Investment Securities (Tables)
|
9 Months Ended |
Sep. 30, 2012
|
Investment Securities |
|
Schedule of amortized cost and fair value of investment securities held to maturity |
|
|
|
|
Gross |
|
Gross |
|
|
|
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
Fair |
|
(Dollars in thousands) |
|
Cost |
|
Gains |
|
Losses |
|
Value |
|
September 30, 2012: |
|
|
|
|
|
|
|
|
|
State and municipal obligations |
|
$ |
16,568 |
|
$ |
1,182 |
|
$ |
— |
|
$ |
17,750 |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2011: |
|
|
|
|
|
|
|
|
|
State and municipal obligations |
|
$ |
16,569 |
|
$ |
1,295 |
|
$ |
— |
|
$ |
17,864 |
|
|
|
|
|
|
|
|
|
|
|
September 30, 2011: |
|
|
|
|
|
|
|
|
|
State and municipal obligations |
|
$ |
18,699 |
|
$ |
1,173 |
|
$ |
— |
|
$ |
19,872 |
|
| |
|
Schedule of amortized cost and fair value of investment securities available for sale |
|
|
|
|
Gross |
|
Gross |
|
|
|
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
Fair |
|
(Dollars in thousands) |
|
Cost |
|
Gains |
|
Losses |
|
Value |
|
September 30, 2012: |
|
|
|
|
|
|
|
|
|
Government-sponsored entities debt * |
|
$ |
70,654 |
|
$ |
892 |
|
$ |
(1 |
) |
$ |
71,545 |
|
State and municipal obligations |
|
134,813 |
|
5,264 |
|
(44 |
) |
140,033 |
|
Mortgage-backed securities ** |
|
256,398 |
|
7,654 |
|
(82 |
) |
263,970 |
|
FHLMC preferred stock*** |
|
148 |
|
— |
|
(46 |
) |
102 |
|
Corporate stocks |
|
240 |
|
133 |
|
— |
|
373 |
|
|
|
$ |
462,253 |
|
$ |
13,943 |
|
$ |
(173 |
) |
$ |
476,023 |
|
December 31, 2011: |
|
|
|
|
|
|
|
|
|
Government-sponsored entities debt * |
|
$ |
48,464 |
|
$ |
1,142 |
|
$ |
(3 |
) |
$ |
49,603 |
|
State and municipal obligations |
|
40,780 |
|
3,208 |
|
(31 |
) |
43,957 |
|
Mortgage-backed securities ** |
|
190,204 |
|
5,111 |
|
(6 |
) |
195,309 |
|
Corporate stocks |
|
241 |
|
85 |
|
— |
|
326 |
|
|
|
$ |
279,689 |
|
$ |
9,546 |
|
$ |
(40 |
) |
$ |
289,195 |
|
September 30, 2011: |
|
|
|
|
|
|
|
|
|
Government-sponsored entities debt * |
|
$ |
60,017 |
|
$ |
1,312 |
|
$ |
(9 |
) |
$ |
61,320 |
|
State and municipal obligations |
|
40,605 |
|
2,871 |
|
(28 |
) |
43,448 |
|
Mortgage-backed securities ** |
|
171,280 |
|
5,581 |
|
(6 |
) |
176,855 |
|
Corporate stocks |
|
255 |
|
59 |
|
(11 |
) |
303 |
|
|
|
$ |
272,157 |
|
$ |
9,823 |
|
$ |
(54 |
) |
$ |
281,926 |
|
* - Government-sponsored entities holdings are comprised of debt securities offered by Federal Home Loan Mortgage Corporation (“FHLMC”) or Freddie Mac, Federal National Mortgage Association (“FNMA”) or Fannie Mae, FHLB, and Federal Farm Credit Banks (“FFCB”).
** - All of the mortgage-backed securities are issued by government-sponsored entities; there are no private-label holdings.
*** Securities issued by the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”) | |
|
Schedule of amortized cost and fair value of other investment securities |
|
|
|
|
Gross |
|
Gross |
|
|
|
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
Fair |
|
(Dollars in thousands) |
|
Cost |
|
Gains |
|
Losses |
|
Value |
|
September 30, 2012: |
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank stock |
|
$ |
6,664 |
|
$ |
— |
|
$ |
— |
|
$ |
6,664 |
|
Investment in unconsolidated subsidiaries |
|
1,332 |
|
— |
|
— |
|
1,332 |
|
|
|
$ |
7,996 |
|
$ |
— |
|
$ |
— |
|
$ |
7,996 |
|
December 31, 2011: |
|
|
|
|
|
|
|
|
|
Federal Reserve Bank stock |
|
$ |
7,028 |
|
$ |
— |
|
$ |
— |
|
$ |
7,028 |
|
Federal Home Loan Bank stock |
|
9,932 |
|
— |
|
— |
|
9,932 |
|
Investment in unconsolidated subsidiaries |
|
1,332 |
|
— |
|
— |
|
1,332 |
|
|
|
$ |
18,292 |
|
$ |
— |
|
$ |
— |
|
$ |
18,292 |
|
September 30, 2011: |
|
|
|
|
|
|
|
|
|
Federal Reserve Bank stock |
|
$ |
7,028 |
|
$ |
— |
|
$ |
— |
|
$ |
7,028 |
|
Federal Home Loan Bank stock |
|
12,062 |
|
— |
|
— |
|
12,062 |
|
Investment in unconsolidated subsidiaries |
|
1,332 |
|
— |
|
— |
|
1,332 |
|
|
|
$ |
20,422 |
|
$ |
— |
|
$ |
— |
|
$ |
20,422 |
|
| |
|
Schedule of amortized cost and fair value of debt securities by contractual maturity |
|
|
Securities |
|
Securities |
|
|
|
Held to Maturity |
|
Available for Sale |
|
|
|
Amortized |
|
Fair |
|
Amortized |
|
Fair |
|
(Dollars in thousands) |
|
Cost |
|
Value |
|
Cost |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
Due in one year or less |
|
$ |
1,311 |
|
$ |
1,331 |
|
$ |
1,371 |
|
$ |
1,382 |
|
Due after one year through five years |
|
701 |
|
709 |
|
11,845 |
|
12,066 |
|
Due after five years through ten years |
|
9,051 |
|
9,659 |
|
71,060 |
|
73,370 |
|
Due after ten years |
|
5,505 |
|
6,051 |
|
377,977 |
|
389,205 |
|
|
|
$ |
16,568 |
|
$ |
17,750 |
|
$ |
462,253 |
|
$ |
476,023 |
|
| |
|
Schedule of securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position |
|
|
Less Than Twelve Months |
|
Twelve Months or More |
|
|
|
Gross |
|
|
|
Gross |
|
|
|
|
|
Unrealized |
|
Fair |
|
Unrealized |
|
Fair |
|
(Dollars in thousands) |
|
Losses |
|
Value |
|
Losses |
|
Value |
|
September 30, 2012: |
|
|
|
|
|
|
|
|
|
Securities Held to Maturity |
|
|
|
|
|
|
|
|
|
State and municipal obligations |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
Securities Available for Sale |
|
|
|
|
|
|
|
|
|
Government-sponsored entities debt |
|
$ |
1 |
|
$ |
3,979 |
|
$ |
— |
|
$ |
— |
|
State and municipal obligations |
|
44 |
|
5,983 |
|
— |
|
— |
|
Mortgage-backed securities |
|
82 |
|
18,849 |
|
— |
|
— |
|
FHLMC preferred stock |
|
46 |
|
102 |
|
— |
|
— |
|
|
|
$ |
173 |
|
$ |
28,913 |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2011: |
|
|
|
|
|
|
|
|
|
Securities Held to Maturity |
|
|
|
|
|
|
|
|
|
State and municipal obligations |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
Securities Available for Sale |
|
|
|
|
|
|
|
|
|
Government-sponsored entities debt |
|
$ |
3 |
|
$ |
5,505 |
|
$ |
— |
|
$ |
— |
|
State and municipal obligations |
|
— |
|
420 |
|
31 |
|
724 |
|
Mortgage-backed securities |
|
6 |
|
6,601 |
|
— |
|
— |
|
|
|
$ |
9 |
|
$ |
12,526 |
|
$ |
31 |
|
$ |
724 |
|
|
|
|
|
|
|
|
|
|
|
September 30, 2011: |
|
|
|
|
|
|
|
|
|
Securities Held to Maturity |
|
|
|
|
|
|
|
|
|
State and municipal obligations |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
Securities Available for Sale |
|
|
|
|
|
|
|
|
|
Government-sponsored entities debt |
|
$ |
9 |
|
$ |
5,502 |
|
$ |
— |
|
$ |
— |
|
State and municipal obligations |
|
3 |
|
675 |
|
25 |
|
476 |
|
Mortgage-backed securities |
|
6 |
|
3,647 |
|
— |
|
— |
|
Corporate stocks |
|
11 |
|
14 |
|
— |
|
— |
|
|
|
$ |
29 |
|
$ |
9,838 |
|
$ |
25 |
|
$ |
476 |
|
| |
|