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5. Securities (Tables)

9 Months Ended

Sep. 30, 2013

Available-for-sale Securities [Abstract]

Summary Of Amortized Cost, Unrealized Gains, Unrealized Losses And Estimated Fair Values Of Securities

The amortized cost, unrealized gains, unrealized losses and estimated fair values of securities at September 30, 2013, December 31, 2012, and September 30, 2012 are summarized as follows:

		September 30, 2013
		Amortized				Unrealized								Estimated
Dollars in thousands		Cost				Gains				Losses				Fair Value
Available for Sale
Taxable debt securities:
U. S. Government agencies
and corporations		$	27,740			$	757			$	67			$	28,430
Residential mortgage-backed securities:
Government-sponsored agencies			149,569				2,444				1,226				150,787
Nongovernment-sponsored agencies			13,134				315				9				13,440
State and political subdivisions:
General obligations			9,064				-				383				8,681
Water and sewer revenues			3,234				1				91				3,144
Other revenues			3,298				-				112				3,186
Corporate debt securities			3,970				25				45				3,950
Total taxable debt securities			210,009				3,542				1,933				211,618
Tax-exempt debt securities:
State and political subdivisions:
General obligations			49,569				1,048				1,112				49,505
Water and sewer revenues			10,132				89				290				9,931
Lease revenues			8,869				1				441				8,429
Lottery/casino revenues			4,457				68				166				4,359
Other revenues			7,490				61				212				7,339
Total tax-exempt debt securities			80,517				1,267				2,221				79,563
Equity securities			77				-				-				77
Total available for sale securities		$	290,603			$	4,809			$	4,154			$	291,258

		December 31, 2012
		Amortized				Unrealized								Estimated
Dollars in thousands		Cost				Gains				Losses				Fair Value
Available for Sale
Taxable debt securities
U. S. Government agencies
and corporations		$	28,128			$	892			$	-			$	29,020
Residential mortgage-backed securities:
Government-sponsored agencies			133,812				3,250				492				136,570
Nongovernment-sponsored entities			15,380				509				144				15,745
State and political subdivisions:
General obligations			8,847				58				57				8,848
Water and sewer revenues			1,920				-				32				1,888
Other revenues			1,420				13				-				1,433
Corporate debt securities			1,959				29				38				1,950
Total taxable debt securities			191,466				4,751				763				195,454
Tax-exempt debt securities
State and political subdivisions:
General obligations			54,948				3,259				145				58,062
Water and sewer revenues			5,773				171				47				5,897
Lease revenues			6,910				159				13				7,056
Lottery/casino revenues			4,500				305				9				4,796
Other revenues			7,272				210				23				7,459
Residential mortgage-backed securities:
Government-sponsored agencies			2,738				-				-				2,738
Total tax-exempt debt securities			82,141				4,104				237				86,008
Equity securities			77				-				-				77
Total available for sale securities		$	273,684			$	8,855			$	1,000			$	281,539

		September 30, 2012
		Amortized				Unrealized								Estimated
Dollars in thousands		Cost				Gains				Losses				Fair Value
Available for Sale
Taxable debt securities:
U. S. Government agencies
and corporations		$	25,857			$	1,009			$	4			$	26,862
Residential mortgage-backed securities:
Government-sponsored agencies			150,233				3,741				453				153,521
Nongovernment-sponsored agencies			21,199				712				290				21,621
State and political subdivisions			10,176				57				56				10,177
Corporate debt securities			1,955				29				74				1,910
Total taxable debt securities			209,420				5,548				877				214,091
Tax-exempt debt securities:
State and political subdivisions			70,678				4,358				70				74,966
Residential mortgage-backed securities:
Government-sponsored agencies			2,858				-				-				2,858
Total tax-exempt debt securities			73,536				4,358				70				77,824
Equity securities			77				-				-				77
Total available for sale securities		$	283,033			$	9,906			$	947			$	291,992

Summary Of Volume of State and Political Subdivision Securities Held in Portfolio

The below information is relative to the five states where issuers with the highest volume of state and political subdivision securities held in our portfolio are located. We own no such securities of any single issuer which we deem to be a concentration.

		September 30, 2013
		Amortized				Unrealized								Estimated
Dollars in thousands		Cost				Gains				Losses				Fair Value

West Virginia		$	14,286			$	97			$	267			$	14,116
Illinois			10,435				59				535				9,959
California			8,102				107				241				7,968
Texas			7,155				234				178				7,211
Washington			4,409				110				80				4,439

Summary Of Maturities, Amortized Cost And Estimated Fair Values Of Securities

The maturities, amortized cost and estimated fair values of securities at September 30, 2013, are summarized as follows:

		Available for Sale
		Amortized				Estimated
Dollars in thousands		Cost				Fair Value
Due in one year or less		$	68,076			$	68,631
Due from one to five years			88,188				89,189
Due from five to ten years			33,174				33,187
Due after ten years			101,088				100,174
Equity securities			77				77
		$	290,603			$	291,258

Summary of Proceeds From Sales, Calls and Maturities, Principal Payments, Gains and Losses of Available for Sale Securities

The proceeds from sales, calls and maturities of available for sale securities, including principal payments received on mortgage-backed obligations, and the related gross gains and losses realized, for the nine months ended September 30, 2013 are as follows:

						Calls and				Principal
Dollars in thousands		Sales				Maturities				Payments				Gains				Losses

Securities available for sale		$	41,188			$	1,258			$	50,650			$	362			$	246

Summary of Other-Than-Temporary Impairment Losses on Securities

During the three and nine months ended September 30, 2013 and 2012, we recorded other-than-temporary impairment losses on residential mortgage-backed nongovernment sponsored entity securities as follows:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
In thousands		2013				2012				2013				2012

Total other-than-temporary impairment losses		$	(38	)		$	(233	)		$	(155	)		$	(1,115	)
Portion of loss recognized in
other comprehensive income			-				194				37				740
Net impairment losses recognized in earnings		$	(38	)		$	(39	)		$	(118	)		$	(375	)

Summary Of Activity Related To The Credit Component Recognized On Debt Securities Available For Sale Of Other-Than-Temporary Impairment Recognized In Other Comprehensive Income

Activity related to the credit component recognized on debt securities available for sale for which a portion of other-than-temporary impairment was recognized in other comprehensive income for the three and nine months ended September 30, 2013 is as follows:

		Three Months Ended				Nine Months Ended
		September 30, 2013				September 30, 2013

In thousands		Total				Total
Beginning Balance		$	2,984			$	2,904
Additions for the credit component on debt securities in which
other-than-temporary impairment was not previously recognized			38				118
Securities sold during the period			-				-
Ending Balance		$	3,022			$	3,022

Summary Of Securities Available For Sale In Unrealized Loss Position

Provided below is a summary of securities available for sale which were in an unrealized loss position at September 30, 2013 and December 31, 2012, including debt securities for which a portion of other-than-temporary impairment has been recognized in other comprehensive income.

		September 30, 2013
		Less than 12 months								12 months or more								Total
		Estimated				Unrealized				Estimated				Unrealized				Estimated				Unrealized
Dollars in thousands		Fair Value				Loss				Fair Value				Loss				Fair Value				Loss
Temporarily impaired securities
Taxable debt securities
U. S. Government agencies
and corporations		$	7,770			$	(67	)		$	-			$	-			$	7,770			$	(67	)
Residential mortgage-backed securities:
Government-sponsored agencies			48,957				(1,011	)			11,754				(215	)			60,711				(1,226	)
Nongovernment-sponsored entities			355				(1	)			858				(8	)			1,213				(9	)
State and political subdivisions:
General obligations			5,806				(316	)			876				(67	)			6,682				(383	)
Water and sewer revenues			634				(35	)			1,175				(56	)			1,809				(91	)
Other revenues			3,185				(112	)			-				-				3,185				(112	)
Corporate debt securities			2,954				(45	)			-				-				2,954				(45	)
Tax-exempt debt securities
State and political subdivisions:
General obligations			21,134				(1,112	)			-				-				21,134				(1,112	)
Water and sewer revenues			6,505				(290	)			-				-				6,505				(290	)
Lease revenues			7,522				(424	)			366				(17	)			7,888				(441	)
Lottery/casino revenues			3,292				(166	)			-				-				3,292				(166	)
Other revenues			5,407				(212	)			-				-				5,407				(212	)
Total temporarily impaired securities			113,521				(3,791	)			15,029				(363	)			128,550				(4,154	)
Other-than-temporarily impaired securities
Taxable debt securities
Residential mortgage-backed securities:
Nongovernment-sponsored entities			-				-				-				-				-				-
Total other-than-temporarily
impaired securities			-				-				-				-				-				-
Total		$	113,521			$	(3,791	)		$	15,029			$	(363	)		$	128,550			$	(4,154	)

		December 31, 2012
		Less than 12 months								12 months or more								Total
		Estimated				Unrealized				Estimated				Unrealized				Estimated				Unrealized
Dollars in thousands		Fair Value				Loss				Fair Value				Loss				Fair Value				Loss
Temporarily impaired securities
Taxable debt securities
U. S. Government agencies
and corporations		$	-			$	-			$	-			$	-			$	-			$	-
Residential mortgage-backed securities:
Government-sponsored agencies			36,498				(414	)			8,997				(78	)			45,495				(492	)
Nongovernment-sponsored entities			-				(4	)			1,478				(14	)			1,478				(18	)
State and political subdivisions:
General obligations			2,526				(57	)			-				-				2,526				(57	)
Water and sewer revenues			1,240				(28	)			387				(4	)			1,627				(32	)
Other revenues			-				-				-				-				-				-
Corporate debt securities			-				-				962				(38	)			962				(38	)
Tax-exempt debt securities
State and political subdivisions:
General obligations			11,926				(145	)			-				-				11,926				(145	)
Water and sewer revenues			2,534				(47	)			-				-				2,534				(47	)
Lease revenues			1,013				(13	)			-				-				1,013				(13	)
Lottery/casino revenues			1,777				(9	)			-				-				1,777				(9	)
Other revenues			2,684				(23	)			-				-				2,684				(23	)
Other equity securties			-				-				-				-				-				-
Total temporarily impaired securities			60,198				(740	)			11,824				(134	)			72,022				(874	)
Other-than-temporarily impaired securities
Taxable debt securities
Residential mortgage-backed securities:
Nongovernment-sponsored entities			265				(6	)			593				(120	)			858				(126	)
Total other-than-temporarily
impaired securities			265				(6	)			593				(120	)			858				(126	)
Total		$	60,463			$	(746	)		$	12,417			$	(254	)		$	72,880			$	(1,000	)

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References+ Details

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

+ References+ Details