Securities (Tables)

9 Months Ended

Sep. 30, 2013

The amortized cost and fair value of securities as of September 30, 2013 and December 31, 2012, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities because the securities may be called or prepaid with or without prepayment penalties.


		September 30, 2013
Securities Available for Sale						Gross		Gross
		Amortized		Fair		Unrealized		Unrealized
Type and maturity		Cost		Value		Gains		Losses
Obligations of Government agencies and corporations
Within one year	$	6,654	$	6,674	$	20	$	-
After one year but within five years		41,055		41,068		245		(232)
After five years but within ten years		33,646		32,529		2		(1,119)
		81,355		80,271		267		(1,351)
Obligations of state and political subdivisions
Within one year		7,671		7,691		21		(1)
After one year but within five years		29,712		29,775		164		(101)
After five years but within ten years		6,891		6,876		80		(95)
After ten years		352		340		-		(12)
		44,626		44,682		265		(209)
Mortgage-backed securities		2,006		2,003		5		(8)
Equity securities		985		1,197		278		(66)
Total	$	128,972	$	128,153	$	815	$	(1,634)


		December 31, 2012
Securities Available for Sale						Gross		Gross
		Amortized		Fair		Unrealized		Unrealized
Type and maturity		Cost		Value		Gains		Losses
Obligations of Government agencies and corporations
Within one year	$	7,908	$	7,996	$	88	$	-
After one year but within five years		42,253		42,796		543		-
After five years but within ten years		22,004		22,025		53		(32)
		72,165		72,817		684		(32)
Obligations of state and political subdivisions
Within one year		10,448		10,505		57		-
After one year but within five years		29,595		29,809		246		(32)
After five years but within ten years		4,727		4,936		215		(6)
After ten years		731		726		-		(5)
		45,501		45,976		518		(43)
Mortgage-backed securities		2,502		2,526		24		-
Equity securities		985		1,019		145		(111)
Total	$	121,153	$	122,338	$	1,371	$	(186)

Summary of Proceeds and Relized Gain/(Loss)

Following is a summary of proceeds received from sales or calls of investment securities transactions and the resulting realized gains and losses (in thousands):


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
Gross proceeds from sales of securities	$	-	$	-	$	-	$	-
Securities available for sale:
Gross realized gains from called securities	$	-	$	-	$	-	$	2
Gross realized losses from called securities		(1)		-		-		-

Schedule of Unrealized Losses

The following table shows gross unrealized losses and fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2013 and December 31, 2012 (in thousands):



		Unrealized Losses at September 30, 2013

		Less Than 12 Months				12 Months or More				Total
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
		Value		Losses		Value		Losses		Value		Losses
Obligations of U.S. Government
agencies and corporations	$	49,793	$	(1,351)	$	-	$	-	$	49,793	$	(1,351)
Obligations of state and political
subdivisions		17,658		(196)		1,632		(13)		19,290		(209)
Mortgage-backed securities		1,067		(8)		-		-		1,067		(8)
Debt securities		68,518		(1,555)		1,632		(13)		70,150		(1,568)

Equity securities		-		-		222		(66)		222		(66)

Total temporarily impaired securities	$	68,518	$	(1,555)	$	1,854	$	(79)	$	70,372	$	(1,634)


		Unrealized Losses at December 31, 2012

		Less Than 12 Months				12 Months or More				Total
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
		Value		Losses		Value		Losses		Value		Losses
Obligations of U.S. Government
agencies and corporations	$	11,471	$	(32)	$	-	$	-	$	11,471	$	(32)
Obligations of state and political
subdivisions		13,040		(43)		-		-		13,040		(43)
Debt securities		24,511		(75)		-		-		24,511		(75)

Equity securities		249		(13)		251		(98)		500		(111)

Total temporarily impaired securities	$	24,760	$	(88)	$	251	$	(98)	$	25,011	$	(186)