Investment Securities (Tables)

3 Months Ended

Mar. 31, 2014

Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Approximate Fair Values of Available-for-Sale Securities

The amortized cost, gross unrealized gains, gross unrealized losses and approximate fair values of available-for-sale securities at March 31, 2014 and December 31, 2013 are as follows:


			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(in thousands)	Cost		Gains		Losses			Value
March 31, 2014:
U. S. Government agency bonds	$	7,500	$	—	$	(255	)	$	7,245
U. S. Government agency mortgage-backed securities		21,109		—		(477	)		20,632
Corporate bonds		9,000		—		(62	)		8,938

	$	37,609	$	—	$	(794	)	$	36,815

December 31, 2013:
U. S. Government agency bonds	$	7,500	$	—	$	(421	)	$	7,079
U. S. Government agency mortgage-backed securities		22,388		—		(636	)		21,752
Corporate bonds		9,000		—		(130	)		8,870

	$	38,888	$	—	$	(1,187	)	$	37,701

Gross Unrealized Loss and Fair Value of Available-for-Sale Securities, Aggregated by the Length of Time

The following table presents the gross unrealized loss and fair value of Bancorp’s available-for-sale securities, aggregated by the length of time the individual securities have been in a continuous loss position, at March 31, 2014 and December 31, 2013:


	Less Than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(in thousands)	Value		Loss			Value		Loss			Value		Loss
March 31, 2014:
U. S. Government agency bonds	$	7,245	$	(255	)	$	—	$	—		$	7,245	$	(255	)
U. S. Government agency mortgage - backed securities		8,402		(233	)		12,204		(244	)		20,606		(477	)
Corporate bonds		—		—			8,938		(62	)		8,938		(62	)

Totals	$	15,647	$	(488	)	$	21,142	$	(306	)	$	36,789	$	(794	)

December 31, 2013:
U. S. Government agency bonds
U. S. Government agency mortgage - backed securities	$	7,079	$	(421	)	$	—	$	—		$	7,079	$	(421	)
Corporate bonds		8,871		(291	)		12,856		(345	)		21,727		(636	)
Totals		—		—			8,870		(130	)		8,870		(130	)

	$	15,950	$	(712	)	$	21,726	$	(475	)	$	37,676	$	(1,187	)

Amortized Cost and Fair Value of Available-for-Sale Debt Securities by Contractual Maturity


(in thousands)	Amortized Cost		Fair Value
Maturity:
Corporate bonds 5 to 10 years	$	9,000	$	8,938
U.S. Government agency bonds < 5 years		2,500		2,458
U.S. Government agency bonds 5 to 10 years		5,000		4,787
U.S. Government agency mortgage-backed securities		21,109		20,632

Total	$	37,609	$	36,815