SECURITIES (Tables)
|
6 Months Ended |
Jun. 30, 2014
|
Investments Debt And Equity Securities [Abstract] |
|
Summary of Securities Available-for-Sale and Restricted Stock |
Securities consist of the following at June 30, 2014 and
December 31, 2013:
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(Dollars in thousands) |
|
Amortized
cost |
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|
Gross
unrealized
gains |
|
|
Gross
unrealized
losses |
|
|
Fair value |
|
June 30, 2014
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Available-for-sale securities
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
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|
U.S. Treasury security
|
|
$ |
1,004 |
|
|
$ |
— |
|
|
$ |
5 |
|
|
$ |
999 |
|
U.S. government agencies
|
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|
20,000 |
|
|
|
7 |
|
|
|
285 |
|
|
|
19,722 |
|
Mortgage-backed securities of government agencies
|
|
|
48,059 |
|
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|
678 |
|
|
|
199 |
|
|
|
48,538 |
|
Other mortgage-backed securities
|
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|
184 |
|
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|
3 |
|
|
|
— |
|
|
|
187 |
|
Asset-backed securities of government agencies
|
|
|
2,674 |
|
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|
17 |
|
|
|
— |
|
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|
2,691 |
|
State and political subdivisions
|
|
|
16,167 |
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|
|
460 |
|
|
|
64 |
|
|
|
16,563 |
|
Corporate bonds
|
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|
4,502 |
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|
62 |
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|
— |
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|
4,564 |
|
Equity securities
|
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|
106 |
|
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|
19 |
|
|
|
— |
|
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|
125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Total available-for-sale securities
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|
92,696 |
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|
1,246 |
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|
553 |
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|
93,389 |
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Held-to-maturity securities
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|
U.S. government agencies
|
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|
15,224 |
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|
78 |
|
|
|
110 |
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|
|
15,192 |
|
Mortgage-backed securities of government agencies
|
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|
23,722 |
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|
220 |
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|
273 |
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|
23,669 |
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Total held-to-maturity securities
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38,946 |
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|
298 |
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|
383 |
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|
38,861 |
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|
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Restricted stock
|
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|
4,613 |
|
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|
— |
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|
— |
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|
4,613 |
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Total securities
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|
$ |
136,255 |
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|
$ |
1,544 |
|
|
$ |
936 |
|
|
$ |
136,863 |
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|
December 31, 2013
|
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|
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|
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|
|
|
|
|
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|
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury security
|
|
$ |
1,005 |
|
|
$ |
— |
|
|
$ |
8 |
|
|
$ |
997 |
|
U.S. government agencies
|
|
|
22,999 |
|
|
|
8 |
|
|
|
706 |
|
|
|
22,301 |
|
Mortgage-backed securities of government agencies
|
|
|
54,455 |
|
|
|
536 |
|
|
|
691 |
|
|
|
54,300 |
|
Other mortgage-backed securities
|
|
|
230 |
|
|
|
5 |
|
|
|
— |
|
|
|
235 |
|
Asset-backed securities of government agencies
|
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|
2,739 |
|
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|
36 |
|
|
|
— |
|
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|
2,775 |
|
State and political subdivisions
|
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|
16,219 |
|
|
|
371 |
|
|
|
143 |
|
|
|
16,447 |
|
Corporate bonds
|
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|
4,500 |
|
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|
44 |
|
|
|
5 |
|
|
|
4,539 |
|
Equity securities
|
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|
106 |
|
|
|
23 |
|
|
|
1 |
|
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|
128 |
|
|
|
|
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|
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|
|
|
|
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Total available-for-sale securities
|
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|
102,253 |
|
|
|
1,023 |
|
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|
1,554 |
|
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|
101,722 |
|
|
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|
|
|
|
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|
|
|
|
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|
Held-to-maturity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government agencies
|
|
|
19,186 |
|
|
|
— |
|
|
|
828 |
|
|
|
18,358 |
|
Mortgage-backed securities of government agencies
|
|
|
25,164 |
|
|
|
— |
|
|
|
879 |
|
|
|
24,285 |
|
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|
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|
Total held-to-maturity securities
|
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|
44,350 |
|
|
|
— |
|
|
|
1,707 |
|
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|
42,643 |
|
|
|
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|
|
|
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|
|
|
|
|
|
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|
Restricted stock
|
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|
5,463 |
|
|
|
— |
|
|
|
— |
|
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|
5,463 |
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|
|
|
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|
Total securities
|
|
$ |
152,066 |
|
|
$ |
1,023 |
|
|
$ |
3,261 |
|
|
$ |
149,828 |
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|
Summary of Amortized Cost and Fair Value of Debt Securities |
The amortized cost and fair value of debt securities at
June 30, 2014, by contractual maturity, are shown below.
Actual maturities may differ from contractual maturities because
borrowers may have the right to call or prepay obligations with or
without call or prepayment penalties.
|
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|
(Dollars in thousands) |
|
Amortized
cost |
|
|
Fair value |
|
Available-for-sale:
|
|
|
|
|
|
|
|
|
Due in one year or less
|
|
$ |
3,307 |
|
|
$ |
3,326 |
|
Due after one through five years
|
|
|
13,561 |
|
|
|
13,749 |
|
Due after five through ten years
|
|
|
19,901 |
|
|
|
19,889 |
|
Due after ten years
|
|
|
55,821 |
|
|
|
56,300 |
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|
|
|
|
|
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|
Total debt securities available-for-sale
|
|
$ |
92,590 |
|
|
$ |
93,264 |
|
|
|
|
|
|
|
|
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|
Held-to-maturity:
|
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|
|
|
|
|
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|
Due after five through ten years
|
|
$ |
3,735 |
|
|
$ |
3,788 |
|
Due after ten years
|
|
|
35,211 |
|
|
|
35,073 |
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|
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|
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|
Total debt securities held-to-maturity
|
|
$ |
38,946 |
|
|
$ |
38,861 |
|
|
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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 June 30, 2014 and December 31,
2013:
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Securities in a continuous
unrealized loss position |
|
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|
Less than 12 months |
|
|
12 months or more |
|
|
Total |
|
(Dollars in thousands) |
|
Gross
unrealized
losses |
|
|
Fair
value |
|
|
Gross
unrealized
losses |
|
|
Fair
value |
|
|
Gross
unrealized
losses |
|
|
Fair
value |
|
June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5 |
|
|
$ |
999 |
|
|
$ |
5 |
|
|
$ |
999 |
|
U.S. Government agencies
|
|
|
3 |
|
|
|
1,997 |
|
|
|
282 |
|
|
|
13,718 |
|
|
|
285 |
|
|
|
15,715 |
|
Mortgage-backed securities of government agencies
|
|
|
150 |
|
|
|
10,091 |
|
|
|
49 |
|
|
|
1,713 |
|
|
|
199 |
|
|
|
11,804 |
|
State and political subdivisions
|
|
|
1 |
|
|
|
618 |
|
|
|
63 |
|
|
|
2,260 |
|
|
|
64 |
|
|
|
2,878 |
|
Held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies
|
|
|
— |
|
|
|
— |
|
|
|
110 |
|
|
|
9,465 |
|
|
|
110 |
|
|
|
9,465 |
|
Mortgage-backed securities of government agencies
|
|
|
105 |
|
|
|
5,531 |
|
|
|
168 |
|
|
|
10,574 |
|
|
|
273 |
|
|
|
16,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total temporarily impaired securities
|
|
$ |
259 |
|
|
$ |
18,237 |
|
|
$ |
677 |
|
|
$ |
38,729 |
|
|
$ |
936 |
|
|
$ |
56,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities
|
|
$ |
8 |
|
|
$ |
997 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8 |
|
|
$ |
997 |
|
U.S. Government agencies
|
|
|
590 |
|
|
|
15,409 |
|
|
|
116 |
|
|
|
1,884 |
|
|
|
706 |
|
|
|
17,293 |
|
Mortgage-backed securities of government agencies
|
|
|
691 |
|
|
|
29,938 |
|
|
|
— |
|
|
|
— |
|
|
|
691 |
|
|
|
29,938 |
|
State and political subdivisions
|
|
|
122 |
|
|
|
3,522 |
|
|
|
21 |
|
|
|
233 |
|
|
|
143 |
|
|
|
3,755 |
|
Corporate bonds
|
|
|
4 |
|
|
|
1,163 |
|
|
|
1 |
|
|
|
499 |
|
|
|
5 |
|
|
|
1,662 |
|
Equity securities
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
Held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies
|
|
|
771 |
|
|
|
14,559 |
|
|
|
57 |
|
|
|
1,799 |
|
|
|
828 |
|
|
|
16,358 |
|
Mortgage-backed securities of government agencies
|
|
|
879 |
|
|
|
20,149 |
|
|
|
— |
|
|
|
— |
|
|
|
879 |
|
|
|
20,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total temporarily impaired securities
|
|
$ |
3,065 |
|
|
$ |
85,737 |
|
|
$ |
196 |
|
|
$ |
4,416 |
|
|
$ |
3,261 |
|
|
$ |
90,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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