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Securities | 6 Months Ended
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Jun. 30, 2015
Securities [Abstract] |
Securities | NOTE 3 – SECURITIES The following table summarizes the amortized cost and fair value of the available-for-sale securities portfolio at June 30, 2015 and December 31, 2014 and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income:
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
June 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | $ | 2,902 |  | $ | 2 |  | $ | 1 |  | $ | 2,903
State and municipal |  |  | - |  |  | - |  |  | - |  |  | -
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  |  | 5,014 |  |  | 23 |  |  | - |  |  | 5,037
Mortgage-backed securities - residential |  |  | 575 |  |  | 32 |  |  | - |  |  | 607
Collateralized mortgage obligations |  |  | 570 |  |  | 18 |  |  | - |  |  | 588
Total |  | $ | 9,061 |  | $ | 75 |  | $ | 1 |  | $ | 9,135
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | $ | 2,932 |  | $ | 5 |  | $ | 1 |  | $ | 2,936
State and municipal |  |  | 897 |  |  | - |  |  | 11 |  |  | 886
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  |  | 5,018 |  |  | - |  |  | 7 |  |  | 5,011
Mortgage-backed securities - residential |  |  | 687 |  |  | 40 |  |  | - |  |  | 727
Collateralized mortgage obligations |  |  | 860 |  |  | 25 |  |  | - |  |  | 885
Total |  | $ | 10,394 |  | $ | 70 |  | $ | 19 |  | $ | 10,445
There was no other-than-temporary impairment recognized in accumulated other comprehensive income (loss) for securities available for sale at June 30, 2015 or June 3 0, 2014. There were no sales of securities for the three and six months ended June 30, 2015 or June 30, 2014; however, there was an early redemption of a municipal security during the first quarter of 2015 which is reflected in net gain (loss) on sales of securities. The amortized cost and fair value of debt securities at June 30, 2015 are shown in the table below 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.
|  |  | June 30, 2015 |  |  | December 31, 2014
|  |  | Amortized |  |  | Fair |  |  | Amortized |  |  | Fair
|  |  | Cost |  | Value |  |  | Cost |  |  | Value
Due in one year or less |  | $ | 3,903 |  | $ | 3,904 |  | $ | 4,829 |  | $ | 4,821
Due from one to five years |  |  | 4,013 |  |  | 4,036 |  |  | 4,018 |  |  | 4,012
Mortgage-backed securities |  |  | 575 |  |  | 607 |  |  | 687 |  |  | 727
Collateralized mortgage obligations |  |  | 570 |  |  | 588 |  |  | 860 |  |  | 885
Total |  | $ | 9,061 |  | $ | 9,135 |  | $ | 10,394 |  | $ | 10,445
Fair value of securities pledged was as follows:
| June 30, |  | December 31,
| 2015 |  | 2014
Pledged as collateral for: |  |  |  |  |
FHLB advances | $ | 3,857 |  | $ | 4,208
Public deposits |  | 2,446 |  |  | 2,476
Interest-rate swaps |  | 310 |  |  | 353
Total | $ | 6,613 |  | $ | 7,037
At June 30, 2015 and December 31, 2014, 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 June 30, 2015 and December 31, 2014 aggregated by major security type and length of time in a continuous unrealized loss position.
June 30, 2015 |  | 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 |  | $ | 1,235 |  | $ | 1 |  | $ | - |  | $ | - |  | $ | 1,235 |  | $ | 1
State and municipal |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Total temporarily impaired |  | $ | 1,235 |  | $ | 1 |  | $ | - |  | $ | - |  | $ | 1,235 |  | $ | 1
December 31, 2014 |  | 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 |  | $ | 1,259 |  | $ | 1 |  | $ | - |  | $ | - |  | $ | 1,259 |  | $ | 1
State and municipal |  |  | - |  |  | - |  |  | 886 |  |  | 11 |  |  | 886 |  |  | 11
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  |  | 5,011 |  |  | 7 |  |  | - |  |  | - |  |  | 5,011 |  |  | 7
Total temporarily impaired |  | $ | 6,270 |  | $ | 8 |  | $ | 886 |  | $ | 11 |  | $ | 7,156 |  | $ | 19
The unrealized loss in Corporate debt securities at June 30, 2015 is related to two securities. The unrealized losses in Corporate debt, State and municipal securities and U.S. Treasuries at December 31, 2014, 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 June 30, 2015 and December 31, 2014.

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