XML 42 R11.htm IDEA: XBRL DOCUMENT v3.3.1.900
Securities
 12 Months Ended
Dec. 31, 2015
Securities [Abstract]  
Securities

NOTE 3 - SECURITIES

 

The amortized cost, gross unrealized gains and losses, and fair value of securities were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

 

(In Thousands)

AVAILABLE FOR SALE:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agencies

 

$

 9,275 

 

$

 2 

 

$

 (108)

 

$

 9,169 

States and political subdivisions

 

 

 59,120 

 

 

 1,747 

 

 

 (112)

 

 

 60,755 

Corporate obligations

 

 

 4,933 

 

 

 45 

 

 

 (4)

 

 

 4,974 

Mortgage-backed securities-

 

 

 

 

 

 

 

 

 

 

 

 

government sponsored entities

 

 

 64,491 

 

 

 23 

 

 

 (945)

 

 

 63,569 

  Total debt securities

 

 

 137,819 

 

 

 1,817 

 

 

 (1,169)

 

 

 138,467 

Equity securities-financial services

 

 

 292 

 

 

 92 

 

 

 -

 

 

 384 

 

 

$

 138,111 

 

$

 1,909 

 

$

 (1,169)

 

$

 138,851 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

 

(In Thousands)

AVAILABLE FOR SALE:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agencies

 

$

 29,289 

 

$

 42 

 

$

 (356)

 

$

 28,975 

States and political subdivisions

 

 

 52,685 

 

 

 1,750 

 

 

 (103)

 

 

 54,332 

Corporate obligations

 

 

 6,387 

 

 

 110 

 

 

 (11)

 

 

 6,486 

Mortgage-backed securities-

 

 

 

 

 

 

 

 

 

 

 

 

government sponsored entities

 

 

 67,032 

 

 

 109 

 

 

 (937)

 

 

 66,204 

  Total debt securities

 

 

 155,393 

 

 

 2,011 

 

 

 (1,407)

 

 

 155,997 

Equity securities-financial services

 

 

 292 

 

 

 106 

 

 

 -

 

 

 398 

 

 

$

 155,685 

 

$

 2,117 

 

$

 (1,407)

 

$

 156,395 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following tables show the Company’s investments’ gross unrealized losses and fair value aggregated by security type and length of time that individual securities have been in a continuous unrealized loss position (in thousands):


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

Less than 12 Months

 

12 Months or More

 

Total

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

U.S. Government agencies

$

 6,058 

 

$

 (71)

 

$

 2,109 

 

$

 (37)

 

$

 8,167 

 

$

 (108)

States and political subdivisions

 

 9,086 

 

 

 (99)

 

 

 1,417 

 

 

 (13)

 

 

 10,503 

 

 

 (112)

Corporate obligations

 

 2,221 

 

 

 (4)

 

 

 -

 

 

 -

 

 

 2,221 

 

 

 (4)

Mortgage-backed securities-government sponsored entities

 

 40,300 

 

 

 (432)

 

 

 16,595 

 

 

 (513)

 

 

 56,895 

 

 

 (945)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 57,665 

 

$

 (606)

 

$

 20,121 

 

$

 (563)

 

$

 77,786 

 

$

 (1,169)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

Less than 12 Months

 

12 Months or More

 

Total

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

U.S. Government agencies

$

 4,965 

 

$

 (17)

 

$

 15,051 

 

$

 (339)

 

$

 20,016 

 

$

 (356)

States and political subdivisions

 

 3,195 

 

 

 (20)

 

 

 4,633 

 

 

 (83)

 

 

 7,828 

 

 

 (103)

Corporate obligations

 

 -

 

 

 -

 

 

 1,144 

 

 

 (11)

 

 

 1,144 

 

 

 (11)

Mortgage-backed securities-government sponsored entities

 

 22,090 

 

 

 (189)

 

 

 26,050 

 

 

 (748)

 

 

 48,140 

 

 

 (937)

 

$

 30,250 

 

$

 (226)

 

$

 46,878 

 

$

 (1,181)

 

$

 77,128 

 

$

 (1,407)

 

 

 

The Company has 54 debt securities in the less than twelve month category and 22 debt securities in the twelve months or more category as of December 31, 2015.  In management’s opinion, the unrealized losses on securities reflect changes in interest rates subsequent to the acquisition of specific securities.  No other-than-temporary-impairment charges were recorded in 2015.  Management believes that all other unrealized losses represent temporary impairment of the securities, and it is more likely than not that it will not have to sell the securities before recovery of their cost basis.

 

The amortized cost and fair value of debt securities as of December 31, 2015 by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.

 

 

 

 

 

 

 

 

 

 

Amortized

 

Fair

 

Cost

 

Value

 

 

(In Thousands)

Due in one year or less

$

640

 

$

647

Due after one year through five years

 

13,044

 

 

13,003

Due after five years through ten years

 

8,437

 

 

8,529

Due after ten years

 

51,207

 

 

52,719

 

 

73,328

 

 

74,898

 

 

 

 

 

 

Mortgage-backed securities - government sponsored entities

 

64,491

 

 

63,569

 

$

137,819

 

$

138,467

 

 

Gross realized gains and gross realized losses on sales of securities available for sale were $626,000 and $0, respectively, in 2015, compared to $1,199,000 and $29,000, respectively, in 2014, and $908,000 and $27,000, respectively, in 2013. The proceeds from the sales of securities totaled $44,976,000 $66,263,000 and $42,348,000 for the years ended December 31, 2015, 2014 and 2013, respectively.

 

Securities with a carrying value of $97,671,000 and $102,994,000 at December 31, 2015 and 2014, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law.