Securities (Tables)

3 Months Ended

Mar. 31, 2014

The carrying amount of securities and their estimated fair values at March 31, 2014, were as follows:


	March 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(Dollars in Thousands)
Restricted:
FHLB stock	$	4,428		—		—			4,428


Unrestricted:
U.S. government and agency securities:
Agency debt securities	$	122,736		1,942		(1,839	)		122,839
Taxable municipal bonds		18,987		310		(491	)		18,806
Tax free municipal bonds		64,063		2,796		(511	)		66,348
Trust preferred securities		1,600		—		(111	)		1,489
Commercial bonds		2,000		—		(6	)		1,994
Mortgage-backed securities:
GNMA		28,712		629		(174	)		29,167
FNMA		74,186		553		(1,434	)		73,305
FHLMC		1,215		30		—			1,245
NON-AGENCY CMOs		10,951		4		(341	)		10,614
AGENCY CMOs		15,813		152		(234	)		15,731

	$	340,263		6,416		(5,141	)		341,538

The carrying amount of securities and their estimated fair values at December 31, 2013, was as follows:


	December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(Dollars in Thousands)
Restricted:
FHLB stock	$	4,428		—		—			4,428


Unrestricted:
U.S. government and agency securities:
Agency debt securities	$	120,608		1,856		(2,441	)		120,023
Taxable municipal bonds		18,337		458		(738	)		18,057
Tax free municipal bonds		64,291		2,066		(898	)		65,459
Trust preferred securities		1,600		—		(111	)		1,489
Commercial bonds		2,000		—		(16	)		1,984
Mortgage-backed securities:
GNMA		17,327		590		(142	)		17,775
FNMA		70,104		526		(1,938	)		68,692
FHLMC		1,301		35		—			1,336
SLMA CMO		8,459		—		(374	)		8,085
AGENCY CMOs		16,296		134		(420	)		16,010

	$	320,323		5,665		(7,078	)		318,910

The scheduled maturities of debt securities available for sale at March 31, 2014, were as follows:


March 31, 2014	Amortized Cost		Estimated Fair Value

Due within one year	$	501	$	503
Due in one to five years		16,131		16,379
Due in five to ten years		44,634		44,675
Due after ten years		42,244		43,094

		103,510		104,651
Amortizing agency bonds		105,876		106,825
Mortgage-backed securities		130,877		130,062

Total unrestricted securities available for sale	$	340,263	$	341,538

The scheduled maturities of debt securities available for sale at December 31, 2013, were as follows:


December 31, 2013	Amortized Cost		Estimated Fair Value

Due within one year	$	501	$	505
Due in one to five years		12,630		12,954
Due in five to ten years		38,192		37,364
Due after ten years		49,284		49,314

		100,607		100,137
Amortizing agency bonds		106,229		106,875
Mortgage-backed securities		113,487		111,898

Total unrestricted securities available for sale	$	320,323	$	318,910

The estimated fair value and unrealized loss amounts of temporarily impaired investments as of March 31, 2014, are as follows:


	Less than 12 months					12 months or longer					Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
	(Dollars in Thousands)
Available for sale
U.S. government and agency securities:
Agency debt securities	$	37,596		(1,186	)		12,687		(653	)		50,283		(1,839	)
Taxable municipals		6,727		(236	)		4,127		(255	)		10,854		(491	)
Tax free municipals		4,547		(109	)		7,089		(402	)		11,636		(511	)
Trust preferred securities		—		—			1,489		(111	)		1,489		(111	)
Commercial bonds		1,994		(6	)		—		—			1,994		(6	)
Mortgage-backed securities:
GNMA		15,190		(167	)		805		(7	)		15,995		(174	)
FNMA		33,463		(950	)		9,416		(484	)		42,879		(1,434	)
SLMA CMOs		3,410		(198	)		1,798		(143	)		5,208		(341	)
AGENCY CMOs		7,565		(70	)		1,877		(164	)		9,442		(234	)

Total available for sale	$	110,492		(2,922	)		39,288		(2,219	)		149,780		(5,141	)

The estimated fair value and unrealized loss amounts of temporarily impaired investments as of December 31, 2013, were as follows:


	Less than 12 months					12 months or longer					Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
	(Dollars in Thousands)
Available for sale
U.S. government and agency securities:
Agency debt securities	$	44,968		(2,107	)		6,793		(334	)		51,761		(2,441	)
Taxable municipal bonds		7,903		(660	)		797		(78	)		8,700		(738	)
Tax free municipal bonds		9,848		(692	)		3,720		(206	)		13,568		(898	)
Trust preferred securities		—		—			1,489		(111	)		1,489		(111	)
Commercial bonds		1,984		(16	)		—		—			1,984		(16	)
Mortgage-backed securities:
GNMA		5,320		(128	)		1,551		(14	)		6,871		(142	)
FNMA		42,464		(1,626	)		6,746		(312	)		49,210		(1,938	)
NON-AGENCY SLMA CMOs		5,224		(374	)		—		—			5,224		(374	)
AGENCY CMOs		7,031		(223	)		1,844		(197	)		8,875		(420	)

Total available for sale	$	124,742		(5,826	)		22,940		(1,252	)		147,682		(7,078	)