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Securities | 12 Months Ended
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Dec. 31, 2012
Securities |
Securities | Note 3. Securities The book values and approximate fair values of investment securities at December 31, 2012 and 2011 are summarized as follows:
|  | 2012 |  |  | 2011 |
|  | Amortized |  |  | Fair |  |  | Unrealized |  |  | Amortized |  |  | Fair |  |  | Unrealized |
($ in thousands) |  | Cost |  |  | Value |  |  | Gains |  |  | (Losses) |  |  | Cost |  |  | Value |  |  | Gains |  |  | (Losses) |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities |  | $ | 11,500 |  |  |  | 11,596 |  |  |  | 96 |  |  |  | ─ |  |  |  | 34,511 |  |  |  | 34,665 |  |  |  | 170 |  |  |  | (16 | )
Mortgage-backed securities |  |  | 143,539 |  |  |  | 146,926 |  |  |  | 3,717 |  |  |  | (330 | ) |  |  | 120,032 |  |  |  | 124,105 |  |  |  | 4,164 |  |  |  | (91 | )
Corporate bonds |  |  | 3,998 |  |  |  | 3,813 |  |  |  | 75 |  |  |  | (260 | ) |  |  | 13,189 |  |  |  | 12,488 |  |  |  | 279 |  |  |  | (980 | )
Equity securities |  |  | 5,026 |  |  |  | 5,017 |  |  |  | 16 |  |  |  | (25 | ) |  |  | 10,998 |  |  |  | 11,368 |  |  |  | 409 |  |  |  | (39 | )
Total available for sale |  | $ | 164,063 |  |  |  | 167,352 |  |  |  | 3,904 |  |  |  | (615 | ) |  |  | 178,730 |  |  |  | 182,626 |  |  |  | 5,022 |  |  |  | (1,126 | )
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and local governments |  | $ | 56,064 |  |  |  | 61,496 |  |  |  | 5,432 |  |  |  | ─ |  |  |  | 57,988 |  |  |  | 62,754 |  |  |  | 4,766 |  |  |  | ─ |
Included in mortgage-backed securities at December 31, 2012 were collateralized mortgage obligations with an amortized cost of $381,000 and a fair value of $396,000. Included in mortgage-backed securities at December 31, 2011 were collateralized mortgage obligations with an amortized cost of $1,462,000 and a fair value of $1,515,000. All of the Company’s mortgage-backed securities, including the collateralized mortgage obligations, were issued by government-sponsored corporations. The Company owned Federal Home Loan Bank (FHLB) stock with a cost and fair value of $4,934,000 at December 31, 2012 and $10,904,000 at December 31, 2011, which is included in equity securities above and serves as part of the collateral for the Company’s line of credit with the FHLB (see Note 10 for additional discussion). The investment in this stock is a requirement for membership in the FHLB system. Periodically the FHLB recalculates the Company’s required level of holdings, and the Company either buys more stock or the FHLB redeems a portion of the stock at cost. The following table presents information regarding securities with unrealized losses at December 31, 2012:
($ in thousands) |  | Securities in an Unrealized Loss Position for Less than 12 Months |  |  | Securities in an Unrealized Loss Position for More than 12 Months |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Government-sponsored enterprise securities |  | $ | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mortgage-backed securities |  |  | 26,330 |  |  |  | 330 |  |  |  | — |  |  |  | — |  |  |  | 26,330 |  |  |  | 330 |
Corporate bonds |  |  | — |  |  |  | — |  |  |  | 740 |  |  |  | 260 |  |  |  | 740 |  |  |  | 260 |
Equity securities |  |  | — |  |  |  | — |  |  |  | 30 |  |  |  | 25 |  |  |  | 30 |  |  |  | 25 |
State and local governments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total temporarily impaired securities |  | $ | 26,330 |  |  |  | 330 |  |  |  | 770 |  |  |  | 285 |  |  |  | 27,100 |  |  |  | 615 |
The following table presents information regarding securities with unrealized losses at December 31, 2011:
($ in thousands) |  | Securities in an Unrealized Loss Position for Less than 12 Months |  |  | Securities in an Unrealized Loss Position for More than 12 Months |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Government-sponsored enterprise securities |  | $ | 8,984 |  |  |  | 16 |  |  |  | — |  |  |  | — |  |  |  | 8,984 |  |  |  | 16 |
Mortgage-backed securities |  |  | 14,902 |  |  |  | 61 |  |  |  | 9,302 |  |  |  | 30 |  |  |  | 24,204 |  |  |  | 91 |
Corporate bonds |  |  | 4,588 |  |  |  | 458 |  |  |  | 2,773 |  |  |  | 522 |  |  |  | 7,361 |  |  |  | 980 |
Equity securities |  |  | 4 |  |  |  | 2 |  |  |  | 22 |  |  |  | 37 |  |  |  | 26 |  |  |  | 39 |
State and local governments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total temporarily impaired securities |  | $ | 28,478 |  |  |  | 537 |  |  |  | 12,097 |  |  |  | 589 |  |  |  | 40,575 |  |  |  | 1,126 |
In the above tables, all of the non-equity securities that were in an unrealized loss position at December 31, 2012 and 2011 are bonds that the Company has determined are in a loss position due to interest rate factors, the overall economic downturn in the financial sector, and the broader economy in general. The Company has evaluated the collectability of each of these bonds and has concluded that there is no other-than-temporary impairment. 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 these securities before recovery of the amortized cost. At December 31, 2012, the Company’s $3.8 million investment in corporate bonds was comprised of the following:
($ in thousands) Issuer |  | S&P Issuer Ratings (1) |  |  | Maturity Date |  |  | Amortized Cost |  |  | Market Value |
First Citizens Bancorp (South Carolina) Bond |  |  | Not Rated |  |  |  | 4/1/15 |  |  | $ | 2,998 |  |  |  | 3,073 |
First Citizens Bancorp (South Carolina) Trust Preferred Security |  |  | Not Rated |  |  |  | 6/15/34 |  |  |  | 1,000 |  |  |  | 740 |
Total investment in corporate bonds |  |  |  |  |  |  |  |  |  | $ | 3,998 |  |  |  | 3,813 |
The Company has concluded that each of the equity securities in an unrealized loss position at December 31, 2012 and 2011 was in such a position due to temporary fluctuations in the market prices of the securities. The Company’s policy is to record an impairment charge for any of these equity securities that remains in an unrealized loss position for twelve consecutive months unless the amount is insignificant. The aggregate carrying amount of cost-method investments was $4,934,000 and $10,904,000 at December 31, 2012 and 2011, respectively, which was the Federal Home Loan Bank stock discussed above. The Company determined that none of its cost-method investments were impaired at either year end. The book values and approximate fair values of investment securities at December 31, 2012, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Securities Available for Sale |  |  | Securities Held to Maturity |
|  | Amortized |  |  | Fair |  |  | Amortized |  |  | Fair |
($ in thousands) |  | Cost |  |  | Value |  |  | Cost |  |  | Value |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | $ | — |  |  |  | — |  |  | $ | 350 |  |  |  | 352 |
Due after one year but within five years |  |  | 14,498 |  |  |  | 14,669 |  |  |  | 3,837 |  |  |  | 4,140 |
Due after five years but within ten years |  |  | — |  |  |  | — |  |  |  | 29,005 |  |  |  | 31,807 |
Due after ten years |  |  | 1,000 |  |  |  | 740 |  |  |  | 22,872 |  |  |  | 25,197 |
Mortgage-backed securities |  |  | 143,539 |  |  |  | 146,926 |  |  |  | — |  |  |  | — |
Total debt securities |  |  | 159,037 |  |  |  | 162,335 |  |  |  | 56,064 |  |  |  | 61,496 |
Equity securities |  |  | 5,026 |  |  |  | 5,017 |  |  |  | — |  |  |  | — |
Total securities |  | $ | 164,063 |  |  |  | 167,352 |  |  | $ | 56,064 |  |  |  | 61,496 |
At December 31, 2012, investment securities with carrying values of $78,519,000 were pledged as collateral for public and private deposits. At December 31, 2011, investment securities with carrying values of $47,418,000 were pledged as collateral for public and private deposits and securities sold under agreements to repurchase. There were $9,641,000 in sales of securities in 2012, which resulted in a net gain of $439,000. There were $2,518,000 in sales of securities in 2011, which resulted in a net gain of $8,000. There were no sales of securities in 2010. During the twelve months ended December 31, 2012, 2011, and 2010, the Company recorded a net gain of $200,000, $71,000, and $26,000, respectively, related to the call of several municipal and corporate bond securities. Also, during the twelve months ended December 31, 2012, 2011, and 2010, the Company recorded net losses of $1,000, $5,000, and $0, respectively, related to write-downs of the Company’s equity portfolio.

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