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Securities | 3 Months Ended
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Mar. 31, 2013
Securities [Abstract] |
Securities | NOTE 4. Securities Amortized costs and fair values of securities available for sale at March 31, 2013 and December 31, 2012 were as follows:
|  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  |  | Fair
|  | Cost |  | Gains |  | (Losses) |  |  | Value
|  |  |  | March 31, 2013 |  |  |
|  |  |  | (in thousands) |  |  |
Obligations of U.S. government corporations and |  |  |  |  |  |  |  |  |
agencies | $ | 34,512 | $ | 863 | $ | (10 | ) | $ | 35,365
Mortgage-backed securities |  | 19,599 |  | 1,047 |  | (19 | ) |  | 20,627
Obligations of states and political subdivisions |  | 41,857 |  | 2,136 |  | (38 | ) |  | 43,955
Corporate securities |  | 8,965 |  | 1,232 |  | — |  |  | 10,197
Equity securities |  | 2,054 |  | 161 |  | — |  |  | 2,215
| $ | 106,987 | $ | 5,439 | $ | (67 | ) | $ | 112,359
|  |  |  | December 31, 2012 |  |  |
|  |  |  | (in thousands) |  |  |
Obligations of U.S. government corporations and |  |  |  |  |  |  |  |  |
agencies | $ | 22,781 | $ | 911 | $ | — |  | $ | 23,692
Mortgage-backed securities |  | 20,978 |  | 1,229 |  | — |  |  | 22,207
Obligations of states and political subdivisions |  | 41,185 |  | 2,327 |  | (11 | ) |  | 43,501
Corporate securities |  | 9,963 |  | 1,193 |  | — |  |  | 11,156
Equity securities |  | 2,054 |  | 144 |  | — |  |  | 2,198
| $ | 96,961 | $ | 5,804 | $ | (11 | ) | $ | 102,754
During the first three months of 2013, the Company sold $2.5 million in available for sale securities for a net gain of $390 thousand. There were no sales of securities available for sale during the first three months of 2012. The fair value and gross unrealized losses for securities available for sale, totaled by the length of time that individual securities have been in a continuous gross unrealized loss position, at March 31, 2013 and December 31, 2012 were as follows:
|  | Less than 12 months |  | 12 months or more |  |  | Total |
|  |  |  | Gross |  |  |  | Gross |  |  |  | Gross
|  |  |  | Unrealized |  |  |  | Unrealized |  |  |  | Unrealized
|  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
|  |  |  |  |  | March 31, 2013 |  |  |  |
|  |  |  |  |  | (in thousands) |  |  |  |
Obligations of U.S. government |  |  |  |  |  |  |  |  |  |  |  |
corporations and agencies | $ | 7,937 | $ | 10 | $ | — | $ | — | $ | 7,937 | $ | 10
Mortgage-backed securities |  | 2,010 |  | 19 |  | — |  | — |  | 2,010 |  | 19
Obligations of states and political |  |  |  |  |  |  |  |  |  |  |  |
subdivisions |  | 2,377 |  | 33 |  | 259 |  | 5 |  | 2,636 |  | 38
Corporate securities |  | — |  | — |  | — |  | — |  | — |  | —
Equity securities |  | — |  | — |  | — |  | — |  | — |  | —
| $ | 12,324 | $ | 62 | $ | 259 | $ | 5 | $ | 12,583 | $ | 67
|  |  |  |  |  | December 31, 2012 |  |  |  |
|  |  |  |  |  | (in thousands) |  |  |  |
Obligations of U.S. government |  |  |  |  |  |  |  |  |  |  |  |
corporations and agencies | $ | — | $ | — | $ | — | $ | — | $ | — | $ | —
Mortgage-backed securities |  | — |  | — |  | — |  | — |  | — |  | —
Obligations of states and political |  |  |  |  |  |  |  |  |  |  |  |
subdivisions |  | 495 |  | 6 |  | 274 |  | 5 |  | 769 |  | 11
Corporate securities |  | — |  | — |  | — |  | — |  | — |  | —
Equity securities |  | — |  | — |  | — |  | — |  | — |  | —
| $ | 495 | $ | 6 | $ | 274 | $ | 5 | $ | 769 | $ | 11
Gross unrealized losses on available for sale securities included fifteen (15) and two (2) debt securities at March 31, 2013 and December 31, 2012, respectively. The Company evaluates securities for other-than-temporary impairment on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. The Company's mortgage-backed securities are issued by U.S. government agencies, which guarantee payments to investors regardless of the status of the underlying mortgages. Consideration is given to the length of time and the amount of an unrealized loss, the financial condition of the issuer, and the intent and ability of the Company to retain its investment in the issuer long enough to allow for an anticipated recovery in fair value. The fair value of a security reflects its liquidity as compared to similar instruments, current market rates on similar instruments, and the creditworthiness of the issuer. Absent any change in the liquidity of a security or the creditworthiness of the issuer, prices will decline as market rates rise and vice-versa. The primary cause of the unrealized losses at March 31, 2013 and December 31, 2012 was changes in market interest rates. Since the losses can be primarily attributed to changes in market interest rates and not expected cash flows or an issuer's financial condition, the unrealized losses are deemed to be temporary. The current economic crisis involving housing, liquidity and credit were also a contributing factor to the unrealized losses on these securities at March 31, 2013 and December 31, 2012. The Company monitors the financial condition of these issuers continuously and will record other-than-temporary impairment if the recovery of value is unlikely. The Company's securities are exposed to various risks, such as interest rate, market, currency and credit risks. Due to the level of risk associated with certain securities and the level of uncertainty related to changes in the value of securities, it is at least reasonably possible that changes in risks in the near term would materially affect securities reported in the financial statements. In addition, recent economic uncertainty and market events have led to unprecedented volatility in currency, commodity, credit and equity markets culminating in failures of some banking and financial services firms and government intervention to solidify others. These events underscore the level of investment risk associated with the current economic environment, and accordingly the level of risk in the Company's securities. Securities having a carrying value of $5.8 million at March 31, 2013 were pledged to secure securities sold under agreements to repurchase and other purposes required by law. The composition of restricted investments at March 31, 2013 and December 31, 2012 was as follows:
|  | March 31, 2013 | December 31, 2012
|  | (in thousands) |
Federal Reserve Bank Stock | $ | 344 | $ | 344
Federal Home Loan Bank Stock |  | 2,158 |  | 2,293
Community Bankers' Bank Stock |  | 140 |  | 140
| $ | 2,642 | $ | 2,777

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale 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=6872113&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 3 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27198-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-1 -Paragraph 21 -Subparagraph a, b -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 FASB Staff Position (FSP) -Number FAS115-1/124-1 -Paragraph 17 -Subparagraph a, b -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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 19, 20, 21 -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 8: 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 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803 Reference 10: 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 + Details
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