Securities

12 Months Ended

Dec. 31, 2014

SECURITIES

SECURITIES

5.SECURITIES

A summary of securities is as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(In thousands)
At December 31, 2014
Securities available for sale
State and municipal	$	2,458	$	54	$	(5	)	$	2,507
Residential mortgage-backed securities	16,844		234		(59		)	17,019
Total securities available for sale	$	19,302	$	288	$	(64	)	$	19,526
Securities held to maturity
Residential mortgage-backed securities	$	837	$	79	$	—		$	916
At December 31, 2013
State and municipal	$	2,505	$	4	$	(115	)	$	2,394
Residential mortgage-backed securities	16,381		67		(561		)	15,887
Total securities available for sale	$	18,886	$	71	$	(676	)	$	18,281
Securities held to maturity
Residential mortgage-backed securities	$	1,050	$	86	$	—		$	1,136

All residential mortgage-backed securities have been issued by government-sponsored enterprises and government agencies.

The scheduled maturities of debt securities at December 31, 2014 are as follows:

	Available for Sale				Held to Maturity
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
	(In thousands)
Over ten years	$	2,458	$	2,507	$	—	$	—
Residential mortgage-backed securities	16,844		17,019		837		916
	$	19,302	$	19,526	$	837	$	916

Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

There were no sales of securities for the years ended December 31, 2014 and 2013.  Certain securities are pledged as collateral for FHLB advances.  Refer to Note 9 — Federal Home Loan Bank Advances for further information.

Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows:

	Less Than Twelve Months					Twelve Months Or Longer
	Gross					Gross
	Unrealized			Fair		Unrealized			Fair
	Losses			Value		Losses			Value
	(In thousands)
At December 31, 2014
Securities available for sale
State and municipal	$	—		$	—	$	(5	)	$	805
Residential mortgage-backed securities	—			—		(59		)	5,456
Total temporarily impaired securities	$	—		$	—	$	(64	)	$	6,261
At December 31, 2013
Securities available for sale
State and municipal	$	(115	)	$	1,827	$	—		$	—
Residential mortgage-backed securities	(561		)	13,389		—			—
Total temporarily impaired securities	$	(676	)	$	15,216	$	—		$	—

The unrealized losses in the above table were primarily caused by changes in interest rates and not by credit quality.  Many of the investments are guaranteed by the U.S. Government or its agencies and as management has not decided to sell these securities, nor is it likely that the Company will be required to sell the securities, no declines are deemed to be other than temporary.