|
Securities (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Investments Debt And Equity Securities [Abstract] |
|
| Amortized Cost and Estimated Fair Value of Securities Available for Sale |
The amortized cost and estimated fair value of
securities available for sale with gross unrealized gains and
losses are summarized as follows:
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|
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| |
|
Amortized
Cost |
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|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Estimated
Fair
Value |
|
| |
|
(Dollars in Thousands) |
|
|
December 31, 2013:
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|
|
|
|
|
|
|
|
|
|
|
|
|
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U.S. Government sponsored agencies
|
|
$ |
14,947 |
|
|
$ |
– |
|
|
$ |
(1,021 |
) |
|
$ |
13,926 |
|
|
State, county and municipal securities
|
|
|
112,659 |
|
|
|
2,269 |
|
|
|
(2,174 |
) |
|
|
112,754 |
|
|
Corporate debt securities
|
|
|
10,311 |
|
|
|
275 |
|
|
|
(261 |
) |
|
|
10,325 |
|
|
Collateralized debt obligations
|
|
|
1,480 |
|
|
|
– |
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|
|
– |
|
|
|
1,480 |
|
|
Mortgage-backed securities
|
|
|
349,441 |
|
|
|
2,347 |
|
|
|
(4,038 |
) |
|
|
347,750 |
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|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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Total debt securities
|
|
$ |
488,838 |
|
|
$ |
4,891 |
|
|
$ |
(7,494 |
) |
|
$ |
486,235 |
|
|
|
|
|
|
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|
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|
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|
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|
December 31, 2012:
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|
|
|
|
|
|
|
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|
|
|
|
|
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U.S. Government sponsored agencies
|
|
$ |
6,605 |
|
|
$ |
271 |
|
|
$ |
(6 |
) |
|
$ |
6,870 |
|
|
State, county and municipal securities
|
|
|
109,736 |
|
|
|
4,864 |
|
|
|
(210 |
) |
|
|
114,390 |
|
|
Corporate debt securities
|
|
|
10,545 |
|
|
|
330 |
|
|
|
(547 |
) |
|
|
10,328 |
|
|
Mortgage-backed securities
|
|
|
209,824 |
|
|
|
5,701 |
|
|
|
(204 |
) |
|
|
215,321 |
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|
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|
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|
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Total debt securities
|
|
$ |
336,710 |
|
|
$ |
11,166 |
|
|
$ |
(967 |
) |
|
$ |
346,909 |
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| Schedule of Gross Unrealized Losses and Fair Value of Securities |
The following table shows the gross unrealized
losses and estimated fair value of securities aggregated by
category and length of time that securities have been in a
continuous unrealized loss position at December 31, 2013 and
2012.
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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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|
Description of Securities
|
|
Estimated
Fair
Value |
|
|
Unrealized
Losses |
|
|
Estimated
Fair
Value |
|
|
Unrealized
Losses |
|
|
Estimated
Fair
Value |
|
|
Unrealized
Losses |
|
| |
|
(Dollars in Thousands) |
|
|
December 31, 2013:
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|
|
|
|
|
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|
|
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|
|
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|
U. S. Government sponsored agencies
|
|
$ |
13,926 |
|
|
$ |
(1,021 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
13,926 |
|
|
$ |
(1,021 |
) |
|
State, county and municipal securities
|
|
|
47,401 |
|
|
|
(1,882 |
) |
|
|
3,794 |
|
|
|
(292 |
) |
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|
51,195 |
|
|
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(2,174 |
) |
|
Corporate debt securities
|
|
|
- |
|
|
|
- |
|
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|
4,826 |
|
|
|
(261 |
) |
|
|
4,826 |
|
|
|
(261 |
) |
|
Collateralized debt obligations
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|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
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Mortgage-backed securities
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|
94,989 |
|
|
|
(2,493 |
) |
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|
23,388 |
|
|
|
(1,545 |
) |
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|
118,377 |
|
|
|
(4,038 |
) |
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|
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Total temporarily impaired securities
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$ |
156,316 |
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|
$ |
(5,396 |
) |
|
$ |
32,008 |
|
|
$ |
(2,098 |
) |
|
$ |
188,324 |
|
|
$ |
(7,494 |
) |
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|
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|
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|
December 31, 2012:
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|
|
|
|
|
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|
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U. S. Government sponsored agencies
|
|
$ |
4,994 |
|
|
$ |
(6 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
4,994 |
|
|
$ |
(6 |
) |
|
State, county and municipal securities
|
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|
15,595 |
|
|
|
(199 |
) |
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|
505 |
|
|
|
(11 |
) |
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|
16,100 |
|
|
|
(210 |
) |
|
Corporate debt securities
|
|
|
- |
|
|
|
- |
|
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|
4,560 |
|
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|
(547 |
) |
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|
4,560 |
|
|
|
(547 |
) |
|
Mortgage-backed securities
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23,951 |
|
|
|
(181 |
) |
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|
3,617 |
|
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|
(23 |
) |
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27,568 |
|
|
|
(204 |
) |
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Total temporarily impaired securities
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|
$ |
44,540 |
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|
$ |
(386 |
) |
|
$ |
8,682 |
|
|
$ |
(581 |
) |
|
$ |
53,222 |
|
|
$ |
(967 |
) |
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| Additional Information Concerning the Company's Investments in Corporate Debt Securities |
Additional information concerning the Company’s investments
in corporate debt securities is included in the following
table.
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Class
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|
Amortized
Cost |
|
|
Estimated
Fair Value |
|
|
Average
Maturity
(years) |
|
|
Average
Book Yield |
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| |
|
(Dollars in Thousands) |
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Subordinated debt
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|
$ |
3,225 |
|
|
$ |
3,499 |
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|
2.9 |
|
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|
5.72 |
% |
|
Preferred securities
|
|
|
7,086 |
|
|
|
6,826 |
|
|
|
15.9 |
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|
6.64 |
% |
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Total
|
|
$ |
10,311 |
|
|
$ |
10,325 |
|
|
|
11.8 |
|
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|
6.35 |
% |
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| Amortized Cost and Fair Value of Debt Securities Available for Sale Securities by Contractual Maturity |
The amortized cost and estimated fair value of debt securities
available for sale as of December 31, 2013, by contractual
maturity are shown below. Maturities may differ from
contractual maturities in mortgage-backed securities because the
mortgages underlying the securities may be called or repaid without
penalty. Therefore, these securities are not included in the
maturity categories in the following maturity summary.
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Amortized
Cost |
|
|
Estimated
Fair
Value |
|
| |
|
(Dollars in Thousands) |
|
|
Due in one year or less
|
|
$ |
2,726 |
|
|
$ |
2,740 |
|
|
Due from one year to five years
|
|
|
38,378 |
|
|
|
39,593 |
|
|
Due from five to ten years
|
|
|
69,252 |
|
|
|
67,888 |
|
|
Due after ten years
|
|
|
29,041 |
|
|
|
28,264 |
|
|
Mortgage-backed securities
|
|
|
349,441 |
|
|
|
347,750 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
488,838 |
|
|
$ |
486,235 |
|
|
|
|
|
|
|
|
|
|
|
| Gains and Losses on Sales of Securities Available for Sale |
Gains and losses on sales of securities available for sale consist
of the following:
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|
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| |
|
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
| |
|
(Dollars in Thousands) |
|
|
Gross gains on sales of securities
|
|
$ |
353 |
|
|
$ |
420 |
|
|
$ |
1,401 |
|
|
Gross losses on sales of securities
|
|
|
(182 |
) |
|
|
(98 |
) |
|
|
(1,163 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gains on sales of securities available for sale
|
|
$ |
171 |
|
|
$ |
322 |
|
|
$ |
238 |
|
|
|
|
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