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Securities | 9 Months Ended
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Sep. 30, 2013
Securities [Abstract] |
SECURITIES | NOTE 3 – SECURITIES T he following table summarizes the amortized cost and fair value of the available-for-sale securities portfolio at September 30, 2013 and December 31, 2012 and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income (loss):
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
September 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | $ | 4,378 |  | $ | 5 |  | $ | 10 |  | $ | 4,373
State and municipal |  |  | 1,933 |  |  | - |  |  | 7 |  |  | 1,926
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 1,053 |  |  | 56 |  |  | - |  |  | 1,109
Collateralized mortgage obligations |  |  | 3,079 |  |  | 57 |  |  | - |  |  | 3,136
Total |  | $ | 10,443 |  | $ | 118 |  | $ | 17 |  | $ | 10,544
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | $ | 4,429 |  | $ | - |  | $ | 64 |  | $ | 4,365
State and municipal |  |  | 2,006 |  |  | - |  |  | 20 |  |  | 1,986
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 1,399 |  |  | 87 |  |  | - |  |  | 1,486
Collateralized mortgage obligations |  |  | 9,698 |  |  | 117 |  |  | 13 |  |  | 9,802
Total |  | $ | 17,532 |  | $ | 204 |  | $ | 97 |  | $ | 17,639
There was no other-than-temporary impairment recognized in accumulated other comprehensive income (loss) for securities available for sale at September 30, 2013 or December 31, 2012. The proceeds from the sales of securities for the three and nine months ended September 30, 2013 are listed below.
|  | Three months ended |  |  | Nine months ended
|  | September 30, |  |  | September 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Proceeds | $ | - |  | $ | - |  | $ | - |  | $ | 2,144
Gross gains |  | - |  |  | - |  |  | - |  |  | 143
Gross losses |  | - |  |  | - |  |  | - |  |  | -
Tax effect-expense | $ | - |  | $ | - |  | $ | - |  | $ | -
The amortized cost and fair value of debt securities at September 30, 2013 are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
|  |  | September 30, 2013
|  |  | Amortized |  |  | Fair
|  |  | Cost |  | Value
Due in one year or less |  | $ | - |  | $ | -
Due from one to five years |  |  | 6,311 |  |  | 6,299
Mortgage-backed securities |  |  | 1,053 |  |  | 1,109
Collateralized mortgage obligations |  |  | 3,079 |  |  | 3,136
Total |  | $ | 10,443 |  | $ | 10,544
Fair value of securities pledged was as follows:
| September 30, |  | December 31,
| 2013 |  | 2012
Pledged as collateral for: |  |  |  |  |
FHLB advances | $ | 2,401 |  | $ | 4,707
Public deposits |  | 1,265 |  |  | 2,199
Interest-rate swaps |  | 558 |  |  | 1,511
Total | $ | 4,224 |  | $ | 8,417
At September 30, 2013 and December 31, 2012, there were no holdings of securities of any one issuer, other than U.S. government-sponsored entities and agencies, in an amount greater than 10% of stockholders’ equity. The following table summarizes securities with unrealized losses at September 30, 2013 and December 31, 2012 aggregated by major security type and length of time in a continuous unrealized loss position.
September 30, 2013 |  | Less than 12 Months |  | 12 Months or More |  | Total
Description of Securities |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Corporate debt |  | $ | 1,244 |  | $ | 10 |  | $ | - |  | $ | - |  | $ | 1,244 |  | $ | 10
State and municipal |  |  | 1,926 |  |  | 7 |  |  | - |  |  | - |  |  | 1,926 |  |  | 7
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Total temporarily impaired |  | $ | 3,170 |  | $ | 17 |  | $ | - |  | $ | - |  | $ | 3,170 |  | $ | 17
December 31, 2012 |  | Less than 12 Months |  | 12 Months or More |  | Total
Description of Securities |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Corporate debt |  | $ | 4,365 |  | $ | 64 |  | $ | - |  | $ | - |  | $ | 4,365 |  | $ | 64
State and municipal |  |  | 1,936 |  |  | 20 |  |  | - |  |  | - |  |  | 1,936 |  |  | 20
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations |  |  | 1,673 |  |  | 13 |  |  | - |  |  | - |  |  | 1,673 |  |  | 13
Total temporarily impaired |  | $ | 7,974 |  | $ | 97 |  | $ | - |  | $ | - |  | $ | 7,974 |  | $ | 97
The unrealized losses in Corporate d ebt and State and m unicipal s ecurities at September 3 0, 2013 and December 31, 2012, are related to multiple securities. Because the decline in fair value is attributable to changes in market conditions, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell these securities before their anticipated recovery, the Company did not consider these securities to be other-than-temporarily impaired at September 30, 2013 and December 31, 2012. There was no unrealized loss in Collateralized mortgage obligations at September 30, 2013. The unrealized loss at December 31, 2012 is related to one Ginnie Mae col lateralized mortgage obligation. Th is securit y carr ies the full faith and credit guarantee of the U.S. government. Because the decline in fair value is attributable to changes in market conditions, and not credit quality, and because the Company does not have the intent to sell th is security and it is likely that it will not be required to sell th is securit y before their anticipated recovery, the Company did not consider th is securit y to be other-than-temporarily impaired at December 31, 2012.

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