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Available-for-Sale Securities | 12 Months Ended
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Dec. 31, 2013
Securities [Abstract] |
Available-for-Sale Securities | Note 3: Available-for-Sale Securities The amortized cost and appropriate fair values, together with gross unrealized gains and losses, of available-for-sale securities are as follows:
|  |  |  |  | Gross |  |  |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Gross |  |  |
($ in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Available-for-Sale Securities: |  |  |  |  |  |  |  |  |  |
December 31, 2013: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and Government agencies |  | $ | 11,305 |  |  | $ | 120 |  |  | $ | (125 | ) |  | $ | 11,300 |
Mortgage-backed securities |  |  | 57,322 |  |  |  | 417 |  |  |  | (516 | ) |  |  | 57,223 |
State and political subdivisions |  |  | 17,937 |  |  |  | 546 |  |  |  | (328 | ) |  |  | 18,155 |
Money Market Mutual Fund |  |  | 3,092 |  |  |  | - |  |  |  | - |  |  |  | 3,092 |
Equity securities |  |  | 23 |  |  |  | - |  |  |  | - |  |  |  | 23 |
|  | $ | 89,679 |  |  | $ | 1,083 |  |  | $ | (969 | ) |  | $ | 89,793 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |
($ in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Available-for-Sale Securities: |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and Government agencies |  | $ | 14,301 |  |  | $ | 210 |  |  | $ | - |  |  | $ | 14,511 |
Mortgage-backed securities |  |  | 62,661 |  |  |  | 1,136 |  |  |  | (33 | ) |  |  | 63,764 |
State and political subdivisions |  |  | 16,789 |  |  |  | 1,462 |  |  |  | (2 | ) |  |  | 18,249 |
Money Market Mutual Fund |  |  | 2,155 |  |  |  | - |  |  |  | - |  |  |  | 2,155 |
Equity securities |  |  | 23 |  |  |  | - |  |  |  | - |  |  |  | 23 |
|  | $ | 95,929 |  |  | $ | 2,808 |  |  | $ | (35 | ) |  | $ | 98,702 |
The amortized cost and fair value of securities available for sale and held to maturity at December 31, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Available for Sale |
|  | Amortized |  |  | Fair |
($ in thousands) |  | Cost |  |  | Value |
Within one year |  | $ | - |  |  | $ | - |
Due after one year through five years |  |  | 1,386 |  |  |  | 1,460 |
Due after five years through ten years |  |  | 10,980 |  |  |  | 11,042 |
Due after ten years |  |  | 16,876 |  |  |  | 16,953 |
|  |  | 29,242 |  |  |  | 29,455 |
Mortgage-backed securities, money market mutual |  |  |  |  |  |  |  |
fund & equity securities |  |  | 60,437 |  |  |  | 60,338 |
Totals |  | $ | 89,679 |  |  | $ | 89,793 |
The fair value of securities pledged as collateral, to secure public deposits and for other purposes, was $42.3 million at December 31, 2013, and $49.8 million at December 31, 2012. The securities delivered for repurchase agreements were $17.5 million at December 31, 2013 and $16.2 million at December 31, 2012. Gross gains of $0.09 million and gross losses of $0.04 million were realized from sales of available-for-sale securities in 2013. The net $0.05 million gain on sale was a reclassification from accumulated other comprehensive income and is included in the net gain on sales of securities. There were no realized gains or losses in 2012. The 2013 related tax expense for net security gains was $0.02 million and was a reclassification from accumulated other comprehensive income and is included in the income tax expense line in the income statement. Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. Total fair value of these investments at December 31, 2013 and 2012, was $35.8 million and $6.0 million which is approximately 40% and 6% of the Company's available-for-sale investment portfolio, respectively. Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary. Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. The following tables present securities with unrealized losses at December 31, 2013 and 2012:
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
($ in thousands) |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
December 31, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and Government agencies |  | $ | 3,834 |  |  | $ | (125 | ) |  | $ | - |  |  | $ | - |  |  | $ | 3,834 |  |  | $ | (125 | )
Mortgage-backed securities |  | $ | 24,773 |  |  | $ | (410 | ) |  | $ | 2,333 |  |  | $ | (106 | ) |  | $ | 27,106 |  |  | $ | (516 | )
State and political subdivisions |  |  | 4,868 |  |  |  | (328 | ) |  |  | - |  |  |  | - |  |  |  | 4,868 |  |  |  | (328 | )
|  | $ | 33,475 |  |  | $ | (863 | ) |  | $ | 2,333 |  |  | $ | (106 | ) |  | $ | 35,808 |  |  | $ | (969 | )
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total
($ in thousands) |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
December 31, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 5,202 |  |  | $ | (33 | ) |  | $ | 342 |  |  | $ | - |  |  | $ | 5,544 |  |  | $ | (33 | )
State and political subdivisions |  |  | 229 |  |  |  | (1 | ) |  |  | 251 |  |  |  | (1 | ) |  |  | 480 |  |  |  | (2 | )
|  | $ | 5,431 |  |  | $ | (34 | ) |  | $ | 593 |  |  | $ | (1 | ) |  | $ | 6,024 |  |  | $ | (35 | )
The unrealized gain on the mortgage-backed securities portfolio has been significantly reduced as of December 31, 2013 from the prior year. Management reviews these securities on a quarterly basis and has determined that no impairment exists. Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concern warrants such evaluation. When the Company does not intend to sell a debt security, and it is more likely than not, the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income.

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