Securities Available-for Sale

3 Months Ended

Mar. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Securities Available-for Sale

Note 4 – Securities Available-for Sale

The amortized cost and fair value of securities available-for-sale 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
March 31, 2015
U.S. government-sponsored entities	$	8,000	$	15	$	(9	)	$	8,006
Residential mortgage-backed		599		36		—			635
Total	$	8,599	$	51	$	(9	)	$	8,641
December 31, 2014
U.S. government-sponsored entities	$	6,000	$	—	$	(34	)	$	5,966
Residential mortgage-backed		632		38		—			670
Total	$	6,632	$	38	$	(34	)	$	6,636

There were no sales of securities available-for-sale during the three months ended March 31, 2015 or the three months ended March 31, 2014. There were no securities pledged to secure any of the borrowings of the Company as of March 31, 2015 and December 31, 2014.

The amortized cost and fair value of available-for-sale securities are shown by contractual maturity as of March 31, 2015. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

	March 31, 2015
	Amortized		Fair
	Cost		Value
U.S. government-sponsored entities
Within one year	$	—	$	—
One to five years		7,000		7,007
Five to ten years		1,000		999
Residential mortgage-backed		599		635
Total	$	8,599	$	8,641

Anticipated maturities on mortgage-backed securities are not readily determinable as borrowers have the right to prepay their obligation with or without penalties.

The following table summarizes securities with unrealized losses at March 31, 2015 and December 31, 2014, aggregated by major security type and length of time in a continuous unrealized loss position.

	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
2015
U.S. government sponsored entities	$	999	$	(1	)	$	992	$	(8	)	$	1,991	$	(9	)
2014
U.S. government sponsored entities	$	3,985	$	(15	)	$	981	$	(19	)	$	4,966	$	(34	)

As of March 31, 2015 and December 31, 2014, all of the Company’s securities available for sale were issued by U.S. government-sponsored entities and agencies which the government has affirmed its commitment to support.

Unrealized losses on securities have not been recognized into income because the issuer’s securities are of high credit quality (rated AA or higher at the time of purchase), management does not intend to sell and it is not more likely than not that management would be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates. The fair value is expected to recover as the securities approach maturity.