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Securities
 6 Months Ended
Jun. 30, 2015
Securities [Abstract]  
Securities

6.         Securities

 

The amortized cost and fair value of securities were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2015

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

 

Cost

 

Gains

 

Losses

 

Value

 

 

(In Thousands)

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agencies

 

$
24,068 

 

$
70 

 

$
(146)

 

$
23,992 

States and political subdivisions

 

 
59,973 

 

 
848 

 

 
(919)

 

 
59,902 

Corporate obligations

 

 
4,988 

 

 
73 

 

 
(9)

 

 
5,052 

Mortgage-backed securities-

 

 

 

 

 

 

 

 

 

 

 

 

government sponsored entities

 

 
62,766 

 

 
92 

 

 
(885)

 

 
61,973 

Total debt securities

 

 
151,795 

 

 
1,083 

 

 
(1,959)

 

 
150,919 

Equity securities-financial services

 

 
292 

 

 
93 

 

 

 -

 

 
385 

 

 

$
152,087 

 

$
1,176 

 

$
(1,959)

 

$
151,304 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

 

Cost

 

Gains

 

Losses

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In Thousands)

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agencies

 

$
29,289 

 

$
42 

 

$
(356)

 

$
28,975 

States and political subdivisions

 

 
52,685 

 

 
1,750 

 

 
(103)

 

 
54,332 

Corporate obligations

 

 
6,387 

 

 
110 

 

 
(11)

 

 
6,486 

Mortgage-backed securities-government

 

 

 

 

 

 

 

 

 

 

 

 

sponsored entities

 

 
67,032 

 

 
109 

 

 
(937)

 

 
66,204 

Total debt securities

 

 
155,393 

 

 
2,011 

 

 
(1,407)

 

 
155,997 

Equity securities-financial services

 

 
292 

 

 
106 

 

 

 -

 

 
398 

 

 

$
155,685 

 

$
2,117 

 

$
(1,407)

 

$
156,395 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following tables show the Company’s investments’ gross unrealized losses and fair value aggregated by length of time that individual securities have been in a continuous unrealized loss position (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2015

 

Less than 12 Months

 

12 Months or More

 

Total

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

U.S. government agencies

$
6,127 

 

$
(40)

 

$
8,080 

 

$
(106)

 

$
14,207 

 

$
(146)

States and political subdivisions

 
30,153 

 

 
(830)

 

 
2,439 

 

 
(89)

 

 
32,592 

 

 
(919)

Corporate obligations

 
1,705 

 

 
(9)

 

 

 -

 

 

 -

 

 
1,705 

 

 
(9)

Mortgage-backed securities-government sponsored agencies

 
31,364 

 

 
(295)

 

 
18,884 

 

 
(590)

 

 
50,248 

 

 
(885)

 

$
69,349 

 

$
(1,174)

 

$
29,403 

 

$
(785)

 

$
98,752 

 

$
(1,959)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

Less than 12 Months

 

12 Months or More

 

Total

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

U.S. government agencies

$
4,965 

 

$
(17)

 

$
15,051 

 

$
(339)

 

$
20,016 

 

$
(356)

States and political subdivisions

 
3,195 

 

 
(20)

 

 
4,633 

 

 
(83)

 

 
7,828 

 

 
(103)

Corporate obligations

 

 -

 

 

 -

 

 
1,144 

 

 
(11)

 

 
1,144 

 

 
(11)

Mortgage-backed securities-government sponsored agencies

 
22,090 

 

 
(189)

 

 
26,050 

 

 
(748)

 

 
48,140 

 

 
(937)

 

$
30,250 

 

$
(226)

 

$
46,878 

 

$
(1,181)

 

$
77,128 

 

$
(1,407)

 

At June 30, 2015, the Company has 84 debt securities in an unrealized loss position in the less than twelve months category and 32 debt securities in the twelve months or more category.  In Management’s opinion the unrealized losses reflect changes in interest rates subsequent to the acquisition of specific securities.  No other-than-temporary-impairment charges were recorded in 2015.  Management believes that all unrealized losses represent temporary impairment of the securities as the Company does not have the intent to sell the securities and it is more likely than not that it will not have to sell the securities before recovery of its cost basis.

 

The amortized cost and fair value of debt securities as of June 30, 2015 by contractual maturity are shown below.  Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for Sale

 

 

(In Thousands)

 

Amortized Cost

 

Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Due in one year or less

 

$
640 

 

$
649 

 

 

 

 

 

 

Due after one year through five years

 

 
27,236 

 

 
27,231 

 

 

 

 

 

 

Due after five years through ten years

 

 
11,059 

 

 
11,090 

 

 

 

 

 

 

Due after ten years

 

 
50,094 

 

 
49,976 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities-government sponsored agencies

 

 
62,766 

 

 
61,973 

 

 

 

 

 

 

 

 

$
151,795 

 

$
150,919 

 

 

 

 

 

 

 

 

Gross realized gains and gross realized losses on sales of securities available for sale were as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

 

Six Months

 

 

Ended June 30,

 

Ended June 30,

 

 

2015

 

2014

 

2015

 

2014

Gross realized gains

 

$
134 

 

$
523 

 

$
445 

 

$
617 

Gross realized losses

 

 

 -

 

 
(14)

 

 

 -

 

 
(14)

Net realized gain

 

$
134 

 

$
509 

 

$
445 

 

$
603 

Proceeds from sales of securities

 

$
9,408 

 

$
19,785 

 

$
23,384 

 

$
31,865