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SECURITIES (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| SECURITIES [Abstract] |
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| Amortized Cost and Fair Value of Investment Securities, by Category |
Amortized cost and fair value of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows:
2014 | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | Available for sale | | | | | | | | | | | | | Mortgage-backed securities | | | | | | | | | | | | | U. S. sponsored agency MBS - residential | | $ | 52,006 | | | $ | 774 | | | $ | - | | | $ | 52,780 | | U. S. sponsored agency CMO’s - residential | | | 142,932 | | | | 2,167 | | | | (911 | ) | | | 144,188 | | Total mortgage-backed securities of government sponsored agencies | | | 194,938 | | | | 2,941 | | | | (911 | ) | | | 196,968 | | U. S. government sponsored agency securities | | | 22,533 | | | | 30 | | | | (57 | ) | | | 22,506 | | Obligations of states and political subdivisions | | | 10,015 | | | | 261 | | | | - | | | | 10,276 | | Total available for sale | | $ | 227,486 | | | $ | 3,232 | | | $ | (968 | ) | | $ | 229,750 | |
2013 | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | Available for sale | | | | | | | | | | | | | Mortgage-backed securities | | | | | | | | | | | | | U. S. sponsored agency MBS - residential | | $ | 27,681 | | | $ | 463 | | | $ | (321 | ) | | $ | 27,823 | | U. S. sponsored agency CMO’s - residential | | | 178,000 | | | | 1,167 | | | | (2,445 | ) | | | 176,722 | | Total mortgage-backed securities of government sponsored agencies | | | 205,681 | | | | 1,630 | | | | (2,766 | ) | | | 204,545 | | U. S. government sponsored agency securities | | | 7,058 | | | | 30 | | | | (107 | ) | | | 6,981 | | Obligations of states and political subdivisions | | | 6,275 | | | | 265 | | | | - | | | | 6,540 | | Total available for sale | | $ | 219,014 | | | $ | 1,925 | | | $ | (2,873 | ) | | $ | 218,066 | | | | | | | | | | | | | | | | | | | |
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| Amortized Cost and Fair Value of Securities by Contractual Maturity |
The amortized cost and fair value of securities at December 31, 2014 by contractual maturity are shown below. 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. Securities not due at a single maturity date, such as mortgage-backed securities, are shown separately.
| | | Amortized Cost | | | Fair Value | | Available for sale | | | | | | | Due in one year or less | | $ | 1,348 | | | $ | 1,377 | | Due after one year through five years | | | 23,086 | | | | 23,237 | | Due after five years through ten years | | | 6,917 | | | | 6,933 | | Due after ten years | | | 1,197 | | | | 1,235 | | Mortgage-backed securities of government sponsored agencies | | | 194,938 | | | | 196,968 | | Total available for sale | | $ | 227,486 | | | $ | 229,750 | | | | | | | | | | | |
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| Securities in Continuous Unrealized Loss Position |
Securities with unrealized losses at year-end 2014 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:
| | | Less than 12 Months | | | 12 Months or More | | | Total | | Description of Securities | | Fair Value | | | Unrealized Loss | | | Fair Value | | | Unrealized Loss | | | Fair Value | | | Unrealized Loss | | | | | | | | | | | | | | | | | | | | | | U.S government sponsored agency securities | | $ | 9,971 | | | $ | (57 | ) | | $ | - | | | $ | - | | | $ | 9,971 | | | $ | (57 | ) | U.S government sponsored agency CMO’s – residential | | | 5,194 | | | | (52 | ) | | | 26,471 | | | | (859 | ) | | | 31,665 | | | | (911 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | Total temporarily impaired | | $ | 15,165 | | | $ | (109 | ) | | $ | 26,471 | | | $ | (859 | ) | | $ | 41,636 | | | $ | (968 | ) |
Securities with unrealized losses at year-end 2013 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:
| | | Less than 12 Months | | | 12 Months or More | | | Total | | Description of Securities | | Fair Value | | | Unrealized Loss | | | Fair Value | | | Unrealized Loss | | | Fair Value | | | Unrealized Loss | | | | | | | | | | | | | | | | | | | | | | U.S government sponsored agency securities | | $ | 3,890 | | | $ | (107 | ) | | $ | - | | | $ | - | | | $ | 3,890 | | | $ | (107 | ) | U.S government sponsored agency MBS’s – residential | | | 13,797 | | | | (321 | ) | | | - | | | | - | | | | 13,797 | | | | (321 | ) | U.S government sponsored agency CMO’s – residential | | | 102,341 | | | | (2,445 | ) | | | - | | | | - | | | | 102,341 | | | | (2,445 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | Total temporarily impaired | | $ | 120,028 | | | $ | (2,873 | ) | | $ | - | | | $ | - | | | $ | 120,028 | | | $ | (2,873 | ) |
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