INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2015

Summary of Investments in Available-for-sale and Held-to-maturity Securities

The following is a summary of the Company's investments in available for sale and held to maturity securities as of June 30, 2015 and December 31, 2014:



As of June 30, 2015	Amortized cost		Gross unrealized gains		Gross unrealized losses		Other-than- temporary impairments in OCI		Fair value
	(amounts in thousands)
Available for sale:
Corporate debt obligations	$	500	$	20	$	—	$	—	$	520
Residential mortgage-backed securities	44,063		579		415		—		44,227
Collateralized mortgage obligations	302		11		—		—		313
Collateralized debt obligations	806		—		—		431		375
Total available for sale	$	45,671	$	610	$	415	$	431	$	45,435

Held to maturity:
States and political subdivisions	$	2,161	$	245	$	—	$	—	$	2,406



As of December 31, 2014	Amortized cost		Gross unrealized gains		Gross unrealized losses		Other-than- temporary impairments in OCI		Fair value
	(amounts in thousands)
Available for sale:
Corporate debt obligations	$	500	$	22	$	—	$	—	$	522
Residential mortgage-backed securities	26,252		754		59		—		26,947
Collateralized mortgage obligations	375		15		—		—		390
Collateralized debt obligations	806		—		—		457		349
Total available for sale	$	27,933	$	791	$	59	$	457	$	28,208

Held to maturity:
States and political subdivisions	$	2,141	$	236	$	—	$	—	$	2,377

Investments Classified by Contractual Maturity

The amortized cost and fair value of debt securities classified as available for sale and held to maturity, by contractual maturity as of June 30, 2015 are as follows:



	Amortized Cost		Fair Value
	(amounts in thousands)
Available for sale:
Due within one year	$	—	$	—
Due after one year through five years	—		—
Due after five years through ten years	—		—
Due after ten years	1,306		894
Residential mortgage-backed securities and collateralized mortgage obligations	44,365		44,541
Total available for sale	$	45,671	$	45,435

Held to maturity:
Due within one year	$	—	$	—
Due after one year through five years	—		—
Due after five years through ten years	—		—
Due after ten years	2,161		2,406
Total held to maturity	$	2,161	$	2,406

Gross Unrealized Losses and Fair Value of Investments with Continuous Unrealized Loss Position

The following tables show the gross unrealized losses and fair value of the Company's investments with unrealized losses that are not deemed to be other than temporarily impaired (“OTTI”), aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2015 and December 31, 2014:



As of June 30, 2015	Less Than 12 Months				12 Months or Greater			Total
Description of Securities	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value		Unrealized Losses
	(amounts in thousands)
Available for sale:
Residential mortgage-backed securities	20,464		350		3,578	65		24,042		415
Total available for sale	$	20,464	$	350	3,578	$	65	$	24,042	$	415



As of December 31, 2014	Less Than 12 Months				12 Months or Greater				Total
Description of Securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(amounts in thousands)
Available for sale:
Residential mortgage-backed securities	3,968		59		—		—		3,968		59
Total available for sale	$	3,968	$	59	$	—	$	—	$	3,968	$	59

Changes in the Credit Loss Component of Credit-impaired Debt Securities

Changes in the credit loss component of credit-impaired debt securities were as follows for the six month periods ended June 30, 2015 and 2014. There were no changes for the three month periods ended for June 30, 2015 and 2014.



	For the Six Months Ended June 30,
	2015		2014
	(amounts in thousands)
Beginning balance	$	171	$	1,126
Initial credit impairment	—		—
Subsequent credit impairments	—		—
Reductions for amounts recognized in earnings due to intent or requirement to sell	—		—
Reductions for securities sold	—		(955		)
Reductions for securities deemed worthless	—		—
Reductions for increases in cash flows expected to be collected	—		—
Ending balance	$	171	$	171