| Investment Securities |
Debt and equity
securities have been classified in the consolidated balance sheets
according to management’s intent. Investment securities at
June 30, 2012 and December 31, 2011 are summarized as
follows:
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Gross |
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Gross |
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Amortized |
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Unrealized |
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Unrealized |
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Fair |
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| (In thousands) |
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Cost |
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Gains |
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Losses |
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Value |
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June 30,
2012
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Securities available for
sale:
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Agency mortgage-backed
securities
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$ |
18,784 |
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$ |
496 |
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$ |
17 |
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|
$ |
19,263 |
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Agency CMO
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|
26,500 |
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|
208 |
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|
47 |
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26,661 |
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Privately-issued
CMO
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|
720 |
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|
13 |
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|
49 |
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|
684 |
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Other debt
securities:
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Agency notes and
bonds
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43,768 |
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|
376 |
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7 |
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44,137 |
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Municipal
obligations
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26,164 |
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|
1,607 |
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11 |
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27,760 |
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Subtotal—debt
securities
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115,936 |
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|
2,700 |
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|
131 |
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118,505 |
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Mutual funds
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6,501 |
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47 |
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24 |
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6,524 |
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Total securities available
for sale
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$ |
122,437 |
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$ |
2,747 |
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$ |
155 |
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|
$ |
125,029 |
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Securities held to
maturity:
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Agency mortgage-backed
securities
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$ |
14 |
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$ |
0 |
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$ |
0 |
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$ |
14 |
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Total securities held to
maturity
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$ |
14 |
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$ |
0 |
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$ |
0 |
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$ |
14 |
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December 31,
2011
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Securities available for
sale:
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Agency mortgage-backed
securities
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$ |
11,689 |
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$ |
542 |
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$ |
11 |
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$ |
12,220 |
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Agency CMO
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23,196 |
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|
152 |
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|
60 |
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|
23,288 |
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Privately-issued
CMO
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|
896 |
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16 |
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|
32 |
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|
880 |
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Other debt
securities:
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Agency notes and
bonds
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41,971 |
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|
395 |
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3 |
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42,363 |
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Municipal
obligations
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25,800 |
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1,501 |
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0 |
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27,301 |
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Subtotal—debt
securities
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103,552 |
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|
2,606 |
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|
106 |
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106,052 |
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Mutual funds
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5,369 |
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|
52 |
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33 |
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5,388 |
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Total securities available
for sale
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$ |
108,921 |
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$ |
2,658 |
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$ |
139 |
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$ |
111,440 |
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Securities held to
maturity:
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Agency mortgage-backed
securities
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$ |
16 |
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$ |
0 |
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$ |
0 |
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$ |
16 |
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Total securities held to
maturity
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$ |
16 |
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$ |
0 |
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$ |
0 |
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$ |
16 |
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| Amortized Cost and Fair Value of Debt Securities by Contractual Maturity |
The amortized
cost and fair value of debt securities as of June 30, 2012, by
contractual maturity, are shown below. Expected maturities of
mortgage-backed securities may differ from contractual maturities
because the mortgages underlying the obligations may be prepaid
without penalty.
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Securities Available for Sale |
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Securities Held to Maturity |
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Amortized |
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Fair |
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Amortized |
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Fair |
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Cost |
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Value |
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Cost |
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Value |
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| (In thousands) |
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Due in one year or
less
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$ |
1,028 |
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$ |
1,032 |
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$ |
0 |
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$ |
0 |
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Due after one year through
five years
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7,490 |
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7,644 |
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0 |
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0 |
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Due after five years
through ten years
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17,022 |
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17,455 |
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Due after ten
years
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44,392 |
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45,766 |
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0 |
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0 |
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69,932 |
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71,897 |
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0 |
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0 |
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Mortgage-backed securities
and CMO
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46,004 |
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46,608 |
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|
14 |
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14 |
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$ |
115,936 |
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$ |
118,505 |
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$ |
14 |
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$ |
14 |
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| Investment Securities Available for Sale with Gross Unrealized Losses Aggregated by Investment Category and Length of Time Individual Investment Securities Have Been in Continuous Position |
Information
pertaining to investment securities available for sale with gross
unrealized losses at June 30, 2012, aggregated by investment
category and the length of time that individual investment
securities have been in a continuous position, follows:
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Number
of |
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Gross |
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Investment |
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Fair |
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Unrealized |
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Positions |
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Value |
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Losses |
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| (Dollars in thousands) |
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Continuous loss position
less than twelve months:
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Agency notes and
bonds
|
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|
5 |
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$ |
4,747 |
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$ |
6 |
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Agency CMO
|
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|
10 |
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|
7,952 |
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|
47 |
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Agency mortgage-backed
securities
|
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|
3 |
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|
3,099 |
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|
17 |
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|
Muncipal
obligations
|
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|
2 |
|
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|
413 |
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|
11 |
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Total less than twelve
months
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|
20 |
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16,211 |
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|
81 |
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Continuous loss position
more than twelve months:
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Privately-issued
CMO
|
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|
1 |
|
|
|
194 |
|
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|
49 |
|
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Agency notes and
bonds
|
|
|
1 |
|
|
|
1,043 |
|
|
|
1 |
|
|
Mutual fund
|
|
|
1 |
|
|
|
363 |
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|
24 |
|
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Total more than twelve
months
|
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3 |
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|
1,600 |
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|
74 |
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Total securities available
for sale
|
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|
23 |
|
|
$ |
17,811 |
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|
$ |
155 |
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