Quarterly report pursuant to Section 13 or 15(d)

SECURITIES (Tables)

v2.4.0.8
SECURITIES (Tables)
9 Months Ended
Sep. 30, 2013
Text Block [Abstract]  
Amortized Cost and Fair Value of Available for Sale And Held to Maturity Securities
The amortized cost and fair value of available-for-sale and held-to-maturity securities at September 30, 2013 and December 31, 2012 are summarized as follows:
 
 
 
 
 
 
Gross
 
Gross
 
 
 
 
 
 
Amortized
 
Unrealized
 
Unrealized
 
Market
 
 
 
Cost
 
Gain
 
Loss
 
Value
 
 
 
(In Thousands)
 
September 30, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities Available for Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and government sponsored agencies
 
$
27,762
 
$
844
 
$
-
 
$
28,606
 
Mortgage-backed securities
 
 
82,347
 
 
3,130
 
 
(67)
 
 
85,410
 
State and municipal securities
 
 
123,631
 
 
3,639
 
 
(725)
 
 
126,545
 
Corporate debt
 
 
15,717
 
 
132
 
 
(25)
 
 
15,824
 
Total
 
 
249,457
 
 
7,745
 
 
(817)
 
 
256,385
 
Securities Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
 
27,587
 
 
369
 
 
(1,073)
 
 
26,883
 
State and municipal securities
 
 
5,543
 
 
245
 
 
-
 
 
5,788
 
Total
 
$
33,130
 
$
614
 
$
(1,073)
 
$
32,671
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
Investment Securities Continuous Unrealized Loss Position
The following table identifies, as of September 30, 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 September 30, 2013, one of the Company’s 647 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 September 30, 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)
 
September 30, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and government
    sponsored agencies
 
$
-
 
$
-
 
$
-
 
$
-
 
$
-
 
$
-
 
Mortgage-backed securities
 
 
(1,140)
 
 
25,668
 
 
-
 
 
-
 
 
(1,140)
 
 
25,668
 
State and municipal securities
 
 
(723)
 
 
32,803
 
 
(2)
 
 
175
 
 
(725)
 
 
32,978
 
Corporate debt
 
 
(25)
 
 
5,959
 
 
-
 
 
-
 
 
(25)
 
 
5,959
 
Total
 
$
(1,888)
 
$
64,430
 
$
(2)
 
$
175
 
$
(1,890)
 
$
64,605
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and government
    sponsored agencies
 
$
-
 
$
-
 
$
-
 
$
-
 
$
-
 
$
-
 
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