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4. Securities (Tables)

12 Months Ended

Dec. 31, 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 and losses, and estimated fair values of securities at December 31, 2013 and 2012, are summarized as follows:

	December 31, 2013
	Amortized			Unrealized						Estimated
Dollars in thousands	Cost			Gains			Losses			Fair Value
Available for Sale
Taxable debt securities
U. S. Government agencies
and corporations	$	29,100		$	675		$	118		$	29,657
Residential mortgage-backed securities:
Government-sponsored agencies		155,270			2,019			1,573			155,716
Nongovernment-sponsored entities		11,519			321			21			11,819
State and political subdivisions
General obligations		9,317			-			475			8,842
Water and sewer revenues		3,229			-			114			3,115
Other revenues		4,051			4			142			3,913
Corporate debt securities		3,973			24			31			3,966
Total taxable debt securities		216,459			3,043			2,474			217,028
Tax-exempt debt securities
State and political subdivisions
General obligations		41,156			675			1,154			40,677
Water and sewer revenues		8,996			15			306			8,705
Lease revenues		7,956			-			391			7,565
Lottery/casino revenues		4,443			63			169			4,337
Other revenues		10,527			55			191			10,391
Residential mortgage-backed securities		-			-			-			-
Total tax-exempt debt securities		73,078			808			2,211			71,675
Equity securities		77			-			-			77
Total available for sale securities	$	289,614		$	3,851		$	4,685		$	288,780

	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

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

	December 31, 2013
	Amortized			Unrealized						Estimated
Dollars in thousands	Cost			Gains			Losses			Fair Value

West Virginia	$	15,277		$	78		$	285		$	15,070
California		9,177			86			249			9,014
Illinois		8,968			21			543			8,446
Texas		7,651			240			190			7,701
Washington		4,400			104			85			4,419

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

Dollars in thousands		Proceeds from									Gross realized
					Calls and			Principal
Years ended December 31,		Sales			Maturities			Payments			Gains			Losses
2013		$	54,340		$	2,669		$	62,179		$	674		$	434
2012		$	72,056		$	4,618		$	66,377		$	3,253		$	905
2011		$	131,950		$	8,049		$	57,670		$	4,450		$	444

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

	Amortized			Estimated
Dollars in thousands	Cost			Fair Value

Due in one year or less	$	61,493		$	61,994
Due from one to five years		103,138			103,532
Due from five to ten years		36,957			36,599
Due after ten years		87,949			86,578
Equity securities		77			77
Total	$	289,614		$	288,780

Summary of Other-Than-Temporary Impairment Losses on Securities


Dollars in thousands	2013			2012
Total other-than-temporary impairment losses	$	(155	)	$	(1,308)
Portion of loss recognized in
other comprehensive income		37			857

Net impairment losses recognized in earnings	$	(118	)	$	(451)

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

Dollars in thousands	2013			2012
Balance, January 1	$	(2,903	)	$	(6,355)
Additions for the credit component on debt securities in which
other-than-temporary impairment was not previously recognized		(118	)		(451)
Securities sold or deemed worthless during the period		-			3,903
Balance, December 31	$	(3,021	)	$	(2,903)

Summary Of Securities Available For Sale In Unrealized Loss Position

	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	$	10,868		$	(118	)	$	-		$	-		$	10,868		$	(118)
Residential mortgage-backed securities:
Government-sponsored agencies		55,035			(1,385	)		13,249			(188	)		68,284			(1,573)
Nongovernment-sponsored entities		2,407			(12	)		565			(7	)		2,972			(19)
State and political subdivisions:
General obligations		4,505			(264	)		2,337			(211	)		6,842			(475)
Water and sewer revenues		1,309			(31	)		1,554			(83	)		2,863			(114)
Other revenues		3,142			(142	)		-			-			3,142			(142)
Corporate debt securities		2,968			(31	)		-			-			2,968			(31)
Tax-exempt debt securities
State and political subdivisions:
General obligations		19,603			(997	)		2,102			(157	)		21,705			(1,154)
Water and sewer revenues		5,643			(224	)		983			(82	)		6,626			(306)
Lease revenues		6,112			(349	)		958			(42	)		7,070			(391)
Lottery/casino revenues		2,720			(132	)		554			(37	)		3,274			(169)
Other revenues		8,815			(191	)		-			-			8,815			(191)
Total temporarily impaired securities		123,127			(3,876	)		22,302			(807	)		145,429			(4,683)
Other-than-temporarily impaired securities
Taxable debt securities
Residential mortgage-backed securities:
Nongovernment-sponsored entities		-			-			1			(2	)		1			(2)
Total other-than-temporarily
impaired securities		-			-			1			(2	)		1			(2)
Total	$	123,127		$	(3,876	)	$	22,303		$	(809	)	$	145,430		$	(4,685)

	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