Investment Securities

9 Months Ended

Sep. 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:
September 30, 2013:
Obligations of U.S. Treasury	$	5,375	$	-	$	6	$	5,369
Obligations of U.S. Government agencies and corporations		46,552		56		394		46,214
Mortgage-backed securities		84,234		389		952		83,671
Equity securities		606		2		-		608
Total	$	136,767	$	447	$	1,352	$	135,862
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:
September 30, 2013:
Obligations of states and political subdivisions	$	2,357	$	114	$	-	$	2,471
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 September 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. Treasury	$	5,369	$	6	$	-	$	-	$	5,369	$	6
U.S. Gov’t. agencies and corporations		30,603		394		-		-		30,603		394
Mortgage-backed securities		56,177		952		-		-		56,177		952
Total	$	92,149	$	1,352	$	-	$	-	$	92,149	$	1,352

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 September 30, 2013.

The following table provides information on the amortized cost and estimated fair values of investment securities by maturity date at September 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	$	6,055	$	6,066	$	413	$	419
Due after one year through five years		42,500		42,372		433		454
Due after five years through ten years		3,894		3,936		1,007		1,077
Due after ten years		83,712		82,880		504		521
		136,161		135,254		2,357		2,471
Equity securities		606		608		-		-
Total	$	136,767	$	135,862	$	2,357	$	2,471

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