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Securities | 6 Months Ended
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Jun. 30, 2014
Securities [Abstract] |
SECURITIES | 6. Securities The amortized cost and fair value of securities were as follows:
|  | June 30, 2014
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
|  | (In Thousands)
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 26,941 |  | $ | 23 |  | $ | (438) |  | $ | 26,526
States and political subdivisions |  |  | 58,785 |  |  | 1,485 |  |  | (378) |  |  | 59,892
Corporate obligations |  |  | 6,457 |  |  | 137 |  |  | (11) |  |  | 6,583
Mortgage-backed securities- |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  |  | 62,437 |  |  | 208 |  |  | (1,074) |  |  | 61,571
Equity securities-financial services |  |  | 292 |  |  | 63 |  |  | (2) |  |  | 353
|  | $ | 154,912 |  | $ | 1,916 |  | $ | (1,903) |  | $ | 154,925
|  | 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
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):
| June 30, 2014
| 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 | $ | 998 |  | $ | (2) |  | $ | 19,002 |  | $ | (436) |  | $ | 20,000 |  | $ | (438)
States and political subdivisions |  | 3,903 |  |  | (20) |  |  | 12,201 |  |  | (358) |  |  | 16,104 |  |  | (378)
Corporate Obligations |  | - |  |  | - |  |  | 1,159 |  |  | (11) |  |  | 1,159 |  |  | (11)
Mortgage-backed securities-government sponsored agencies |  | 8,929 |  |  | (74) |  |  | 25,672 |  |  | (1,000) |  |  | 34,601 |  |  | (1,074)
Equity securities - financial services |  | 183 |  |  | (2) |  |  | - |  |  | - |  |  | 183 |  |  | (2)
| $ | 14,013 |  | $ | (98) |  | $ | 58,034 |  | $ | (1,805) |  | $ | 72,047 |  | $ | (1,903)
| 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 agencies |  | 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)
At June 30, 2014, the Company has 15 debt securities in an unrealized loss position in the less than twelve months category and 67 debt securities in the twelve months or more category. Additionally, the Company holds one equity security in an unrealized loss position in the less than twelve months 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 2014. Management believes that all unrealized losses represent temporary impairment of the securities as the Company does not have the intent to sell the securities and it is more likely than not that it will not have to sell the securities before recovery of its cost basis. The amortized cost and fair value of debt securities as of June 30, 2014 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 |  |
(In Thousands) |  | Amortized Cost |  | Fair Value |  |  |  |
Due in one year or less |  | $ | 250 |  | $ | 254 |  |  |  |  |  |
Due after one year through five years |  |  | 17,721 |  |  | 17,693 |  |  |  |  |  |
Due after five years through ten years |  |  | 26,137 |  |  | 25,964 |  |  |  |  |  |
Due after ten years |  |  | 48,075 |  |  | 49,090 |  |  |  |  |  |
Mortgage-backed securities-government sponsored agencies |  |  | 62,437 |  |  | 61,571 |  |  |  |  |  |
|  | $ | 154,620 |  | $ | 154,572 |  |  |  |  |  |
Gross realized gains and gross realized losses on sales of securities available for sale were as follows (in thousands):
|  | Three Months |  | Six Months
|  | Ended June 30, |  | Ended June 30,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Gross realized gains |  | $ | 523 |  | $ | 254 |  | $ | 617 |  | $ | 410
Gross realized losses |  |  | (14) |  |  | - |  |  | (14) |  |  | (18)
Net realized gain |  | $ | 509 |  | $ | 254 |  | $ | 603 |  | $ | 392
Proceeds from sales of securities |  | $ | 19,785 |  | $ | 7,896 |  | $ | 31,865 |  | $ | 15,299

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