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Investment Securities | 6 Months Ended
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Jun. 30, 2014
Investments Debt And Equity Securities [Abstract] |
Investment Securities |
6. | INVESTMENT SECURITIES
Details of investment securities available-for-sale and held-to-maturity as of June 30, 2014 and December 31, 2013 are as follows:
|  | Available-for-Sale |
|  | June 30, 2014 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 110,284 |  |  | $ | 1,901 |  |  | $ | (289 | ) |  | $ | 111,896 |
Commercial |  |  | 36,084 |  |  |  | 259 |  |  |  | (110 | ) |  |  | 36,233 |
Obligations of states and political subdivisions |  |  | 15,533 |  |  |  | 1,108 |  |  |  | — |  |  |  | 16,641 |
U.S. treasury securities |  |  | 4,157 |  |  |  | — |  |  |  | (228 | ) |  |  | 3,929 |
Obligations of U.S. government sponsored agencies |  |  | 413 |  |  |  | — |  |  |  | (2 | ) |  |  | 411 |
Total |  | $ | 166,471 |  |  | $ | 3,268 |  |  | $ | (629 | ) |  | $ | 169,110 |
|  | Held-to-Maturity |
|  | June 30, 2014 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (Dollars in Thousands) |
U.S. Agencies |  | $ | 37,366 |  |  | $ | — |  |  | $ | (639 | ) |  | $ | 36,727 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 2,880 |  |  |  | 24 |  |  |  | — |  |  |  | 2,904 |
Obligations of states and political subdivisions |  |  | 589 |  |  |  | — |  |  |  | — |  |  |  | 589 |
Total |  | $ | 40,835 |  |  | $ | 24 |  |  | $ | (639 | ) |  | $ | 40,220 |
|  | Available-for-Sale |
|  | December 31, 2013 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 82,840 |  |  | $ | 1,479 |  |  | $ | (885 | ) |  | $ | 83,434 |
Commercial |  |  | 30,677 |  |  |  | 143 |  |  |  | (355 | ) |  |  | 30,465 |
Obligations of states and political subdivisions |  |  | 16,230 |  |  |  | 799 |  |  |  | (2 | ) |  |  | 17,027 |
U.S. treasury securities |  |  | 4,161 |  |  |  | — |  |  |  | (334 | ) |  |  | 3,827 |
Obligations of U.S. government sponsored agencies |  |  | 1,000 |  |  |  | 1 |  |  |  | — |  |  |  | 1,001 |
Total |  | $ | 134,908 |  |  | $ | 2,422 |  |  | $ | (1,576 | ) |  | $ | 135,754 |
|  | Held-to-Maturity |
|  | December 31, 2013 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (Dollars in Thousands) |
Obligations of U.S. government sponsored agencies |  | $ | 35,050 |  |  | $ | — |  |  | $ | (1,685 | ) |  | $ | 33,365 |
The scheduled maturities of investment securities available-for-sale and held-to-maturity as of June 30, 2014 are presented in the following table:
|  | Available-for-Sale |  |  | Held-to-Maturity |
|  | Amortized |  |  | Estimated Fair |  |  | Amortized |  |  | Estimated Fair |
|  | Cost |  |  | Value |  |  | Cost |  |  | Value |
|  | (Dollars in Thousands) |
Maturing within one year |  | $ | 413 |  |  | $ | 411 |  |  | $ | — |  |  | $ | — |
Maturing after one to five years |  |  | 8,223 |  |  |  | 8,665 |  |  |  | — |  |  |  | — |
Maturing after five to ten years |  |  | 84,001 |  |  |  | 84,906 |  |  |  | 18,159 |  |  |  | 18,061 |
Maturing after ten years |  |  | 73,834 |  |  |  | 75,128 |  |  |  | 22,676 |  |  |  | 22,159 |
Total |  | $ | 166,471 |  |  | $ | 169,110 |  |  | $ | 40,835 |  |  | $ | 40,220 |
For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been allocated over maturity groupings based on the weighted-average contractual maturities of underlying collateral. The mortgage-backed securities generally mature earlier than their weighted-average contractual maturities because of principal prepayments. Management evaluates securities for other-than-temporary impairment no less frequently than quarterly and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer and (3) whether the Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases. At June 30, 2014 and December 31, 2013, based on the aforementioned considerations, management did not record an other-than-temporary impairment on any security that was in an unrealized loss position. The following table reflects the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2014 and December 31, 2013.
|  | Available-for-Sale |
|  | June 30, 2014 |
|  | Less than 12 Months |  |  | 12 Months or More |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 5,156 |  |  | $ | (43 | ) |  | $ | 18,839 |  |  | $ | (246 | )
Commercial |  |  | 10,053 |  |  |  | (56 | ) |  |  | 3,424 |  |  |  | (54 | )
Obligations of U.S. government sponsored agencies |  |  | 411 |  |  |  | (2 | ) |  |  | — |  |  |  | — |
U.S. treasury securities |  |  | — |  |  |  | — |  |  |  | 3,849 |  |  |  | (228 | )
Total |  | $ | 15,620 |  |  | $ | (101 | ) |  | $ | 26,112 |  |  | $ | (528 | )
|  | Held-to-Maturity |
|  | June 30, 2014 |
|  | Less than 12 Months |  |  | 12 Months or More |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Obligations of U.S. government sponsored agencies |  | $ | 5,356 |  |  | $ | (16 | ) |  | $ | 31,370 |  |  | $ | (623 | )
|  | Available-for-Sale |
|  | December 31, 2013 |
|  | Less than 12 Months |  |  | 12 Months or More |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 43,091 |  |  | $ | (885 | ) |  | $ | — |  |  | $ | — |
Commercial |  |  | 21,231 |  |  |  | (337 | ) |  |  | 271 |  |  |  | (18 | )
Obligations of states and political subdivisions |  |  | 1,050 |  |  |  | (2 | ) |  |  | — |  |  |  | — |
U.S. treasury securities |  |  | 3,748 |  |  |  | (334 | ) |  |  | — |  |  |  | — |
Total |  | $ | 69,120 |  |  | $ | (1,558 | ) |  | $ | 271 |  |  | $ | (18 | )
|  | Held-to-Maturity |
|  | December 31, 2013 |
|  | Less than 12 Months |  |  | 12 Months or More |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Obligations of U.S. government sponsored agencies |  | $ | 33,365 |  |  | $ | (1,685 | ) |  | $ | — |  |  | $ | — |
As of June 30, 2014, 24 debt securities had been in a loss position for more than twelve months, and 13 debt securities had been in a loss position for less than twelve months. The losses for all securities are considered to be a direct result of the effect that the current interest rate environment has on the value of debt securities and not related to the creditworthiness of the issuers. Further, the Company has the current intent and ability to retain its investments in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Therefore, the Company has not recognized any other-than-temporary impairments. Investment securities available-for-sale with a carrying value of $73.6 million and $72.7 million as of June 30, 2014 and December 31, 2013, respectively, were pledged to secure public deposits and for other purposes. Gains realized on sales of securities available-for-sale were approximately $0.1 million and $0.5 million as of June 30, 2014 and December 31, 2013, respectively. The gains on sales as of December 31, 2013 resulted from a non-recurring fee received by the Bank in connection with the early payoff of a mortgage-backed pool. There were no losses on sales of securities as of both June 30, 2014 and December 31, 2013.

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