Investment securities totaled $208.6 million at December 31, 2012, compared to $177.1 million at September 30, 2012 and $227.9 million a year ago. At December 31, 2012, the investment portfolio was comprised of 59% U.S. Agency securities (primarily Federal Home Loan Bank and Federal Farm Credit Bank debt), 12% Alaskan municipality, utility, or state agency securities, 28% corporate securities, and 1% stock in the Federal Home Loan Bank of Seattle. At December 31, 2012, the average estimated duration of the investment portfolio was less than two years, and the portfolio generated an average yield of 1.65%. "The liquidity on our balance sheet and the short duration of our investment portfolio contribute to our capacity to fund loan growth and reduce the risk to principal balances when interest rates start to rise," said Joe Schierhorn, Chief Financial Officer.
"We increased our portfolio loans 5% in the fourth quarter of 2012 and 9% year-over-year, as our efforts to bring in new customers are continuing to make progress," said Beedle. Portfolio loans totaled $704.2 million at December 31, 2012, as compared to $671.6 million at the end of September 30, 2012, and $645.6 million a year ago. At December 31, 2012, commercial loans totaled $273.4 million and accounted for 38.8% of portfolio loans, compared to $251.2 million at September 30, 2012, and $252.7 million a year ago. Commercial real estate loans, of which 23% are owner occupied, totaled $344.6 million at December 31, 2012, and accounted for 48.9% of portfolio loans, compared to a total of $339.4 million at September 30, 2012, and $315.9 million at December 31, 2011. Construction and land development loans totaled $53.6 million at December 31, 2012, and accounted for 7.6% of portfolio loans, compared to $47.3 million at September 30, 2012 and $40.2 million at December 31, 2011. "We are continuing to see improvement in the residential construction market," Beedle added.
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