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SECURITIES
 3 Months Ended
Mar. 31, 2014
Securities  
SECURITIES

NOTE 2 – SECURITIES

 

The amortized cost and estimated fair value of investment securities are as follows:

 

      Gross  Gross  Estimated
   Amortized  Unrealized  Unrealized  Fair
March 31, 2014  Cost  Gains  Losses  Value
             
Securities available for sale                    
                     
U.S. Treasury securities and obligations of U.S. government corporations and agencies  $1,000   $—   $3   $997 
U.S. agency issued residential mortgage-backed securities   35,762    480    432    35,810 
U.S. agency issued residential collateralized mortgage obligations   35,590    428    432    35,586 
Privately issued residential collateralized mortgage obligations   37    1         38 
Nonrated SBA loan fund   950    —    —    950 
Other equity securities   47    —    —    47 
                     
Totals  $73,386   $909   $867   $73,428 
                     
Securities held to maturity                    
                     
Obligations of states and political subdivisions  $68,937   $1,341   $505   $69,773 
Nonrated trust preferred securities   1,529    35    167    1,397 
Nonrated senior subordinated notes   401    3         404 
                     
Totals  $70,867   $1,379   $672   $71,574 

 

      Gross  Gross  Estimated
   Amortized  Unrealized  Unrealized  Fair
December 31, 2013  Cost  Gains  Losses  Value
             
Securities available for sale                    
                     
U.S. Treasury securities and obligations of U.S. government corporations and agencies  $1,001   $—   $2   $999 
U.S. agency issued residential mortgage-backed securities   21,388    522    424    21,486 
U.S. agency issued residential collateralized mortgage obligations   37,998    482    576    37,904 
Privately issued residential collateralized mortgage obligations   102    3    —    105 
Obligations of states and political subdivisions   159    —    —    159 
Nonrated SBA loan fund   950    —    —    950 
Other equity securities   47    —    —    47 
                     
Totals  $61,645   $1,007   $1,002   $61,650 
                     
Securities held to maturity                    
                     
Obligations of states and political subdivisions  $69,704   $1,059   $887   $69,876 
Nonrated trust preferred securities   1,524    30    165    1,389 
Nonrated senior subordinated notes   401    6    —    407 
                     
Totals  $71,629   $1,095   $1,052   $71,672 

 

Securities with a fair value of $53,784 and $47,593 at March 31, 2014 and December 31, 2013, respectively, were pledged to secure public deposits, other borrowings, and for other purposes required by law.

 

During the quarter ended March 31, 2014, PSB realized a net gain of $0 from proceeds totaling $262 on the sale of securities available for sale. During the quarter ended March 31, 2013, PSB realized a net gain of $12 ($7 after tax expense) from proceeds totaling $986 on the sale of securities available for sale.