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Securities | 9 Months Ended
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Sep. 30, 2013
Investments Debt And Equity 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 September 30, 2013 and December 31, 2012 were as follows:
|  | (in thousands) September 30, 2013 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Fair Value |
U.S. agency and mortgage-backed securities |  | $ | 88,054 |  |  | $ | 726 |  |  | $ | (1,949 | ) |  | $ | 86,831 |
Obligations of states and political subdivisions |  |  | 18,690 |  |  |  | 395 |  |  |  | (600 | ) |  |  | 18,485 |
Corporate equity securities |  |  | 1 |  |  |  | 4 |  |  |  | — |  |  |  | 5 |
|  | $ | 106,745 |  |  | $ | 1,125 |  |  | $ | (2,549 | ) |  | $ | 105,321 |
|  | (in thousands) December 31, 2012 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Fair Value |
U.S. agency and mortgage-backed securities |  | $ | 72,129 |  |  | $ | 1,325 |  |  | $ | (236 | ) |  | $ | 73,218 |
Obligations of states and political subdivisions |  |  | 15,556 |  |  |  | 762 |  |  |  | (83 | ) |  |  | 16,235 |
Corporate equity securities |  |  | 1 |  |  |  | 2 |  |  |  | — |  |  |  | 3 |
|  | $ | 87,686 |  |  | $ | 2,089 |  |  | $ | (319 | ) |  | $ | 89,456 |
At September 30, 2013 and December 31, 2012, investments in an unrealized loss position that were temporarily impaired were as follows:
|  | (in thousands) September 30, 2013 |
|  | 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 |  | $ | 50,796 |  |  | $ | (1,753 | ) |  | $ | 5,877 |  |  | $ | (196 | ) |  | $ | 56,673 |  |  | $ | (1,949 | )
Obligations of states and political subdivisions |  |  | 7,447 |  |  |  | (445 | ) |  |  | 2,418 |  |  |  | (155 | ) |  |  | 9,865 |  |  |  | (600 | )
|  | $ | 58,243 |  |  |  | (2,198 | ) |  | $ | 8,295 |  |  | $ | (351 | ) |  | $ | 66,538 |  |  | $ | (2,549 | )
|  | (in thousands) December 31, 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 |  | $ | 19,612 |  |  | $ | (236 | ) |  | $ | — |  |  | $ | — |  |  | $ | 19,612 |  |  | $ | (236 | )
Obligations of states and political subdivisions |  |  | 4,287 |  |  |  | (83 | ) |  |  | — |  |  |  | — |  |  |  | 4,287 |  |  |  | (83 | )
|  | $ | 23,899 |  |  | $ | (319 | ) |  | $ | — |  |  | $ | — |  |  | $ | 23,899 |  |  | $ | (319 | )
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 September 30, 2013, there were thirty-seven U.S. agency and mortgage-backed securities and twenty-one 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 5.1 years at September 30, 2013. At December 31, 2012, there were twelve U.S. agency and mortgage-backed securities and nine obligations of states and political subdivisions in an unrealized loss position. One hundred percent of the Company’s investment portfolio was considered investment grade at December 31, 2012. The weighted-average re-pricing term of the portfolio was 3.6 years at December 31, 2012. The change in the unrealized gains and losses of investment securities from December 31, 2012 to September 30, 2013 was related to changes in market interest rates and not credit concerns of the issuer. Federal Home Loan Bank, Federal Reserve Bank and Community Bankers’ Bank stock are generally viewed as long-term investments and as restricted securities, which are carried at cost, because there is a minimal market for the stock. Therefore, when evaluating restricted securities for impairment, their value is based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The Company does not consider these investments to be other-than-temporarily impaired at September 30, 2013, and no impairment has been recognized. Restricted securities are not part of the available for sale securities portfolio. The composition of restricted securities at September 30, 2013 and December 31, 2012 was as follows:
|  | (in thousands) |
|  | September 30, 2013 |  |  | December 31, 2012 |
Federal Home Loan Bank stock |  | $ | 908 |  |  | $ | 1,078 |
Federal Reserve Bank stock |  |  | 846 |  |  |  | 846 |
Community Bankers’ Bank stock |  |  | 50 |  |  |  | 50 |
|  | $ | 1,804 |  |  | $ | 1,974 |

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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=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 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27337-111563 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 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27198-111563 Reference 6: 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 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 + Details
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