SECURITIES

3 Months Ended

Mar. 31, 2017

Securities

Securities

(5)Securities

A summary of securities is as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
At March 31, 2017
Securities available for sale
State and municipal	$	2,350	$	48	$	(3)	$	2,395
Residential mortgage-backed securities		16,501		71		(120)		16,452
Total securities available for sale	$	18,851	$	119	$	(123)	$	18,847
Securities held to maturity
State and municipal	$	569	$	—	$	(5)	$	564
Residential mortgage-backed securities		1,893		2		(6)		1,889
Total securities held to maturity	$	2,462	$	2	$	(11)	$	2,453
At December 31, 2016
Securities available for sale
State and municipal	$	2,362	$	27	$	(4)	$	2,385
Residential mortgage-backed securities		17,472		57		(142)		17,387
Total securities available for sale	$	19,834	$	84	$	(146)	$	19,772
Securities held to maturity
State and municipal	$	570	$	—	$	(5)	$	565
Residential mortgage-backed securities		1,933		3		(11)		1,925
Total securities held to maturity	$	2,503	$	3	$	(16)	$	2,490

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

The amortized cost and estimated fair value of debt securities by contractual maturity at March 31, 2017 is as follows. 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.

	Available for Sale				Held to Maturity
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
	(In thousands)
After five years through ten years	$	525	$	537	$	—	$	—
Over ten years		1,825		1,858		569		564
		2,350		2,395		569		564
Residential mortgage-backed securities		16,501		16,452		1,893		1,889
	$	18,851	$	18,847	$	2,462	$	2,453

There were no sales of securities for the three months ended March 31, 2017 and 2016.

Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that the 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 March 31, 2017
Securities available for sale
State and municipal	$	(3)	$	239	$	—	$	—
Residential mortgage-backed securities		(120)		8,245		—		—
Total securities available for sale		(123)		8,484		—		—
Securities held to maturity
State and municipal		(5)		564		—		—
Residential mortgage-backed securities		(6)		1,869		—		—
Total securities held to maturity		(11)		2,433		—		—
Total temporarily impaired securities	$	(134)	$	10,917	$	—	$	—
At December 31, 2016
Securities available for sale
State and municipal	$	(4)	$	512	$	—	$	—
Residential mortgage-backed securities		(142)		8,718		—		—
Total securities available for sale		(146)		9,230		—		—
Securities held to maturity
State and municipal		(5)		565		—		—
Residential mortgage-backed securities		(11)		1,898		—		—
Total securities held to maturity		(16)		2,463		—		—
Total temporarily impaired securities	$	(162)	$	11,693	$	—	$	—

Each reporting period, the Company evaluates all securities classified as available for sale or held to maturity with a decline in fair value below the amortized cost of the investment to determine whether or not the impairment is deemed to be other-than-temporary.

The Company believes that the unrealized losses on ten securities at March 31, 2017 in the table above were primarily caused by changes in interest rates and not by credit quality.  Seven of the investments are guaranteed by the U.S. Government or its agencies and the three remaining municipal securities were issued by the city of New York, and the school districts of Circleville and Fremont, Ohio.  Management has not decided to sell these securities, nor is it likely that the Company will be required to sell the securities; as such no declines are deemed to be other-than-temporary.