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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2013

Investment Securities

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

(In thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
September 30, 2013
Securities available for sale:
Agency mortgage-backed securities		$	18,377			$	205			$	235			$	18,347
Agency CMO			21,714				115				307				21,522
Other debt securities:
Agency notes and bonds			34,754				82				557				34,279
Municipal obligations			35,757				874				943				35,688
Subtotal - debt securities			110,602				1,276				2,042				109,836
Mutual funds			2,477				0				24				2,453
Total securities available for sale		$	113,079			$	1,276			$	2,066			$	112,289
Securities held to maturity:
Agency mortgage-backed securities		$	10			$	0			$	0			$	10
Total securities held to maturity		$	10			$	0			$	0			$	10
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 September 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				Fair				Amortized				Fair
		Cost				Value				Cost				Value
(In thousands)
Due in one year or less		$	0			$	0			$	0			$	0
Due after one year through five years			9,310				9,305				0				0
Due after five years through ten years			30,540				30,485
Due after ten years			30,661				30,177				0				0
			70,511				69,967				0				0
Mortgage-backed securities and
CMO			40,091				39,869				10				10
		$	110,602			$	109,836			$	10			$	10

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 September 30, 2013, aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows:

		Number of								Gross
		Investment				Fair				Unrealized
		Positions				Value				Losses
(Dollars in thousands)
Continuous loss position less than twelve months:
Agency notes and bonds			20			$	22,248			$	557
Agency CMO			11				10,542				291
Agency mortgage-backed securities			17				14,413				235
Muncipal obligations			31				13,405				918
Mutual fund			1				1,544				9
Total less than twelve months			80				62,152				2,010
Continuous loss position more than twelve months:
Muncipal obligations			2				589				25
Agency CMO			1				775				16
Mutual fund			1				393				15
Total more than twelve months			4				1,757				56
Total securities available for sale			84			$	63,909			$	2,066

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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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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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