The following tables summarize the amortized cost and estimated fair values of the securities portfolio at and and the corresponding amounts of gross unrealized gains and losses. The summary is divided into available for sale and held to maturity securities.

 

 

 

At year-end and the Company held no investment securities of any single issuer, other than the U.S. Government and its agencies, in an amount greater than of shareholders’ equity.

 

The amortized cost and estimated fair value of the securities portfolio at by contractual maturity, are detailed below. The summary is divided into available for sale and held to maturity securities. Expected maturities differ from contractual maturities because issuers have the right to call or prepay obligations with or without call or prepayment penalties. Mutual funds and equity securities in the available for sale portfolio at consist of investments by the Company’s captive insurance subsidiary. These securities have no stated maturity and are not included in the maturity schedule that follows.

 

Mortgage-backed securities are stated separately due to the nature of payment and prepayment characteristics of these securities, as principal is not due at a single date.

 

Gross realized gains and losses on the sale of available for sale investment securities were as follows for the year indicated.

 

 

Investment securities with a carrying value of million and million at and respectively, were pledged to secure public and trust deposits, repurchase agreements, and for other purposes.

 

Investment securities with unrealized losses at year-end and not recognized in income are presented in the tables below. The tables segregate investment securities that have been in a continuous unrealized loss position for less than months from those that have been in a continuous unrealized loss position for months or more. The table also includes the fair value of the related securities.

 

 

 

 

Unrealized losses included in the tables above have not been recognized in income since they have been identified as temporary.

 

Corporate debt securities in the Company’s investment securities portfolio at include single-issuer trust preferred capital securities with an unrealized loss of thousand and a carrying value of million.

At year-end these securities had an unrealized loss of thousand. These securities were issued by a national and global financial services firm and were purchased by the Company during

The securities are currently performing and continue to be rated as investment grade by major rating agencies. The Company believes these securities are not impaired due to reasons of credit quality or other factors, but rather the unrealized loss is primarily attributed to continuing uncertainties in both international and domestic economies and market volatility. The Company believes that it will collect all amounts due according to the contractual terms of these securities and that the fair values of these securities will recover as they approach their maturity dates.

 

The Company attributes the unrealized losses in other sectors of its investment securities portfolio to changes in market interest rates and volatility. Investment securities with unrealized losses at are performing according to their contractual terms, and the Company does not expect to incur a loss on these securities unless they are sold prior to maturity. The Company does not have the intent to sell these securities nor does it believe it is likely that it will be required to sell these securities prior to their anticipated recovery. The Company does not consider any of the securities to be impaired due to reasons of credit quality or other factors.