Quarterly report pursuant to Section 13 or 15(d)

Securities (Tables)

v3.4.0.3
Securities (Tables)
3 Months Ended
Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale Securities [Table Text Block]
The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
Gross
 
Gross
 
Estimated
 
 
 
Cost
 
Unrealized
 
Unrealized
 
Fair
 
 
 
Basis
 
Gains
 
Losses
 
Value
 
March 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Money market fund
 
$
763
 
$
-
 
$
-
 
$
763
 
U.S. government sponsored entities
 
 
22,496
 
 
35
 
 
(2)
 
 
22,529
 
Collateralized mortgage obligations and residential mortgage-backed securities
 
 
114,126
 
 
2,252
 
 
(88)
 
 
116,290
 
Municipal securities
 
 
93,232
 
 
4,784
 
 
(19)
 
 
97,997
 
Collateralized debt obligations
 
 
5,073
 
 
-
 
 
(2,757)
 
 
2,316
 
Total securities available-for-sale
 
$
235,690
 
$
7,071
 
$
(2,866)
 
$
239,895
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
Gross
 
Gross
 
Estimated
 
 
 
Cost
 
Unrealized
 
Unrealized
 
Fair
 
 
 
Basis
 
Gains
 
Losses
 
Value
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
Money market fund
 
$
525
 
$
-
 
$
-
 
$
525
 
U.S. government sponsored entities
 
 
17,496
 
 
1
 
 
(66)
 
 
17,431
 
Collateralized mortgage obligations and residential mortgage-backed securities
 
 
118,628
 
 
1,021
 
 
(476)
 
 
119,173
 
Municipal securities
 
 
89,506
 
 
3,986
 
 
(5)
 
 
93,487
 
Collateralized debt obligations
 
 
5,096
 
 
-
 
 
(2,362)
 
 
2,734
 
Total securities available-for-sale
 
$
231,251
 
$
5,008
 
$
(2,909)
 
$
233,350
 
Schedule of Contractual Maturities of Available-for-sale Debt Securities [Table Text Block]
The estimated fair value of available-for-sale debt securities at March 31, 2016, by contractual maturity, were as follows. Securities not due at a single maturity date, primarily collateralized mortgage obligations and residential mortgage-backed securities, are shown separately.
 
 
 
(Dollars in thousands)
 
 
 
Available-for-sale
 
 
 
Estimated
 
 
 
 
 
 
Fair
 
Tax-Equivalent
 
March 31, 2016
 
Value
 
Yield (%)
 
Due in one year or less
 
$
1,138
 
 
6.84
 
Due from one to five years
 
 
22,106
 
 
2.59
 
Due from five to ten years
 
 
24,822
 
 
4.99
 
Due over ten years
 
 
75,539
 
 
4.52
 
Collateralized mortgage obligations and residential mortgage-backed securities
 
 
116,290
 
 
2.47
 
Total
 
$
239,895
 
 
3.41
 
Schedule of Realized Gain (Loss) [Table Text Block]
Sales of available-for-sale securities were as follows for the three months ended:
 
 
 
(Dollars in thousands)
 
 
 
March 31,
 
March 31,
 
 
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Proceeds
 
$
8,247
 
$
12,864
 
Gross gains
 
 
253
 
 
393
 
Gross losses
 
 
-
 
 
-
 
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows:
 
 
 
(Dollars in thousands)
 
 
 
Unrealized
gain/(loss)
 
Ending balance, December 31, 2015
 
$
1,378
 
Current period change
 
 
1,391
 
Ending balance, March 31, 2016
 
$
2,769
 
Unrealized Gain (Loss) on Investments [Table Text Block]
Securities with gross unrealized losses at March 31, 2016 and December 31, 2015 not recognized in income are as follows:
 
 
 
(Dollars in thousands)
 
 
 
Less than 12 months
 
12 months or longer
 
Total
 
 
 
Estimated
 
 
 
 
Estimated
 
 
 
 
Estimated
 
 
 
 
 
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
 
 
Value
 
Losses
 
Value
 
Losses
 
Value
 
Losses
 
March 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government sponsored entities
 
$
1,998
 
$
(2)
 
$
-
 
$
-
 
$
1,998
 
$
(2)
 
Collateralized mortgage obligations and residential mortgage-backed securities
 
 
-
 
 
-
 
 
6,791
 
 
(88)
 
 
6,791
 
 
(88)
 
Municipal securities
 
 
2,062
 
 
(19)
 
 
-
 
 
-
 
 
2,062
 
 
(19)
 
Collateralized debt obligations
 
 
-
 
 
-
 
 
2,316
 
 
(2,757)
 
 
2,316
 
 
(2,757)
 
Total temporarily impaired
 
$
4,060
 
$
(21)
 
$
9,107
 
$
(2,845)
 
$
13,167
 
$
(2,866)
 
Number of securities
 
 
 
 
 
6
 
 
 
 
 
10
 
 
 
 
 
16
 
 
 
 
(Dollars in thousands)
 
 
 
Less than 12 months
 
12 months or longer
 
Total
 
 
 
Estimated
 
 
 
 
Estimated
 
 
 
 
Estimated
 
 
 
 
 
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
 
 
Value
 
Losses
 
Value
 
Losses
 
Value
 
Losses
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government sponsored entities
 
$
9,429
 
$
(66)
 
$
-
 
$
-
 
$
9,429
 
$
(66)
 
Collateralized mortgage obligations and residential mortgage-backed securities
 
 
39,386
 
 
(232)
 
 
8,045
 
 
(244)
 
 
47,431
 
 
(476)
 
Municipal securities
 
 
1,512
 
 
(5)
 
 
-
 
 
-
 
 
1,512
 
 
(5)
 
Collateralized debt obligations
 
 
-
 
 
-
 
 
2,734
 
 
(2,362)
 
 
2,734
 
 
(2,362)
 
Total temporarily impaired
 
$
50,327
 
$
(303)
 
$
10,779
 
$
(2,606)
 
$
61,106
 
$
(2,909)
 
Number of securities
 
 
 
 
 
37
 
 
 
 
 
11
 
 
 
 
 
48