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Securities | 12 Months Ended
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Dec. 31, 2011
Securities [Abstract] |
Securities | Note 3: Securities The amortized cost and fair value of securities available for sale, with gross unrealized gains and losses, follows:
|  | December 31, 2011 |
Available for sale: |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasury |  | $ | 2,010 |  |  | $ | 140 |  |  | $ | --- |  |  | $ | 2,150 |
U.S. Government agencies and corporations |  |  | 94,716 |  |  |  | 1,307 |  |  |  | 20 |  |  |  | 96,003 |
States and political subdivisions |  |  | 47,118 |  |  |  | 2,034 |  |  |  | 30 |  |  |  | 49,122 |
Mortgage-backed securities |  |  | 7,156 |  |  |  | 569 |  |  |  | --- |  |  |  | 7,725 |
Corporate debt securities |  |  | 15,852 |  |  |  | 322 |  |  |  | 97 |  |  |  | 16,077 |
Federal Home Loan Bank stock – restricted |  |  | 1,574 |  |  |  | --- |  |  |  | --- |  |  |  | 1,574 |
Federal Reserve Bank stock – restricted |  |  | 92 |  |  |  | --- |  |  |  | --- |  |  |  | 92 |
Other securities |  |  | 2,330 |  |  |  | 7 |  |  |  | 162 |  |  |  | 2,175 |
Total securities available for sale |  | $ | 170,848 |  |  | $ | 4,379 |  |  | $ | 309 |  |  | $ | 174,918 |
|  | December 31, 2010 |
Available for sale: |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasury |  | $ | 2,015 |  |  | $ | 168 |  |  | $ | --- |  |  | $ | 2,183 |
U.S. Government agencies and corporations |  |  | 90,641 |  |  |  | 424 |  |  |  | 2,913 |  |  |  | 88,152 |
States and political subdivisions |  |  | 60,676 |  |  |  | 1,417 |  |  |  | 411 |  |  |  | 61,682 |
Mortgage-backed securities |  |  | 10,744 |  |  |  | 635 |  |  |  | --- |  |  |  | 11,379 |
Corporate debt securities |  |  | 16,902 |  |  |  | 778 |  |  |  | --- |  |  |  | 17,680 |
Federal Home Loan Bank stock – restricted |  |  | 1,677 |  |  |  | --- |  |  |  | --- |  |  |  | 1,677 |
Federal Reserve Bank stock – restricted |  |  | 92 |  |  |  | --- |  |  |  | --- |  |  |  | 92 |
Other securities |  |  | 2,308 |  |  |  | --- |  |  |  | 246 |  |  |  | 2,062 |
Total securities available for sale |  | $ | 185,055 |  |  | $ | 3,422 |  |  | $ | 3,570 |  |  | $ | 184,907 |
The amortized cost and fair value of single maturity securities available for sale at December 31, 2011, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities included in these totals are categorized by final maturity at December 31, 2011.
|  | December 31, 2011 |
|  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 12,986 |  |  | $ | 13,178 |
Due after one year through five years |  |  | 37,091 |  |  |  | 38,196 |
Due after five years through ten years |  |  | 19,896 |  |  |  | 21,033 |
Due after ten years |  |  | 97,443 |  |  |  | 99,234 |
No maturity |  |  | 3,432 |  |  |  | 3,277 |
|  | $ | 170,848 |  |  | $ | 174,918 |
44 The amortized cost and fair value of securities held to maturity, with gross unrealized gains and losses, follows:
|  | December 31, 2011 |
Held to maturity: |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Government agencies and corporations |  | $ | 22,057 |  |  | $ | 562 |  |  | $ | --- |  |  | $ | 22,619 |
States and political subdivisions |  |  | 119,381 |  |  |  | 6,775 |  |  |  | 15 |  |  |  | 126,141 |
Mortgage-backed securities |  |  | 902 |  |  |  | 94 |  |  |  | --- |  |  |  | 996 |
Corporate debt securities |  |  | 1,655 |  |  |  | 18 |  |  |  | --- |  |  |  | 1,673 |
Total securities held to maturity |  | $ | 143,995 |  |  | $ | 7,449 |  |  | $ | 15 |  |  | $ | 151,429 |
|  | December 31, 2010 |
Held to maturity: |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Government agencies and corporations |  | $ | 13,074 |  |  | $ | 310 |  |  | $ | 214 |  |  | $ | 13,170 |
States and political subdivisions |  |  | 112,625 |  |  |  | 1,174 |  |  |  | 2,452 |  |  |  | 111,347 |
Mortgage-backed securities |  |  | 1,142 |  |  |  | 97 |  |  |  | --- |  |  |  | 1,239 |
Corporate debt securities |  |  | 4,159 |  |  |  | 29 |  |  |  | 31 |  |  |  | 4,157 |
Total securities held to maturity |  | $ | 131,000 |  |  | $ | 1,610 |  |  | $ | 2,697 |  |  | $ | 129,913 |
The amortized cost and fair value of single maturity securities held to maturity at December 31, 2011, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities included in these totals are categorized by final maturity at December 31, 2011.
|  | December 31, 2011 |
|  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 5,814 |  |  | $ | 5,915 |
Due after one year through five years |  |  | 11,760 |  |  |  | 12,204 |
Due after five years through ten years |  |  | 14,153 |  |  |  | 15,126 |
Due after ten years |  |  | 112,268 |  |  |  | 118,184 |
|  | $ | 143,995 |  |  | $ | 151,429 |
Information pertaining to securities with gross unrealized losses at December 31, 2011 and 2010 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:
| December 31, 2011 |
| Less Than 12 Months |  | 12 Months or More |
| Fair Value |  |  | Unrealized Loss |  | Fair Value |  |  | Unrealized Loss |
U. S. Government agencies and corporations |  | $ | 6,230 |  |  | $ | 20 |  |  | $ | --- |  |  | $ | --- |
State and political subdivisions |  |  | 3,527 |  |  |  | 19 |  |  |  | 981 |  |  |  | 26 |
Corporate debt securities |  |  | 4,916 |  |  |  | 97 |  |  |  | --- |  |  |  | --- |
Other |  |  | --- |  |  |  | --- |  |  |  | 142 |  |  |  | 162 |
Total temporarily impaired securities |  | $ | 14,673 |  |  | $ | 136 |  |  | $ | 1,123 |  |  | $ | 188 |
45
| December 31, 2010 |
| Less Than 12 Months |  | 12 Months or More |
| Fair Value |  |  | Unrealized Loss |  | Fair Value |  |  | Unrealized Loss |
U. S. Government agencies and corporations |  |  | 64,850 |  |  | $ | 3,127 |  |  | $ | --- |  |  | $ | --- |
State and political subdivisions |  |  | 65,640 |  |  |  | 2,605 |  |  |  | 2,528 |  |  |  | 258 |
Corporate debt securities |  |  | 969 |  |  |  | 31 |  |  |  | --- |  |  |  | --- |
Other |  |  | --- |  |  |  | --- |  |  |  | 247 |  |  |  | 246 |
Total temporarily impaired securities |  | $ | 131,459 |  |  | $ | 5,763 |  |  | $ | 2,775 |  |  | $ | 504 |
At December 31, 2011, the Company had 19 securities with a fair value of $15,796 which had total unrealized losses of $324. The Company has made the determination that these securities are temporarily impaired at December 31, 2011 for the following reasons: U.S. Government agencies and corporations. The unrealized losses in this category of investments were caused by interest rate fluctuations. The contractual terms of the investments do not permit the issuer to settle the securities at a price less than the cost basis of each investment. Because the Company does not intend to sell any of the investments and the accounting standard of “more likely than not” has not been met for the Company to be required to sell any of these investments before recovery of its amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired. State and political subdivisions. This category’s unrealized losses are primarily the result of interest rate fluctuations and also a certain few ratings downgrades brought about by the impact of the economic downturn on states and political subdivisions. The contractual terms of the investments do not permit the issuer to settle the securities at a price less than the cost basis of each investment. Because the Company does not intend to sell any of the investments and the accounting standard of “more likely than not” has not been met for the Company to be required to sell any of the investments before recovery of its amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired. Corporate debt securities. The Company’s unrealized losses in corporate debt securities are related to both interest rate fluctuations and ratings downgrades for a limited number of securities. The contractual terms of the investments do not permit the issuer to settle the securities at a price less than the cost basis of each investment. Because the Company does not intend to sell any of the investments before recovery of its amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired. Other. The Company holds an investment in an LLC and a small amount of community bank stock. The value of these investments has been negatively affected by market conditions. Because the Company does not intend to sell these investments before recovery of amortized cost basis, the Company does not consider these investments to be other-than-temporarily impaired. At December 31, 2010, the Company had 166 securities with a fair value of $134,234 which were temporarily impaired. The total unrealized loss on these securities, which was attributed to interest rate fluctuations, was $6,267. Because the Company had the ability and intent to hold the securities until maturity or until the cost was recovered, the losses associated with the securities were not considered other than temporary at December 31, 2010. At December 31, 2011 and 2010, securities with a carrying value of $147,152 and $141,810, respectively, were pledged to secure trust deposits and for other purposes as required or permitted by law. As a member of the Federal Reserve and the Federal Home Loan Bank (“FHLB”) of Atlanta, NBB is required to maintain certain minimum investments in the common stock of those entities. Required levels of investment are based upon NBB’s capital and a percentage of qualifying assets. In addition, NBB is eligible to borrow from the FHLB with borrowings collateralized by qualifying assets, primarily residential mortgage loans totaling approximately $124,630, and NBB’s capital stock investment in the FHLB. Redemption of FHLB stock is subject to certain limitations and conditions. At its discretion, the FHLB may declare dividends on the stock. Management reviews for impairment based upon the ultimate recoverability of the cost basis in the FHLB stock.

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- Definition This item represents the entire disclosure related to Investments in Certain Debt and Equity Securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 + Details
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