| Investment Securities |
Debt and equity securities have been classified in the consolidated
balance sheets according to management’s intent. Investment
securities at March 31, 2014 and December 31, 2013 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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March 31, 2014
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Securities available for sale:
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Agency mortgage-backed securities
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$ |
21,792 |
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$ |
204 |
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$ |
179 |
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$ |
21,817 |
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Agency CMO
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19,231 |
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|
120 |
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|
264 |
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19,087 |
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Other debt securities:
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Agency notes and bonds
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29,959 |
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42 |
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|
499 |
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29,502 |
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Municipal obligations
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35,670 |
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|
929 |
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|
553 |
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36,046 |
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Subtotal—debt securities
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106,652 |
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|
1,295 |
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|
1,495 |
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|
106,452 |
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Mutual funds
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2,172 |
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0 |
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31 |
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2,141 |
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Total securities available for sale
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$ |
108,824 |
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$ |
1,295 |
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$ |
1,526 |
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$ |
108,593 |
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Securities held to maturity:
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Agency mortgage-backed securities
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$ |
8 |
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$ |
0 |
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$ |
0 |
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$ |
8 |
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Total securities held to maturity
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$ |
8 |
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$ |
0 |
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$ |
0 |
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$ |
8 |
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December 31, 2013
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Securities available for sale:
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Agency mortgage-backed securities
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$ |
18,408 |
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$ |
205 |
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$ |
244 |
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$ |
18,369 |
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Agency CMO
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20,486 |
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|
96 |
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|
341 |
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20,241 |
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Other debt securities:
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Agency notes and bonds
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31,594 |
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49 |
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729 |
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30,914 |
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Municipal obligations
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36,200 |
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|
778 |
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|
938 |
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36,040 |
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Subtotal—debt securities
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106,688 |
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1,128 |
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2,252 |
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105,564 |
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Mutual funds
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3,238 |
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0 |
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|
40 |
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3,198 |
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Total securities available for sale
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$ |
109,926 |
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$ |
1,128 |
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$ |
2,292 |
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$ |
108,762 |
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Securities held to maturity:
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Agency mortgage-backed securities
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$ |
9 |
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$ |
0 |
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$ |
0 |
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$ |
9 |
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Total securities held to maturity
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$ |
9 |
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$ |
0 |
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$ |
0 |
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$ |
9 |
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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
March 31, 2014, 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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$ |
0 |
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$ |
0 |
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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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10,447 |
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10,456 |
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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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28,126 |
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28,199 |
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Due after ten years
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27,056 |
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26,893 |
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0 |
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0 |
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65,629 |
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65,548 |
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0 |
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0 |
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Mortgage-backed securities and CMO
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41,023 |
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40,904 |
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8 |
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8 |
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$ |
106,652 |
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$ |
106,452 |
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$ |
8 |
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$ |
8 |
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| Investment Securities Available for Sale with Gross Unrealized Losses Aggregated by Investment Category and Length of Time Individual Investment Securities |
Information pertaining to investment securities available for sale
with gross unrealized losses at March 31, 2014, aggregated by
investment category and the length of time that individual
investment securities have been in a continuous position,
follows:
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| |
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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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| |
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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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|
20 |
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$ |
22,047 |
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$ |
499 |
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Agency CMO
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|
11 |
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9,909 |
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|
185 |
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Agency mortgage-backed securities
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20 |
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15,956 |
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|
113 |
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Muncipal obligations
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16 |
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6,220 |
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|
153 |
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Mutual fund
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|
1 |
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1,558 |
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17 |
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Total less than twelve months
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68 |
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55,690 |
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|
967 |
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Continuous loss position more than twelve months:
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Muncipal obligations
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12 |
|
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6,208 |
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|
400 |
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Agency CMO
|
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|
2 |
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|
1,742 |
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|
79 |
|
|
Agency mortgage-backed securities
|
|
|
2 |
|
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|
1,747 |
|
|
|
66 |
|
|
Mutual fund
|
|
|
1 |
|
|
|
402 |
|
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|
14 |
|
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Total more than twelve months
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17 |
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|
10,099 |
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|
559 |
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Total securities available for sale
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|
85 |
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$ |
65,789 |
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$ |
1,526 |
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