Investment Securities (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015, including gross unrealized gains and losses, are summarized as follows:

	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gain		Loss		Value
Municipal securities	$	53,903	$	1,716	$	(207)	$	55,412
Total investment securities held-to-maturity	$	53,903	$	1,716	$	(207)	$	55,412

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

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 March 31, 2015 are summarized as follows:

	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gain		Loss		Value
U.S. Agency securities	$	30,856	$	32	$	(109)	$	30,779
U.S. Sponsored Mortgage-backed securities		35,936		91		(359)		35,668
Total debt securities		66,792		123		(468)		66,447
Equity and other securities		670		87		—		757
Total investment securities available-for-sale	$	67,462	$	210	$	(468)	$	67,204

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

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

The following tables summarize amortized cost and fair values of debt securities by maturity at March 31, 2015:

	Held to Maturity				Available for sale
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Within one year	$	—	$	—	$	—	$	—
After one year, but within five		3,145		3,239		13,120		13,100
After five years, but within ten		15,994		16,402		18,719		18,669
After ten years		34,764		35,771		34,953		34,678
Total	$	53,903	$	55,412	$	66,792	$	66,447

Schedule of investments in an unrealized loss position

The following table discloses investments in an unrealized loss position at March 31, 2015:

Description and number of positions	Less than 12 months				12 months or more
(in thousands)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. Agency securities (7)	$	—	$	—	$	24,008	$	(109)
U.S. Sponsored Mortgage-backed securities (11)		12,127		(42)		13,988		(317)
Municipal securities (35)		6,204		(39)		8,366		(168)
	$	18,331	$	(81)	$	46,362	$	(594)

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

Description and number of positions	Less than 12 months				12 months or more
(in thousands)	Fair Value		Unrealized Loss		Fair Value		Unrealized 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)