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INVESTMENT SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2014
INVESTMENT SECURITIES [Abstract]  
Available-For-Sale Securities
The following table summarizes the amortized cost and fair value of the available-for-sale and held-to-maturity investment securities portfolio as of September 30, 2014 and December 31, 2013 and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income (loss):

(Dollars in thousands)
 
Amortized
Cost
  
Unrealized Gains
  
Unrealized Losses
  
Fair Value
 
September 30, 2014
        
Available-for-sale:
        
U.S. government-sponsored entities and agencies
 
$
7,300
  
$
162
  
$
(39
)
 
$
7,423
 
State and political subdivisions
  
7,013
   
542
   
-
   
7,555
 
Mortgage-backed securities - residential
  
32,311
   
829
   
(71
)
  
33,069
 
Collateralized mortgage obligations
  
31,747
   
135
   
(622
)
  
31,260
 
Corporate bonds
  
3,028
   
90
   
-
   
3,118
 
Total available-for-sale securities
 
$
81,399
  
$
1,758
  
$
(732
)
 
$
82,425
 

  
Amortized
Cost
  
Unrealized Gains
  
Unrealized Losses
  
Fair Value
 
December 31, 2013
        
Available-for-sale:
        
U.S. government-sponsored entities and agencies
 
$
8,343
  
$
123
  
$
(70
)
 
$
8,396
 
State and political subdivisions
  
7,762
   
342
   
(67
)
  
8,037
 
Mortgage-backed securities - residential
  
32,709
   
686
   
(170
)
  
33,225
 
Collateralized mortgage obligations
  
32,791
   
143
   
(956
)
  
31,978
 
Corporate bonds
  
3,037
   
104
   
(6
)
  
3,135
 
Total available-for-sale securities
 
$
84,642
  
$
1,398
  
$
(1,269
)
 
$
84,771
 
 
Proceeds from Sales of Available-for-Sale Securities
The following table summarizes the proceeds from sales of available-for-sale securities and the associated gains and losses for the three and nine months ended September 30, 2014 and 2013:
 
  
Three Months Ended
September 30,
  
Nine Months Ended
September 30,
 
(Dollars in thousands)
 
2014
  
2013
  
2014
  
2013
 
Gross gains
 
$
-
  
$
522
  
$
-
  
$
601
 
Gross losses
  
-
   
(131
)
  
-
   
(164
)
Net gain
 
$
-
  
$
391
  
$
-
  
$
437
 
Proceeds
 
$
-
  
$
10,267
  
$
-
  
$
14,434
 
Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity
The amortized cost and fair value of the investment securities portfolio are presented below in order of contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.  Securities not due at a single maturity date, primarily mortgage-backed securities – residential and collateralized mortgage obligations, are shown separately.
 
(Dollars in thousands)
September 30, 2014
 
Amortized
Cost
  
Fair
Value
 
Available-for-sale:
    
Within one year
 
$
500
  
$
508
 
One to five years
  
2,383
   
2,469
 
Five to ten years
  
3,897
   
3,952
 
Beyond ten years
  
10,561
   
11,167
 
Mortgage-backed securities – residential
  
32,311
   
33,069
 
Collateralized mortgage obligations
  
31,747
   
31,260
 
Total
 
$
81,399
  
$
82,425
 
Summary of Investment Securities with Unrealized Losses
The following table summarizes the investment securities with unrealized losses as of September 30, 2014 and December 31, 2013 listed by aggregated major security type and length of time in a continuous unrealized loss position:
 
  
Less Than 12 Months
  
12 Months or Longer
  
Total
 
(Dollars in thousands)
September 30, 2014
 
Fair
Value
  
Unrealized losses
  
Fair
Value
  
Unrealized losses
  
Fair
Value
  
Unrealized losses
 
Available-for-sale:
            
U.S. government-sponsored entities and agencies
 
$
-
  
$
-
  
$
961
  
$
(39
)
 
$
961
  
$
(39
)
State and political subdivisions
  
-
   
-
   
-
   
-
   
-
   
-
 
Mortgage-backed securities – residential
  
4,960
   
(19
)
  
2,471
   
(52
)
  
7,431
   
(71
)
Collateralized mortgage obligations
  
8,282
   
(48
)
  
11,615
   
(574
)
  
19,897
   
(622
)
Corporate bonds
  
-
   
-
   
-
   
-
   
-
   
-
 
Total available-for-sale securities
 
$
13,242
  
$
(67
)
 
$
15,047
  
$
(665
)
 
$
28,289
  
$
(732
)

  
Less Than 12 Months
  
12 Months or Longer
  
Total
 
December 31, 2013
 
Fair
Value
  
Unrealized losses
  
Fair
Value
  
Unrealized losses
  
Fair
Value
  
Unrealized losses
 
Available-for-sale:
            
U.S. government-sponsored entities and agencies
 
$
1,828
  
$
(70
)
 
$
-
  
$
-
  
$
1,828
  
$
(70
)
State and political subdivisions
  
1,015
   
(67
)
  
-
   
-
   
1,015
   
(67
)
Mortgage-backed securities – residential
  
7,025
   
(170
)
  
-
   
-
   
7,025
   
(170
)
Collateralized mortgage obligations
  
17,686
   
(674
)
  
5,131
   
(282
)
  
22,817
   
(956
)
Corporate bonds
  
994
   
(6
)
  
-
   
-
   
994
   
(6
)
Total available-for-sale securities
 
$
28,548
  
$
(987
)
 
$
5,131
  
$
(282
)
 
$
33,679
  
$
(1,269
)