Investment Securities (Tables)

3 Months Ended

Mar. 31, 2014

Investments Debt And Equity Securities [Abstract]

Amortized Cost and Estimated Fair Values of Investment Securities

The amortized cost and estimated fair values of investment securities are as follows at March 31, 2014 and December 31, 2013:

	(Expressed in thousands)
	March 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Securities available-for-sale:
Obligations of U.S. Government corporations and agencies	$	50,595	$	20	$	(1,480	)	$	49,135
Obligations of states and political subdivisions		62,129		2,085		(513	)		63,701
Mortgage-backed securities		94,567		151		(2,071	)		92,647
Equity securities		164		33		(1	)		196
Total available-for-sale	$	207,455	$	2,289	$	(4,065	)	$	205,679

	(Expressed in thousands)
	December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Securities available-for-sale:
Obligations of U.S. Government corporations and agencies	$	50,598	$	18	$	(2,170	)	$	48,446
Obligations of states and political subdivisions		60,049		1,421		(1,056	)		60,414
Mortgage-backed securities		93,501		72		(2,673	)		90,900
Equity securities		165		32		(2	)		195
Total available-for-sale	$	204,313	$	1,543	$	(5,901	)	$	199,955

Gross Unrealized Losses and Fair Value for Investment Securities by Investment Category and Continuous Unrealized Loss Position Time

The following tables show the Company’s gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment class and length of time that the individual securities have been in a continuous unrealized loss position, at March 31, 2014 and December 31, 2013:

	(Expressed in thousands) March 31, 2014
	Less than Twelve Months					Twelve Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
U.S. Government corporations and agencies	$	44,110	$	(1,480	)	$	—	$	—		$	44,110	$	(1,480	)
Obligations of states and political subdivisions		9,986		(370	)		2,013		(143	)		11,999		(513	)
Mortgage-backed securities		58,262		(1,558	)		11,618		(513	)		69,880		(2,071	)
Total debt securities		112,358		(3,408	)		13,631		(656	)		125,989		(4,064	)
Equity securities		70		(1	)		—		—			70		(1	)
Total	$	112,428	$	(3,409	)	$	13,631	$	(656	)	$	126,059	$	(4,065	)
	(Expressed in thousands) December 31, 2013
	Less than Twelve Months					Twelve Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
U.S. Government corporations and agencies	$	46,416	$	(2,170	)	$	—	$	—		$	46,416	$	(2,170	)
Obligations of states and political subdivisions		19,009		(867	)		1,794		(189	)		20,803		(1,056	)
Mortgage-backed securities		65,915		(2,036	)		11,805		(637	)		77,720		(2,673	)
Total debt securities		131,340		(5,073	)		13,599		(826	)		144,939		(5,899	)
Equity securities		70		(1	)		8		(1	)		78		(2	)
Total	$	131,410	$	(5,074	)	$	13,607	$	(827	)	$	145,017	$	(5,901	)

Tabular rollforward of the amount of credit related OTTI recognized in earnings

The following is a tabular rollforward of the amount of credit related OTTI recognized in earnings (in thousands):

	March 31, 2014		March 31, 2013
Balance at beginning of period	$	—	$	—
Additions for credit-related OTTI not previously recognized		49		—
Reductions for securities sold during the period (realized)		—		—
Balance at end of period	$	49	$	—

Amortized Cost and Fair Value of Securities Available for Sale, by Contractual Maturity

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

	(Expressed in thousands) March 31, 2014
	Amortized Cost		Fair Value
Due in one year or less	$	1,291	$	1,312
Due after one year through five years		7,103		7,133
Due after five years through ten years		72,224		71,428
Due after ten years		32,106		32,963
		112,724		112,836
Mortgage-backed securities		94,567		92,647
Equity securities		164		196
Total	$	207,455	$	205,679

Recorded Book Value, Fair Value and Approximate Yield of Investment Securities by Contractual Maturity

The maturity distribution using book value including accretion of discounts and amortization of premiums and approximate yield of investment securities at March 31, 2014 and December 31, 2013 are presented in the following table. Tax equivalent yield basis was used on tax exempt obligations. Approximate yield was calculated using a weighted average of yield to maturities. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

(dollars in thousands)	March 31, 2014							December 31, 2013
	Amortized Cost		Fair Value		Yield			Amortized Cost		Fair Value		Yield
U.S. Government corporations and agencies
Within One Year	$	2	$	2		0.01	%	$	9	$	9		0.01	%
After One But Within Five Years		5,494		5,468		1.73			7,490		7,416		1.81
After Five But Within Ten Years		45,099		43,665		1.82			43,099		41,021		1.81
After Ten Years		—		—		—			—		—		—
		50,595		49,135		1.81			50,598		48,446		1.81
States & Political Subdivisions
Within One Year		1,288		1,310		6.59			1,288		1,321		6.59
After One But Within Five Years		1,610		1,665		5.99			1,246		1,305		5.95
After Five But Within Ten Years		27,125		27,763		5.10			25,960		26,125		5.11
After Ten Years		32,106		32,963		5.64			31,555		31,663		5.65
		62,129		63,701		5.43			60,049		60,414		5.44
Mortgage-Backed Securities		94,567		92,647		2.09			93,501		90,900		2.06
Equity Securities		164		196		3.64			165		195		4.02
Total	$	207,455	$	205,679		3.06	%	$	204,313	$	199,955		3.02	%