$
15,179

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

 

 
27,128

 

 
54

 

 
(365)

 

 
26,817

Total

 

$
42,130

 

$
374

 

$
(508)

 

$
41,996

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

Amortized Cost

 

Gross Unrealized Gains

 

Gross Unrealized Losses

 

Fair Value

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of the U.S. Treasury and other U.S. government agencies or sponsored enterprises

    

$
57,108

    

$
21

    

$
(85)

    

$
57,044

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

 

 
100,002

 

 
2,022

 

 
(108)

 

 
101,916

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

 

 
28,821

 

 
74

 

 
(290)

 

 
28,605

Total

 

$
185,931

 

$
2,117

 

$
(483)

 

$
187,565

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

 

$
16,823

 

$
485

 

$
(123)

 

$
17,185

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

 

 
33,890

 

 
87

 

 
(437)

 

 
33,540

Total

 

$
50,713

 

$
572

 

$
(560)

 

$
50,725

 

Schedule of contractual maturities of securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

Available-for-sale

 

Held-to-maturity

 

 

Amortized Cost

 

Fair Value

 

Amortized Cost

 

Fair Value

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Due in one year or less

    

$
72,040

    

$
71,983

    

$

 -

    

$

 -

Due after one year through five years

 

 
21,782

 

 
21,760

 

 

 -

 

 

 -

Due after ten years

 

 
236

 

 
244

 

 

 

 

 

 

 

 

 
94,058

 

 
93,987

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities and collateralized mortgage obligations

 

 
181,321

 

 
182,034

 

 
42,130

 

 
41,996

Total

 

$
275,379

 

$
276,021

 

$
42,130

 

$
41,996

 

Schedule of investments in a continuous unrealized loss position

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

Less than 12 Months

 

More than 12 Months

 

 

Amortized Cost

 

Gross Unrealized Losses

 

Fair Value

 

Amortized Cost

 

Gross Unrealized Losses

 

Fair Value

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of the U.S. Treasury and other U.S. government agencies or sponsored enterprises

    

$
85,028

    

$
(85)

    

$
84,943

    

$

 -

    

$

 -

    

$

 -

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

 

 
48,830

 

 
(184)

 

 
48,646

 

 

 -

 

 

 -

 

 

 -

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

 

 
33,299

 

 
(314)

 

 
32,985

 

 

 -

 

 

 -

 

 

 -

Corporate debt securities

 

 
2,009

 

 
(1)

 

 
2,008

 

 

 -

 

 

 -

 

 

 -

Total

 

$
169,166

 

$
(584)

 

$
168,582

 

$

 -

 

$

 -

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

 

$
3,220

 

$
(48)

 

$
3,172

 

$
2,571

 

$
(95)

 

$
2,476

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

 

 
9,945

 

 
(73)

 

 
9,872

 

 
12,871

 

 
(292)

 

 
12,579

Total

 

$
13,165

 

$
(121)

 

$
13,044

 

$
15,442

 

$
(387)

 

$
15,055

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

Less than 12 Months

 

More than 12 Months

 

 

Amortized Cost

 

Gross Unrealized Losses

 

Fair Value

 

Amortized Cost

 

Gross Unrealized Losses

 

Fair Value

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

            

 

 

 

 

 

            

Obligations of the U.S. Treasury and other U.S. government agencies or sponsored enterprises

    

$
37,049

    

$
(85)

    

$
36,964

    

$

 -

    

$

 -

    

$

 -

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

 

 
20,403

 

 
(53)

 

 
20,350

 

 
4,440

 

 
(56)

 

 
4,384

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

 

 
3,514

 

 

 -

 

 
3,514

 

 
12,559

 

 
(289)

 

 
12,270

Total

 

$
60,966

 

$
(138)

 

$
60,828

 

$
16,999

 

$
(345)

 

$
16,654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

 

$

 -

 

$

 -

 

$

 -

 

$
4,564

 

$
(122)

 

$
4,442

Collateralized mortgage obligations issued by U.S. government agencies or sponsored enterprises

 

 
12,414

 

 
(92)

 

 
12,322

 

 
13,988

 

 
(346)

 

 
13,642

Total

 

$
12,414

 

$
(92)

 

$
12,322

 

$
18,552

 

$
(468)

 

$
18,084

The average loss on securities in an unrealized loss position was 0.55% and 0.96% of the amortized cost basis at December 31, 2015 and 2014, respectively. There were six and twelve securities in an unrealized loss position of greater than 12 months at December 31, 2015 and 2014, respectively.