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Securities | 9 Months Ended
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Sep. 30, 2013
Securities [Abstract] |
Securities | 6. Securities The amortized cost and fair value of securities were as follows:
|  | September 30, 2013
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
|  | (In Thousands)
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 28,259 |  | $ | 5 |  | $ | (745) |  | $ | 27,519
States and political subdivisions |  |  | 64,413 |  |  | 942 |  |  | (1,561) |  |  | 63,794
Corporate obligations |  |  | 4,690 |  |  | 138 |  |  | (74) |  |  | 4,754
Mortgage-backed securities- |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  |  | 55,628 |  |  | 214 |  |  | (1,348) |  |  | 54,494
Equity securities-financial services |  |  | 292 |  |  | 51 |  |  | - |  |  | 343
|  | $ | 153,282 |  | $ | 1,350 |  | $ | (3,728) |  | $ | 150,904
Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 174 |  | $ | 2 |  | $ | - |  | $ | 176
|  | December 31, 2012
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | 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):
| September 30, 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 | $ | 25,401 |  | $ | (745) |  | $ | - |  | $ | - |  | $ | 25,401 |  | $ | (745)
States and political subdivisions |  | 24,672 |  |  | (1,550) |  |  | 772 |  |  | (11) |  |  | 25,444 |  |  | (1,561)
Corporate Obligations |  | 2,505 |  |  | (74) |  |  | - |  |  | - |  |  | 2,505 |  |  | (74)
Mortgage-backed securities-government sponsored agencies |  | 33,903 |  |  | (1,337) |  |  | 820 |  |  | (11) |  |  | 34,723 |  |  | (1,348)
| $ | 86,481 |  | $ | (3,706) |  | $ | 1,592 |  | $ | (22) |  | $ | 88,073 |  | $ | (3,728)
| 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 September 30, 2013, the Company has 107 debt securities in an unrealized loss position in the less than twelve months category and two debt securit ies in the twelve months or more category. In Management’s opinion the unrealized losses 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 unrealized loss es represent temporary impairment of the securit ies as the Company does not have the intent to sell the securit ies and it is more likely than not that it will not have to sell the securit ies before recovery of its cost basis. The amortized cost and fair value of debt securities as of September 30, 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 |  | $ | 2,418 |  | $ | 2,436 |  | $ | 174 |  | $ | 176
Due after one year through five years |  |  | 13,948 |  |  | 14,009 |  |  | - |  |  | -
Due after five years through ten years |  |  | 38,573 |  |  | 38,015 |  |  | - |  |  | -
Due after ten years |  |  | 42,423 |  |  | 41,607 |  |  | - |  |  | -
Mortgage-backed securities-government sponsored agencies |  |  | 55,628 |  |  | 54,494 |  |  | - |  |  | -
|  | $ | 152,990 |  | $ | 150,561 |  | $ | 174 |  | $ | 176
Gross realized gains and gross realized losses on sales of securities available for sale were as follows (in thousands):
|  | Three Months |  | Nine Months
|  | Ended September 30, |  | Ended September 30,
|  | 2013 |  | 2012 |  | 2013 |  | 2012
Gross realized gains |  | $ | 198 |  | $ | 631 |  | $ | 608 |  | $ | 1,318
Gross realized losses |  |  | - |  |  | - |  |  | (18) |  |  | -
Net realized gain |  | $ | 198 |  | $ | 631 |  | $ | 590 |  | $ | 1,318
Proceeds from sales of securities |  | $ | 14,663 |  | $ | 15,549 |  | $ | 29,962 |  | $ | 23,265

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