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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2013

Investment Securities

Debt and equity securities have been classified in the consolidated balance sheets according to management’s intent. Investment securities at June 30, 2013 and December 31, 2012 are summarized as follows:

(In thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
June 30, 2013
Securities available for sale:
Agency mortgage-backed securities		$	19,709			$	231			$	236			$	19,704
Agency CMO			23,806				150				166				23,790
Other debt securities:
Agency notes and bonds			33,760				121				298				33,583
Municipal obligations			33,828				980				795				34,013
Subtotal - debt securities			111,103				1,482				1,495				111,090
Mutual funds			2,605				0				31				2,574
Total securities available for sale		$	113,708			$	1,482			$	1,526			$	113,664
Securities held to maturity:
Agency mortgage-backed securities		$	11			$	0			$	0			$	11
Total securities held to maturity		$	11			$	0			$	0			$	11
December 31, 2012
Securities available for sale:
Agency mortgage-backed securities		$	22,762			$	456			$	12			$	23,206
Agency CMO			22,458				225				23				22,660
Other debt securities:
Agency notes and bonds			38,273				290				10				38,553
Municipal obligations			32,605				1,800				88				34,317
Subtotal - debt securities			116,098				2,771				133				118,736
Mutual funds			4,213				40				16				4,237
Total securities available for sale		$	120,311			$	2,811			$	149			$	122,973
Securities held to maturity:
Agency mortgage-backed securities		$	12			$	0			$	0			$	12
Total securities held to maturity		$	12			$	0			$	0			$	12

Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

The amortized cost and fair value of debt securities as of June 30, 2013, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the obligations may be prepaid without penalty.

		Securities Available for Sale								Securities Held to Maturity
		Amortized Cost				Fair Value				Amortized Cost				Fair Value
(In thousands)
Due in one year or less		$	55			$	55			$	0			$	0
Due after one year through five years			8,099				8,131				0				0
Due after five years through ten years			27,759				27,869
Due after ten years			31,675				31,541				0				0
			67,588				67,596				0				0
Mortgage-backed securities and
CMO			43,515				43,494				11				11
		$	111,103			$	111,090			$	11			$	11

Investment Securities Available for Sale with Gross Unrealized Losses Aggregated by Investment Category and Length of Time Individual Investment Securities

Information pertaining to investment securities available for sale with gross unrealized losses at June 30, 2013, aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows:

		Number of Investment Positions				Fair Value				Gross Unrealized Losses
(Dollars in thousands)
Continuous loss position less than twelve months:
Agency notes and bonds			13			$	14,925			$	298
Agency CMO			10				10,643				166
Agency mortgage-backed securities			15				14,299				236
Municipal obligations			27				11,635				779
Mutual fund			1				1,528				15
Total less than twelve months			66				53,030				1,494
Continuous loss position more than twelve months:
Municipal obligations			1				254				16
Mutual fund			1				389				16
Total more than twelve months			2				643				32
Total securities available for sale			68			$	53,673			$	1,526

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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-Publisher FASB

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

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