| Amortized Cost and Fair Value of Available for Sale And Held to Maturity Securities |
The amortized cost and fair value of available-for-sale and held-to-maturity securities at March 31, 2013 and December 31, 2012 are summarized as follows:
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Market Value |
|
|
|
Cost |
|
|
Gain |
|
|
Loss |
|
|
Value |
|
| March 31, 2013 |
|
(In Thousands) |
|
| Securities Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury and government sponsored agencies |
|
$ |
26,928 |
|
|
$ |
887 |
|
|
$ |
- |
|
|
$ |
27,815 |
|
| Mortgage-backed securities |
|
|
62,632 |
|
|
|
3,844 |
|
|
|
- |
|
|
|
66,476 |
|
| State and municipal securities |
|
|
116,554 |
|
|
|
5,813 |
|
|
|
(64 |
) |
|
|
122,303 |
|
| Corporate debt |
|
|
12,660 |
|
|
|
180 |
|
|
|
- |
|
|
|
12,840 |
|
| Total |
|
$ |
218,774 |
|
|
$ |
10,724 |
|
|
$ |
(64 |
) |
|
$ |
229,434 |
|
| Securities Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage-backed securities |
|
$ |
27,129 |
|
|
$ |
643 |
|
|
$ |
(177 |
) |
|
$ |
27,595 |
|
| State and municipal securities |
|
|
5,540 |
|
|
|
557 |
|
|
|
- |
|
|
|
6,097 |
|
| Total |
|
$ |
32,669 |
|
|
$ |
1,200 |
|
|
$ |
(177 |
) |
|
$ |
33,692 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Securities Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury and government sponsored agencies |
|
$ |
27,360 |
|
|
$ |
1,026 |
|
|
$ |
- |
|
|
$ |
28,386 |
|
| Mortgage-backed securities |
|
|
69,298 |
|
|
|
4,168 |
|
|
|
- |
|
|
|
73,466 |
|
| State and municipal securities |
|
|
112,319 |
|
|
|
5,941 |
|
|
|
(83 |
) |
|
|
118,177 |
|
| Corporate debt |
|
|
13,677 |
|
|
|
210 |
|
|
|
(39 |
) |
|
|
13,848 |
|
| Total |
|
$ |
222,654 |
|
|
$ |
11,345 |
|
|
$ |
(122 |
) |
|
$ |
233,877 |
|
| Securities Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage-backed securities |
|
$ |
20,429 |
|
|
$ |
768 |
|
|
$ |
(40 |
) |
|
$ |
21,157 |
|
| State and municipal securities |
|
|
5,538 |
|
|
|
655 |
|
|
|
- |
|
|
|
6,193 |
|
| Total |
|
$ |
25,967 |
|
|
$ |
1,423 |
|
|
$ |
(40 |
) |
|
$ |
27,350 |
|
|
| Investment Securities Continuous Unrealized Loss Position |
Further, the Company believes any deterioration in value of its current investment securities is attributable to changes in market interest rates and not credit quality of the issuer.
|
|
Less Than Twelve Months |
|
|
Twelve Months or More |
|
|
Total |
|
|
|
Gross |
|
|
|
|
|
Gross |
|
|
|
|
|
Gross |
|
|
|
|
|
|
Unrealized |
|
|
|
|
|
Unrealized |
|
|
|
|
|
Unrealized |
|
|
|
|
|
|
Losses |
|
|
Fair Value |
|
|
Losses |
|
|
Fair Value |
|
|
Losses |
|
|
Fair Value |
|
|
|
(In Thousands) |
|
| March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury and government |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| sponsored agencies |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| Mortgage-backed securities |
|
|
(177 |
) |
|
|
12,813 |
|
|
|
- |
|
|
|
- |
|
|
|
(177 |
) |
|
|
12,813 |
|
| State and municipal securities |
|
|
(64 |
) |
|
|
9,090 |
|
|
|
- |
|
|
|
- |
|
|
|
(64 |
) |
|
|
9,090 |
|
| Corporate debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Total |
|
$ |
(241 |
) |
|
$ |
21,903 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(241 |
) |
|
$ |
21,903 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury and government |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage-backed securities |
|
|
(40 |
) |
|
|
4,439 |
|
|
|
- |
|
|
|
- |
|
|
|
(40 |
) |
|
|
4,439 |
|
| State and municipal securities |
|
|
(83 |
) |
|
|
8,801 |
|
|
|
- |
|
|
|
166 |
|
|
|
(83 |
) |
|
|
8,967 |
|
| Corporate debt |
|
|
(39 |
) |
|
|
4,882 |
|
|
|
- |
|
|
|
- |
|
|
|
(39 |
) |
|
|
4,882 |
|
| Total |
|
$ |
(162 |
) |
|
$ |
18,122 |
|
|
$ |
- |
|
|
$ |
166 |
|
|
$ |
(162 |
) |
|
$ |
18,288 |
|
|