| Investment Securities |
Note 3 – Investment Securities
As
discussed in Note 2, due to the deconsolidation of the Bank during
the second quarter of 2011, no investment securities are reported
on the Company’s consolidated balance sheet as of June 30,
2011. The amortized cost, estimated fair value and the related
gross unrealized gains and losses recognized in accumulated other
comprehensive income of investment securities available for sale at
December 31, 2010 are presented below:
|
(Successor
Company) |
|
December 31, 2010
|
|
| |
|
Amortized
Cost
|
|
|
Unrealized
Gains
|
|
|
Unrealized
Losses
|
|
|
Estimated
Fair Value
|
|
|
U.S.
Government agencies and corporations
|
|
$ |
40,980 |
|
|
$ |
15 |
|
|
$ |
296 |
|
|
$ |
40,699 |
|
|
States
and political subdivisions—tax exempt
|
|
|
3,082 |
|
|
|
2 |
|
|
|
25 |
|
|
|
3,059 |
|
|
States
and political subdivisions—taxable
|
|
|
2,308 |
|
|
|
- |
|
|
|
151 |
|
|
|
2,157 |
|
|
Marketable
equity securities
|
|
|
102 |
|
|
|
- |
|
|
|
28 |
|
|
|
74 |
|
|
Mortgage-backed
securities—residential
|
|
|
372,409 |
|
|
|
946 |
|
|
|
4,152 |
|
|
|
369,203 |
|
|
Corporate
bonds
|
|
|
2,104 |
|
|
|
1 |
|
|
|
- |
|
|
|
2,105 |
|
|
Collateralized
debt obligation
|
|
|
807 |
|
|
|
- |
|
|
|
12 |
|
|
|
795 |
|
|
|
|
$ |
421,792 |
|
|
$ |
964 |
|
|
$ |
4,664 |
|
|
$ |
418,092 |
|
Proceeds
from sales and calls of securities available for sale were $17,550
and $20,144 for the three and six months ended June 30, 2011,
respectively. Gross gains of approximately $0 and $12 were realized
on these sales and calls during the three and six months ended June
30, 2011, respectively.
Securities
with unrealized losses not recognized in income, and the period of
time they have been in an unrealized loss position, are as
follows:
|
(Successor
Company) |
|
Less than 12 Months
|
|
|
12 Months or Longer
|
|
|
Total
|
|
|
December 31, 2010
|
|
Estimated Fair Value
|
|
|
Unrealized
Losses
|
|
|
Estimated
Fair Value
|
|
|
Unrealized
Losses
|
|
|
Estimated
Fair Value
|
|
|
Unrealized
Losses
|
|
|
U.S.
Government agencies and corporations
|
|
$ |
14,304 |
|
|
$ |
296 |
|
|
|
- |
|
|
|
- |
|
|
$ |
14,304 |
|
|
$ |
296 |
|
|
States
and political subdivisions—tax exempt
|
|
|
2,458 |
|
|
|
25 |
|
|
|
- |
|
|
|
- |
|
|
|
2,458 |
|
|
|
25 |
|
|
States
and political subdivisions-taxable
|
|
|
2,157 |
|
|
|
151 |
|
|
|
- |
|
|
|
- |
|
|
|
2,157 |
|
|
|
151 |
|
|
Marketable
equity securities
|
|
|
74 |
|
|
|
28 |
|
|
|
- |
|
|
|
- |
|
|
|
74 |
|
|
|
28 |
|
|
Mortgage-backed
securities - residential
|
|
|
213,153 |
|
|
|
4,152 |
|
|
|
- |
|
|
|
- |
|
|
|
213,153 |
|
|
|
4,152 |
|
|
Corporate
bonds
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Collateralized
debt obligation
|
|
|
795 |
|
|
|
12 |
|
|
|
- |
|
|
|
- |
|
|
|
795 |
|
|
|
12 |
|
|
Total
temporarily impaired
|
|
$ |
232,941 |
|
|
$ |
4,664 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
232,941 |
|
|
$ |
4,664 |
|