Annual report pursuant to Section 13 and 15(d)

Securities (Tables)

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Securities (Tables)
 12 Months Ended
Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale Securities [Table Text Block]

The fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows:

 

    (Dollars in thousands)  
          Gross     Gross     Estimated  
    Cost     Unrealized     Unrealized     Fair  
    Basis     Gains     Losses     Value  
December 31, 2012                                
U.S. government sponsored entities   $ 23,009     $ 94     $ (7 )   $ 23,096  
Collateralized mortgage obligations and residential mortgage-backed securities     96,782       3,147       (15 )     99,914  
Municipal securities     58,946       4,155       (28 )     63,073  
Collateralized debt obligations     5,208       -       (3,816 )     1,392  
Total securities available-for-sale   $ 183,945     $ 7,396     $ (3,866 )   $ 187,475  
                                 
December 31, 2011                                
U.S. government sponsored entities   $ 15,610     $ 41     $ (3 )   $ 15,648  
Collateralized mortgage obligations and residential mortgage-backed securities     107,569       3,630       (2 )     111,197  
Municipal securities     54,738       4,018       -       58,756  
Collateralized debt obligations     5,214       -       (3,853 )     1,361  
Total securities available-for-sale   $ 183,131     $ 7,689     $ (3,858 )   $ 186,962
Schedule of Contractual Maturities of Available-for-sale Debt Securities [Table Text Block]

The fair value of available-for-sale debt securities and carrying amount, if different, at year end 2012 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.

 

    (Dollars in thousands)  
    Available-for-sale  
    Estimated        
    Fair     Tax-Equivalent  
December 31, 2012   Value     Yield (%)  
Due in one year or less   $ 972       5.98  
Due from one to five years     14,942       3.08  
Due from five to ten years     38,313       4.16  
Due over ten years     33,334       4.81  
Collateralized mortgage obligations and residential mortgage-backed securities     99,914       2.86  
Total   $ 187,475       3.51
Schedule of Realized Gain (Loss) [Table Text Block]

Sales of available-for-sale securities were as follows:

 

    (Dollars in thousands)  
    December 31,     December 31,  
    2012     2011  
             
Proceeds   $ 25,900       22,713  
Gross gains     1,120       981  
Gross losses     -       (15 )
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)		  
Beginning balance, December 31, 2011   $ 2,476  
Current period change     (192 )
Ending balance, December 31, 2012   $ 2,284
Unrealized Gain (Loss) on Investments [Table Text Block]

Securities with unrealized losses at December 31, 2012 and 2011 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  
December 31, 2012                                                
U.S. government sponsored entities   $ 3,492     $ (7 )   $ -     $ -     $ 3,492     $ (7 )
Collateralized mortgage obligations and residential mortgage-backed securities     2,294       (15 )     -       -       2,294       (15 )
Municipal securities     3,330       (28 )     -       -       3,330       (28 )
Collateralized debt obligations     -       -       1,392       (3,816 )     1,392       (3,816 )
Total temporarily impaired   $ 9,116     $ (50 )   $ 1,392     $ (3,816 )   $ 10,508     $ (3,866 )
Number of securities             14               4               18  

 

    (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, 2011                                    
U.S. government sponsored entities   $ 1,287     $ (3 )   $ -     $ -     $ 1,287     $ (3 )
Collateralized mortgage obligations and residential mortgage-backed securities     2,030       (2 )     -       -       2,030       (2 )
Municipal securities     -       -       -       -       -       -  
Collateralized debt obligations     -       -       1,361       (3,853 )     1,361       (3,853 )
Total temporarily impaired   $ 3,317     $ (5 )   $ 1,361     $ (3,853 )   $ 4,678     $ (3,858 )
Number of securities             2               4               6