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Securities
 12 Months Ended
Dec. 31, 2012
Securities [Abstract]  
Securities

NOTE 3 - SECURITIES

 

           

The amortized cost and fair value of securities were as follows:

 

                           

 

 

December 31, 2012

 

 

 

Amortized
Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Fair
Value

 

 

 

(In Thousands)

 

AVAILABLE FOR SALE:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agencies

 

$

13,076

 

$

36

 

$

(20

)

$

13,092

 

States and political subdivisions

 

 

55,864

 

 

2,995

 

 

(73

)

 

58,786

 

Corporate obligations

 

 

8,521

 

 

347

 

 

--

 

 

8,868

 

Mortgage-backed securities – government sponsored entities

 

 

63,397

 

 

1,041

 

 

(113

)

 

64,325

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities – financial services

 

 

292

 

 

27

 

 

--

 

 

319

 

 

 

$

141,150

 

$

4,446

 

$

(206

)

$

145,390

 

HELD TO MATURITY:

 

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

173

 

$

4

 

$

--

 

$

177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2011

 

 

 

Amortized
Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Fair
Value

 

 

 

(In Thousands)

 

AVAILABLE FOR SALE:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agencies

 

$

13,268

 

$

130

 

$

--

 

$

13,398

 

States and political subdivisions

 

 

54,106

 

 

2,640

 

 

--

 

 

56,746

 

Corporate obligations

 

 

8,733

 

 

130

 

 

(54

)

 

8,809

 

Mortgage-backed securities – government sponsored entities

 

 

68,886

 

 

2,081

 

 

(2

)

 

70,965

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities – financial services

 

 

157

 

 

109

 

 

(3

)

 

263

 

 

 

$

145,150

 

$

5,090

 

$

(59

)

$

150,181

 

HELD TO MATURITY:

 

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

171

 

$

6

 

$

--

 

$

177

 

 

 

 

The following tables show the Company's investments' gross unrealized losses and fair value aggregated by length of time that individual securities have been in a continuous unrealized loss position:

 

                                       

 

 

December 31, 2012

 

 

 

Less than 12 Months

 

12 Months or More

 

Total

 

 

 

Fair
Value

 

Unrealized
Losses

 

Fair
Value

 

Unrealized
Losses

 

Fair
Value

 

Unrealized
Losses

 

 

 

(In Thousands)

 

U.S. Government agencies

 

$

7,056

 

$

(20

)

$

--

 

$

--

 

$

7,056

 

$

(20

)

States and political subdivisions

 

 

5,821

 

 

(73

)

 

--

 

 

--

 

 

5,821

 

 

(73

)

Mortgage-backed securities – government sponsored entities

 

 

17,199

 

 

(113

)

 

--

 

 

--

 

 

17,199

 

 

(113

)

 

 

$

30,076

 

$

(206

)

$

--

 

$

--

 

$

30,076

 

$

(206

)

 

 

 

 

 

 

December 31, 2011

 

 

 

Less than 12 Months

 

12 Months or More

 

Total

 

 

 

Fair
Value

 

Unrealized
Losses

 

Fair
Value

 

Unrealized
Losses

 

Fair
Value

 

Unrealized
Losses

 

 

 

(In Thousands)

 

Corporate obligations

 

$

4,152

 

$

(54

)

$

--

 

$

--

 

$

4,152

 

$

(54

)

Mortgage-backed securities – government sponsored entities

 

 

2,495

 

 

(2

)

 

--

 

 

--

 

 

2,495

 

 

(2

)

Equity securities – financial services

 

 

34

 

 

(2

)

 

15

 

 

(1

)

 

49

 

 

(3

)

 

 

$

6,681

 

$

(58

)

$

15

 

$

(1

)

$

6,696

 

$

(59

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Company has 32 securities in the less than twelve month category and no securities in the twelve months or more category as of December 31, 2012. In management's opinion, the unrealized losses on debt securities reflect changes in interest rates subsequent to the acquisition of specific securities.  No other-than-temporary-impairment charges were recorded in 2012. Management believes that all other unrealized losses represent temporary impairment of the securities, and it is more likely than not that it will not have to sell the securities before recovery of their cost basis.

 

The amortized cost and fair value of securities as of December 31, 2012 by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.

 

                           

 

 

Available for Sale

 

Held to Maturity

 

 

 

Amortized
Cost

 

Fair
Value

 

Amortized
Cost

 

Fair
Value

 

 

 

(In Thousands)

 

Due in one year or less

 

$

5,661

 

$

5,764

 

$

—

 

$

—

 

Due after one year through five years

 

 

13,012

 

 

13,308

 

 

173

 

 

177

 

Due after five years through ten years

 

 

26,289

 

 

27,238

 

 

—

 

 

—

 

Due after ten years

 

 

32,499

 

 

34,436

 

 

—

 

 

—

 

 

 

 

77,461

 

 

80,746

 

 

173

 

 

177

 

Mortgage-backed securities – government sponsored entities

 

 

63,397

 

 

64,325

 

 

—

 

 

—

 

 

 

$

140,858

 

$

145,071

 

$

173

 

$

177

 

 

 

Gross realized gains and gross realized losses on sales of securities available for sale were $1,419,000 and $0, respectively, in 2012, compared to $983,000 and $10,000, respectively, in 2011, and $450,000 and $2,000, respectively, in 2010. The proceeds from the sales of securities totaled $40,914,000, $32,146,000 and $23,944,000 for the years ended December 31, 2012, 2011 and 2010, respectively.

 

Securities with a carrying value of $71,497,000 and $71,245,000 at December 31, 2012 and 2011, respectively, were pledged to secure public deposits, U.S. Treasury demand notes, securities sold under agreements to repurchase and for other purposes as required or permitted by law.