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 June 30, 2015, follows:

($ in thousands)

	June 30, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
Available-for-sale securities:
Obligations of U.S. Government Agencies	$	20,057	$	105	$	13	$	20,149
Tax-exempt and taxable obligations of states and municipal subdivisions		94,656		1,805		538		95,923
Mortgage-backed securities		92,862		1,195		434		93,623
Corporate obligations		26,914		130		1,232		25,812
Other		1,255		-		286		969
Total	$	235,744	$	3,235	$	2,503	$	236,476
Held-to-maturity securities:
Mortgage-backed securities	$	1,651	$	14	$	-	$	1,665
Taxable obligations of states and municipal subdivisions		6,000		1,306		-		7,306
Total	$	7,651	$	1,320	$	-	$	8,971