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Securities (Tables)
 6 Months Ended
Jun. 30, 2014
Securities [Abstract]  
Securities Available for Sale

The amortized cost and fair value of securities as of June 30, 2014 and December 31, 2013, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities because the securities may be called or prepaid with or without prepayment penalties.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2014

Securities Available for Sale

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

Amortized

 

 

Fair

 

 

Unrealized

 

 

Unrealized

Type and maturity

 

 

Cost

 

 

Value

 

 

Gains

 

 

Losses

Obligations of U.S. Government agencies and corporations

 

 

 

 

 

 

 

 

 

 

 

 

 Within one year

 

$
2,024 

 

$
2,042 

 

$
18 

 

$

 -

 After one year but within five years

 

 
50,647 

 

 
50,283 

 

 
164 

 

 
(528)

 After five years but within ten years

 

 
12,516 

 

 
12,267 

 

 
5 

 

 
(254)

 

 

 
65,187 

 

 
64,592 

 

 
187 

 

 
(782)

Obligations of state and political subdivisions

 

 

 

 

 

 

 

 

 

 

 

 

 Within one year

 

 
8,817 

 

 
8,854 

 

 
37 

 

 

 -

 After one year but within five years

 

 
23,123 

 

 
23,252 

 

 
152 

 

 
(23)

 After five years but within ten years

 

 
7,233 

 

 
7,342 

 

 
121 

 

 
(12)

 After ten years

 

 
345 

 

 
340 

 

 

 -

 

 
(5)

 

 

 
39,518 

 

 
39,788 

 

 
310 

 

 
(40)

Mortgage-backed securities

 

 
48,196 

 

 
48,352 

 

 
213 

 

 
(57)

Equity securities

 

 
1,055 

 

 
1,466 

 

 
442 

 

 
(31)

Total

 

$
153,956 

 

$
154,198 

 

$
1,152 

 

$
(910)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

Securities Available for Sale

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

Amortized

 

 

Fair

 

 

Unrealized

 

 

Unrealized

Type and maturity

 

 

Cost

 

 

Value

 

 

Gains

 

 

Losses

Obligations of U.S. Government agencies and corporations

 

 

 

 

 

 

 

 

 

 

 

 

 Within one year

 

$
4,177 

 

$
4,192 

 

$
15 

 

$

 -

 After one year but within five years

 

 
48,011 

 

 
47,578 

 

 
203 

 

 
(636)

 After five years but within ten years

 

 
27,615 

 

 
26,508 

 

 

 -

 

 
(1,107)

 

 

 
79,803 

 

 
78,278 

 

 
218 

 

 
(1,743)

Obligations of state and political subdivisions

 

 

 

 

 

 

 

 

 

 

 

 

 Within one year

 

 
8,260 

 

 
8,314 

 

 
55 

 

 
(1)

 After one year but within five years

 

 
26,027 

 

 
26,098 

 

 
133 

 

 
(62)

 After five years but within ten years

 

 
7,224 

 

 
7,182 

 

 
56 

 

 
(98)

 After ten years

 

 
350 

 

 
338 

 

 

 -

 

 
(12)

 

 

 
41,861 

 

 
41,932 

 

 
244 

 

 
(173)

Mortgage-backed securities

 

 
4,465 

 

 
4,469 

 

 
7 

 

 
(3)

Equity securities

 

 
1,055 

 

 
1,367 

 

 
366 

 

 
(54)

Total

 

$
127,184 

 

$
126,046 

 

$
835 

 

$
(1,973)

 

Summary of Proceeds and Realized Gain/(Loss)

Following is a summary of proceeds received from sales or calls of investment securities transactions and the resulting realized gains and losses (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2014

 

 

2013

 

 

2014

 

 

2013

Gross proceeds from sales of securities

$
4,970 

 

$

 -

 

$
7,120 

 

$

 -

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

Gross realized gains from sold and called securities

$
2 

 

$

 -

 

$
7 

 

$
1 

Gross realized losses from sold and called securities

 

 -

 

 

 -

 

 

 -

 

 

 -

 

Schedule of Unrealized Losses

The following table shows gross unrealized losses and fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2014 and December 31, 2013 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized Losses at June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

Obligations of U.S. Government

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  agencies and corporations

 

$
6,006 

 

$
(19)

 

$
36,334 

 

$
(763)

 

$
42,340 

 

$
(782)

Obligations of state and political

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  subdivisions

 

 
3,859 

 

 
(9)

 

 
4,823 

 

 
(31)

 

 
8,682 

 

 
(40)

Mortgage-backed securities

 

 
11,008 

 

 
(56)

 

 
96 

 

 
(1)

 

 
11,104 

 

 
(57)

Debt securities

 

 
20,873 

 

 
(84)

 

 
41,253 

 

 
(795)

 

 
62,126 

 

 
(879)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

 

 -

 

 

 -

 

 
283 

 

 
(31)

 

 
283 

 

 
(31)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total temporarily impaired securities

 

$
20,873 

 

$
(84)

 

$
41,536 

 

$
(826)

 

$
62,409 

 

$
(910)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized Losses at December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

Obligations of U.S. Government

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  agencies and corporations

 

$
53,438 

 

$
(1,664)

 

$
1,921 

 

$
(79)

 

$
55,359 

 

$
(1,743)

Obligations of state and political

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  subdivisions

 

 
11,496 

 

 
(130)

 

 
4,301 

 

 
(43)

 

 
15,797 

 

 
(173)

Mortgage-backed securities

 

 
308 

 

 
(3)

 

 

 -

 

 

 -

 

 
308 

 

 
(3)

Debt securities

 

 
65,242 

 

 
(1,797)

 

 
6,222 

 

 
(122)

 

 
71,464 

 

 
(1,919)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

 

 -

 

 

 -

 

 
266 

 

 
(54)

 

 
266 

 

 
(54)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total temporarily impaired securities

 

$
65,242 

 

$
(1,797)

 

$
6,488 

 

$
(176)

 

$
71,730 

 

$
(1,973)