INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2013

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


(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2013:
Securities available for sale:
Agency mortgage-backed securities	$	18,408	$	205	$	244	$	18,369
Agency CMO		20,486		96		341		20,241
Other debt securities:
Agency notes and bonds		31,594		49		729		30,914
Municipal obligations		36,200		778		938		36,040

Subtotal – debt securities		106,688		1,128		2,252		105,564

Mutual funds		3,238		0		40		3,198

Total securities available for sale	$	109,926	$	1,128	$	2,292	$	108,762

Securities held to maturity:
Agency mortgage-backed securities	$	9	$	0	$	0	$	9

Total securities held to maturity	$	9	$	0	$	0	$	9

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 December 31, 2013, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities and CMO 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		9,006		9,024		0		0
Due after five years through ten years		30,698		30,525		0		0
Due after ten years		28,090		27,405		0		0

		67,794		66,954		0		0
Mortgage-backed securities and CMO		38,894		38,610		9		9

	$	106,688	$	105,564	$	9	$	9

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 December 31, 2013, aggregated by investment category and the length of time that individual investment securities have been in a continuous loss position, follows. At December 31, 2013, the Company did not have any securities held to maturity with an unrealized loss.


(Dollars in thousands)	Number of Investment Positions		Fair Value		Gross Unrealized Losses
Continuous loss position less than twelve months:
Agency mortgage-backed securities		15	$	12,975	$	161
Agency CMO		14		12,577		307
Agency notes and bonds		21		21,952		729
Municipal obligations		30		12,487		746
Mutual fund		1		1,537		27

Total less than twelve months		81		61,528		1,970

Continuous loss position more than twelve months:
Agency mortgage-backed securities		2		1,788		83
Agency CMO		1		720		34
Municipal obligations		5		2,353		192
Mutual fund		1		400		13

Total more than twelve months		9		5,261		322

Total securities available for sale		90	$	66,789	$	2,292

- Definition

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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