Investment Securities

12 Months Ended

Dec. 31, 2014

Investment Securities [Abstract]

Investment Securities

NOTE 5INVESTMENT SECURITIES:

The amortized cost and estimated fair value of securities (all available-for-sale) are as follows:

					Gross		Gross		Approximate
		Amortized			Unrealized		Unrealized		Fair
(Dollars are in thousands)		Cost			Gains		Losses		Value
December 31, 2014
U.S. Government Agencies	$	43,985		$	332	$	247	$	44,070
Taxable municipals			293		-		5		288
Mortgage backed securities			55,896		144		329		55,711
Total Securities AFS	$	100,174		$	476	$	581	$	100,069
December 31, 2013
U.S. Government Agencies	$	39,296		$	246	$	941	$	38,601
Mortgage backed securities		41,284			60		819		40,525
Total Securities AFS	$	80,580		$	306	$	1,760	$	79,126

The following table details unrealized losses and related fair values in the available-for-sale portfolio.  This information is aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2014 and December 31, 2013.

		Less than 12 Months				12 Months or More				Total
(Dollars are in thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2014
U.S. Government Agencies	$	7,408	$	38	$	12,965	$	209	$	20,373	$	247
Taxable municipals		288		5		-		-		288		5
Mtg. backed securities		21,083		179		11,622		150		32,705		329
Total Securities AFS	$	28,779	$	222	$	24,587	$	359	$	53,366	$	581
December 31, 2013
U.S. Government Agencies	$	26,090	$	936	$	570	$	5	$	26,660	$	941
Mtg. backed securities		27,461		693		5,046		126		32,507		819
Total Securities AFS	$	53,551	$	1,629	$	5,616	$	131	$	59,167	$	1,760

At December 31, 2014, the available-for-sale portfolio included eighty four investments for which the fair market value was less than amortized cost.  At December 31, 2013, the available-for-sale portfolio included eighty investments for which the fair market value was less than amortized cost.  Management evaluates securities for other than temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation.  Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial conditions and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value.  No securities were deemed to have an other than temporary impairment.

The amortized cost and fair value of investment securities at December 31, 2014, by contractual maturity, are shown in the following schedule.  Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

						Weighted
(Dollars are in thousands)		Amortized		Fair		Average
Securities Available for Sale		Cost		Value		Yield
Due in one year or less	$	190	$	191		1.60%
Due after one year through five years	2,760		2,776		1.43%
Due after five years through ten years		12,758		12,788		1.51%
Due after ten years		84,466		84,314		1.90%
Total	$	100,174	$	100,069		1.83%

Investment securities with a carrying value of $17.5 million and $17.0 million at December 31, 2014 and 2013, were pledged to secure public deposits, overnight payment processing and for other purposes required by law.

The Bank, as a member of the Federal Reserve Bank and the Federal Home Loan Bank, is required to hold stock in each. These equity securities are restricted from trading and are recorded at a cost of $2.4 million and $2.7 million as of December 31, 2014 and 2013, respectively.