|
Investments (Tables)
|
3 Months Ended |
|
Mar. 31, 2014
|
| Investments |
|
| Schedule of amortized cost and fair values of investment securities held-to-maturity |
Amortized cost and fair values of investment securities held-to-maturity at March 31, 2014, including gross unrealized gains and losses, are summarized as follows:
|
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
Fair |
|
|
(in thousands) |
|
Cost |
|
Gain |
|
Loss |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal securities |
|
$ |
56,823 |
|
$ |
691 |
|
$ |
(1,773 |
) |
$ |
55,741 |
|
|
Total investment securities held—to-maturity |
|
$ |
56,823 |
|
$ |
691 |
|
$ |
(1,773 |
) |
$ |
55,741 |
|
Amortized cost and fair values of investment securities held-to-maturity at December 31, 2013, including gross unrealized gains and losses, are summarized as follows:
|
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
Fair |
|
|
(in thousands) |
|
Cost |
|
Gain |
|
Loss |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal securities |
|
$ |
56,670 |
|
$ |
367 |
|
$ |
(2,919 |
) |
$ |
54,118 |
|
|
Total investment securities held—to-maturity |
|
$ |
56,670 |
|
$ |
367 |
|
$ |
(2,919 |
) |
$ |
54,118 |
|
|
| Schedule of amortized cost and fair values of investment securities available-for-sale |
Amortized cost and fair values of investment securities available-for-sale at March 31, 2014 are summarized as follows:
|
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
Fair |
|
|
(in thousands) |
|
Cost |
|
Gain |
|
Loss |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Agency securities |
|
$ |
60,732 |
|
$ |
12 |
|
$ |
(1,480 |
) |
$ |
59,264 |
|
|
U.S. Sponsored Mortgage-backed securities |
|
44,785 |
|
165 |
|
(619 |
) |
44,331 |
|
|
Total debt securities |
|
105,517 |
|
177 |
|
(2,099 |
) |
103,595 |
|
|
Equity and other securities |
|
810 |
|
187 |
|
— |
|
997 |
|
|
Total investment securities available-for-sale |
|
$ |
106,327 |
|
$ |
364 |
|
$ |
(2,099 |
) |
$ |
104,592 |
|
Amortized cost and fair values of investment securities available-for-sale at December 31, 2013 are summarized as follows:
|
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
Fair |
|
|
(in thousands) |
|
Cost |
|
Gain |
|
Loss |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Agency securities |
|
$ |
60,744 |
|
$ |
— |
|
$ |
(1,922 |
) |
$ |
58,822 |
|
|
U.S. Sponsored Mortgage-backed securities |
|
47,317 |
|
118 |
|
(843 |
) |
46,592 |
|
|
Total debt securities |
|
108,061 |
|
118 |
|
(2,765 |
) |
105,414 |
|
|
Equity and other securities |
|
810 |
|
187 |
|
— |
|
997 |
|
|
Total investment securities available-for-sale |
|
$ |
108,871 |
|
$ |
305 |
|
$ |
(2,765 |
) |
$ |
106,411 |
|
|
| Schedule of amortized cost and fair values of debt securities by maturity |
|
|
|
March 31, 2014 |
|
|
|
|
Held to Maturity |
|
Available for sale |
|
|
|
|
Amortized |
|
Fair |
|
Amortized |
|
Fair |
|
|
|
|
Cost |
|
Value |
|
Cost |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
Within one year |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
After one year, but within five |
|
1,696 |
|
1,736 |
|
34,457 |
|
34,066 |
|
|
After five years, but within ten |
|
14,877 |
|
14,910 |
|
37,087 |
|
36,066 |
|
|
After ten years |
|
40,250 |
|
39,095 |
|
33,973 |
|
33,463 |
|
|
Total |
|
$ |
56,823 |
|
$ |
55,741 |
|
$ |
105,517 |
|
$ |
103,595 |
|
|
| Schedule of investments in an unrealized loss position |
The following table discloses investments in an unrealized loss position at March 31, 2014:
(in thousands)
|
|
|
Less than 12 months |
|
12 months or more |
|
|
Description and number
of positions |
|
Fair Value |
|
Unrealized
Loss |
|
Fair Value |
|
Unrealized
Loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Agency securities (17) |
|
$ |
51,599 |
|
$ |
(1,480 |
) |
$ |
— |
|
$ |
— |
|
|
U.S. Sponsored Mortgage-backed securities (16) |
|
11,095 |
|
(72 |
) |
18,799 |
|
(547 |
) |
|
Municipal securities (83) |
|
24,021 |
|
(1,242 |
) |
7,544 |
|
(531 |
) |
|
|
|
$ |
86,715 |
|
$ |
(2,794 |
) |
$ |
26,343 |
|
$ |
(1,078 |
) |
The following table discloses investments in an unrealized loss position at December 31, 2013:
(in thousands)
|
|
|
Less than 12 months |
|
12 months or more |
|
|
Description and number
of positions |
|
Fair Value |
|
Unrealized
Loss |
|
Fair Value |
|
Unrealized
Loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Agency securities (19) |
|
$ |
58,822 |
|
$ |
(1,922 |
) |
$ |
— |
|
$ |
— |
|
|
U.S. Sponsored Mortgage-backed securities (18) |
|
14,969 |
|
(113 |
) |
19,781 |
|
(730 |
) |
|
Municipal securities (103) |
|
35,502 |
|
(2,535 |
) |
4,471 |
|
(384 |
) |
|
|
|
$ |
109,293 |
|
$ |
(4,570 |
) |
$ |
24,252 |
|
$ |
(1,114 |
) |
|