INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015 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	$	33,798	$	87	$	(108	)	$	33,777
Obligations of states and political subdivisions		19,659		688		(16	)		20,331
Collateralized mortgage obligations		13,857		63		(11	)		13,909
Mortgage-backed securities		94,477		1,235		(142	)		95,570
Total debt securities	$	161,791	$	2,073	$	(277	)	$	163,587

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 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	$	28,787	$	17	$	(375	)	$	28,429
Obligations of states and political subdivisions		20,236		579		(52	)		20,763
Collateralized mortgage obligations		12,541		37		(25	)		12,553
Mortgage-backed securities		88,491		1,144		(154	)		89,481
Total debt securities	$	150,055	$	1,777	$	(606	)	$	151,226

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, 2015, by contractual and expected maturity, are shown in the following table:

(in thousands)	Amortized cost		Estimated fair value
Due in one year or less	$	2,651	$	2,653
Due after one year through five years		138,881		140,076
Due after five years through ten years		18,324		18,762
Due after ten years		1,935		2,096
	$	161,791	$	163,587

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, 2015, 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	$	—	$	—		$	17,992	$	(108	)	$	17,992	$	(108	)
Obligations of states and political subdivisions		2,517		(15	)		606		(1	)		3,123		(16	)
Collateralized Mortgage obligations		4,216		(11	)		—		—			4,216		(11	)
Mortgaged-backed      securities		14,202		(70	)		7,195		(72	)		21,397		(142	)
Total	$	20,935	$	(96	)	$	25,793	$	(181	)	$	46,728	$	(277	)

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 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	$	1,474	$	(4	)	$	21,729	$	(371	)	$	23,203	$	(375	)
Obligations of states and political subdivisions		1,927		(28	)		1,530		(24	)		3,457		(52	)
Collateralized Mortgage obligations		2,881		(25	)		—		—			2,881		(25	)
Mortgaged-backed      securities		9,786		(55	)		9,128		(99	)		18,914		(154	)
Total	$	16,068	$	(112	)	$	32,387	$	(494	)	$	48,455	$	(606	)