INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2014

INVESTMENT SECURITIES

Schedule of amortized cost and fair values of investment securities held-to-maturity

Amortized cost and fair values of investment securities held-to-maturity at December 31, 2014, including gross unrealized gains and losses, are summarized as follows:

	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gain		Loss		Value
Municipal securities	$	54,538	$	1,600	$	(267)	$	55,871
Total investment securities held-to-maturity	$	54,538	$	1,600	$	(267)	$	55,871

Amortized cost and fair values of investment securities held-to-maturity at December 31, 2013, including gross unrealized gains and losses, are summarized as follows:

	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gain		Loss		Value
Municipal securities	$	56,670	$	367	$	(2,919)	$	54,118
Total investment securities held-to-maturity	$	56,670	$	367	$	(2,919)	$	54,118

Schedule of amortized cost and fair values of investment securities available-for-sale

Amortized cost and fair values of investment securities available-for-sale at December 31, 2014 are summarized as follows:

	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gain		Loss		Value
U. S. Agency securities	$	37,926	$	73	$	(465)	$	37,534
U.S. Sponsored Mortgage-backed securities		30,293		58		(419)		29,932
Total debt securities		68,219		131		(884)		67,466
Equity and other securities		670		77		—		747
Total investment securities available-for-sale	$	68,889	$	208	$	(884)	$	68,213

Amortized cost and fair values of investment securities available-for-sale at December 31, 2013 are summarized as follows:

	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gain		Loss		Value
U. S. Agency securities	$	60,744	$	—	$	(1,922)	$	58,822
U.S. Sponsored Mortgage-backed securities		47,317		118		(843)		46,592
Total debt securities		108,061		118		(2,765)		105,414
Equity and other securities		810		187		—		997
Total investment securities available-for-sale	$	108,871	$	305	$	(2,765)	$	106,411

Schedule of amortized cost and fair values of debt securities by maturity

	December 31, 2014
	Held to Maturity				Available for sale
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Within one year	$	—	$	—	$	—	$	—
After one year, but within five		2,411		2,453		20,185		20,117
After five years, but within ten		16,564		16,940		22,832		22,534
After ten Years		35,563		36,478		25,202		24,815
Total	$	54,538	$	55,871	$	68,219	$	67,466

Schedule of investments in an unrealized loss position

The following table discloses investments in an unrealized loss position at December 31, 2014:

(in thousands)	Less than 12 months				12 months or more
Description and			Unrealized				Unrealized
number of positions	Fair Value		Loss		Fair Value		Loss
U.S. Agency securities (9)	$	996	$	(3)	$	26,900	$	(462)
U.S. Sponsored Mortgage-backed securities (8)		678		(3)		14,824		(416)
Municipal securities (42)		528		(3)		16,489		(264)
	$	2,202	$	(9)	$	58,213	$	(1,142)

The following table discloses investments in an unrealized loss position at December 31, 2013:

(in thousands)	Less than 12 months				12 months or more
Description and			Unrealized				Unrealized
number of positions	Fair Value		Loss		Fair Value		Loss
U.S. Agency securities (19)	$	58,822	$	(1,922)	$	—	$	—
U.S. Sponsored Mortgage-backed securities (18)		14,969		(113)		19,781		(730)
Municipal securities (103)		35,502		(2,535)		4,471		(384)
	$	109,293	$	(4,570)	$	24,252	$	(1,114)