INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2014

INVESTMENT SECURITIES [Abstract]

Amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at March 31, 2014 are summarized as follows:

(in thousands)	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value
Investment securities available-for-sale:
Securities of U.S. government agencies and corporations	$	49,909	$	16	$	(907	)	$	49,018
Obligations of states and political subdivisions		27,492		628		(241	)		27,879
Collateralized mortgage obligations		4,920		20		(4	)		4,936
Mortgage-backed securities		84,506		647		(362	)		84,791
Total debt securities	$	166,827	$	1,311	$	(1,514	)	$	166,624

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 31, 2013 are summarized as follows:

(in thousands)	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value
Investment securities available-for-sale:
Securities of U.S. government agencies and corporations	$	53,960	$	8	$     (1,283­­		)	$	52,685
Obligations of states and political subdivisions		27,528		409		(550	)		27,387
Collateralized mortgage obligations		5,359		46		—			5,405
Mortgage-backed securities		87,486		718		(412	)		87,792
Total debt securities	$	174,333	$	1,181	$	(2,245	)	$	173,269

Amortized cost and estimated fair value of debt and other securities by contractual maturity

The amortized cost and estimated market value of debt and other securities at March 31, 2014, by contractual and expected maturity, are shown in the following table.

(in thousands)	Amortized cost		Estimated fair value
Due in one year or less	$	12,626	$	12,630
Due after one year through five years		115,462		115,411
Due after five years through ten years		34,376		34,072
Due after ten years		4,363		4,511
	$	166,827	$	166,624

Analysis of gross unrealized losses of the available-for-sale investment securities portfolio

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of March 31, 2014, follows:

	Less than 12 months					12 months or more					Total
(in thousands)	Fair Value		Unrealized losses			Fair Value		Unrealized losses			Fair Value		Unrealized losses
Securities of U.S. government agencies and corporations	$	19,397	$	(348	)	$	17,543	$	(559	)	$	36,940	$	(907	)
Obligations of states and political subdivisions		7,976		(211	)		472		(30	)		8,448		(241	)
Collateralized mortgage obligations		1,592		(4	)		—		—			1,592		(4	)
Mortgaged-backed      securities		17,631		(82	)		12,373		(280	)		30,004		(362	)
Total	$	46,596	$	(645	)	$	30,388	$	(869	)	$	76,984	$	(1,514	)

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2013, follows:

	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized losses			Fair Value		Unrealized losses			Fair Value		Unrealized losses
Securities of U.S. government agencies and corporations	$	46,654	$	(1,283	)	$	—	$	—		$	46,654	$	(1,283	)
Obligations of states and political subdivisions		11,871		(550	)		—		—			11,871		(550	)
Mortgage-backed securities		19,155		(243	)		6,932		(169	)		26,087		(412	)
Total	$	77,680	$	(2,076	)	$	6,932	$	(169	)	$	84,612	$	(2,245	)