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Securities (Tables) | 12 Months Ended
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Dec. 31, 2013
Securities Tables |
Book values and approximate fair values of investment securities | The book values and approximate fair values of investment securities at December 31, 2013 and 2012 are summarized as follows:
|  | 2013 |  |  | 2012 |
|  | Amortized |  |  | Fair |  |  | Unrealized |  |  | Amortized |  |  | Fair |  |  | Unrealized |
($ in thousands) |  | Cost |  |  | Value |  |  | Gains |  |  | (Losses) |  |  | Cost |  |  | Value |  |  | Gains |  |  | (Losses) |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities |  | $ | 18,432 |  |  |  | 18,245 |  |  |  | 32 |  |  |  | (219 | ) |  |  | 11,500 |  |  |  | 11,596 |  |  |  | 96 |  |  |  | — |
Mortgage-backed securities |  |  | 148,646 |  |  |  | 147,187 |  |  |  | 1,415 |  |  |  | (2,874 | ) |  |  | 143,539 |  |  |  | 146,926 |  |  |  | 3,717 |  |  |  | (330 | )
Corporate bonds |  |  | 3,999 |  |  |  | 3,598 |  |  |  | 44 |  |  |  | (445 | ) |  |  | 3,998 |  |  |  | 3,813 |  |  |  | 75 |  |  |  | (260 | )
Equity securities |  |  | 3,984 |  |  |  | 4,011 |  |  |  | 40 |  |  |  | (13 | ) |  |  | 5,026 |  |  |  | 5,017 |  |  |  | 16 |  |  |  | (25 | )
Total available for sale |  | $ | 175,061 |  |  |  | 173,041 |  |  |  | 1,531 |  |  |  | (3,551 | ) |  |  | 164,063 |  |  |  | 167,352 |  |  |  | 3,904 |  |  |  | (615 | )
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and local governments |  | $ | 53,995 |  |  |  | 56,700 |  |  |  | 2,709 |  |  |  | (4 | ) |  |  | 56,064 |  |  |  | 61,496 |  |  |  | 5,432 |  |  |  | —
Schedule of information regarding securities with unrealized losses | The following table presents information regarding securities with unrealized losses at December 31, 2013:
($ 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 |  | $ | 12,212 |  |  |  | 219 |  |  |  | — |  |  |  | — |  |  |  | 12,212 |  |  |  | 219 |
Mortgage-backed securities |  |  | 64,937 |  |  |  | 1,675 |  |  |  | 17,979 |  |  |  | 1,199 |  |  |  | 82,916 |  |  |  | 2,874 |
Corporate bonds |  |  | — |  |  |  | — |  |  |  | 555 |  |  |  | 445 |  |  |  | 555 |  |  |  | 445 |
Equity securities |  |  | — |  |  |  | — |  |  |  | 22 |  |  |  | 13 |  |  |  | 22 |  |  |  | 13 |
State and local governments |  |  | 992 |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 992 |  |  |  | 4 |
Total temporarily impaired securities |  | $ | 78,141 |  |  |  | 1,898 |  |  |  | 18,556 |  |  |  | 1,657 |  |  |  | 96,697 |  |  |  | 3,555 |
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
Investment in corporate bonds | At December 31, 2013, the Company’s $3.6 million investment in corporate bonds was comprised of the following:
($ in thousands) Issuer |  | S&P Issuer Ratings |  | Maturity Date |  | Amortized Cost |  |  | Market Value |
First Citizens Bancorp (South Carolina) Bond |  | Not Rated |  | 4/1/15 |  | $ | 2,999 |  |  |  | 3,043 |
First Citizens Bancorp (South Carolina) Trust Preferred Security |  | Not Rated |  | 6/15/34 |  |  | 1,000 |  |  |  | 555 |
Total investment in corporate bonds |  |  |  |  |  | $ | 3,999 |  |  |  | 3,598 |
Schedule of book values and approximate fair values of investment securities by contractual maturity | 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 |  | $ | — |  |  |  | — |  |  | $ | — |  |  |  | — |
Due after one year but within five years |  |  | 17,499 |  |  |  | 17,412 |  |  |  | 5,422 |  |  |  | 5,822 |
Due after five years but within ten years |  |  | 3,932 |  |  |  | 3,876 |  |  |  | 35,346 |  |  |  | 37,153 |
Due after ten years |  |  | 1,000 |  |  |  | 555 |  |  |  | 13,227 |  |  |  | 13,725 |
Mortgage-backed securities |  |  | 148,646 |  |  |  | 147,187 |  |  |  | — |  |  |  | — |
Total debt securities |  |  | 171,077 |  |  |  | 169,030 |  |  |  | 53,995 |  |  |  | 56,700 |
Equity securities |  |  | 3,984 |  |  |  | 4,011 |  |  |  | — |  |  |  | — |
Total securities |  | $ | 175,061 |  |  |  | 173,041 |  |  | $ | 53,995 |  |  |  | 56,700 |

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 + Details
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