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Securities | 12 Months Ended
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Dec. 31, 2013
Securities [Abstract] |
Securities | Note 4 - Securities A summary of the amortized cost and fair value of securities, with gross unrealized gains and losses, follows:
|  | December 31, 2013
|  | Amortized |  | Gross Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
Held-to-maturity |  |  |  |  |  |  |  |
U.S. agency obligations |  | $ 3,537 |  | $ 203 |  | $ - |  | $ 3,740
Available-for-sale |  |  |  |  |  |  |  |
U.S. Treasuries |  | $ 3,907 |  | $ - |  | $ (296) |  | $ 3,611
U.S. agency obligations |  | 22,544 |  | - |  | (2,436) |  | 20,108
Mortgage-backed securities |  | 5,450 |  | 11 |  | (150) |  | 5,311
Municipals |  | 15,845 |  | 35 |  | (742) |  | 15,138
Corporates |  | 2,011 |  | - |  | (88) |  | 1,923
|  | $ 49,757 |  | $ 46 |  | $ (3,712) |  | $ 46,091
Note 4 –Securities (continued)
|  | December 31, 2012
|  | Amortized |  | Gross Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
Held-to-maturity |  |  |  |  |  |  |  |
U.S. agency obligations |  | $ 3,075 |  | $ 342 |  | $ - |  | $ 3,417
Available-for-sale |  |  |  |  |  |  |  |
U.S. agency obligations |  | $ 22,980 |  | $ 184 |  | $ (95) |  | $ 23,069
Mortgage-backed securities |  | 1,805 |  | 7 |  | - |  | 1,812
Municipals |  | 22,099 |  | 780 |  | (75) |  | 22,804
Corporates |  | 2,548 |  | 61 |  | - |  | 2,609
|  | $ 49,432 |  | $ 1,032 |  | $ (170) |  | $ 50,294
Temporarily Impaired Securities The following tables show the gross unrealized losses and fair value of the Bank’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2013 and 2012: Note 4 –Securities (continued)
December 31, 2013 | Less than 12 months |  | More than 12 months |  | Total
| Fair | Unrealized |  | Fair | Unrealized |  | Fair | Unrealized
| Value | Losses |  | Value | Losses |  | Value | Losses
U.S. Treasuries | $ 3,611 | $ 296 |  | $ - | $ - |  | $ 3,611 | $ 296
U.S. agency obligations | 14,087 | 1,473 |  | 5,021 | 963 |  | 19,108 | 2,436
Mortgage-backed securities | 4,830 | 150 |  | - | - |  | 4,830 | 150
Municipals | 11,163 | 574 |  | 1,479 | 168 |  | 12,642 | 742
Corporates | 1,923 | 88 |  | - | - |  | 1,923 | 88
Total temporarily impaired securities | $ 35,614 | $ 2,581 |  | $ 6,500 | $ 1,131 |  | $ 42,114 | $ 3,712
December 31, 2012 | Less than 12 months |  | More than 12 months |  | Total
| Fair | Unrealized |  | Fair | Unrealized |  | Fair | Unrealized
| Value | Losses |  | Value | Losses |  | Value | Losses
U.S. agency obligations | $ 9,116 | $ 95 |  | $ - | $ - |  | $ 9,116 | $ 95
Municipals | 1,879 | 75 |  | - | - |  | 1,879 | 75
Total temporarily impaired securities | $ 10,995 | $ 170 |  | $ - | $ - |  | $ 10,995 | $ 170
U.S. Treasuries. The unrealized losses on the 2 U.S. Treasury investments as December 31, 2013 were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not consider those investments to be other-than-temporarily impaired at December 31, 2013. Each of these 2 investments carries an S&P investment grade rating of AA+. U.S. agency obligations. The unrealized losses on the 15 investments in U.S. agency obligations at December 31, 2013 were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not consider those investments to be other-than-temporarily impaired at December 31, 2013. Each of these 15 investments carries an S&P investment grade rating of AA. Note 4 –Securities (continued) Mortgage-backed securities. The unrealized losses on the 3 investments in U.S. government agency mortgage-backed securities at December 31, 2013 were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not consider those investments to be other-than-temporarily impaired at December 31, 2013. Each of these 3 investments carries an S&P investment grade rating of AA. Municipals. The unrealized losses on the 23 investments in municipal obligations at December 31, 2013 were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not consider those investments to be other-than-temporarily impaired at December 31, 2013. Each of these 23 investments carries an S&P investment grade rating of AA or above. Corporates. The unrealized losses on the 3 investments in domestic corporate issued securities at December 31, 2013 were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not consider those investments to be other-than-temporarily impaired at December 31, 2013. Each of these 3 investments carries an S&P investment grade rating of AA. The amortized costs and fair values of securities at December 31, 2013, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Held-to-Maturity |  | Available-for-Sale
|  | Amortized |  | Fair |  | Amortized |  | Fair
|  | Cost |  | Values |  | Cost |  | Values
Due in one year or less |  | $ - |  | $ - |  | $ - |  | $ -
Due after one year through five years |  | - |  | - |  | 479 |  | 480
Due after five years through ten years |  | 2,537 |  | 2,738 |  | 20,249 |  | 18,798
Due after ten years |  | 1,000 |  | 1,002 |  | 29,029 |  | 26,813
|  | $ 3,537 |  | $ 3,740 |  | $ 49,757 |  | $ 46,091
The Bank sold $27,867 of securities available-for-sale in 2013. Gross realized gains amounted to $514 and gross realized losses amounted to $58. The Bank sold $24,665 of securities available-for-sale in 2012. Gross realized gains amounted to $725 and gross realized losses amounted to $51. Note 4 –Securities (continued) The amortized costs of securities pledged as collateral for public deposits and other short term borrowings were approximately $7,666 and $7,680 (fair value of $7,385 and $8,126) at December 31, 2013 and 2012, respectively.

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