Securities

9 Months Ended

Sep. 30, 2014

Investments, Debt and Equity Securities [Abstract]

NOTE 2 – SECURITIES

The amortized cost, gross unrealized gains and losses, and fair values of securities available for sale at September 30, 2014 (unaudited) and December 31 2013 are as follows:


	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(Dollars in thousands)
September 30, 2014 (Unaudited)
Corporate bonds	$	10,198	$	189	$	(105	)	$	10,282
Municipal notes		7,920		410		(19	)		8,311
U.S. Agency mortgage-backed securities		56,095		835		(283	)		56,647

	$	74,213	$	1,434	$	(407	)	$	75,240

December 31, 2013
Corporate bonds	$	10,178	$	150	$	(153	)	$	10,175
Municipal notes		7,918		155		(258	)		7,815
U.S. Agency mortgage-backed securities		60,953		691		(958	)		60,686

	$	79,049	$	996	$	(1,369	)	$	78,676

The amortized cost, gross unrecognized gains and losses, and fair value of securities held to maturity at September 30, 2014 (unaudited) and December 31 2013 are as follows:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(Dollars in thousands)
September 30, 2014 (Unaudited)
U.S. Agency mortgage-backed securities	$	21	$	3	$	—	$	24

December 31, 2013
U.S. Agency mortgage-backed securities	$	25	$	3	$	—	$	28

The fair value of debt securities and carrying amount, if different, at September 30, 2014 and December 31, 2013 by contractual maturity were as follows. Mortgage-backed securities are not due at a single maturity date and are shown separately.


	Held to Maturity				Available For Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Dollars in thousands)
September 30, 2014 (Unaudited)
Due in one year or less	$	—	$	—	$	—	$	—
Due from one to five years		—		—		4,338		4,411
Due from five to ten years		—		—		6,828		6,957
Due after ten years		—		—		6,952		7,225
U.S. Agency mortgage-backed securities		21		24		56,095		56,647

Total	$	21	$	24	$	74,213	$	75,240

December 31, 2013
Due in one year or less	$	—	$	—	$	—	$	—
Due from one to five years		—		—		4,318		4,382
Due from five to ten years		—		—		6,578		6,566
Due after ten years		—		—		7,200		7,042
U.S. Agency mortgage-backed securities		25		28		60,953		60,686

Total	$	25	$	28	$	79,049	$	78,676

Securities with a fair value of $21,732,000 and $19,211,000 at September 30, 2014 (unaudited) and December 31, 2013, respectively, were pledged to secure repurchase agreements.

At September 30, 2014 (unaudited) and December 31, 2013, respectively, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

There were no sales of securities available for sale during the nine months ended September 30, 2014 (unaudited) and the year ended December 31, 2013. Securities with unrealized losses at September 30, 2014 (unaudited) and December 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows:


	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in thousands)
September 30, 2014 (Unaudited)
U.S. Agency mortgage-backed securities	$	7,967	$	(47	)	$	9,279	$	(236	)	$	17,246	$	(283	)
Municipal bonds		—		—			1,082		(19	)		1,082		(19	)
Corporate bonds		484		(16	)		3,661		(89	)		4,145		(105	)

Total debt securities	$	8,451	$	(63	)	$	14,022	$	(344	)	$	22,473	$	(407	)

December 31, 2013
U.S. Agency mortgage-backed securities	$	26,958	$	(831	)	$	3,699	$	(127	)	$	30,657	$	(958	)
Municipal bonds		2,729		(258	)		—		—			2,729		(258	)
Corporate bonds		1,452		(48	)		3,145		(105	)		4,597		(153	)

Total debt securities	$	31,139	$	(1,137	)	$	6,844	$	(232	)	$	37,983	$	(1,369	)

Unrealized losses on bonds have not been recognized into income because the bonds are of high credit quality, management does not intend to sell and it is not more likely than not that management would be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates. The fair value is expected to recover as the bonds approach maturity.

Management has evaluated the securities as of September 30, 2014 (unaudited) and December 31, 2013, and has concluded that none of these securities have impairments that are other than temporary. In its evaluation, management considered the types of securities and their credit rating. Most of the unrealized loss is attributable to mortgage-backed securities. Management does not intend to and it is not more likely than not that management would be required to sell the securities prior to their anticipated recovery.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-Glossary Debt Security

-URI http://asc.fasb.org/extlink&oid=6509901

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 320

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-Glossary Equity Security

-URI http://asc.fasb.org/extlink&oid=6511694

+ Details

Radius Bancorp Inc. 10-Q