|
Investment Securities Available for Sale (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| Reconciliation of Available-for-Sale Securities |
The following tables summarize the amortized cost, gross
unrealized gains and losses included in accumulated other
comprehensive income (loss) and fair values of investment
securities available for sale at the dates indicated (in
thousands). At December 31, 2012 and 2011, the Company did not
have any investment securities classified as trading or
held-to-maturity.
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December 31,
2012 |
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| |
|
Amortized
cost |
|
|
Gross
unrealized
gains |
|
|
Gross
unrealized
losses |
|
|
Fair
value |
|
|
State and
municipal
|
|
$ |
11,247 |
|
|
$ |
283 |
|
|
$ |
— |
|
|
$ |
11,530 |
|
|
Collateralized mortgage
obligations (federal agencies)
|
|
|
122,444 |
|
|
|
1,219 |
|
|
|
(155 |
) |
|
|
123,508 |
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Other mortgage-backed
(federal agencies)
|
|
|
62,581 |
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|
|
1,328 |
|
|
|
(92 |
) |
|
|
63,817 |
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|
SBA loan-backed (federal
agency)
|
|
|
65,828 |
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|
|
182 |
|
|
|
(363 |
) |
|
|
65,647 |
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|
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|
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|
Total investment securities
available for sale
|
|
$ |
262,100 |
|
|
$ |
3,012 |
|
|
$ |
(610 |
) |
|
$ |
264,502 |
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| |
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December 31,
2011 |
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| |
|
Amortized
cost |
|
|
Gross
unrealized
gains |
|
|
Gross
unrealized
losses |
|
|
Fair
value |
|
|
State and
municipal
|
|
$ |
113,079 |
|
|
$ |
7,886 |
|
|
$ |
— |
|
|
$ |
120,965 |
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|
Collateralized mortgage
obligations (federal agencies)
|
|
|
117,129 |
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|
|
2,210 |
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|
(390 |
) |
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|
118,949 |
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|
Other mortgage-backed
(federal agencies)
|
|
|
20,022 |
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|
1,056 |
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|
|
— |
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|
21,078 |
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Total investment securities
available for sale
|
|
$ |
250,230 |
|
|
$ |
11,152 |
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|
$ |
(390 |
) |
|
$ |
260,992 |
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| Reconciliation of Available for Sale Securities in Continuous Unrealized Loss Position |
The following tables summarize securities in each category of
investment securities available for sale that were in an unrealized
loss position at the dates indicated (dollars in
thousands).
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December 31,
2012 |
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| |
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Less than 12
months |
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|
12 months or
longer |
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Total |
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| |
|
# |
|
|
Fair
value |
|
|
Gross
unrealized
losses |
|
|
# |
|
|
Fair
value |
|
|
Gross
unrealized
losses |
|
|
# |
|
|
Fair
value |
|
|
Gross
unrealized
losses |
|
|
Collateralized mortgage
obligations (federal agencies)
|
|
|
7 |
|
|
$ |
23,301 |
|
|
$ |
109 |
|
|
|
9 |
|
|
$ |
9,547 |
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|
$ |
46 |
|
|
|
16 |
|
|
$ |
32,848 |
|
|
$ |
155 |
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|
Other mortgage-backed
(federal agencies)
|
|
|
3 |
|
|
|
14,586 |
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|
|
92 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
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|
3 |
|
|
|
14,586 |
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|
|
92 |
|
|
SBA loan-backed (federal
agency)
|
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|
6 |
|
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|
25,115 |
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|
363 |
|
|
|
— |
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|
|
— |
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— |
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6 |
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25,115 |
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|
363 |
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Total investment securities
available for sale
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|
16 |
|
|
$ |
63,002 |
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|
$ |
564 |
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|
9 |
|
|
$ |
9,547 |
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|
$ |
46 |
|
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|
25 |
|
|
$ |
72,549 |
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|
$ |
610 |
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| |
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December 31,
2011 |
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| |
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Less than 12
months |
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|
12 months or
longer |
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|
Total |
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| |
|
# |
|
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Fair
value |
|
|
Gross
unrealized
losses |
|
|
# |
|
|
Fair
value |
|
|
Gross
unrealized
losses |
|
|
# |
|
|
Fair
value |
|
|
Gross
unrealized
losses |
|
|
Collateralized mortgage
obligations (federal agencies)
|
|
|
9 |
|
|
$ |
23,024 |
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|
$ |
192 |
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7 |
|
|
$ |
16,773 |
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$ |
198 |
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|
16 |
|
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$ |
39,797 |
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$ |
390 |
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Total investment securities
available for sale
|
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|
9 |
|
|
$ |
23,024 |
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|
$ |
192 |
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7 |
|
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$ |
16,773 |
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|
$ |
198 |
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|
16 |
|
|
$ |
39,797 |
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|
$ |
390 |
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| Summary of Ratings by Segment of Investment Securities Available for Sale |
The following table summarizes Moody’s ratings of
investment securities available for sale, based on fair value, at
December 31, 2012. An “Aaa” rating is based not
only on the credit of the issuer but may also include consideration
of the structure of the securities and the credit quality of the
collateral.
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State and
municipal |
|
|
Collateralized
mortgage
obligations
(federal
agencies) |
|
|
Other
mortgage-
backed
(federal
agencies) |
|
|
SBA
loan-
backed
(federal
agency) |
|
|
Aaa
|
|
|
— |
% |
|
|
100 |
% |
|
|
100 |
% |
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|
100 |
% |
|
Aa1-A1
|
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|
73 |
|
|
|
— |
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|
— |
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|
— |
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Baa2
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|
13 |
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— |
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— |
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— |
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Not rated
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|
14 |
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— |
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— |
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— |
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Total
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|
100 |
% |
|
|
100 |
% |
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|
100 |
% |
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|
100 |
% |
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| Summary of Ratings by Standards Poors of Investment Securities Available for Sale |
The following table summarizes Standard and Poor’s
ratings of investment securities available for sale, based on fair
value, at December 31, 2012.
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|
| |
|
State and
municipal |
|
|
Collateralized
mortgage
obligations
(federal
agencies) |
|
|
Other
mortgage-
backed
(federal
agencies) |
|
|
SBA
loan-
backed
(federal
agency) |
|
|
Aa+
|
|
|
— |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
Aa-Aa-
|
|
|
41 |
|
|
|
— |
|
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|
— |
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|
— |
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Not rated
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|
59 |
|
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|
— |
|
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|
— |
|
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|
— |
|
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Total
|
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|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
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| Summary of Amortized Cost and estimated fair value of investment securities available for sale |
The following table summarizes the amortized cost and fair
value of state and municipal securities available for sale at
December 31, 2012 by contractual maturity (in thousands). For
other investment securities, expected maturities may differ from
contractual maturities because issuers may have the right to call
or prepay obligations. Collateralized mortgage obligations, other
mortgage-backed securities and SBA loan-backed securities are shown
separately since they are not due at a single maturity
date.
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| |
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Amortized
cost |
|
|
Fair
value |
|
|
Due in one year or
less
|
|
$ |
3,765 |
|
|
$ |
3,802 |
|
|
Due after one year through
five years
|
|
|
6,392 |
|
|
|
6,628 |
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|
Due after five years
through ten years
|
|
|
1,090 |
|
|
|
1,100 |
|
|
Due after ten
years
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
State and
municipal
|
|
|
11,247 |
|
|
|
11,530 |
|
|
Collateralized mortgage
obligations (federal agencies)
|
|
|
122,444 |
|
|
|
123,508 |
|
|
Other mortgage-backed
(federal agencies)
|
|
|
62,581 |
|
|
|
63,817 |
|
|
SBA loan-backed (federal
agency)
|
|
|
65,828 |
|
|
|
65,647 |
|
|
|
|
|
|
|
|
|
|
|
Total investment securities
available for sale
|
|
$ |
262,100 |
|
|
$ |
264,502 |
|
|
|
|
|
|
|
|
|
|
|
| Summary of Investment securities pledged as collateral |
Investment securities were pledged as collateral for the
following purposes at the dates indicated (in
thousands).
|
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| |
|
December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
Public funds
deposits
|
|
$ |
106,642 |
|
|
$ |
119,123 |
|
|
Federal Reserve line of
credit
|
|
|
1,583 |
|
|
|
5,510 |
|
|
FHLB advances
|
|
|
— |
|
|
|
15,887 |
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
108,225 |
|
|
$ |
140,520 |
|
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|
|
|
|
|
|
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|
| Gross Realized Gains and Losses on Investment Securities Available for Sale |
The following table summarizes the gross realized gains and
losses from sales of investment securities available for sale for
the periods indicated (in thousands).
|
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| |
|
For the years
ended
December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
Realized gains
|
|
$ |
10,499 |
|
|
$ |
157 |
|
|
$ |
1,149 |
|
|
Realized losses
|
|
|
(5 |
) |
|
|
— |
|
|
|
(1,139 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized
gains
|
|
$ |
10,494 |
|
|
$ |
157 |
|
|
$ |
10 |
|
|
|
|
|
|
|
|
|
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|