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Securities | 12 Months Ended
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Dec. 31, 2014
Securities [Abstract] |
SECURITIES | NOTE 3 - SECURITIES T he amortized cost and fair value of securities were as follows:
|  | December 31, 2014
|  |  |  |  |  | Gross |  |  | Gross |  |  |
|  |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair
|  |  | Cost |  |  | Gains |  |  | Losses |  |  | Value
|  | (In Thousands)
AVAILABLE FOR SALE: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 29,289 |  | $ | 42 |  | $ | (356) |  | $ | 28,975
States and political subdivisions |  |  | 52,685 |  |  | 1,750 |  |  | (103) |  |  | 54,332
Corporate obligations |  |  | 6,387 |  |  | 110 |  |  | (11) |  |  | 6,486
Mortgage-backed securities- |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  |  | 67,032 |  |  | 109 |  |  | (937) |  |  | 66,204
Total debt securities |  |  | 155,393 |  |  | 2,011 |  |  | (1,407) |  |  | 155,997
Equity securities-financial services |  |  | 292 |  |  | 106 |  |  | - |  |  | 398
|  | $ | 155,685 |  | $ | 2,117 |  | $ | (1,407) |  | $ | 156,395
|  | 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
Total debt securities |  |  | 161,779 |  |  | 815 |  |  | (4,790) |  |  | 157,804
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):
| December 31, 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 | $ | 4,965 |  | $ | (17) |  | $ | 15,051 |  | $ | (339) |  | $ | 20,016 |  | $ | (356)
States and political subdivisions |  | 3,195 |  |  | (20) |  |  | 4,633 |  |  | (83) |  |  | 7,828 |  |  | (103)
Corporate obligations |  | - |  |  | - |  |  | 1,144 |  |  | (11) |  |  | 1,144 |  |  | (11)
Mortgage-backed securities-government sponsored entities |  | 22,090 |  |  | (189) |  |  | 26,050 |  |  | (748) |  |  | 48,140 |  |  | (937)
| $ | 30,250 |  | $ | (226) |  | $ | 46,878 |  | $ | (1,181) |  | $ | 77,128 |  | $ | (1,407)
| 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)
The Company has 25 debt securities in the less than twelve month category and 51 debt securities in the twelve months or more category as of December 31, 201 4. 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 201 4. 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 debt securities as of December 31, 201 4 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.
| Amortized |  | Fair
| Cost |  | Value
|  | (In Thousands)
Due in one year or less | $ | 1,249 |  | $ | 1,275
Due after one year through five years |  | 20,595 |  |  | 20,537
Due after five years through ten years |  | 23,277 |  |  | 23,161
Due after ten years |  | 43,240 |  |  | 44,820
|  | 88,361 |  |  | 89,793
Mortgage-backed securities - government sponsored entities |  | 67,032 |  |  | 66,204
| $ | 155,393 |  | $ | 155,997
Gross realized gains and gross realized losses on sales of securities available for sale were $1,199,000 and $29,000, respectively, in 201 4, compared to $908,000 and $27,000, respectively, in 201 3, and $1,419,000 and $0, respectively, in 201 2. The proceeds from the sales of securities totaled $66,263,000, $42,348,000 and $40,914,000 for the years ended December 31, 201 4, 201 3 and 201 2, respectively. Securities with a carrying value of $102,994,000 and $94,352,000 at December 31, 201 4 and 201 3, 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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