|
Investment Securities (Tables)
|
3 Months Ended |
|
Mar. 31, 2014
|
| Investments Debt And Equity Securities [Abstract] |
|
| Amortized Cost and Estimated Fair Values of Investments in Debt and Equity Securities |
The amortized cost and estimated fair values of investments in debt
and equity securities are summarized in the following tables:
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March 31, 2014 |
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| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Estimated
Fair
Value |
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| |
|
(in thousands) |
|
|
Securities Available for Sale
|
|
|
|
|
|
Obligations of U.S. government corporations and agencies
|
|
$ |
86,803 |
|
|
$ |
4,226 |
|
|
$ |
(242 |
) |
|
$ |
90,787 |
|
|
Obligations of states and political subdivisions
|
|
|
4,489 |
|
|
|
76 |
|
|
|
— |
|
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|
4,565 |
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Corporate debt securities
|
|
|
1,880 |
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|
37 |
|
|
|
— |
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|
1,917 |
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Total securities available for sale
|
|
$ |
93,172 |
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|
$ |
4,339 |
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|
$ |
(242 |
) |
|
$ |
97,269 |
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Securities Held to Maturity
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Obligations of U.S. government corporations and agencies
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|
$ |
331,892 |
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|
$ |
1,327 |
|
|
$ |
(3,154 |
) |
|
$ |
330,065 |
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|
Obligations of states and political subdivisions
|
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|
12,631 |
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|
— |
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|
(730 |
) |
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|
11,901 |
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Total securities held to maturity
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$ |
344,523 |
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$ |
1,327 |
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|
$ |
(3,884 |
) |
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$ |
341,966 |
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December 31, 2013 |
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| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Estimated
Fair
Value |
|
| |
|
(in thousands) |
|
|
Securities Available for Sale
|
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Obligations of U.S. government corporations and agencies
|
|
$ |
93,055 |
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|
$ |
4,445 |
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|
$ |
(357 |
) |
|
$ |
97,143 |
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Obligations of states and political subdivisions
|
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|
5,513 |
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|
77 |
|
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(1 |
) |
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|
5,589 |
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Corporate debt securities
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|
1,877 |
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|
38 |
|
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|
— |
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|
1,915 |
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Total securities available for sale
|
|
$ |
100,445 |
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|
$ |
4,560 |
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|
$ |
(358 |
) |
|
$ |
104,647 |
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Securities Held to Maturity
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Obligations of U.S. government corporations and agencies
|
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$ |
227,864 |
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$ |
298 |
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|
$ |
(5,540 |
) |
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$ |
222,622 |
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Obligations of states and political subdivisions
|
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|
12,640 |
|
|
|
— |
|
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|
(1,455 |
) |
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|
11,185 |
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Total securities held to maturity
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$ |
240,504 |
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$ |
298 |
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$ |
(6,995 |
) |
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$ |
233,807 |
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| Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity |
For purposes of the following table, the entire outstanding balance
of these mortgage-backed securities issued by U.S. government
corporations and agencies is categorized based on final maturity
date.
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Investment Securities
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Available for Sale |
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Held to Maturity |
|
| (In thousands) |
|
Amortized
Cost |
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|
Estimated
Fair Value |
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|
Amortized
Cost |
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|
Estimated
Fair Value |
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|
Due in one year
|
|
$ |
408 |
|
|
$ |
432 |
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— |
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|
— |
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Due after one year through five years
|
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|
3,407 |
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|
3,520 |
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— |
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— |
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Due after five years through ten years
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30,236 |
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31,182 |
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— |
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— |
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Due after ten years
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59,121 |
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|
62,135 |
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$ |
344,523 |
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$ |
341,966 |
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Totals
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$ |
93,172 |
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$ |
97,269 |
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$ |
344,523 |
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$ |
341,966 |
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|
| Gross Unrealized Losses on Investment |
Gross unrealized losses on investment securities and the fair value
of the related securities, aggregated by investment category and
length of time that individual securities have been in a continuous
unrealized loss position, were 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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| March 31, 2014 |
|
Fair
Value |
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|
Unrealized
Loss |
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|
Fair
Value |
|
|
Unrealized
Loss |
|
|
Fair
Value |
|
|
Unrealized
Loss |
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| |
|
(in thousands) |
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|
Securities available for sale:
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Obligations of U.S. government corporations and agencies
|
|
$ |
10,156 |
|
|
$ |
(242 |
) |
|
|
— |
|
|
|
— |
|
|
$ |
10,156 |
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|
$ |
(242 |
) |
|
Obligations of states and political subdivisions
|
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|
— |
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|
— |
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|
— |
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|
— |
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|
— |
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|
— |
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Corporate debt securities
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|
— |
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|
— |
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|
— |
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— |
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— |
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— |
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Total securities available for sale
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|
$ |
10,156 |
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|
$ |
(242 |
) |
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|
— |
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|
— |
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|
$ |
10,156 |
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$ |
(242 |
) |
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Securities held to maturity:
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Obligations of U.S. government corporations and agencies
|
|
$ |
163,349 |
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|
$ |
(3,154 |
) |
|
|
— |
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|
— |
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|
$ |
163,349 |
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|
$ |
(3,154 |
) |
|
Obligations of states and political subdivisions
|
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|
11,901 |
|
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|
(730 |
) |
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|
— |
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|
— |
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|
11,901 |
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|
(730 |
) |
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Total securities held to maturity
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$ |
175,250 |
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$ |
(3,884 |
) |
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— |
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— |
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$ |
175,250 |
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$ |
(3,884 |
) |
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Less than 12 months |
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12 months or more |
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Total |
|
| December 31, 2013 |
|
Fair
Value |
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|
Unrealized
Loss |
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|
Fair
Value |
|
|
Unrealized
Loss |
|
|
Fair
Value |
|
|
Unrealized
Loss |
|
| |
|
(in thousands) |
|
|
Securities available for sale:
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Obligations of U.S. government corporations and agencies
|
|
$ |
10,287 |
|
|
$ |
(357 |
) |
|
|
— |
|
|
|
— |
|
|
$ |
10,287 |
|
|
$ |
(357 |
) |
|
Obligations of states and political subdivisions
|
|
|
199 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
199 |
|
|
|
(1 |
) |
|
Corporate debt securities
|
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|
— |
|
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|
— |
|
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|
— |
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|
— |
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|
— |
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|
— |
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|
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|
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|
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|
Total securities available for sale
|
|
$ |
10,486 |
|
|
$ |
(358 |
) |
|
|
— |
|
|
|
— |
|
|
$ |
10,486 |
|
|
$ |
(358 |
) |
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Securities held to maturity:
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|
|
|
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|
Obligations of U.S. government corporations and agencies
|
|
$ |
188,218 |
|
|
$ |
(5,540 |
) |
|
|
— |
|
|
|
— |
|
|
$ |
188,218 |
|
|
$ |
(5,540 |
) |
|
Obligations of states and political subdivisions
|
|
|
11,185 |
|
|
|
(1,455 |
) |
|
|
— |
|
|
|
— |
|
|
|
11,185 |
|
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|
(1,455 |
) |
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|
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|
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|
|
|
|
|
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|
Total securities held to maturity
|
|
$ |
199,403 |
|
|
$ |
(6,995 |
) |
|
|
— |
|
|
|
— |
|
|
$ |
199,403 |
|
|
$ |
(6,995 |
) |
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