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Securities | 6 Months Ended
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Jun. 30, 2012
Securities [Abstract] |
Securities |
Note 2. | Securities
The Company invests in U.S. agency and mortgage-backed securities, obligations of state and political subdivisions and corporate equity securities. Amortized costs and fair values of securities available for sale at June 30, 2012 and December 31, 2011 were as follows:
|  | (in thousands) June 30, 2012 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Fair Value |
U.S. agency and mortgage-backed securities |  | $ | 70,757 |  |  | $ | 1,647 |  |  | $ | (10 | ) |  | $ | 72,394 |
Obligations of states and political subdivisions |  |  | 14,109 |  |  |  | 702 |  |  |  | (84 | ) |  |  | 14,727 |
Corporate equity securities |  |  | 26 |  |  |  | 120 |  |  |  | — |  |  |  | 146 |
|  | $ | 84,892 |  |  | $ | 2,469 |  |  | $ | (94 | ) |  | $ | 87,267 |
|  | (in thousands) December 31, 2011 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Fair Value |
U.S. agency and mortgage-backed securities |  | $ | 76,549 |  |  | $ | 2,343 |  |  | $ | (16 | ) |  | $ | 78,876 |
Obligations of states and political subdivisions |  |  | 11,895 |  |  |  | 781 |  |  |  | — |  |  |  | 12,676 |
Corporate equity securities |  |  | 26 |  |  |  | 87 |  |  |  | — |  |  |  | 113 |
|  | $ | 88,470 |  |  | $ | 3,211 |  |  | $ | (16 | ) |  | $ | 91,665 |
At June 30, 2012 and December 31, 2011, investments in an unrealized loss position that were temporarily impaired were as follows:
|  | (in thousands) June 30, 2012 |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair Value |  |  | Unrealized (Loss) |  |  | Fair Value |  |  | Unrealized (Loss) |  |  | Fair Value |  |  | Unrealized (Loss) |
U.S. agency and mortgage-backed securities |  | $ | 4,023 |  |  | $ | (10 | ) |  | $ | — |  |  | $ | — |  |  | $ | 4,023 |  |  | $ | (10 | )
Obligations of states and political subdivisions |  |  | 4,971 |  |  |  | (84 | ) |  |  | — |  |  |  | — |  |  |  | 4,971 |  |  |  | (84 | )
|  | $ | 8,994 |  |  | $ | (94 | ) |  | $ | — |  |  | $ | — |  |  | $ | 8,994 |  |  | $ | (94 | )
|  | (in thousands) December 31, 2011 |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair Value |  |  | Unrealized (Loss) |  |  | Fair Value |  |  | Unrealized (Loss) |  |  | Fair Value |  |  | Unrealized (Loss) |
U.S. agency and mortgage-backed securities |  | $ | 3,955 |  |  | $ | (16 | ) |  | $ | — |  |  | $ | — |  |  | $ | 3,955 |  |  | $ | (16 | )
The tables above provide information about securities that have been in an unrealized loss position for less than twelve consecutive months and securities that have been in an unrealized loss position for twelve consecutive months or more. Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Impairment is considered to be other-than temporary if the Company (1) intends to sell the security, (2) more likely than not will be required to sell the security before recovering its cost, or (3) does not expect to recover the security’s entire amortized cost basis. Presently, the Company does not intend to sell any of these securities, does not expect to be required to sell these securities, and expects to recover the entire amortized cost of all the securities. At June 30, 2012, there were two U.S. agency and mortgage-backed securities and ten obligations of state and political subdivisions in an unrealized loss position. One hundred percent of the Company’s investment portfolio is considered investment grade. The weighted-average re-pricing term of the portfolio was 4 years at June 30, 2012. The Company’s investment in Federal Home Loan Bank (FHLB) stock totaled $1.5 million at June 30, 2012. FHLB stock is generally viewed as a long-term investment and as a restricted security, which is carried at cost, because there is a minimal market for the stock. Therefore, when evaluating FHLB stock for impairment, its value is based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The Company does not consider this investment to be other-than-temporarily impaired at June 30, 2012, and no impairment has been recognized. FHLB stock is shown in restricted securities on the balance sheet and is not part of the available for sale securities portfolio. The composition of restricted securities at June 30, 2012 and December 31, 2011 was as follows:
|  | (in thousands) |
|  | June 30, 2012 |  |  | December 31, 2011 |
Federal Home Loan Bank stock |  | $ | 1,543 |  |  | $ | 1,910 |
Federal Reserve Bank stock |  |  | 815 |  |  |  | 815 |
Community Bankers’ Bank stock |  |  | 50 |  |  |  | 50 |
|  | $ | 2,408 |  |  | $ | 2,775 |

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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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