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Securities | 3 Months Ended
--- | ---
Mar. 31, 2013
Securities [Abstract] |
Securities | 6. Securities The amortized cost and fair value of securities were as follows:
| March 31, 2013
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
| (In Thousands)
Available for Sale: |  |  |  |
U.S. Government agencies | $17,290 | $34 | $(29) | $17,295
States and political subdivisions | 56,125 | 2,384 | (182) | 58,327
Corporate obligations | 8,502 | 328 | - | 8,830
Mortgage-backed securities- government sponsored entities | 63,151 | 878 | (196) | 63,833
Equity securities-financial services | 292 | 28 | (7) | 313
| $145,360 | $3,652 | $(414) | $148,598
Held to Maturity: |  |  |  |
States and political subdivisions | $173 | $2 | $- | $175
| December 31, 2012
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
| (In Thousands)
Available for Sale: |  |  |  |
U.S. Government agencies | $13,076 | $36 | $(20) | $13,092
States and political subdivisions | 55,864 | 2,995 | (73) | 58,786
Corporate obligations | 8,521 | 347 | - | 8,868
Mortgage-backed securities-government sponsored entities | 63,397 | 1,041 | (113) | 64,325
Equity securities-financial services | 292 | 27 | - | 319
| $141,150 | $4,446 | $(206) | $145,390
Held to Maturity: |  |  |  |
States and political subdivisions | $173 | $4 | $- | $177
The following tables show the Company's investments' gross unrealized losses and fair value aggregated by length of time that individual securities have been in a continuous unrealized loss position (in thousands):
| March 31, 2013
| Less than 12 Months 12 Months or More __Total__ ___
| Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
U.S. government agencies | $9,070 | $(29) | $- | $- | $9,070 | $(29)
States and political subdivisions | 8,814 | (182) | - | - | 8,814 | (182)
Mortgage-backed securities - government sponsored agencies | 28,321 | (196) | - | - | 28,321 | (196)
Equity securities-financial services | 178 | (7) | - | - | 178 | (7)
| $46,383 | $(414) | $- | $- | $46,383 | $(414)
| December 31, 2012
| Less than 12 Months 12 Months or More Total
| Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
U.S. government agencies | $7,056 | $ (20) | $- | $- | $7,056 | $ (20)
States and political subdivisions | 5,821 | (73) | - | - | 5,821 | (73)
Mortgage-backed securities-government sponsored agencies | 17,199 | (113) | - | - | 17,199 | (113)
| $30,076 | $ (206) | $- | $- | $30,076 | ($206)
At March 31, 2013, the Company has 48 debt securities in an unrealized loss position in the less than twelve months category and no debt securities in the twelve months or more category. In Management's opinion the unrealized losses less than twelve months principally reflect changes in interest rates subsequent to the acquisition of specific securities. No other-than-temporary-impairment charges were recorded in 2013. Management believes that all other unrealized loss represents temporary impairment of the security as the Company does not have the intent to sell the security and it is more likely than not that it will not have to sell the security before recovery of its cost basis. The amortized cost and fair value of debt securities as of March 31, 2013 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.
| Available for Sale Held to Maturity
| Amortized Cost | Fair Value | Amortized Cost | Fair Value
| (In Thousands)
Due in one year or less | $5,474 | $5,542 | $- | $-
Due after one year through five years | 14,147 | 14,433 | 173 | 175
Due after five years through ten years | 29,990 | 30,844 | - | -
Due after ten years | 32,306 | 33,633 | - | -
Mortgage-backed securities-government sponsored agencies | 63,151 | 63,833 | - | -
| $145,068 | $148,285 | $173 | $175
Gross realized gains and gross realized losses on sales of securities available for sale were as follows (in thousands):
| Three Months
| Ended March 31,
| 2013 | 2012 |  |
Gross realized gains | $156 | $402 |  |
Gross realized losses | (18) | - |  |
Net realized gain | $138 | $402 |  |
Proceeds from sales of securities | $7,403 | $10,633 |  |

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