Investment Securities (Tables)

3 Months Ended

Mar. 31, 2014

Debt and equity securities have been classified in the consolidated balance sheets according to management’s intent. Investment securities at March 31, 2014 and December 31, 2013 are summarized as follows:


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
March 31, 2014
Securities available for sale:
Agency mortgage-backed securities	$	21,792	$	204	$	179	$	21,817
Agency CMO		19,231		120		264		19,087
Other debt securities:
Agency notes and bonds		29,959		42		499		29,502
Municipal obligations		35,670		929		553		36,046

Subtotal—debt securities		106,652		1,295		1,495		106,452

Mutual funds		2,172		0		31		2,141

Total securities available for sale	$	108,824	$	1,295	$	1,526	$	108,593

Securities held to maturity:
Agency mortgage-backed securities	$	8	$	0	$	0	$	8

Total securities held to maturity	$	8	$	0	$	0	$	8

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

Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

The amortized cost and fair value of debt securities as of March 31, 2014, 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		10,447		10,456		0		0
Due after five years through ten years		28,126		28,199
Due after ten years		27,056		26,893		0		0

		65,629		65,548		0		0
Mortgage-backed securities and CMO		41,023		40,904		8		8

	$	106,652	$	106,452	$	8	$	8

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 March 31, 2014, 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	$	22,047	$	499
Agency CMO		11		9,909		185
Agency mortgage-backed securities		20		15,956		113
Muncipal obligations		16		6,220		153
Mutual fund		1		1,558		17

Total less than twelve months		68		55,690		967

Continuous loss position more than twelve months:
Muncipal obligations		12		6,208		400
Agency CMO		2		1,742		79
Agency mortgage-backed securities		2		1,747		66
Mutual fund		1		402		14

Total more than twelve months		17		10,099		559

Total securities available for sale		85	$	65,789	$	1,526

- 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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