Securities (Tables)

6 Months Ended

Jun. 30, 2014

Securities Tables

Schedule of available for sale and held to maturity securities

The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Approximate Fair Value
	(In thousands)
Available-for-sale securities
June 30, 2014:
U.S. government agencies	$	131	$	1	$	—	$	132
Mortgage-backed securities of government sponsored entities		87,397		1,363		310		88,450
Private-label collateralized mortgage obligations		583		15		2		596
State and political subdivisions		21,721		821		115		22,427
Totals	$	109,832	$	2,200	$	427	$	111,605

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Approximate Fair Value
Available-for-sale securities	(In thousands)
December 31, 2013:
U.S. government agencies	$	137	$	—	$	—	$	137
Mortgage-backed securities of government sponsored entities		79,901		1,177		721		80,357
Private-label collateralized mortgage obligations		675		29		—		704
State and political subdivisions		22,116		547		236		22,427
Totals	$	102,829	$	1,753	$	957	$	103,625

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Approximate Fair Value
	(In thousands)
Held-to-maturity Securities:
June 30, 2014:
U.S. government agencies	$	105	$	—	$	—	$	105
Mortgage-backed securities of government sponsored entities		1,360		7		—		1,367
State and political subdivisions		5,116		—		309		4,807
Totals	$	6,581	$	7	$	309	$	6,279

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Approximate Fair Value
Held-to-maturity Securities:	(In thousands)
December 31, 2013:
U.S. government agencies	$	109	$	—	$	—	$	109
Mortgage-backed securities of government sponsored entities		1,390		11		21		1,380
State and political subdivisions		5,124		—		492		4,632
Totals	$	6,623	$	11	$	513	$	6,121

Schedule of contractual maturity of securities

Amortized cost and fair value of available-for-sale securities and held-to-maturity securities at June 30, 2014 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Available-for-sale				Held-to-maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
One to five years	$	6,166	$	6,481	$	—	$	—
Five to ten years		2,439		2,481		3,056		2,930
After ten years		13,247		13,597		2,165		1,982
		21,852		22,559		5,221		4,912
Mortgage-backed securities of government sponsored entities		87,397		88,450		1,360		1,367
Private-label collateralized mortgage obligations		583		596		—		—
Totals	$	109,832	$	111,605	$	6,581	$	6,279

Schedule of securities in a gross unrealized loss position

The following table shows the gross unrealized losses and fair value of the Company’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. 

	June 30, 2014
	Less than 12 Months				More than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
Mortgage-backed securities of government sponsored entities	$	15,179	$	59	$	16,715	$	251	$	31,894	$	310
Private-label collateralized mortgage obligations		124		2		—		—		124		2
State and political subdivisions		528		11		7,099		413		7,627		424
Total temporarily impaired securities	$	15,831	$	72	$	23,814	$	664	$	39,645	$	736

	December 31, 2013
	Less than 12 Months				More than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
Mortgage-backed securities of government sponsored entities	$	36,004	$	575	$	5,330	$	167	$	41,334	$	742
State and political subdivisions		8,639		555		1,519		173		10,158		728
Total temporarily impaired securities	$	44,643	$	1,130	$	6,849	$	340	$	51,492	$	1,470