NOTE H — SECURITIES

The following disclosure of the estimated fair value of financial instruments is made in accordance with authoritative guidance. The estimated fair value amounts have been determined using available market information and appropriate valuation methodologies. However, considerable judgment is necessarily required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that could be realized in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

A summary of the amortized cost and estimated fair value of available-for-sale securities and held-to-maturity securities at March 31, 2015, follows:

($ in thousands)

	March 31, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
Available-for-sale securities:
Obligations of U.S. Government Agencies	$	21,664	$	248	$	8	$	21,904
Tax-exempt and taxable obligations of states and municipal subdivisions		98,483		3,021		67		101,437
Mortgage-backed securities		91,736		2,007		51		93,692
Corporate obligations		29,837		241		1,238		28,840
Other		1,255		-		286		969
Total	$	242,975	$	5,517	$	1,650	$	246,842
Held-to-maturity securities:
Mortgage-backed securities	$	1,829	$	52	$	-	$	1,881
Taxable obligations of states and municipal subdivisions		6,000		1,504		-		7,504
Total	$	7,829	$	1,556	$	-	$	9,385