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Securities | 12 Months Ended
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Dec. 31, 2013
Securities [Abstract] |
SECURITIES | NOTE 3 - SECURITIES The amortized cost and fair value of securities were as follows:
|  | December 31, 2013
|  |  |  |  |  | Gross |  |  | Gross |  |  |
|  |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair
|  |  | Cost |  |  | Gains |  |  | Losses |  |  | Value
|  | (In Thousands)
AVAILABLE FOR SALE: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 34,471 |  | $ | - |  | $ | (1,058) |  | $ | 33,413
States and political subdivisions |  |  | 60,174 |  |  | 650 |  |  | (1,794) |  |  | 59,030
Corporate obligations |  |  | 3,667 |  |  | 84 |  |  | (40) |  |  | 3,711
Mortgage-backed securities- |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  |  | 63,467 |  |  | 81 |  |  | (1,898) |  |  | 61,650
Equity securities-financial services |  |  | 293 |  |  | 50 |  |  | (15) |  |  | 328
|  | $ | 162,072 |  | $ | 865 |  | $ | (4,805) |  | $ | 158,132
HELD TO MATURITY: |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 174 |  | $ | 3 |  | $ | - |  | $ | 177
|  | 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):
| December 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 | $ | 32,481 |  | $ | (990) |  | $ | 932 |  | $ | (68) |  | $ | 33,413 |  | $ | (1,058)
States and political subdivisions |  | 26,281 |  |  | (1,415) |  |  | 4,228 |  |  | (379) |  |  | 30,509 |  |  | (1,794)
Corporate obligations |  | 1,145 |  |  | (40) |  |  | - |  |  | - |  |  | 1,145 |  |  | (40)
Mortgage-backed securities-government sponsored entities |  | 47,014 |  |  | (1,524) |  |  | 7,478 |  |  | (374) |  |  | 54,492 |  |  | (1,898)
Equity securities-financial services |  | 170 |  |  | (15) |  |  | - |  |  | - |  |  | 170 |  |  | (15)
| $ | 107,091 |  | $ | (3,984) |  | $ | 12,638 |  | $ | (821) |  | $ | 119,729 |  | $ | (4,805)
| 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 entities |  | 17,199 |  |  | (113) |  |  | - |  |  | - |  |  | 17,199 |  |  | (113)
| $ | 30,076 |  | $ | (206) |  | $ | - |  | $ | - |  | $ | 30,076 |  | $ | (206)
The Company has 123 debt securities and one equity security in the less than twelve month category and 17 debt securities in the twelve months or more category as of December 31, 2013. In management’s opinion, the unrealized losses on securities 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 losses represent temporary impairment of the securities, and it is more likely than not that it will not have to sell the securities before recovery of their cost basis. The amortized cost and fair value of securities as of December 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 |  | Fair |  | Amortized |  | Fair
| Cost |  | Value |  | Cost |  | Value
| (In Thousands)
Due in one year or less | $ | 799 |  | $ | 803 |  | $ | 174 |  | $ | 177
Due after one year through five years |  | 15,837 |  |  | 15,646 |  |  | — |  |  | —
Due after five years through ten years |  | 38,543 |  |  | 37,740 |  |  | — |  |  | —
Due after ten years |  | 43,133 |  |  | 41,965 |  |  | — |  |  | —
|  | 98,312 |  |  | 96,154 |  |  | 174 |  |  | 177
Mortgage-backed securities - government sponsored entities |  | 63,467 |  |  | 61,650 |  |  | — |  |  | —
| $ | 161,779 |  | $ | 157,804 |  | $ | 174 |  | $ | 177
Gross realized gains and gross realized losses on sales of securities available for sale were $908,000 and $27,000, respectively, in 2013, compared to $1,419,000 and $0, respectively, in 2012, and $983,000 and $10,000, respectively, in 2011. The proceeds from the sales of securities totaled $42,348,000, $40,914,000 and $32,146,000 for the years ended December 31, 2013, 2012 and 2011, respectively. Securities with a carrying value of $94,352,000 and $71,497,000 at December 31, 2013 and 2012, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law.

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