XML 49 R11.htm IDEA: XBRL DOCUMENT
v2.4.0.8

SECURITIES | 9 Months Ended
--- | ---
Sep. 30, 2014
SECURITIES [Abstract] |
SECURITIES | NOTE 3 SECURITIES Amortized cost and estimated fair value of securities available for sale are as follows (dollars in thousands):
|  | September 30, 2014 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
Obligations of U.S. Government and U.S. Government sponsored enterprises |  | $ | 175,960 |  |  | $ | 1,499 |  |  | $ | 244 |  |  | $ | 177,215 |
Mortgage-backed securities, residential |  |  | 63,858 |  |  |  | 793 |  |  |  | 80 |  |  |  | 64,571 |
Collateralized mortgage obligations |  |  | 457 |  |  |  | 7 |  |  |  | - |  |  |  | 464 |
Obligations of states and political subdivisions |  |  | 32,710 |  |  |  | 982 |  |  |  | 12 |  |  |  | 33,680 |
Corporate bonds and notes |  |  | 1,505 |  |  |  | 38 |  |  |  | 4 |  |  |  | 1,539 |
SBA loan pools |  |  | 1,340 |  |  |  | 12 |  |  |  | 3 |  |  |  | 1,349 |
Trust preferred securities |  |  | 1,904 |  |  |  | 121 |  |  |  | - |  |  |  | 2,025 |
Corporate stocks |  |  | 433 |  |  |  | 6,823 |  |  |  | 2 |  |  |  | 7,254 |
Total |  | $ | 278,167 |  |  | $ | 10,275 |  |  | $ | 345 |  |  | $ | 288,097 |
|  | December 31, 2013 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
Obligations of U.S. Government and U.S. Government sponsored enterprises |  | $ | 187,098 |  |  | $ | 1,915 |  |  | $ | 907 |  |  | $ | 188,106 |
Mortgage-backed securities, residential |  |  | 104,069 |  |  |  | 1,036 |  |  |  | 749 |  |  |  | 104,356 |
Collateralized mortgage obligations |  |  | 1,001 |  |  |  | 14 |  |  |  | - |  |  |  | 1,015 |
Obligations of states and political subdivisions |  |  | 37,339 |  |  |  | 1,059 |  |  |  | 22 |  |  |  | 38,376 |
Corporate bonds and notes |  |  | 2,879 |  |  |  | 76 |  |  |  | 9 |  |  |  | 2,946 |
SBA loan pools |  |  | 1,471 |  |  |  | 17 |  |  |  | - |  |  |  | 1,488 |
Trust preferred securities |  |  | 1,898 |  |  |  | 136 |  |  |  | - |  |  |  | 2,034 |
Corporate stocks |  |  | 444 |  |  |  | 7,253 |  |  |  | 2 |  |  |  | 7,695 |
Total |  | $ | 336,199 |  |  | $ | 11,506 |  |  | $ | 1,689 |  |  | $ | 346,016 |
Amortized cost and estimated fair value of securities held to maturity are as follows (dollars in thousands):
| September 30, 2014 |
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value |
Obligations of states and political subdivisions |  | $ | 4,774 |  |  | $ | 382 |  |  | $ | - |  |  | $ | 5,156 |
Time deposits with other financial institutions |  |  | 656 |  |  |  | 9 |  |  |  | - |  |  |  | 665 |
Total |  | $ | 5,430 |  |  | $ | 391 |  |  | $ | - |  |  | $ | 5,821 |
| December 31, 2013 |
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value |
Obligations of states and political subdivisions |  | $ | 5,472 |  |  | $ | 419 |  |  | $ | - |  |  | $ | 5,891 |
Time deposits with other financial institutions |  |  | 1,023 |  |  |  | 16 |  |  |  | - |  |  |  | 1,039 |
Total |  | $ | 6,495 |  |  | $ | 435 |  |  | $ | - |  |  | $ | 6,930 |
The amortized cost and estimated fair value of debt securities are shown below by expected maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately (dollars in thousands):
|  | September 30, 2014 |
|  | Available for Sale |  |  | Held to Maturity |
|  | Amortized |  |  | Fair |  |  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |  |  | Cost |  |  | Value |
Within One Year |  | $ | 26,690 |  |  | $ | 27,044 |  |  | $ | 1,931 |  |  | $ | 1,960 |
After One, But Within Five Years |  |  | 178,884 |  |  |  | 180,813 |  |  |  | 2,347 |  |  |  | 2,547 |
After Five, But Within Ten Years |  |  | 6,505 |  |  |  | 6,602 |  |  |  | 1,152 |  |  |  | 1,314 |
|  |  | 212,079 |  |  |  | 214,459 |  |  |  | 5,430 |  |  |  | 5,821 |
Mortgage-backed securities, residential |  |  | 63,858 |  |  |  | 64,571 |  |  |  | - |  |  |  | - |
Collateralized mortgage obligations |  |  | 457 |  |  |  | 464 |  |  |  | - |  |  |  | - |
SBA loan pools |  |  | 1,340 |  |  |  | 1,349 |  |  |  | - |  |  |  | - |
Total |  | $ | 277,734 |  |  | $ | 280,843 |  |  | $ | 5,430 |  |  | $ | 5,821 |
The proceeds from sales and calls of securities resulting in gains or losses at September 30, 2014 and September 30, 2013 are listed below (dollars in thousands):
|  | 2014 |  |  | 2013 |
Proceeds |  | $ | 55,610 |  |  | $ | 10,534 |
Gross gains |  | $ | 522 |  |  | $ | 1 |
Gross losses |  | $ | - |  |  | $ | - |
Tax expense |  | $ | 201 |  |  | $ | - |
The following tables summarize the investment securities available for sale with unrealized losses at September 30, 2014 and December 31, 2013 by aggregated major security type and length of time in a continuous unrealized loss position (dollars in thousands):
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
September 30, 2014 |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Obligations of U.S. Government and U.S. Government sponsored enterprises |  | $ | 45,511 |  |  | $ | 159 |  |  | $ | 15,698 |  |  | $ | 85 |  |  | $ | 61,209 |  |  | $ | 244 |
Mortgage-backed securities, residential |  |  | 22,875 |  |  |  | 80 |  |  |  | - |  |  |  | - |  |  |  | 22,875 |  |  |  | 80 |
Obligations of states and political subdivisions |  |  | 3,608 |  |  |  | 11 |  |  |  | 326 |  |  |  | - |  |  |  | 3,934 |  |  |  | 11 |
Corporate bonds and notes |  |  | - |  |  |  | - |  |  |  | 242 |  |  |  | 5 |  |  |  | 242 |  |  |  | 5 |
SBA loan pools |  |  | 605 |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | 605 |  |  |  | 3 |
Corporate stocks |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Total temporarily impaired securities |  | $ | 72,599 |  |  | $ | 253 |  |  | $ | 16,268 |  |  | $ | 92 |  |  | $ | 88,867 |  |  | $ | 345 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
December 31, 2013 |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Obligations of U.S. Government and U.S. Government sponsored enterprises |  | $ | 83,840 |  |  | $ | 867 |  |  | $ | 1,978 |  |  | $ | 39 |  |  | $ | 85,818 |  |  | $ | 906 |
Mortgage-backed securities, residential |  |  | 63,115 |  |  |  | 750 |  |  |  | - |  |  |  | - |  |  |  | 63,115 |  |  |  | 750 |
Obligations of states and political subdivisions |  |  | 4,589 |  |  |  | 22 |  |  |  | - |  |  |  | - |  |  |  | 4,589 |  |  |  | 22 |
Corporate bonds and notes |  |  | 238 |  |  |  | 9 |  |  |  | - |  |  |  | - |  |  |  | 238 |  |  |  | 9 |
Corporate stocks |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Total temporarily impaired securities |  | $ | 151,782 |  |  | $ | 1,648 |  |  | $ | 1,980 |  |  | $ | 41 |  |  | $ | 153,762 |  |  | $ | 1,689 |
Other-Than-Temporary Impairment As of September 30, 2014, the majority of the Corporation's unrealized losses in the investment securities portfolio related to obligations of U.S. Government and U.S. Government sponsored enterprises and mortgage-backed securities. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Corporation does not have the intent to sell these securities and it is not likely that it will be required to sell these securities before their anticipated recovery, the Corporation does not consider these securities to be other-than-temporarily impaired at September 30, 2014. During the first quarter of 2014, the Corporation received notice that one CDO consisting of a pool of trust preferred securities was liquidated and recorded $500 thousand in other operating income during the first quarter of 2014. The Corporation does not own any other CDO's in its investment securities portfolio. The tables below present a roll forward of the cumulative credit losses recognized in earnings for the three and nine-month periods ending September 30, 2014 and 2013 (dollars in thousands):
|  | 2014 |  |  | 2013 |
Beginning balance, January 1, |  | $ | 1,939 |  |  | $ | 3,506 |
Amounts related to credit loss for which an other-than-temporary impairment was not previously recognized |  |  | - |  |  |  | - |
Additions/Subtractions: |  |  |  |  |  |  |  |
Amounts realized for securities sold during the period |  |  | - |  |  |  | - |
Amounts related to securities for which the company intends to sell or that it will be more likely than not that the company will be required to sell prior to recovery of amortized cost basis |  |  | - |  |  |  | - |
Reductions for increase in cash flows expected to be collected that are recognized over the remaining life of the security |  |  | - |  |  |  | - |
Reductions for previous credit losses realized in securities liquidated during the period |  |  | (1,939 | ) |  |  | - |
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized |  |  | - |  |  |  | - |
Ending balance, September 30, |  | $ | - |  |  | $ | 3,506 |
|  | 2014 |  |  | 2013 |
Beginning balance, July 1, |  | $ | - |  |  | $ | 3,506 |
Amounts related to credit loss for which an other-than-temporary impairment was not previously recognized |  |  | - |  |  |  | - |
Additions/Subtractions: |  |  |  |  |  |  |  |
Amounts realized for securities sold during the period |  |  | - |  |  |  | - |
Amounts related to securities for which the company intends to sell or that it will be more likely than not that the company will be required to sell prior to recovery of amortized cost basis |  |  | - |  |  |  | - |
Reductions for increase in cash flows expected to be collected that are recognized over the remaining life of the security |  |  | - |  |  |  | - |
Reductions for previous credit losses realized in securities liquidated during the period |  |  | - |  |  |  | - |
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized |  |  | - |  |  |  | - |
Ending balance, September 30, |  | $ | - |  |  | $ | 3,506 |

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 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 Reference 2: 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=27724398&loc=d3e27357-111563 Reference 3: 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 4: 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 5: 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=27724398&loc=d3e27232-111563 Reference 6: 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 7: 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=27724398&loc=d3e27161-111563 Reference 8: 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=27724398&loc=d3e27405-111563 Reference 9: 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 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration