v2.4.0.6
SECURITIES
12 Months Ended
Dec. 31, 2011
SECURITIES

NOTE 2 - SECURITIES

 

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

 

          Gross     Gross        
  Amortized     Unrealized     Unrealized     Fair  
Available-for-Sale    Cost     Gains     Losses     Value  
2011                                
U.S. Government, federal agencies and Government sponsored enterprises   $ 168,104     $ 1,368     $ (12 )   $ 169,460  
U.S. Government mortgage-backed     148,329       3,727       (64 )     151,992  
Corporate     1,060       -       -       1,060  
    $ 317,493     $ 5,095     $ (76 )   $ 322,512  

 

          Gross     Gross        
    Amortized     Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
2010                                
U.S. Government, federal agencies and Government sponsored enterprises   $ 145,536     $ 407     $ (876 )   $ 145,067  
U.S. Government mortgage-backed     97,429       2,095       (268 )     99,256  
Corporate     1,125       -       -       1,125  
    $ 244,090     $ 2,502     $ (1,144 )   $ 245,448  

 

All mortgage-backed securities are secured by residential properties.

 

The amortized cost, unrecognized gains and losses and fair value of securities held to maturity were as follows:

 

          Gross     Gross        
  Amortized     Unrecognized     Unrecognized     Fair  
Held-to-Maturity    Cost     Gains     Losses     Value  
2011                                
Municipal and other obligations   $ 48,975     $ 1,693     $ (25 )   $ 50,643  
                                 
2010                                
Municipal and other obligations   $ 39,778     $ 713     $ (229 )   $ 40,262  

    

The fair value of debt securities and amortized cost, if different, at year-end 2011 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage backed securities, are shown separately.

 

    Available-for-Sale     Held-to-Maturity  
    Amortized     Fair     Amortized     Fair  
    Cost     Value     Cost     Value  
Due in one year or less   $ 3,035     $ 3,075     $ 2,864     $ 2,879  
Due after one year through five years     113,201       113,981       23,366       24,036  
Due after five years through ten years     51,768       52,304       16,820       17,803  
Due after ten years     1,060       1,060       5,925       5,925  
Mortgage-backed     148,329       151,992       -       -  
    $ 317,493     $ 322,512     $ 48,975     $ 50,643  

 

At December 31, 2011 and 2010, securities with a carrying value of $342,288 and $244,220 were pledged to secure public deposits and repurchase agreements.

 

The proceeds from sales and calls of securities and the associated gains are listed below:

 

    2011     2010     2009  
                   
Proceeds   $ 13,598     $ -     $ 90,558  
Gross gains     231       -       728  
Gross losses     -       -       -  

 

The tax provision related to these net realized gains and losses was $81, $0, and $250, respectively.

 

Securities with unrealized losses at year-end 2011 and 2010, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

 

    Less than 12 Months     12 Months or More     Total  
    Fair     Unrealized     Fair     Unrealized     Fair     Unrealized  
Description of Securities   Value     Loss     Value     Loss     Value     Loss  
2011                                                
U.S. Gov’t., federal  agencies and  Government sponsored enterprises   $ 18,734     $ (12 )   $ -     $ -     $ 18,734     $ (12 )
U.S Gov’t. mortgage-backed     36,707       (64 )     -       -       36,707       (64 )
Municipal & other obligations     3,225       (24 )     388       (1 )     3,613       (25 )
                                                 
Total temporarily impaired   $ 58,666     $ (100 )   $ 388     $ (1 )   $ 59,439     $ (101 )

  

 

    Less than 12 Months     12 Months or More     Total  
    Fair     Unrealized     Fair     Unrealized     Fair     Unrealized  
Description of Securities   Value     Loss     Value     Loss     Value     Loss  
                                     
2010                                                
U.S. Gov’t federal agencies and Government sponsored enterprises   $ 63,952     $ (876 )   $ -     $ -     $ 63,952     $ (876 )
U.S Gov’t. mortgage-backed     15,899       (268 )     -       -       15,899       (268 )
Municipal & other obligations     12,813       (229 )     -       -       12,813       (229 )
                                                 
Total temporarily impaired   $ 92,664     $ (1,373 )   $ -     $ -     $ 92,664     $ (1,373 )

 

As of December 31, 2011, the Bank’s security portfolio consisted of 223 securities, 22 of which were in an unrealized loss position totaling $101. There was no other-than-temporary-impairment of securities as of or for the year ended December 31, 2011. Unrealized losses have not been recognized into income because the issuers’ bonds are of high credit quality (U.S. government agencies and government sponsored enterprises and “A” rated or better Kentucky municipalities), management does not have the intent to sell these securities and it is not likely that it will be required to sell the securities before their anticipated recovery.