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SECURITIES
 6 Months Ended
Jun. 30, 2015
SECURITIES [Abstract]  
SECURITIES
NOTE  2 –SECURITIES

Amortized cost and fair value of investment securities, by category, at June 30, 2015 are summarized as follows:

 
 
Amortized Cost
Unrealized
Gains
Unrealized
Losses
Fair Value
 
        
Available for sale
        
Mortgage-backed securities
        
U. S. sponsored agency MBS - residential
 
$
76,141
  
$
674
  
$
(399
)
 
$
76,416
 
U. S. sponsored agency CMO's - residential
  
123,441
   
2,140
   
(704
)
  
124,877
 
Total mortgage-backed securities of government sponsored agencies
  
199,582
   
2,814
   
(1,103
)
  
201,293
 
U. S. government sponsored agency securities
  
14,463
   
98
   
-
   
14,561
 
Obligations of states and political subdivisions
  
10,044
   
197
   
(18
)
  
10,223
 
Total available for sale
 
$
224,089
  
$
3,109
  
$
(1,121
)
 
$
226,077
 

Amortized cost and fair value of investment securities, by category, at December 31, 2014 are summarized as follows:

 
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
  
22,553
   
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
 
 
The amortized cost and fair value of securities at June 30, 2015 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.

  
Amortized
Cost
  
Fair
Value
 
Available for sale
    
Due in one year or less
 
$
3,472
  
$
3,489
 
Due after one year through five years
  
17,732
   
17,952
 
Due after five years through ten years
  
3,054
   
3,093
 
Due after ten years
  
249
   
250
 
Mortgage-backed securities of government sponsored agencies
  
199,582
   
201,293
 
Total available for sale
 
$
224,089
  
$
226,077
 
         

There were no sales of securities during the first six months of 2015 nor the first six months of 2014.

Securities with unrealized losses at June 30, 2015 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 MBS – residential
 
$
30,728
  
$
(399
)
 
$
-
  
$
-
  
$
30,728
  
$
(399
)
U.S government sponsored agency CMO – residential
  
7,204
   
(91
)
  
19,292
   
(613
)
  
26,496
   
(704
)
Obligations of states and political subdivisions
  
911
   
(18
)
  
-
   
-
   
911
   
(18
)
Total temporarily impaired
 
$
38,843
  
$
(508
)
 
$
19,292
  
$
(613
)
 
$
58,135
  
$
(1,121
)
 
Securities with unrealized losses at December 31, 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
)

The investment portfolio is predominately high credit quality interest-bearing bonds with defined maturity dates backed by the U.S. Government or Government sponsored entities.  The unrealized losses at June 30, 2015 and December 31, 2014 are price changes resulting from changes in the interest rate environment and are considered to be temporary declines in the value of the securities.  Management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery.  Their fair value is expected to recover as the bonds approach their maturity date and/or market conditions improve.