| Securities |
Note 3 – Securities
The securities portfolio increased $2.4 million since December 31,
2011. The available for sale portfolio increased marginally to 94.2% of the investment portfolio at June 30, 2012 compared to 93.3%
December 31, 2011.
Table of Contents
The fair values and related unrealized gains and losses for securities
available for sale were as follows, in thousands of dollars:
| |
|
|
|
|
|
|
Gross |
|
|
|
Gross |
|
| |
|
|
Fair |
|
|
|
Unrealized |
|
|
|
Unrealized |
|
| |
|
|
Value |
|
|
Gains |
|
|
Losses |
| Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
| June 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Government and agency |
|
$ |
52,675 |
|
|
$ |
158 |
|
|
$ |
(9 |
) |
| Mortgage-backed securities |
|
|
5,723 |
|
|
|
40 |
|
|
|
(81 |
) |
| Collateralized mortgage obligations |
|
|
10,680 |
|
|
|
20 |
|
|
|
(3 |
) |
| State and municipal |
|
|
11,982 |
|
|
|
413 |
|
|
|
(7 |
) |
| Auction rate securities |
|
|
1,000 |
|
|
|
— |
|
|
|
— |
|
| Preferred Shares |
|
|
96 |
|
|
|
74 |
|
|
|
— |
|
| |
|
$ |
82,156 |
|
|
$ |
705 |
|
|
$ |
(100 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Government and agency |
|
$ |
52,915 |
|
|
$ |
217 |
|
|
$ |
(22 |
) |
| Mortgage-backed securities |
|
|
15,168 |
|
|
|
226 |
|
|
|
(45 |
) |
| State and municipal |
|
|
8,914 |
|
|
|
418 |
|
|
|
— |
|
| Corporate obligations |
|
|
1,009 |
|
|
|
10 |
|
|
|
— |
|
| Auction rate securities |
|
|
1,000 |
|
|
|
— |
|
|
|
— |
|
| Preferred Shares |
|
|
80 |
|
|
|
58 |
|
|
|
— |
|
| |
|
$ |
79,086 |
|
|
$ |
929 |
|
|
$ |
(67 |
) |
The carrying amount, unrecognized gains and losses, and fair value
of securities held to maturity were as follows, in thousand of dollars:
| |
|
|
|
|
|
|
Gross |
|
|
|
Gross |
|
|
|
|
|
| |
|
|
Carrying |
|
|
|
Unrecognize |
|
|
|
Unrecognize |
|
|
|
Fair |
|
| |
|
Amount |
|
Gains |
|
Losses |
|
Value |
| Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| June 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State and municipal |
|
$ |
4,030 |
|
|
$ |
426 |
|
|
$ |
— |
|
|
$ |
4,456 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State and municipal |
|
$ |
4,653 |
|
|
$ |
477 |
|
|
$ |
(9 |
) |
|
$ |
5,121 |
|
The carrying amount and fair value of securities by contractual
maturity at June 30, 2012 are shown below, in thousands of dollars.
| |
|
|
Available for sale |
|
|
|
Held to Maturity |
|
| |
|
|
Fair |
|
|
|
Carrying |
|
|
|
Fair |
|
| |
|
|
Value |
|
|
|
Amount |
|
|
|
Value |
|
| Due in one year or less |
|
$ |
9,998 |
|
|
$ |
711 |
|
|
$ |
716 |
|
| Due from one to five years |
|
|
51,427 |
|
|
|
1,798 |
|
|
|
1,940 |
|
| Due from five to ten years |
|
|
2,408 |
|
|
|
1,521 |
|
|
|
1,800 |
|
| Due after ten years |
|
|
824 |
|
|
|
— |
|
|
|
— |
|
| Subtotal |
|
|
64,657 |
|
|
|
4,030 |
|
|
|
4,456 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage-backed securities |
|
|
5,723 |
|
|
|
— |
|
|
|
— |
|
| Collateralized mortgage obligations |
|
|
10,680 |
|
|
|
|
|
|
|
|
|
| Auction Rate Securities |
|
|
1,000 |
|
|
|
— |
|
|
|
— |
|
| Preferred Shares |
|
|
96 |
|
|
|
— |
|
|
|
— |
|
| |
|
$ |
82,156 |
|
|
$ |
4,030 |
|
|
$ |
4,456 |
|
|