Investment Securities

6 Months Ended

Jun. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 3 – Investment Securities

The following table provides information on the amortized cost and estimated fair values of investment securities.

			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
(Dollars in thousands)	Cost		Gains		Losses		Value
Available-for-sale securities:
June 30, 2013:
Obligations of U.S. Government agencies and corporations	$	29,718	$	46	$	331	$	29,433
Mortgage-backed securities		65,553		477		731		65,299
Equity securities		603		1		-		604
Total	$	95,874	$	524	$	1,062	$	95,336
December 31, 2012:
Obligations of U.S. Government agencies and corporations	$	35,213	$	903	$	9	$	36,107
Mortgage-backed securities		106,524		2,464		208		108,780
Equity securities		596		25		-		621
Total	$	142,333	$	3,392	$	217	$	145,508
Held-to-maturity securities:
June 30, 2013:
Obligations of states and political subdivisions	$	2,591	$	157	$	-	$	2,748
December 31, 2012:
Obligations of states and political subdivisions	$	2,657	$	227	$	-	$	2,884

The following table provides information about gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in a continuous unrealized loss position at June 30, 2013.

	Less than 12 Months				More than 12 Months				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available-for-sale securities:
U.S. Gov’t. agencies and     corporations	$	26,712	$	331	$	-	$	-	$	26,712	$	331
Mortgage-backed securities		38,369		731		-		-		38,369		731
Total	$	65,081	$	1,062	$	-	$	-	$	65,081	$	1,062

All of the securities with unrealized losses in the available-for-sale portfolio have modest duration risk, low credit risk, and minimal losses when compared to total amortized cost. The unrealized losses on debt securities that exist are the result of market changes in interest rates since original purchase. Because the Company does not intend to sell these debt securities and it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost bases, which may be at maturity, the Company considers the unrealized losses in the available-for-sale portfolio to be temporary. There were no unrealized losses in the held-to-maturity securities portfolio at June 30, 2013.

The following table provides information on the amortized cost and estimated fair values of investment securities by maturity date at June 30, 2013.

	Available for sale				Held to maturity
	Amortized		Estimated		Amortized		Estimated
(Dollars in thousands)	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	24	$	25	$	145	$	145
Due after one year through five years		26,102		25,911		936		972
Due after five years through ten years		1,507		1,537		1,007		1,098
Due after ten years		67,638		67,259		503		533
		95,271		94,732		2,591		2,748
Equity securities		603		604		-		-
Total	$	95,874	$	95,336	$	2,591	$	2,748

The maturity dates for debt securities are determined using contractual maturity dates.