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5. Securities (Tables)

6 Months Ended

Jun. 30, 2014

Available-for-sale Securities [Abstract]

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

	June 30, 2014
	Amortized			Unrealized						Estimated
Dollars in thousands	Cost			Gains			Losses			Fair Value
Available for Sale
Taxable debt securities
U. S. Government agencies
and corporations	$	24,998		$	885		$	53		$	25,830
Residential mortgage-backed securities:
Government-sponsored agencies		155,631			2,921			997			157,555
Nongovernment-sponsored entities		9,555			385			9			9,931
State and political subdivisions
General obligations		4,532			9			144			4,397
Water and sewer revenues		2,382			7			44			2,345
Other revenues		3,319			7			33			3,293
Corporate debt securities		-			-			-			-
Total taxable debt securities		200,417			4,214			1,280			203,351
Tax-exempt debt securities
State and political subdivisions
General obligations		46,859			1,552			204			48,207
Water and sewer revenues		11,868			176			58			11,986
Lease revenues		7,990			54			68			7,976
Lottery/casino revenues		3,832			145			41			3,936
Other revenues		12,205			198			53			12,350
Total tax-exempt debt securities		82,754			2,125			424			84,455
Equity securities		77			-			-			77
Total available for sale securities	$	283,248		$	6,339		$	1,704		$	287,883

	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
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

	June 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	$	35,605		$	1,186		$	27		$	36,764
Residential mortgage-backed securities:
Government-sponsored agencies		147,738			2,313			1,510			148,541
Nongovernment-sponsored agencies		12,373			326			42			12,657
State and political subdivisions		13,838			2			493			13,347
Corporate debt securities		3,966			27			34			3,959
Total taxable debt securities		213,520			3,854			2,106			215,268
Tax-exempt debt securities:
State and political subdivisions		76,225			1,647			2,037			75,835
Residential mortgage-backed securities:
Government-sponsored agencies		-			-			-			-
Total tax-exempt debt securities		76,225			1,647			2,037			75,835
Equity securities		77			-			-			77
Total available for sale securities	$	289,822		$	5,501		$	4,143		$	291,180

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

	June 30, 2014
	Amortized			Unrealized						Estimated
Dollars in thousands	Cost			Gains			Losses			Fair Value

California	$	17,649		$	470		$	41		$	18,078
West Virginia		12,313			242			54			12,501
Illinois		8,941			142			77			9,006
Texas		7,380			368			74			7,674
Pennsylvania		7,298			64			49			7,313

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

		Available for Sale
		Amortized			Estimated
Dollars in thousands		Cost			Fair Value
Due in one year or less		$	59,685		$	60,630
Due from one to five years			100,747			102,143
Due from five to ten years			25,962			26,503
Due after ten years			96,777			98,530
Equity securities			77			77
		$	283,248		$	287,883

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

		Proceeds from										Gross realized
					Calls and			Principal
Dollars in thousands		Sales			Maturities			Payments				Gains			Losses

Securities available for sale		$	36,230		$	3,001		$	16,664			$	550		$	614

Summary of Other-Than-Temporary Impairment Losses on Securities

		Three Months Ended June 30,							Six Months Ended June 30,
Dollars in thousands		2014			2013				2014			2013

Total other-than-temporary impairment losses		$	(1	)	$	(27	)		$	(1	)	$	(117)
Portion of loss recognized in
other comprehensive income			-			-				-			37
Net impairment losses recognized in earnings		$	(1	)	$	(27	)		$	(1	)	$	(80)

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

		Three Months Ended			Six Months Ended
		June 30, 2014			June 30, 2014

In thousands		Total			Total
Beginning Balance		$	(3,021	)	$	(3,021)
Additions for the credit component on debt securities in which
other-than-temporary impairment was not previously recognized			(1	)		(1)
Securities sold during the period			2,814			2,814
Ending Balance		$	(208	)	$	(208)

Summary Of Securities Available For Sale In Unrealized Loss Position

	June 30, 2014
	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	$	2,448		$	(6	)	$	3,396		$	(47	)	$	5,844		$	(53)
Residential mortgage-backed securities:
Government-sponsored agencies		35,211			(550	)		23,421			(447	)		58,632			(997)
Nongovernment-sponsored entities		2,598			(9	)		86			-			2,684			(9)
State and political subdivisions:
General obligations		-			-			4,103			(144	)		4,103			(144)
Water and sewer revenues		-			-			1,836			(44	)		1,836			(44)
Other revenues		1,104			(16	)		926			(17	)		2,030			(33)
Corporate debt securities		-			-			-			-			-			-
Tax-exempt debt securities
State and political subdivisions:
General obligations		4,816			(44	)		7,572			(160	)		12,388			(204)
Water and sewer revenues		1,070			(21	)		2,608			(37	)		3,678			(58)
Lease revenues		-			-			2,529			(68	)		2,529			(68)
Lottery/casino revenues		-			-			1,106			(41	)		1,106			(41)
Other revenues		2,771			(18	)		826			(35	)		3,597			(53)
Total temporarily impaired securities		50,018			(664	)		48,409			(1,040	)		98,427			(1,704)
Other-than-temporarily impaired securities
Taxable debt securities
Residential mortgage-backed securities:
Nongovernment-sponsored entities		-			-			-			-			-			-
Total other-than-temporarily
impaired securities		-			-			-			-			-			-
Total	$	50,018		$	(664	)	$	48,409		$	(1,040	)	$	98,427		$	(1,704)

	December 31, 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

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.

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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