Investment Securities (Tables)

6 Months Ended

Jun. 30, 2014

Debt and equity securities have been classified in the consolidated balance sheets according to management’s intent. Investment securities at June 30, 2014 and December 31, 2013 are summarized as follows:


(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

June 30, 2014
Securities available for sale:
Agency mortgage-backed securities	$	28,006	$	225	$	126	$	28,105
Agency CMO		17,660		121		219		17,562
Other debt securities:
Agency notes and bonds		25,382		48		251		25,179
Municipal obligations		33,257		1,053		262		34,048

Subtotal - debt securities		104,305		1,447		858		104,894


Mutual funds		2,373		2		15		2,360


Total securities available for sale	$	106,678	$	1,449	$	873	$	107,254


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 June 30, 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 Cost		Fair Value		Amortized Cost		Fair Value
(In thousands)

Due in one year or less	$	0	$	0	$	0	$	0
Due after one year through five years		13,411		13,487		0		0
Due after five years through ten years		25,943		26,232
Due after ten years		19,285		19,508		0		0

		58,639		59,227		0		0
Mortgage-backed securities and CMO		45,666		45,667		8		8


	$	104,305	$	104,894	$	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 June 30, 2014, 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		2	$	1,401	$	2
Agency CMO		1		699		2
Agency mortgage-backed securities		14		10,438		41
Municipal obligations		1		108		1


Total less than twelve months		18		12,646		46


Continuous loss position more than twelve months:
Agency notes and bonds		12		13,396		249
Agency CMO		10		8,604		217
Agency mortgage-backed securities		6		6,425		85
Municipal obligations		18		7,517		261
Mutual fund		1		406		15


Total more than twelve months		47		36,348		827


Total securities available for sale		65	$	48,994	$	873

- 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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