Securities (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses

The fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
March 31, 2014
Available for sale
U.S. Government and federal agency	$	30,460	$	278	$	(1,333	)	$	29,405
Agency mortgage-backed: residential		105,344		788		(1,289	)		104,843
State and municipal		12,521		625		(19	)		13,127
Corporate bonds		18,024		765		(366	)		18,423
Other debt securities		572		72		—			644
Total available for sale	$	166,921	$	2,528	$	(3,007	)	$	166,442
Held to maturity
State and municipal	$	43,550	$	440	$	(44	)	$	43,946
Total held to maturity	$	43,550	$	440	$	(44	)	$	43,946
December 31, 2013
Available for sale
U.S. Government and federal agency	$	31,026	$	284	$	(1,444	)	$	29,866
Agency mortgage-backed: residential		102,435		458		(1,950	)		100,943
State and municipal		12,965		608		(28	)		13,545
Corporate bonds		18,002		769		(610	)		18,161
Other debt securities		572		60		—			632
Total debt securities		165,000		2,179		(4,032	)		163,147
Equity		135		62		—			197
Total available for sale	$	165,135	$	2,241	$	(4,032	)	$	163,344
Held to maturity
State and municipal	$	43,612	$	3	$	(668	)	$	42,947
Total held to maturity	$	43,612	$	3	$	(668	)	$	42,947

Sales and Calls of Available for Sale Securities

Sales and calls of available for sale securities were as follows:

	Three Months Ended March 31,
	(in thousands)
	2014		2013
Proceeds	$	329	$	—
Gross gains		44		—
Gross losses		—		—

Amortized Cost and Fair Value of Debt Investment Securities Portfolio by Contractual Maturity

	March 31, 2014
	Amortized Cost		Fair Value
	(in thousands)
Maturity
Available for sale
Within one year	$	15,645	$	15,337
One to five years		13,576		14,606
Five to ten years		31,784		31,012
Beyond ten years		572		644
Agency mortgage-backed: residential		105,344		104,843
Total	$	166,921	$	166,442
Held to maturity
One to five years	$	2,998	$	2,998
Five to ten years		36,143		36,491
Beyond ten years		4,409		4,457
Total	$	43,550	$	43,946

Securities with Unrealized Losses

Securities with unrealized losses at March 31, 2014 and December 31, 2013, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, are as follows:

	Less than 12 Months					12 Months or More					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
	(in thousands)
March 31, 2014
Available for sale
U.S. Government and federal agency	$	22,005	$	(1,191	)	$	1,694	$	(142	)	$	23,699	$	(1,333	)
Agency mortgage-backed:     residential		28,191		(584	)		19,241		(705	)		47,432		(1,289	)
State and municipal		466		(19	)		—		—			466		(19	)
Corporate bonds		9,031		(366	)		—		—			9,031		(366	)
Total temporarily impaired	$	59,693	$	(2,160	)	$	20,935	$	(847	)	$	80,628	$	(3,007	)
Held to maturity
State and municipal		12,342		(44	)		—		—			12,342		(44	)
Total temporarily impaired	$	12,342	$	(44	)	$	—	$	—		$	12,342	$	(44	)
December 31, 2013
Available for sale
U.S. Government and federal agency	$	24,129	$	(1,444	)	$	—	$	—		$	24,129	$	(1,444	)
Agency mortgage-backed:     residential		58,257		(1,672	)		10,344		(278	)		68,601		(1,950	)
State and municipal		458		(28	)		—		—			458		(28	)
Corporate bonds		11,313		(610	)		—		—			11,313		(610	)
Total temporarily impaired	$	94,157	$	(3,754	)	$	10,344	$	(278	)	$	104,501	$	(4,032	)
Held to maturity
State and municipal		39,743		(654	)		1,031		(14	)		40,774		(668	)
Total temporarily impaired	$	39,743	$	(654	)	$	1,031	$	(14	)	$	40,774	$	(668	)