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Securities | 9 Months Ended
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Sep. 30, 2015
Securities [Abstract] |
Securities | 6. Securities The amortized cost and fair value of securities were as follows:
|  | September 30, 2015
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
|  | (In Thousands)
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 18,310 |  | $ | 81 |  | $ | (31) |  | $ | 18,360
States and political subdivisions |  |  | 62,078 |  |  | 1,247 |  |  | (395) |  |  | 62,930
Corporate obligations |  |  | 4,961 |  |  | 97 |  |  | - |  |  | 5,058
Mortgage-backed securities- |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  |  | 66,571 |  |  | 402 |  |  | (384) |  |  | 66,589
Total debt securities |  |  | 151,920 |  |  | 1,827 |  |  | (810) |  |  | 152,937
Equity securities-financial services |  |  | 292 |  |  | 76 |  |  | - |  |  | 368
|  | $ | 152,212 |  | $ | 1,903 |  | $ | (810) |  | $ | 153,305
|  | 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
The following tables show the Company’s investment securities 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, 2015
| 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 | $ | 4,033 |  | $ | (5) |  | $ | 3,150 |  | $ | (26) |  | $ | 7,183 |  | $ | (31)
States and political subdivisions |  | 18,993 |  |  | (359) |  |  | 2,186 |  |  | (36) |  |  | 21,179 |  |  | (395)
Corporate obligations |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Mortgage-backed securities-government sponsored agencies |  | 7,597 |  |  | (50) |  |  | 17,540 |  |  | (334) |  |  | 25,137 |  |  | (384)
| $ | 30,623 |  | $ | (414) |  | $ | 22,876 |  | $ | (396) |  | $ | 53,499 |  | $ | (810)
| 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 agencies |  | 22,090 |  |  | (189) |  |  | 26,050 |  |  | (748) |  |  | 48,140 |  |  | (937)
| $ | 30,250 |  | $ | (226) |  | $ | 46,878 |  | $ | (1,181) |  | $ | 77,128 |  | $ | (1,407)
At September 30, 2015, the Company has 44 debt securities in an unrealized loss position in the less than twelve months category and 25 debt securities 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 2015. 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 September 30, 2015 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 |  | $ | 1,140 |  | $ | 1,155 |  |  |  |  |  |
Due after one year through five years |  |  | 22,596 |  |  | 22,748 |  |  |  |  |  |
Due after five years through ten years |  |  | 9,542 |  |  | 9,636 |  |  |  |  |  |
Due after ten years |  |  | 52,071 |  |  | 52,809 |  |  |  |  |  |
Mortgage-backed securities-government sponsored agencies |  |  | 66,571 |  |  | 66,589 |  |  |  |  |  |
|  | $ | 151,920 |  | $ | 152,937 |  |  |  |  |  |
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,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
Gross realized gains |  | $ | 63 |  | $ | 301 |  | $ | 508 |  | $ | 918
Gross realized losses |  |  | - |  |  | - |  |  | - |  |  | (14)
Net realized gain |  | $ | 63 |  | $ | 301 |  | $ | 508 |  | $ | 904
Proceeds from sales of securities |  | $ | 5,466 |  | $ | 7,252 |  | $ | 28,850 |  | $ | 39,117

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