| SECURITIES |
NOTE 4 - SECURITIES
The
amortized cost and fair value of available-for-sale and
held-to-maturity securities at September 30, 2011
and December 31, 2010 are summarized as
follows:
| |
|
Amortized Cost
|
|
|
Gross
Unrealized
Gain
|
|
|
Gross
Unrealized
Loss
|
|
|
Market Value
|
|
|
|
|
(In
Thousands)
|
|
|
September 30, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
Available for Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Treasury and government sponsored agencies
|
|
$
|
95,191
|
|
|
$
|
1,715
|
|
|
$
|
(92
|
) |
|
$
|
96,814
|
|
|
Mortgage-backed
securities
|
|
|
96,565
|
|
|
|
5,094
|
|
|
|
-
|
|
|
|
101,659
|
|
|
State
and municipal securities
|
|
|
92,191
|
|
|
|
5,091
|
|
|
|
(38
|
) |
|
|
97,244
|
|
|
Corporate
debt
|
|
|
1,027 |
|
|
|
82 |
|
|
|
- |
|
|
|
1,109 |
|
|
Total
|
|
$ |
284,974 |
|
|
$ |
11,982 |
|
|
$ |
(130 |
) |
|
$ |
296,826 |
|
|
Securities
Held to Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed
securities
|
|
$
|
9,824
|
|
|
$
|
410
|
|
|
$
|
-
|
|
|
$
|
10,234
|
|
|
State
and municipal securities
|
|
|
5,531 |
|
|
|
376 |
|
|
|
- |
|
|
|
5,907 |
|
|
Total
|
|
$ |
15,355 |
|
|
$ |
786 |
|
|
$ |
- |
|
|
$ |
16,141 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
Available for Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Treasury and government sponsored agencies
|
|
$
|
90,631
|
|
|
$
|
1,887
|
|
|
$
|
(224
|
) |
|
$
|
92,294
|
|
|
Mortgage-backed
securities
|
|
|
101,709
|
|
|
|
2,783
|
|
|
|
(268
|
) |
|
|
104,224
|
|
|
State
and municipal securities
|
|
|
78,241
|
|
|
|
1,076
|
|
|
|
(1,051
|
) |
|
|
78,266
|
|
|
Corporate
debt
|
|
|
2,013 |
|
|
|
162 |
|
|
|
- |
|
|
|
2,175 |
|
|
Total
|
|
$ |
272,594 |
|
|
$ |
5,908 |
|
|
$ |
(1,543 |
) |
|
$ |
276,959 |
|
|
Securities
Held to Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State
and municipal securities
|
|
$ |
5,234 |
|
|
$ |
- |
|
|
$ |
(271 |
) |
|
$ |
4,963 |
|
|
Total
|
|
$ |
5,234 |
|
|
$ |
- |
|
|
$ |
(271 |
) |
|
$ |
4,963 |
|
All
mortgage-backed securities are with government-sponsored
enterprises (GSEs) such as Federal National Mortgage Association,
Government National Mortgage Association, Federal Home Loan Bank,
and Federal Home Loan Mortgage Corporation.
The
following table identifies, as of September 30, 2011 and December
31, 2010, the Company’s investment securities that have been
in a continuous unrealized loss position for less than 12 months
and those that have been in a continuous unrealized loss position
for 12 or more months. At September 30, 2011, two of the
Company’s 493 debt securities had been in an unrealized loss
position for 12 or more months. 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 September 30,
2011. 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
Unrealized
Losses
|
|
|
Fair Value
|
|
|
Gross
Unrealized
Losses
|
|
|
Fair Value
|
|
|
Gross
Unrealized
Losses
|
|
|
Fair Value
|
|
| |
|
(In
Thousands)
|
|
|
September
30, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Treasury and government
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
sponsored
agencies
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
Mortgage-backed
securities
|
|
|
(92
|
) |
|
|
14,049
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(92
|
) |
|
|
14,049
|
|
|
State
and municipal securities
|
|
|
(27
|
) |
|
|
2,730
|
|
|
|
(11
|
) |
|
|
395
|
|
|
|
(38
|
) |
|
|
3,125
|
|
|
Corporate
debt
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total
|
|
$ |
(119 |
) |
|
$ |
16,779 |
|
|
$ |
(11 |
) |
|
$ |
395 |
|
|
$ |
(130 |
) |
|
$ |
17,174 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Treasury and government
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
sponsored
agencies
|
|
$
|
(224
|
) |
|
$
|
24,217
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
(224
|
) |
|
$
|
24,217
|
|
|
Mortgage-backed
securities
|
|
|
(268
|
) |
|
|
16,417
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(268
|
) |
|
|
16,417
|
|
|
State
and municipal securities
|
|
|
(1,034
|
) |
|
|
33,282
|
|
|
|
(288
|
) |
|
|
3,674
|
|
|
|
(1,322
|
) |
|
|
36,956
|
|
|
Corporate
debt
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total
|
|
$ |
(1,526 |
) |
|
$ |
73,916 |
|
|
$ |
(288 |
) |
|
$ |
3,674 |
|
|
$ |
(1,814 |
) |
|
$ |
77,590 |
|
|