Investment (Tables)

9 Months Ended

Sep. 30, 2015

INVESTMENTS

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 September 30, 2015, including gross unrealized gains and losses, are summarized as follows:

	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gain		Loss		Value
Municipal securities	$	52,969	$	1,336	$	(382)	$	53,923
Total investment securities held-to-maturity	$	52,969	$	1,336	$	(382)	$	53,923

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 September 30, 2015 are summarized as follows:

	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gain		Loss		Value
U.S. Agency securities	$	32,104	$	20	$	(34)	$	32,090
U.S. Sponsored Mortgage-backed securities		35,044		23		(355)		34,712
Municipal securities		459		—		—		459
Total debt securities		67,607		43		(389)		67,261
Equity and other securities		809		88		—		897
Total investment securities available-for-sale	$	68,416	$	131	$	(389)	$	68,158

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 September 30, 2015:

	Held to Maturity				Available for sale
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Within one year	$	—	$	—	$	—	$	—
After one year, but within five		5,467		5,620		23,101		23,085
After five years, but within ten		13,681		13,889		12,310		12,305
After ten years		33,821		34,414		32,196		31,871
Total	$	52,969	$	53,923	$	67,607	$	67,261

Schedule of investments in an unrealized loss position

The following table discloses investments in an unrealized loss position at September 30, 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)	$	4,993	$	(10)	$	14,075	$	(24)
U.S. Sponsored Mortgage-backed securities (14)		13,286		(89)		12,606		(266)
Municipal securities (42)		9,076		(140)		8,059		(242)
	$	27,355	$	(239)	$	34,740	$	(532)

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)