XML 33 R8.htm IDEA: XBRL DOCUMENT
v2.4.0.6

INVESTMENT SECURITIES | 3 Months Ended
--- | ---
Mar. 31, 2013
Investment Securities [Abstract] |
INVESTMENT SECURITIES | NOTE 2 – INVESTMENT SECURITIES Investment Portfolio Composition. The amortized cost and related market value of investment securities available-for-sale were as follows:
|  | March 31, 2013
(Dollars in Thousands) |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Market Value
U.S. Government Treasury |  | $ | 94,550 |  |  | $ | 355 |  |  | $ | — |  |  | $ | 94,905 |
U.S. Government Agency |  |  | 52,178 |  |  |  | 216 |  |  |  | 22 |  |  |  | 52,372 |
States and Political Subdivisions |  |  | 82,860 |  |  |  | 172 |  |  |  | 38 |  |  |  | 82,994 |
Mortgage-Backed Securities |  |  | 66,167 |  |  |  | 890 |  |  |  | 40 |  |  |  | 67,017 |
Other Securities(1) |  |  | 10,814 |  |  |  | — |  |  |  | 600 |  |  |  | 10,214 |
Total Investment Securities |  | $ | 306,569 |  |  | $ | 1,633 |  |  | $ | 700 |  |  | $ | 307,502 |
|  | December 31, 2012
(Dollars in Thousands) |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Market Value
U.S. Government Treasury |  | $ | 96,745 |  |  | $ | 504 |  |  | $ | — |  |  | $ | 97,249 |
U.S. Government Agency |  |  | 51,468 |  |  |  | 221 |  |  |  | 25 |  |  |  | 51,664 |
States and Political Subdivisions |  |  | 79,818 |  |  |  | 124 |  |  |  | 63 |  |  |  | 79,879 |
Mortgage-Backed Securities |  |  | 56,217 |  |  |  | 805 |  |  |  | 40 |  |  |  | 56,982 |
Other Securities(1) |  |  | 11,811 |  |  |  | — |  |  |  | 600 |  |  |  | 11,211 |
Total Investment Securities |  | $ | 296,059 |  |  | $ | 1,654 |  |  | $ | 728 |  |  | $ | 296,985 |
| (1) | Includes Federal Home Loan Bank and Federal Reserve Bank stock recorded at cost of $5.4 million and $4.8 million, respectively, at March 31, 2013 and $6.4 million and $4.8 million, respectively, at December 31, 2012.
Securities with an amortized cost of $191.2 million and $152.3 million at March 31, 2013 and December 31, 2012, respectively, were pledged to secure public deposits and for other purposes. The Bank, as a member of the Federal Home Loan Bank of Atlanta (“FHLB”), is required to own capital stock in the FHLB based generally upon the balances of residential and commercial real estate loans, and FHLB advances. FHLB stock which is included in other securities is pledged to secure FHLB advances. No ready market exists for this stock, and it has no quoted market value; however, redemption of this stock has historically been at par value.
8
Maturity Distribution. As of March 31, 2013, the Company’s investment securities had the following maturity distribution based on contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations. Mortgage-backed securities and certain amortizing U.S. government agency securities are shown separately since they are not due at a certain maturity date.
(Dollars in Thousands) |  | Amortized Cost |  | Market Value
Due in one year or less |  | $ | 85,517 |  |  | $ | 85,799 |
Due after one through five years |  |  | 106,857 |  |  |  | 107,078 |
No Maturity |  |  | 10,814 |  |  |  | 10,214 |
Mortgage-Backed Securities |  |  | 66,167 |  |  |  | 67,017 |
U.S. Government Agency |  |  | 37,214 |  |  |  | 37,394 |
Total Investment Securities |  | $ | 306,569 |  |  | $ | 307,502 |
Other Than Temporarily Impaired Securities. The following tables summarize the investment securities with unrealized losses aggregated by major security type and length of time in a continuous unrealized loss position:
|  |  |  | March 31, 2013 |  |
|  | Less Than 12 Months |  | Greater Than 12 Months |  | Total
(Dollars in Thousands) |  | Market Value |  | Unrealized Losses |  | Market Value |  | Unrealized Losses |  | Market Value |  | Unrealized Losses
U.S. Government Treasury |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S. Government Agency |  |  | 21,891 |  |  |  | 19 |  |  |  | 762 |  |  |  | 3 |  |  |  | 22,653 |  |  |  | 22 |
States and Political Subdivisions |  |  | 11,373 |  |  |  | 30 |  |  |  | 6,179 |  |  |  | 8 |  |  |  | 17,552 |  |  |  | 38 |
Mortgage-Backed Securities |  |  | 4,711 |  |  |  | 20 |  |  |  | 1,532 |  |  |  | 20 |  |  |  | 6,243 |  |  |  | 40 |
Other Securities |  |  | — |  |  |  | — |  |  |  | 600 |  |  |  | 600 |  |  |  | 600 |  |  |  | 600 |
Total Investment Securities |  | $ | 37,975 |  |  | $ | 69 |  |  | $ | 9,073 |  |  | $ | 631 |  |  | $ | 47,048 |  |  | $ | 700 |
|  |  |  | December 31, 2012 |  |
|  | Less Than 12 Months |  | Greater Than 12 Months |  | Total
(Dollars in Thousands) |  | Market Value |  | Unrealized Losses |  | Market Value |  | Unrealized Losses |  | Market Value |  | Unrealized Losses
U.S. Government Treasury |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S. Government Agency |  |  | 8,464 |  |  |  | 23 |  |  |  | 790 |  |  |  | 2 |  |  |  | 9,254 |  |  |  | 25 |
States and Political Subdivisions |  |  | 30,302 |  |  |  | 55 |  |  |  | 5,028 |  |  |  | 8 |  |  |  | 35,330 |  |  |  | 63 |
Mortgage-Backed Securities |  |  | 3,921 |  |  |  | 15 |  |  |  | 1,624 |  |  |  | 25 |  |  |  | 5,545 |  |  |  | 40 |
Other Securities |  |  | — |  |  |  | — |  |  |  | 600 |  |  |  | 600 |  |  |  | 600 |  |  |  | 600 |
Total Investment Securities |  | $ | 42,687 |  |  | $ | 93 |  |  | $ | 8,042 |  |  | $ | 635 |  |  | $ | 50,729 |  |  | $ | 728 |
Management evaluates securities for other than temporary impairment at least quarterly, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to: 1) the length of time and the extent to which the fair value has been less than amortized cost, 2) the financial condition and near-term prospects of the issuer, and 3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in cost. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by rating agencies have occurred, regulatory issues, and analysts’ reports. At March 31, 2013, the Company had securities of $307.5 million with net pre-tax unrealized gains of $0.9 million on these securities, of which $47.0 million have unrealized losses totaling $0.7 million. Approximately $38.0 million of these securities, with an unrealized loss of $0.1 million, have been in a loss position for less than 12 months. Approximately $8.5 million of these securities, with an unrealized loss of approximately $31,000 have been in a loss position for greater than 12 months. These securities are in a loss position because they were acquired when the general level of interest rates was lower than that on March 31, 2013. The Company believes that the unrealized losses in these securities are temporary in nature and that the full principal will be collected as anticipated. Because the declines in the market value of these investments are attributable to changes in interest rates and not credit quality and because the Company has the present ability and intent to hold these investments until there is a recovery in fair value, which may be at maturity, the Company does not consider these investments to be other-than-temporarily impaired at March 31, 2013. One bank preferred stock issue for $0.6 million has also been in a loss position for greater than 12 months. The Company continues to closely monitor the fair value of this security as the subject bank continues to experience negative operating trends.

X
- Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 10: 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=6872113&loc=d3e27290-111563 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration