Securities (Tables)

12 Months Ended

Dec. 31, 2013

The amortized cost and fair value of securities as of December 31, 2013 and 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.


		December 31, 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	$	4,177	$	4,192	$	15	$	-
After one year but within five years		48,011		47,578		203		(636)
After five years but within ten years		27,615		26,508		-		(1,107)
		79,803		78,278		218		(1,743)
Obligations of state and political subdivisions
Within one year		8,260		8,314		55		(1)
After one year but within five years		26,027		26,098		133		(62)
After five years but within ten years		7,224		7,182		56		(98)
After ten years		350		338		-		(12)
		41,861		41,932		244		(173)
Mortgage-backed securities		4,465		4,469		7		(3)
Equity securities		1,055		1,367		366		(54)
Total	$	127,184	$	126,046	$	835	$	(1,973)


		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 Realized Gain/(Loss)

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


				Years Ended December 31,
		2013		2012		2011
Gross proceeds from sales of securities	$	-	$	-	$	-
Securities available for sale:
Gross realized gains from called securities	$	-	$	2	$	6
Gross realized losses from called securities		(2)		-		-

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 December 31, 2013 (in thousands):



		Unrealized Losses at December 31, 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	$	53,438	$	(1,664)	$	1,921	$	(79)	$	55,359	$	(1,743)
Obligations of state and political
subdivisions		11,496		(130)		4,301		(43)		15,797		(173)
Mortgage-backed securities		308		(3)		-		-		308		(3)
Debt securities		65,242		(1,797)		6,222		(122)		71,464		(1,919)

Equity securities		-		-		266		(54)		266		(54)

Total temporarily impaired securities	$	65,242	$	(1,797)	$	6,488	$	(176)	$	71,730	$	(1,973)

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



		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)