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SECURITIES (Tables)
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6 Months Ended |
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Jun. 30, 2014
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| Investments, Debt and Equity Securities [Abstract] |
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| 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 June 30, 2014 and December 31, 2013 are summarized as follows: | | | | | | Gross | | Gross | | | | | | | Amortized | | Unrealized | | Unrealized | | Market | | | | | Cost | | Gain | | Loss | | Value | | | | | (In Thousands) | | | June 30, 2014 | | | | | | | | | | | | | | | Securities Available for Sale | | | | | | | | | | | | | | | U.S. Treasury and government sponsored agencies | | $ | 48,590 | | $ | 847 | | $ | (1) | | $ | 49,436 | | | Mortgage-backed securities | | | 92,522 | | | 3,360 | | | (19) | | | 95,863 | | | State and municipal securities | | | 129,202 | | | 4,028 | | | (260) | | | 132,970 | | | Corporate debt | | | 15,779 | | | 206 | | | - | | | 15,985 | | | Total | | | 286,093 | | | 8,441 | | | (280) | | | 294,254 | | | Securities Held to Maturity | | | | | | | | | | | | | | | Mortgage-backed securities | | | 25,630 | | | 459 | | | (606) | | | 25,483 | | | State and municipal securities | | | 5,548 | | | 415 | | | - | | | 5,963 | | | Total | | $ | 31,178 | | $ | 874 | | $ | (606) | | $ | 31,446 | | | | | | | | | | | | | | | | | | December 31, 2013 | | | | | | | | | | | | | | | Securities Available for Sale | | | | | | | | | | | | | | | U.S. Treasury and government sponsored agencies | | $ | 31,641 | | $ | 674 | | $ | (41) | | $ | 32,274 | | | Mortgage-backed securities | | | 85,764 | | | 2,574 | | | (98) | | | 88,240 | | | State and municipal securities | | | 127,083 | | | 3,430 | | | (682) | | | 129,831 | | | Corporate debt | | | 15,738 | | | 163 | | | (26) | | | 15,875 | | | Total | | | 260,226 | | | 6,841 | | | (847) | | | 266,220 | | | Securities Held to Maturity | | | | | | | | | | | | | | | Mortgage-backed securities | | | 26,730 | | | 266 | | | (1,422) | | | 25,574 | | | State and municipal securities | | | 5,544 | | | 197 | | | - | | | 5,741 | | | Total | | $ | 32,274 | | $ | 463 | | $ | (1,422) | | $ | 31,315 | |
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| Amortized Cost and Fair Value of Securities |
The amortized cost and fair value of debt securities as of June 30, 2014 by contractual maturity are shown below. Actual maturities may differ from contractual maturities of mortgage-backed securities since the mortgages underlying the securities may be called or prepaid with or without penalty. Therefore, these securities are not included in the maturity categories along with the other categories of debt securities. | | | June 30, 2014 | | | | | Available-for-sale | | Held-to-maturity | | | | | Amortized
Cost | | Fair Value | | Amortized
Cost | | Fair Value | | | | | (In thousands) | | | Less than one year | | $ | 6,562 | | $ | 6,622 | | $ | - | | $ | - | | | One year to five years | | | 113,605 | | | 116,426 | | | - | | | - | | | Five years to ten years | | | 72,615 | | | 74,488 | | | - | | | - | | | More than ten years | | | 788 | | | 855 | | | 5,548 | | | 5,963 | | | Mortgage-backed securities | | | 92,522 | | | 95,863 | | | 25,630 | | | 25,483 | | | | | $ | 286,092 | | $ | 294,254 | | $ | 31,178 | | $ | 31,446 | |
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| Investment Securities Continuous Unrealized Loss Position |
The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the securities before recovery of their amortized cost, which may be maturity; accordingly, the Company does not consider these securities to be other-than-temporarily impaired at June 30, 2014. 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) | | | June 30, 2014 | | | | | | | | | | | | | | | | | | | | | U.S. Treasury and government sponsored agencies | | $ | (1) | | $ | 999 | | $ | - | | $ | - | | $ | (1) | | $ | 999 | | | Mortgage-backed securities | | | (2) | | | 2,042 | | | (623) | | | 18,564 | | | (625) | | | 20,606 | | | State and municipal securities | | | (88) | | | 9,695 | | | (172) | | | 14,472 | | | (260) | | | 24,167 | | | Corporate debt | | | - | | | - | | | - | | | - | | | - | | | - | | | Total | | $ | (91) | | $ | 12,736 | | $ | (795) | | $ | 33,036 | | $ | (886) | | $ | 45,772 | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | | | | | | | | | | | | | | | | | | | | | U.S. Treasury and government sponsored agencies | | $ | (41) | | $ | 5,854 | | $ | - | | $ | - | | $ | (41) | | $ | 5,854 | | | Mortgage-backed securities | | | (852) | | | 21,365 | | | (668) | | | 6,691 | | | (1,520) | | | 28,056 | | | State and municipal securities | | | (607) | | | 30,666 | | | (75) | | | 3,443 | | | (682) | | | 34,109 | | | Corporate debt | | | (26) | | | 5,958 | | | - | | | - | | | (26) | | | 5,958 | | | Total | | $ | (1,526) | | $ | 63,843 | | $ | (743) | | $ | 10,134 | | $ | (2,269) | | $ | 73,977 | |
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