Investment Securities (Tables)

12 Months Ended

Dec. 31, 2014

Aggregate Amortized Costs and Fair Values of Available-for-Sale Securities Portfolio

The aggregate amortized cost and fair values of the available-for-sale securities portfolio are as follows:


(Dollars in thousands)
Available-for-sale securities December 31, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
U.S. Government agencies	$	16,969	$	33	$	(37	)	$	16,965
State and municipal obligations		23,335		226		(160	)		23,401
Certificates of deposits		2,232		8		(2	)		2,238

	$	42,536	$	267	$	(199	)	$	42,604


Available-for-sale securities December 31, 2013	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
U.S. Government agencies	$	9,383	$	11	$	(86	)	$	9,308
State and municipal obligations		27,690		109		(1,242	)		26,557
Certificates of deposits		1,736		9		—			1,745
Auction rate security		912		—		—			912

	$	39,721	$	129	$	(1,328	)	$	38,522

Gross Realized Gains and Gross Realized Losses on Sales of Securities

The cost of securities sold is based on actual net cost. Gross realized gains and gross realized losses, as well as proceeds on sales and calls of securities, were as follows:


	For the years ended December 31,
(Dollars in thousands)	2014			2013
Gross realized gains	$	8		$	285
Gross realized losses		(33	)		(1	)

Net realized (losses) gains	$	(25	)	$	284

Aggregate proceeds	$	3,810		$	9,433

Aggregate Amortized Cost and Market Values of Investment Securities Portfolio by Contractual Maturity

The aggregate amortized cost and market values of the investment securities portfolio by contractual maturity at December 31, 2014 are shown below:


(Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	4,078	$	4,087
Due after one year through five years		21,660		21,713
Due after five through ten years		13,871		13,889
Due after ten years		2,927		2,915

	$	42,536	$	42,604

Unrealized Loss Positions

Bonds with unrealized loss positions at December 31, 2013 included 50 municipal securities and 15 federal agency securities.


(Dollars in thousands)	Less than 12 months				12 months or more				Total
December 31, 2014	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. Government agencies	$	1,499	$	4	$	3,532	$	33	$	5,031	$	37
States and municipal obligations		412		5		9,006		155		9,418		160
Certificates of deposit		742		2		—		—		742		2

Total temporarily impaired securities	$	2,653	$	11	$	12,538	$	188	$	15,191	$	199


	Less than 12 months				12 months or more				Total
December 31, 2013	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. Government agencies	$	4,808	$	66	$	1,462	$	20	$	6,270	$	86
States and municipal obligations		14,255		1,120		2,306		122		16,561		1,242

Total temporarily impaired securities	$	19,063	$	1,186	$	3,768	$	142	$	22,831	$	1,328

Cumulative Credit Related Other-Than Temporary Impairment Losses Recognized on One Debt Security

The following table summarizes cumulative credit-related other-than temporary impairment losses recognized on the one auction rate security held by the Company (no other-than-temporary-impairment was recognized for the years ended December 31, 2014):


(Dollars in thousands)	For the year ended December 31, 2014			For the year ended December 31, 2013
Balance, beginning of the period	$	288		$	—
Impairment losses recognized during the period		—			288
Realized losses from sales		(288	)		—

Balance, end of period	$	—		$	288

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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