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Debt and Equity Securities
 3 Months Ended
Mar. 31, 2012
Debt and Equity Securities [Abstract]  
Debt and Equity Securities

Note 3. Debt and Equity Securities

Debt and equity securities have been classified in the consolidated balance sheet according to management’s intent. Debt and equity securities at March 31, 2012 and December 31, 2011 are summarized as follows:

 

                                 
    March 31, 2012  
    Securities Available-For-Sale  
    In Thousands  
          Gross     Gross     Estimated  
    Amortized     Unrealized     Unrealized     Market  
    Cost     Gains     Loss     Value  

Debt securities:

                                

U.S. Government-sponsored enterprises (GSEs)*

   $ 125,501     $ 126     $ 643     $ 124,984  

Mortgage-backed:

                                

GSE residential

     196,764       1,672       213       198,223  

Obligations of states and political Subdivisions

     1,521       110       —         1,631  
   

 

 

    

 

 

    

 

 

    

 

 

  
    $ 323,786     $ 1,908     $ 856     $ 324,838  
   

 

 

    

 

 

    

 

 

    

 

 

  
   
    March 31, 2012  
    Securities Held-to-Maturity  
    In Thousands  
          Gross     Gross     Estimated  
    Amortized     Unrealized     Unrealized     Market  
    Cost     Gains     Loss     Value  

Debt securities:

                                

U.S. Government-sponsored enterprises (GSEs)*

   $ —       $ —       $ —       $ —    

Mortgage-backed:

                                

GSE residential

     3,642       116       27       3,731  

Obligations of states and political Subdivisions

     11,715       655       —         12,370  
   

 

 

    

 

 

    

 

 

    

 

 

  
    $ 15,357     $ 771     $ 27     $ 16,101  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

 

                                 
    December 31, 2011  
    Securities Available-For-Sale  
    In Thousands  
          Gross     Gross     Estimated  
    Amortized     Unrealized     Unrealized     Market  
    Cost     Gains     Loss     Value  

Debt securities:

                                

U.S. Government-sponsored enterprises (GSEs)*

   $ 114,819     $ 268     $ 161       114,926  

Mortgage-backed:

                                

GSE residential

     192,988       1,379       201       194,167  

Obligations of states and political Subdivisions

     1,522       117       —         1,638  
   

 

 

    

 

 

    

 

 

    

 

 

  
    $ 309,329     $ 1,764     $ 362     $ 310,731  
   

 

 

    

 

 

    

 

 

    

 

 

  
   
    December 31, 2011  
    Securities Held-to-Maturity  
    In Thousands  
          Gross     Gross     Estimated  
    Amortized     Unrealized     Unrealized     Market  
    Cost     Gains     Loss     Value  

Debt securities:

                                

U.S. Government-sponsored enterprises (GSEs)*

   $ —       $ —       $ —       $ —    

Mortgage-backed:

                                

GSE residential

   $ 2,425     $ 103     $ —       $ 2,528  

Obligations of states and political Subdivisions

     12,039       699       —         12,738  
   

 

 

    

 

 

    

 

 

    

 

 

  
    $ 14,464     $ 802     $ —       $ 15,266  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

* Such as Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Home Loan Banks, Federal Farm Credit Banks, and government National Mortgage Association.

 

 

The amortized cost and estimated market value of debt securities at March 31, 2012, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

                                 
    Held-to-Maturity     Available-for-sale  
    In Thousands  
          Estimated           Estimated  
    Amortized     Market     Amortized     Market  
    Cost     Value     Cost     Value  

Due in one year or less

   $ 1,027     $ 1,047     $ —       $ —    

Due after one year through five years

     5,348       5,598       76,515       76,350  

Due after five years through ten years

     3,393       3,616       171,144       171,592  

Due after ten years

     5,589       5,840       76,127       76,896  
   

 

 

    

 

 

    

 

 

    

 

 

  
    $ 15,357     $ 16,101     $ 323,786     $ 324,838  
   

 

 

    

 

 

    

 

 

    

 

 

  

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2012 and December 31, 2011.

 

                                                                 
    In Thousands, Except Number of Securities  
    Less than 12 Months     12 Months or More     Total  
    Fair Value     Unrealized
Losses		     Number
of
Securities
Included		     Fair
Value		     Unrealized
Losses		     Number
of
Securities
Included		     Fair Value     Unrealized
Losses		  

March 31, 2012

                                                                

Held to Maturity Securities:

                                                                

Debt securities:

                                                                

U. S. Government-sponsored enterprises (GSEs)

   $ —       $ —         —       $ —       $ —         —       $ —       $ —    
                 

Mortgage-backed:

                                                                

GSE residential

     1,362       27       2       —         —         —         1,362       27  
                 

Obligations of states and political subdivisions

     —         —         —         —         —         —         —         —    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    $ 1,362     $ 27       2     $ —         —         —       $ 1,362     $ 27  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Available-for-Sale Securities:

                                                                

Debt securities:

                                                                

U. S. Government- sponsored enterprises (GSEs)

   $ 79,893     $ 643       21     $ —       $ —         —       $ 79,893     $ 643  
                 

Mortgage-backed:

                                                                

GSE residential

     47,973       213       11       —         —         —         47,973       213  
                 

Obligations of states and political subdivisions

     —         —         —         —         —         —         —         —    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    $ 127,866     $ 856       32     $ —       $ —         —       $ 127,866     $ 856  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

                                                                 
    In Thousands, Except Number of Securities  
    Less than 12 Months     12 Months or More     Total  
    Fair Value     Unrealized
Losses		     Number
of
Securities
Included		     Fair
Value		     Unrealized
Losses		     Number
of
Securities
Included		     Fair Value     Unrealized
Losses		  

December 31, 2011

                                                                

Held to Maturity Securities:

                                                                

Debt securities:

                                                                

Mortgage-backed:

                                                                

GSE residential

   $ —       $ —         —       $ —       $ —         —       $ —       $ —    
                 

Obligations of states and political subdivisions

     —         —         —         —         —         —         —         —    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    $ —       $ —         —       $ —       $ —         —       $ —       $ —    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Available-for-Sale Securities:

                                                                

Debt securities:

                                                                

U.S. Government and Federal agencies

   $ —       $ —         —       $ —       $ —         —       $ —       $ —    
                 

GSEs

     48,810       161       14       —         —         —         48,810       161  

Mortgage-backed:

                                                                

GSE residential

     58,130       201       12       —         —         —         58,130       201  
                 

Obligations of states and political subdivisions

     —         —         —         —         —         —         —         —    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    $ 106,940     $ 362       26     $ —       $ —         —       $ 106,940     $ 362  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Because the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases, which may be maturity, the Company does not consider these securities to be other-than-temporarily impaired at March 31, 2012.

The carrying values of the Company’s investment securities could decline in the future if the financial condition of issuers deteriorate and management determines it is probable that the Company will not recover the entire amortized cost bases of the securities. As a result, there is a risk that other-than-temporary impairment charges may occur in the future given the current economic environment.