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INVESTMENT SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2013
INVESTMENT SECURITIES [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Investment Securities
The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities, are summarized as follows:
 
 
 
At December 31, 2013
 
 
 
Amortized
cost
  
Gross
unrealized
gains
  
Gross
unrealized
losses
  
Fair
value
 
 
 
(in thousands)
 
Available for sale
 
  
  
  
 
U.S. Government and federal agencies
 
$
18,572
  
$
4
  
$
(513
)
 
$
18,063
 
State and political subdivisions
  
60,159
   
1,526
   
(1,016
)
  
60,669
 
Residential mortgage-backed securities issued by quasi-governmental agencies
  
45,015
   
540
   
(275
)
  
45,280
 
Total investment securities available for sale
  
123,746
   
2,070
   
(1,804
)
  
124,012
 
 
                
Held to maturity
                
Residential mortgage-backed securities issued by quasi-governmental agencies
  
1,490
   
191
   
(1
)
  
1,680
 
Total investment securities
 
$
125,236
  
$
2,261
  
$
(1,805
)
 
$
125,692
 
 
                
 
 
At December 31, 2012
 
 
 
Amortized
cost
  
Gross
unrealized
gains
  
Gross
unrealized
losses
  
Fair
value
 
 
 
(in thousands)
 
Available for sale
                
State and political subdivisions
 
$
55,254
  
$
4,360
  
$
(4
)
 
$
59,610
 
Residential mortgage-backed securities issued by quasi-governmental agencies
  
41,265
   
1,409
   
—
   
42,674
 
Total investment securities available for sale
  
96,519
   
5,769
   
(4
)
  
102,284
 
 
                
Held to maturity
                
Residential mortgage-backed securities issued by quasi-governmental agencies
  
1,965
   
306
   
—
   
2,271
 
Total investment securities
 
$
98,484
  
$
6,075
  
$
(4
)
 
$
104,555
 
Investment Securities Maturities
The amortized cost and fair value of investment securities by contractual maturity and mortgage-backed securities are shown below.
 
 
 
At December 31, 2013
 
 
 
Available for sale
  
Held to maturity
 
 
 
Amortized
cost
  
Fair
value
  
Amortized
cost
  
Fair
value
 
 
 
(in thousands)
 
Investment securities
 
  
  
  
 
Due in one year or less
 
$
1,645
  
$
1,666
  
$
—
  
$
—
 
Due after one year through five years
  
16,666
   
16,961
   
—
   
—
 
Due after five years through ten years
  
39,508
   
39,004
   
—
   
—
 
Due after ten years
  
20,912
   
21,101
   
—
   
—
 
 
  
78,731
   
78,732
   
—
   
—
 
 
                
Mortgage-backed  securities
  
45,015
   
45,280
   
1,490
   
1,680
 
Total investment securities
 
$
123,746
  
$
124,012
  
$
1,490
  
$
1,680
 
Length of Time Securities Have Been in Continuous Unrealized Loss Position
The table below indicates the length of time individual securities, both held to maturity and available for sale, have been in a continuous unrealized loss position at December 31, 2013:

 
   
Less than
12 months
  
12 months
or longer
  
Total
 
Description of Securities
 
Number
of
Securities
  
Fair
Value
  
Unrealized
Loss
  
Fair
Value
  
Unrealized
Loss
  
Fair
Value
  
Unrealized
Loss
 
 
 
(dollars in thousands)
 
U.S. Government and federal agencies
  
13
  
$
17,028
  
$
(513
)
 
$
—
  
$
—
  
$
17,028
  
$
(513
)
State and political subdivisions
  
24
   
19,646
   
(1,016
)
  
—
   
—
   
19,646
   
(1,016
)
Residential mortgage-backed securities issued by quasi- governmental agencies
  
65
   
24,508
   
(276
)
  
—
   
—
   
24,508
   
(276
)
Total temporarily impaired securities
  
102
  
$
61,182
  
$
(1,805
)
 
$
—
  
$
—
  
$
61,182
  
$
(1,805
)

The table below indicates the length of time individual securities, both held to maturity and available for sale, have been in a continuous unrealized loss position at December 31, 2012:

 
   
Less than
12 months
  
12 months
or longer
  
Total
 
Description of Securities
 
Number
of
Securities
  
Fair
Value
  
Unrealized
Loss
  
Fair
Value
  
Unrealized
Loss
  
Fair
Value
  
Unrealized
Loss
 
 
 
(dollars in thousands)
 
State and political subdivisions
  
1
  
$
617
  
$
(4
)
 
$
—
  
$
—
  
$
617
  
$
(4
)
Total temporarily impaired securities
  
1
  
$
617
  
$
(4
)
 
$
—
  
$
—
  
$
617
  
$
(4
)