| Securities |
9. Securities
Securities are summarized as follows: (in thousands)
| |
|
March 31, 2012 |
|
|
December 31, 2011 |
|
| |
|
Amortized |
|
|
Gross Unrealized |
|
|
Fair |
|
|
Amortized |
|
|
Gross Unrealized |
|
|
Fair |
|
| |
|
Cost |
|
|
Gains |
|
|
(Losses) |
|
|
Value |
|
|
Cost |
|
|
Gains |
|
|
(Losses) |
|
|
Value |
|
|
Available for Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal bonds |
|
$ |
43,477 |
|
|
$ |
2,174 |
|
|
$ |
(44 |
) |
|
|
45,607 |
|
|
$ |
44,094 |
|
|
$ |
2,255 |
|
|
$ |
(36 |
) |
|
$ |
46,313 |
|
|
Collateralized mortgage obligations issued by: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GSE agencies |
|
|
24,157 |
|
|
|
509 |
|
|
|
0 |
|
|
|
24,666 |
|
|
|
27,354 |
|
|
|
422 |
|
|
|
(10 |
) |
|
|
27,766 |
|
|
Private label |
|
|
42,167 |
|
|
|
361 |
|
|
|
(32 |
) |
|
|
42,496 |
|
|
|
49,156 |
|
|
|
319 |
|
|
|
(76 |
) |
|
|
49,399 |
|
|
Mortgage backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
issued by agencies |
|
|
59,000 |
|
|
|
434 |
|
|
|
(54 |
) |
|
|
59,380 |
|
|
|
55,652 |
|
|
|
277 |
|
|
|
(112 |
) |
|
|
55,817 |
|
|
Corporate debt |
|
|
1,970 |
|
|
|
0 |
|
|
|
(516 |
) |
|
|
1,454 |
|
|
|
1,969 |
|
|
|
0 |
|
|
|
(569 |
) |
|
|
1,400 |
|
|
Equity securities |
|
|
75 |
|
|
|
0 |
|
|
|
0 |
|
|
|
75 |
|
|
|
75 |
|
|
|
0 |
|
|
|
0 |
|
|
|
75 |
|
|
Total Available for Sale |
|
$ |
170,846 |
|
|
$ |
3,478 |
|
|
$ |
(646 |
) |
|
$ |
173,678 |
|
|
$ |
178,300 |
|
|
$ |
3,273 |
|
|
$ |
(803 |
) |
|
$ |
180,770 |
|
No securities were pledged at the Federal Reserve as of March 31, 2012 and December 31, 2011. Certain securities, with amortized cost of $14.3 million and fair value of $14.7 million at March 31, 2012 and amortized cost of $16.6 million and fair value of $16.9 million at December 31, 2011, were pledged as collateral for borrowing purposes at the Federal Home Loan Bank of Indianapolis.
The amortized cost and fair value of securities at March 31, 2012 by contractual maturity are summarized as follows: (dollars in thousands)
| |
|
Available for Sale |
|
| |
|
Amortized
Cost |
|
|
Fair
Value |
|
|
Yield |
|
| |
|
|
|
|
|
|
|
|
|
|
Municipal bonds: |
|
|
|
|
|
|
|
|
|
|
Due in one year or less |
|
$ |
1,645 |
|
|
$ |
1,660 |
|
|
|
5.30 |
% |
|
Due after 1 year through 5 years |
|
|
13,972 |
|
|
|
14,666 |
|
|
|
5.18 |
% |
|
Due after 5 years through 10 years |
|
|
26,264 |
|
|
|
27,606 |
|
|
|
3.99 |
% |
|
Due after 10 years |
|
|
1,596 |
|
|
|
1,675 |
|
|
|
4.16 |
% |
|
Collateralized mortgage obligations issued by: |
|
|
|
|
|
|
|
|
|
|
|
|
|
GSE agencies |
|
|
24,157 |
|
|
|
24,666 |
|
|
|
2.55 |
% |
|
Private label |
|
|
42,167 |
|
|
|
42,496 |
|
|
|
3.79 |
% |
|
Mortgage backed securities issued by agencies |
|
|
59,000 |
|
|
|
59,380 |
|
|
|
2.15 |
% |
|
Corporate debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Due after 10 years |
|
|
1,970 |
|
|
|
1,454 |
|
|
|
1.29 |
% |
|
Equity securities |
|
|
75 |
|
|
|
75 |
|
|
|
0 |
% |
|
Total |
|
$ |
170,846 |
|
|
$ |
173,678 |
|
|
|
3.20 |
% |
Activities related to the sales of securities available for sale and other realized losses are summarized as follows: (dollars in thousands)
| |
|
Three months ended |
|
| |
|
March 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
Proceeds from sales |
|
$ |
816 |
|
|
$ |
15,179 |
|
|
Gross gains on securities |
|
|
0 |
|
|
|
295 |
|
|
Gross losses on securities |
|
|
0 |
|
|
|
111 |
|
|
Tax expense on realized security gains/losses |
|
|
0 |
|
|
|
73 |
|
|