|
SECURITIES (Tables)
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9 Months Ended |
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Sep. 30, 2013
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| Investments Debt And Equity Securities [Abstract] |
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| Amortized cost and fair value of available for sale securities and related pre-tax gross unrealized gains and losses |
The amortized cost and fair value of available for sale securities
and the related pre-tax gross unrealized gains and losses
recognized in accumulated other comprehensive income (loss) are as
follows:
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| |
|
Amortized
Cost |
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|
Gross
Unrealized
Gains |
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|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
September 30, 2013
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U.S. Government agency debt obligations
|
|
$ |
97,460,000 |
|
|
$ |
376,000 |
|
|
$ |
(8,542,000 |
) |
|
$ |
89,294,000 |
|
|
Mortgage-backed securities
|
|
|
13,382,000 |
|
|
|
1,129,000 |
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|
|
0 |
|
|
|
14,511,000 |
|
|
Michigan Strategic Fund bonds
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
Municipal general obligation bonds
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|
|
17,275,000 |
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|
432,000 |
|
|
|
(1,000 |
) |
|
|
17,706,000 |
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|
Municipal revenue bonds
|
|
|
877,000 |
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|
|
40,000 |
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|
|
0 |
|
|
|
917,000 |
|
|
Mutual funds
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|
|
1,376,000 |
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|
|
0 |
|
|
|
(11,000 |
) |
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|
1,365,000 |
|
|
|
|
|
|
|
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|
$ |
130,370,000 |
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|
$ |
1,977,000 |
|
|
$ |
(8,554,000 |
) |
|
$ |
123,793,000 |
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|
|
|
|
|
|
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December 31, 2012
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|
|
|
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U.S. Government agency debt obligations
|
|
$ |
78,447,000 |
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|
$ |
1,039,000 |
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|
$ |
(388,000 |
) |
|
$ |
79,098,000 |
|
|
Mortgage-backed securities
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|
|
20,182,000 |
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|
|
1,814,000 |
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|
0 |
|
|
|
21,996,000 |
|
|
Michigan Strategic Fund bonds
|
|
|
11,255,000 |
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|
|
0 |
|
|
|
0 |
|
|
|
11,255,000 |
|
|
Municipal general obligation bonds
|
|
|
21,700,000 |
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|
|
1,043,000 |
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|
0 |
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|
|
22,743,000 |
|
|
Municipal revenue bonds
|
|
|
1,726,000 |
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|
|
91,000 |
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|
|
0 |
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|
1,817,000 |
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|
Mutual funds
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|
1,354,000 |
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|
51,000 |
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|
0 |
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1,405,000 |
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|
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$ |
134,664,000 |
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|
$ |
4,038,000 |
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|
$ |
(388,000 |
) |
|
$ |
138,314,000 |
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| Securities with unrealized losses aggregated by investment category and length of time |
Securities with unrealized losses at September 30, 2013 and
December 31, 2012, aggregated by investment category and
length of time that individual securities have been in a continuous
loss position, are as follows:
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Less than 12 Months |
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12 Months or More |
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Total |
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Fair
Value |
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|
Unrealized
Loss |
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|
Fair
Value |
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|
Unrealized
Loss |
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Fair
Value |
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|
Unrealized
Loss |
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September 30, 2013
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U.S. Government agency debt obligations
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|
$ |
70,142,000 |
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|
$ |
(7,691,000 |
) |
|
$ |
6,134,000 |
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|
$ |
(851,000 |
) |
|
$ |
76,276,000 |
|
|
$ |
(8,542,000 |
) |
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Mortgage-backed securities
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0 |
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0 |
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0 |
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0 |
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|
0 |
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|
0 |
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Michigan Strategic Fund bonds
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0 |
|
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0 |
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0 |
|
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0 |
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0 |
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|
0 |
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Municipal general obligation bonds
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394,000 |
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|
(1,000 |
) |
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|
0 |
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0 |
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|
394,000 |
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|
(1,000 |
) |
|
Municipal revenue bonds
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0 |
|
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|
0 |
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0 |
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|
0 |
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|
0 |
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|
0 |
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Mutual funds
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1,365,000 |
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|
(11,000 |
) |
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0 |
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0 |
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|
1,365,000 |
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|
(11,000 |
) |
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$ |
71,901,000 |
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$ |
(7,703,000 |
) |
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$ |
6,134,000 |
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$ |
(851,000 |
) |
|
$ |
78,035,000 |
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|
$ |
(8,554,000 |
) |
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December 31, 2012
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U.S. Government agency debt obligations
|
|
$ |
33,555,000 |
|
|
$ |
(388,000 |
) |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
33,555,000 |
|
|
$ |
(388,000 |
) |
|
Mortgage-backed securities
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|
0 |
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0 |
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0 |
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|
0 |
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|
0 |
|
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|
0 |
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|
Michigan Strategic Fund bonds
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|
0 |
|
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|
0 |
|
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|
0 |
|
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|
0 |
|
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|
0 |
|
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|
0 |
|
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Municipal general obligation bonds
|
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|
0 |
|
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|
0 |
|
|
|
0 |
|
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|
0 |
|
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|
0 |
|
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|
0 |
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Municipal revenue bonds
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|
0 |
|
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|
0 |
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|
|
0 |
|
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|
0 |
|
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|
0 |
|
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|
0 |
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Mutual funds
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0 |
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0 |
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|
0 |
|
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|
0 |
|
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|
0 |
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|
0 |
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$ |
33,555,000 |
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|
$ |
(388,000 |
) |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
33,555,000 |
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$ |
(388,000 |
) |
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| Maturities of securities and their weighted average yields |
Securities not due at a single maturity date, primarily
mortgage-backed securities, are shown separately. Weighted average
yields are also reflected, with yields for municipal securities
shown at their tax equivalent yield.
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| |
|
Weighted
Average
Yield |
|
|
Amortized
Cost |
|
|
Fair
Value |
|
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|
Due in 2013
|
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|
6.94 |
% |
|
$ |
355,000 |
|
|
$ |
355,000 |
|
|
Due in 2014 through 2018
|
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|
4.99 |
|
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|
4,651,000 |
|
|
|
4,751,000 |
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|
Due in 2019 through 2023
|
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|
3.17 |
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|
31,126,000 |
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|
|
29,918,000 |
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|
Due in 2024 and beyond
|
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|
3.64 |
|
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|
79,480,000 |
|
|
|
72,893,000 |
|
|
Mortgage-backed securities
|
|
|
5.19 |
|
|
|
13,382,000 |
|
|
|
14,511,000 |
|
|
Mutual funds
|
|
|
2.09 |
|
|
|
1,376,000 |
|
|
|
1,365,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.74 |
% |
|
$ |
130,370,000 |
|
|
$ |
123,793,000 |
|
|
|
|
|
|
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|
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