INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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	$	46,862	$	42	$	(600	)	$	46,304
Obligations of states and political subdivisions		27,455		768		(129	)		28,094
Collateralized mortgage obligations		6,539		52		—			6,591
Mortgage-backed securities		80,059		1,106		(174	)		80,991
Total debt securities	$	160,915	$	1,968	$	(903	)	$	161,980

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 June 30, 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	$	12,128	$	12,143
Due after one year through five years		109,097		109,884
Due after five years through ten years		35,329		35,379
Due after ten years		4,361		4,574
	$	160,915	$	161,980

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 June 30, 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	$	2,007	$	(1	)	$	29,532	$	(599	)	$	31,539	$	(600	)
Obligations of states and political subdivisions		2,977		(22	)		5,970		(107	)		8,947		(129	)
Mortgaged-backed      securities		—		—			11,807		(174	)		11,807		(174	)
Total	$	4,984	$	(23	)	$	47,309	$	(880	)	$	52,293	$	(903	)

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	)