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SECURITIES
 6 Months Ended
Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]  
SECURITIES

NOTE 3 – SECURITIES

 

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

 

        Gross   Gross   Estimated
    Amortized   Unrealized   Unrealized   Fair
June 30, 2014   Cost   Gains   Losses   Value
                 
Securities available for sale                                
                                 
U.S. agency issued residential mortgage-backed securities   $ 39,249     $ 697     $ 198     $ 39,748  
U.S. agency issued residential collateralized mortgage obligations     33,125       400       400       33,125  
Privately issued residential collateralized mortgage obligations     32       1       —       33  
Nonrated SBA loan fund     950       —       —       950  
Other equity securities     47       —       —       47  
                                 
Totals   $ 73,403     $ 1,098     $ 598     $ 73,903  
                                 
Securities held to maturity                                
                                 
Obligations of states and political subdivisions   $ 68,404     $ 1,521     $ 287     $ 69,638  
Nonrated trust preferred securities     1,533       32       169       1,396  
Nonrated senior subordinated notes     401       3       —       404  
                                 
Totals   $ 70,338     $ 1,556     $ 456     $ 71,438  

 

 

        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 $41,987 and $47,593 at June 30, 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. There were no sales of securities during the quarters ended June 30, 2014 and 2013.