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Securities | 9 Months Ended
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Sep. 30, 2014
Investments Debt And Equity Securities [Abstract] |
Securities | NOTE 3 - SECURITIES Securities have been classified in the financial statements as available for sale or held to maturity. The amortized cost of securities and their approximate fair values at September 30, 2014 and December 31, 2013 are as follows:
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency obligations |  | $ | 90,577 |  |  | $ | 212 |  |  | $ | (52 | ) |  | $ | 90,737 |
Mortgage-backed securities, residential |  |  | 30,130 |  |  |  | 584 |  |  |  | (1 | ) |  |  | 30,713 |
Asset backed securities |  |  | 18,632 |  |  |  | 192 |  |  |  | (29 | ) |  |  | 18,795 |
State and municipal |  |  | 7,879 |  |  |  | 219 |  |  |  | — |  |  |  | 8,098 |
Corporate bonds |  |  | 16,758 |  |  |  | 173 |  |  |  | — |  |  |  | 16,931 |
SBA pooled securities |  |  | 212 |  |  |  | 3 |  |  |  | — |  |  |  | 215 |
Total available for sale securities |  | $ | 164,188 |  |  | $ | 1,383 |  |  | $ | (82 | ) |  | $ | 165,489 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrecognized |  |  | Unrecognized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Held to maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other - State of Israel bonds |  | $ | 745 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 750 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency obligations |  | $ | 95,967 |  |  | $ | 91 |  |  | $ | (224 | ) |  | $ | 95,834 |
Mortgage-backed securities, residential |  |  | 35,931 |  |  |  | 355 |  |  |  | (1 | ) |  |  | 36,285 |
Asset backed securities |  |  | 18,811 |  |  |  | 34 |  |  |  | (6 | ) |  |  | 18,839 |
State and municipal |  |  | 8,989 |  |  |  | 20 |  |  |  | (4 | ) |  |  | 9,005 |
Corporate bonds |  |  | 20,817 |  |  |  | 62 |  |  |  | (36 | ) |  |  | 20,843 |
Trust preferred |  |  | 3,706 |  |  |  | — |  |  |  | (106 | ) |  |  | 3,600 |
SBA pooled securities |  |  | 244 |  |  |  | 4 |  |  |  | — |  |  |  | 248 |
Total available for sale securities |  | $ | 184,465 |  |  | $ | 566 |  |  | $ | (377 | ) |  | $ | 184,654 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrecognized |  |  | Unrecognized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Held to maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other - State of Israel bonds |  | $ | 743 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 745 |
The amortized cost and estimated fair value of securities at September 30, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Securities Available for Sale |  |  | Held to Maturity |
|  | Amortized |  |  | Fair |  |  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |  |  | Cost |  |  | Value |
Due in one year or less |  | $ | 1,336 |  |  | $ | 1,338 |  |  | $ | 225 |  |  | $ | 225 |
Due from one year to five years |  |  | 94,588 |  |  |  | 94,900 |  |  |  | 520 |  |  |  | 525 |
Due from five years to ten years |  |  | 17,699 |  |  |  | 17,846 |  |  |  | — |  |  |  | — |
Due after ten years |  |  | 1,591 |  |  |  | 1,682 |  |  |  | — |  |  |  | — |
|  |  | 115,214 |  |  |  | 115,766 |  |  |  | 745 |  |  |  | 750 |
Mortgage-backed securities, residential |  |  | 30,130 |  |  |  | 30,713 |  |  |  | — |  |  |  | — |
Asset backed securities |  |  | 18,632 |  |  |  | 18,795 |  |  |  | — |  |  |  | — |
SBA pooled securities |  |  | 212 |  |  |  | 215 |  |  |  | — |  |  |  | — |
|  | $ | 164,188 |  |  | $ | 165,489 |  |  | $ | 745 |  |  | $ | 750 |
For the three and nine months ended September 30, 2014, securities were sold resulting in proceeds of $4,065 and $10,859, respectively, gross gains of $10 and $35, respectively, and gross losses of $0 and $9, respectively. There were no sales of securities for the three and nine months ended September 30, 2013. Securities with a carrying amount of approximately $96,031 and $87,434 at September 30, 2014 and December 31, 2013, respectively, were pledged to secure securities sold under agreements to repurchase, Federal Home Loan Bank advances, and for other purposes required or permitted by law. Information pertaining to securities with gross unrealized losses at September 30, 2014 and December 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are summarized as follows:
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency obligations |  | $ | 14,644 |  |  | $ | (52 | ) |  | $ | — |  |  | $ | — |  |  | $ | 14,644 |  |  | $ | (52 | )
Mortgage-backed securities, residential |  |  | 184 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 184 |  |  |  | (1 | )
Asset backed securities |  |  | 9,789 |  |  |  | (29 | ) |  |  | — |  |  |  | — |  |  |  | 9,789 |  |  |  | (29 | )
State and municipal |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Corporate bonds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
SBA pooled securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 24,617 |  |  | $ | (82 | ) |  | $ | — |  |  | $ | — |  |  | $ | 24,617 |  |  | $ | (82 | )
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency obligations |  | $ | 38,890 |  |  | $ | (222 | ) |  | $ | 1,849 |  |  | $ | (2 | ) |  | $ | 40,739 |  |  | $ | (224 | )
Mortgage-backed securities, residential |  |  | 800 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 800 |  |  |  | (1 | )
Asset backed securities |  |  | 4,913 |  |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | 4,913 |  |  |  | (6 | )
State and municipal |  |  | 1,481 |  |  |  | (4 | ) |  |  | — |  |  |  | — |  |  |  | 1,481 |  |  |  | (4 | )
Corporate bonds |  |  | 8,419 |  |  |  | (36 | ) |  |  | — |  |  |  | — |  |  |  | 8,419 |  |  |  | (36 | )
Trust preferred |  |  | 3,600 |  |  |  | (106 | ) |  |  | — |  |  |  | — |  |  |  | 3,600 |  |  |  | (106 | )
SBA pooled securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 58,103 |  |  | $ | (375 | ) |  | $ | 1,849 |  |  | $ | (2 | ) |  | $ | 59,952 |  |  | $ | (377 | )
Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. As of September 30, 2014, management does not have the intent to sell any of the securities classified as available for sale in the table above and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the bonds approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of September 30, 2014, management believes the unrealized losses detailed in the previous table are temporary and no other than temporary impairment loss has been recognized in the Company’s consolidated statements of income.

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