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Securities (Tables)
 12 Months Ended
Dec. 31, 2014
Investments Debt And Equity Securities [Abstract]  
Schedule of Amortized Cost of Securities and Their Approximate Fair Values

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 December 31, 2014 and 2013 are as follows:

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

(Dollars in thousands)

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

December 31, 2014

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Available for sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agency obligations

 

$

93,150

 

 

$

691

 

 

$

—

 

 

$

93,841

 

Mortgage-backed securities, residential

 

 

28,298

 

 

 

580

 

 

 

—

 

 

 

28,878

 

Asset backed securities

 

 

18,559

 

 

 

129

 

 

 

(90

)

 

 

18,598

 

State and municipal

 

 

6,833

 

 

 

28

 

 

 

—

 

 

 

6,861

 

Corporate bonds

 

 

13,492

 

 

 

144

 

 

 

—

 

 

 

13,636

 

SBA pooled securities

 

 

207

 

 

 

3

 

 

 

—

 

 

 

210

 

Total available for sale securities

 

$

160,539

 

 

$

1,575

 

 

$

(90

)

 

$

162,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrecognized

 

 

Unrecognized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Held to maturity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other - State of Israel bonds

 

$

745

 

 

$

5

 

 

$

—

 

 

$

750

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

(Dollars in thousands)

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

December 31, 2013

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

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

 

 
Schedule of Amortized Cost and Estimated Fair Value of Securities

The amortized cost and estimated fair value of securities at December 31, 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.

 

 

 

Available for Sale

 

 

Held to Maturity

 

 

 

Amortized

 

 

Fair

 

 

Amortized

 

 

Fair

 

(Dollars in thousands)

 

Cost

 

 

Value

 

 

Cost

 

 

Value

 

Due in one year or less

 

$

1,390

 

 

$

1,392

 

 

$

225

 

 

$

225

 

Due from one year to five years

 

 

93,217

 

 

 

93,637

 

 

 

520

 

 

 

525

 

Due from five years to ten years

 

 

17,285

 

 

 

17,671

 

 

 

—

 

 

 

—

 

Due after ten years

 

 

1,583

 

 

 

1,638

 

 

 

—

 

 

 

—

 

 

 

 

113,475

 

 

 

114,338

 

 

 

745

 

 

 

750

 

Mortgage-backed securities, residential

 

 

28,298

 

 

 

28,878

 

 

 

—

 

 

 

—

 

Asset backed securities

 

 

18,559

 

 

 

18,598

 

 

 

—

 

 

 

—

 

SBA pooled securities

 

 

207

 

 

 

210

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

160,539

 

 

$

162,024

 

 

$

745

 

 

$

750

 

 
Schedule of Information Pertaining to Securities with Gross Unrealized Losses

Information pertaining to securities with gross unrealized losses at December 31, 2014 and 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

 

(Dollars in thousands)

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

December 31, 2014

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

U.S. Government agency obligations

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Mortgage-backed securities, residential

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Asset backed securities

 

 

8,703

 

 

 

(82

)

 

 

4,959

 

 

 

(8

)

 

 

13,662

 

 

 

(90

)

State and municipal

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Corporate bonds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

SBA pooled securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

$

8,703

 

 

$

(82

)

 

$

4,959

 

 

$

(8

)

 

$

13,662

 

 

$

(90

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)