Investment Securities

9 Months Ended

Sep. 30, 2016

Investment Securities [Abstract]

Investment Securities

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, 2016
U.S. Treasury	$	-	$	-	$	-	$	-
U.S. Government agencies		32,423		118		111		32,430
Mortgage-backed		139,240		2,558		103		141,695
Equity		648		15		-		663
Total	$	172,311	$	2,691	$	214	$	174,788
December 31, 2015
U.S. Treasury	$	5,078	$	1	$	-	$	5,079
U.S. Government agencies		49,630		89		190		49,529
Mortgage-backed		156,939		639		662		156,916
Equity		637		4		-		641
Total	$	212,284	$	733	$	852	$	212,165
Held-to-maturity securities:
September 30, 2016
U.S. Government agencies	$	2,194	$	10	$	-	$	2,204
States and political subdivisions		1,615		112		-		1,727
Total	$	3,809	$	122	$	-	$	3,931
December 31, 2015
U.S. Government agencies	$	2,575	$	-	$	60	$	2,515
States and political subdivisions		1,616		112		-		1,728
Total	$	4,191	$	112	$	60	$	4,243

The following tables provide information about gross unrealized losses and fair value by length of time that the individual securities have been in a continuous unrealized loss position at September 30, 2016 and December 31, 2015.

	Less than				More than
	12 Months				12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(Dollars in thousands)	Value		Losses		Value		Losses		Value		Losses
September 30, 2016
Available-for-sale securities:
U.S. Government agencies	$	3,005	$	-	$	-	$	111	$	3,005	$	111
Mortgage-backed		3,993		1		10,766		102		14,759		103
Total	$	6,998	$	1	$	10,766	$	213	$	17,764	$	214
	Less than				More than
	12 Months				12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(Dollars in thousands)	Value		Losses		Value		Losses		Value		Losses
December 31, 2015
Available-for-sale securities:
U.S. Government agencies	$	18,981	$	57	$	-	$	133	$	18,981	$	190
Mortgage-backed		43,881		328		21,263		334		65,144		662
Total	$	62,862	$	385	$	21,263	$	467	$	84,125	$	852
Held-to-maturity securities:
U.S. Government agencies	$	-	$	-	$	2,515	$	60	$	2,515	$	60

All of the securities with unrealized losses in the 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 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 for debt securities, the Company considers the unrealized losses to be temporary.

The following table provides information on the amortized cost and estimated fair values of investment securities by maturity date at September 30, 2016.

	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	$	13,025	$	13,053	$	210	$	210
Due after one year through five years		17,011		17,078		501		541
Due after five years through ten years		7,432		7,507		402		441
Due after ten years		134,195		136,487		2,696		2,739
		171,663		174,125		3,809		3,931
Equity securities		648		663		-		-
Total	$	172,311	$	174,788	$	3,809	$	3,931

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