Securities (Tables)
|
9 Months Ended |
Sep. 30, 2013
|
Investments Debt And Equity Securities [Abstract] |
|
Summary of Securities Available-for-Sale and Restricted Stock |
Securities consist of the following at September 30, 2013 and
December 31, 2012:
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(Dollars in thousands) |
|
Amortized
cost |
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|
Gross
unrealized
gains |
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|
Gross
unrealized
losses |
|
|
Fair value |
|
September 30, 2013
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Available-for-sale securities
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|
|
|
|
|
|
|
|
|
|
|
|
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|
U.S. Treasury securities
|
|
$ |
1,005 |
|
|
$ |
— |
|
|
$ |
9 |
|
|
$ |
996 |
|
U.S. government agencies
|
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|
23,998 |
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|
10 |
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|
|
590 |
|
|
|
23,418 |
|
Mortgage-backed securities
|
|
|
51,563 |
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|
696 |
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|
175 |
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|
52,084 |
|
Asset-backed securities
|
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|
2,764 |
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|
22 |
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|
— |
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|
2,786 |
|
States and political subdivisions
|
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|
18,280 |
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|
378 |
|
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|
136 |
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|
18,522 |
|
Corporate bonds
|
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|
4,500 |
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|
29 |
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|
3 |
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|
4,526 |
|
Equity securities
|
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|
106 |
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16 |
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1 |
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|
121 |
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Total available-for-sale securities
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|
102,216 |
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|
1,151 |
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|
914 |
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|
102,453 |
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Held-to-maturity securities
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U.S. government agencies
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|
15,169 |
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|
— |
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|
583 |
|
|
|
14,586 |
|
Mortgage-backed securities
|
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|
21,639 |
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|
|
— |
|
|
|
535 |
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|
21,104 |
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Total held-to-maturity securities
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36,808 |
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|
— |
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|
1,118 |
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|
35,690 |
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Restricted stock
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5,463 |
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|
— |
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— |
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|
5,463 |
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Total securities
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$ |
144,487 |
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$ |
1,151 |
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$ |
2,032 |
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$ |
143,606 |
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December 31, 2012
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Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
U.S. Treasury securities
|
|
$ |
100 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
100 |
|
U.S. government agencies
|
|
|
35,996 |
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|
27 |
|
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|
43 |
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|
35,980 |
|
Mortgage-backed securities
|
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|
66,933 |
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|
2,107 |
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|
1 |
|
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|
69,039 |
|
Asset-backed securities
|
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|
2,862 |
|
|
|
— |
|
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|
39 |
|
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|
2,823 |
|
States and political subdivisions
|
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|
16,194 |
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|
701 |
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12 |
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|
16,883 |
|
Corporate bonds
|
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|
4,313 |
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|
112 |
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|
28 |
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|
4,397 |
|
Equity securities
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|
69 |
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|
9 |
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|
9 |
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|
69 |
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Total available-for-sale securities
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126,467 |
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|
2,956 |
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|
132 |
|
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|
129,291 |
|
Restricted stock
|
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|
5,463 |
|
|
|
— |
|
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|
— |
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|
5,463 |
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|
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Total securities
|
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$ |
131,930 |
|
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$ |
2,956 |
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|
$ |
132 |
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|
$ |
134,754 |
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|
Summary of Amortized Cost and Fair Value of Debt Securities |
The amortized cost and fair value of debt securities at
September 30, 2013, by contractual maturity, are shown
below.
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(Dollars in thousands) |
|
Amortized
cost |
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|
Fair
value |
|
Available-for-sale:
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Due in one year or less
|
|
$ |
279 |
|
|
$ |
280 |
|
Due after one through five years
|
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|
16,589 |
|
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|
16,812 |
|
Due after five through ten years
|
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|
26,318 |
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|
25,955 |
|
Due after ten years
|
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|
58,924 |
|
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|
59,285 |
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Total debt securities available-for-sale
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|
$ |
102,110 |
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$ |
102,332 |
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Held-to-maturity:
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Due in one year or less
|
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$ |
— |
|
|
$ |
— |
|
Due after one through five years
|
|
|
— |
|
|
|
— |
|
Due after five through ten years
|
|
|
3,710 |
|
|
|
3,655 |
|
Due after ten years
|
|
|
33,098 |
|
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|
32,035 |
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Total debt securities held-to-maturity
|
|
$ |
36,808 |
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|
$ |
35,690 |
|
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|
Summary of Proceeds and Gains and Losses from Sales of Available-for-Sale Securities |
The following table shows the proceeds from sales of
available-for-sale securities and the gross realized gains and
losses on the sales of those securities that have been included in
earnings as a result of the sales.
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Three months ended
September 30, |
|
|
Nine months ended
September 30, |
|
(Dollars in thousands) |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
Proceeds
|
|
$ |
3,809 |
|
|
$ |
— |
|
|
$ |
4,309 |
|
|
$ |
— |
|
|
|
|
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|
Realized gains
|
|
$ |
149 |
|
|
$ |
— |
|
|
$ |
159 |
|
|
$ |
— |
|
Realized losses
|
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|
— |
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|
— |
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|
— |
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— |
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Net securities gains
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$ |
149 |
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$ |
— |
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$ |
159 |
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$ |
— |
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|
Summary of Gross Unrealized Losses and Fair Value of Available for Sale Securities |
The following table presents gross unrealized losses and fair value
of securities, aggregated by investment category and length of time
that individual securities have been in a continuous unrealized
loss position, at September 30, 2013 and December 31,
2012:
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Securities in a continuous
unrealized loss position |
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Less than 12 months |
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12 months or more |
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Total |
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(Dollars in thousands) |
|
Gross
unrealized
losses |
|
|
Fair
value |
|
|
Gross
unrealized
losses |
|
|
Fair
value |
|
|
Gross
unrealized
losses |
|
|
Fair
value |
|
September 30, 2013
|
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Available-for-sale
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities
|
|
$ |
9 |
|
|
$ |
996 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9 |
|
|
$ |
996 |
|
U.S. Government agencies
|
|
|
590 |
|
|
|
19,408 |
|
|
|
— |
|
|
|
— |
|
|
|
590 |
|
|
|
19,408 |
|
Mortgage-backed securities
|
|
|
175 |
|
|
|
22,096 |
|
|
|
— |
|
|
|
— |
|
|
|
175 |
|
|
|
22,096 |
|
State and political subdivisions
|
|
|
134 |
|
|
|
3,599 |
|
|
|
2 |
|
|
|
301 |
|
|
|
136 |
|
|
|
3,900 |
|
Corporate bonds
|
|
|
2 |
|
|
|
573 |
|
|
|
1 |
|
|
|
499 |
|
|
|
3 |
|
|
|
1,072 |
|
Equity securities
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
Held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies
|
|
|
583 |
|
|
|
14,586 |
|
|
|
— |
|
|
|
— |
|
|
|
583 |
|
|
|
14,586 |
|
Mortgage-backed securities
|
|
|
535 |
|
|
|
21,103 |
|
|
|
— |
|
|
|
— |
|
|
|
535 |
|
|
|
21,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Total temporarily impaired securities
|
|
$ |
2,028 |
|
|
$ |
82,361 |
|
|
$ |
4 |
|
|
$ |
801 |
|
|
$ |
2,032 |
|
|
$ |
83,162 |
|
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|
|
|
|
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|
December 31, 2012
|
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies
|
|
$ |
43 |
|
|
$ |
15,957 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
43 |
|
|
$ |
15,957 |
|
Mortgage-backed securities
|
|
|
1 |
|
|
|
344 |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
344 |
|
Asset-backed securities
|
|
|
39 |
|
|
|
1,833 |
|
|
|
— |
|
|
|
— |
|
|
|
39 |
|
|
|
1,833 |
|
State and political subdivisions
|
|
|
12 |
|
|
|
1,737 |
|
|
|
— |
|
|
|
— |
|
|
|
12 |
|
|
|
1,737 |
|
Corporate bonds
|
|
|
4 |
|
|
|
366 |
|
|
|
24 |
|
|
|
975 |
|
|
|
28 |
|
|
|
1,341 |
|
Equity securities
|
|
|
— |
|
|
|
— |
|
|
|
9 |
|
|
|
45 |
|
|
|
9 |
|
|
|
45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total temporarily impaired securities
|
|
$ |
99 |
|
|
$ |
20,237 |
|
|
$ |
33 |
|
|
$ |
1,020 |
|
|
$ |
132 |
|
|
$ |
21,257 |
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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