INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2014

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 March 31, 2014
			Gross		Gross
	Amortized		unrealized		unrealized			Fair
	cost		gains		losses			value
	(in thousands)
Available for sale
U.S. Government and federal agencies	$	16,666	$	15	$	(294	)	$	16,387
State and political subdivisions		59,093		1,840		(522	)		60,411
Residential mortgage-backed securities      issued by quasi-governmental agencies		51,636		614		(157	)		52,093
Total investment securities available for sale		127,395		2,469		(973	)		128,891
Held to maturity
Residential mortgage-backed securities      issued by quasi-governmental agencies		1,401		176		—			1,577
Total investment securities	$	128,796	$	2,645	$	(973	)	$	130,468

	At December 31, 2013
			Gross		Gross
	Amortized		unrealized		unrealized			Fair
	cost		gains		losses			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

Investment Securities Maturities

The amortized cost and fair value of investment and mortgage-backed securities, by contractual maturity, are shown below. 

	At March 31, 2014
	Available for sale				Held to maturity
	Amortized		Fair		Amortized		Fair
	cost		value		cost		value
	(in thousands)
Investment securities
Due in one year or less	$	2,042	$	2,051	$	—	$	—
Due after one year through five years		16,235		16,528		—		—
Due after five years through ten years		37,674		37,784		—		—
Due after ten years		19,808		20,435		—		—
		75,759		76,798		—		—
Mortgage-backed securities		51,636		52,093		1,401		1,577
Total investment and mortgage-backed securities	$	127,395	$	128,891	$	1,401	$	1,577

Length of Time Securities Have Been in Continuous Unrealized Loss Position

The table below indicates the length of time individual securities have been in a continuous unrealized loss position at March 31, 2014:

			Less than					12 months
	Number		12 months					or longer					Total
	of		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
Description of Securities	Securities		Value		Loss			Value		Loss			Value		Loss
	(dollars in thousands)
U.S. Government and federal      agencies		8	$	12,445	$	(294	)	$	—	$	—		$	12,445	$	(294	)
State and political        subdivisions		9		6,970		(241	)		4,325		(281	)		11,295		(522	)
Residential mortgage-backed      securities issued by          quasi-governmental      agencies		53		25,759		(157	)		—		—			25,759		(157	)
Total temporarily impaired      securities		70	$	45,174	$	(692	)	$	4,325	$	(281	)	$	49,499	$	(973	)

The table below indicates the length of time individual securities have been in a continuous unrealized loss position at December 31, 2013:

			Less than					12 months
	Number		12 months					or longer				Total
	of		Fair		Unrealized			Fair		Unrealized		Fair		Unrealized
Description of Securities	Securities		Value		Loss			Value		Loss		Value		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