Quarterly report pursuant to Section 13 or 15(d)

SECURITIES

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SECURITIES
3 Months Ended
Mar. 31, 2013
Investments, Debt and Equity Securities [Abstract]  
SECURITIES

NOTE 4 - SECURITIES

 

The amortized cost and fair value of available-for-sale and held-to-maturity securities at March 31, 2013 and December 31, 2012 are summarized as follows:

 

      Gross     Gross        
  Amortized     Unrealized     Unrealized     Market Value  
  Cost     Gain     Loss     Value  
March 31, 2013   (In Thousands)  
Securities Available for Sale                        
U.S. Treasury and government sponsored agencies   $ 26,928     $ 887     $ -     $ 27,815  
Mortgage-backed securities     62,632       3,844       -       66,476  
State and municipal securities     116,554       5,813       (64 )     122,303  
Corporate debt     12,660       180       -       12,840  
Total   $ 218,774     $ 10,724     $ (64 )   $ 229,434  
Securities Held to Maturity                                
Mortgage-backed securities   $ 27,129     $ 643     $ (177 )   $ 27,595  
State and municipal securities     5,540       557       -       6,097  
Total   $ 32,669     $ 1,200     $ (177 )   $ 33,692  
                                 
December 31, 2012                                
Securities Available for Sale                                
U.S. Treasury and government sponsored agencies   $ 27,360     $ 1,026     $ -     $ 28,386  
Mortgage-backed securities     69,298       4,168       -       73,466  
State and municipal securities     112,319       5,941       (83 )     118,177  
Corporate debt     13,677       210       (39 )     13,848  
Total   $ 222,654     $ 11,345     $ (122 )   $ 233,877  
Securities Held to Maturity                                
Mortgage-backed securities   $ 20,429     $ 768     $ (40 )   $ 21,157  
State and municipal securities     5,538       655       -       6,193  
Total   $ 25,967     $ 1,423     $ (40 )   $ 27,350  

 

All mortgage-backed securities are with government-sponsored enterprises (GSEs) such as Federal National Mortgage Association, Government National Mortgage Association, Federal Home Loan Bank, and Federal Home Loan Mortgage Corporation.

 

The following table identifies, as of March 31, 2013 and December 31, 2012, the Company’s investment securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months. At March 31, 2013, none of the Company’s 591 debt securities had been in an unrealized loss position for 12 or more months. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the securities before recovery of their amortized cost, which may be maturity; accordingly, the Company does not consider these securities to be other-than-temporarily impaired at March 31, 2013. Further, the Company believes any deterioration in value of its current investment securities is attributable to changes in market interest rates and not credit quality of the issuer.

 

  Less Than Twelve Months     Twelve Months or More     Total  
  Gross         Gross         Gross        
  Unrealized         Unrealized         Unrealized        
  Losses     Fair Value     Losses     Fair Value     Losses     Fair Value  
  (In Thousands)  
March 31, 2013                                    
U.S. Treasury and government                                    
sponsored agencies   $ -     $ -     $ -     $ -     $ -     $ -  
Mortgage-backed securities     (177 )     12,813       -       -       (177 )     12,813  
State and municipal securities     (64 )     9,090       -       -       (64 )     9,090  
Corporate debt     -       -       -       -       -       -  
Total   $ (241 )   $ 21,903     $ -     $ -     $ (241 )   $ 21,903  
                                                 
December 31, 2012                                                
U.S. Treasury and government                                                
Mortgage-backed securities     (40 )     4,439       -       -       (40 )     4,439  
State and municipal securities     (83 )     8,801       -       166       (83 )     8,967  
Corporate debt     (39 )     4,882       -       -       (39 )     4,882  
Total   $ (162 )   $ 18,122     $ -     $ 166     $ (162 )   $ 18,288