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Investments | 6 Months Ended
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Jun. 30, 2014
Investments [Abstract] |
Investments | Note 7 - Invest ments The following tables summarize the Bank’s holdings for both securities held-to-maturity and securities available-for-sale as of June 30, 2014 and December 31, 2013 (amounts in thousands):
|  | June 30, 2014 |
| Amortized | Gross Unrealized | Fair Value
| Costs | Gains | (Losses) |
Held-to-Maturity |  |  |  |
US agency obligations | $ 2,532 | $ 197 | $ - | $ 2,729
Available-for-Sale |  |  |  |
US Treasuries | $ 3,911 | $ - | $ (125) | $ 3,786
US agency obligations | 19,981 | - | (1,173) | 18,808
Mortgage-backed securities | 3,004 | 38 | (84) | 2,958
Municipals | 10,020 | 136 | (200) | 9,956
Other (corporates) | 1,022 | - | (16) | 1,006
| $ 37,938 | $ 174 | $ (1,598) | $ 36,514
|  | December 31, 201 3 |
| Amortized | Gross Unrealized | Fair Value
| Costs | Gains | (Losses) |
Held-to-Maturity |  |  |  |
US agency obligations | $ 3,537 | $ 203 | $ - | $ 3,740
Available-for-Sale |  |  |  |
US Treasuries | $ 3,907 | $ - | $ (296) | $ 3,611
US agency obligations | 22,544 | - | (2,436) | 20,108
Mortgage-backed securities | 5,450 | 11 | (150) | 5,311
Municipals | 15,845 | 35 | (742) | 15,138
Other (corporates) | 2,011 | - | (88) | 1,923
| $ 49,757 | $ 46 | $ (3,712) | $ 46,091
Note 7 – Investments (continued) 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 June 30, 2014 and December 31, 201 3 (amounts in thousands):
| Less than 12 months | More than 12 months | Total
| Fair | Unrealized | Fair | Unrealized | Fair | Unrealized
Jun e 30, 2014 | Value | Losses | Value | Losses | Value | Losses
Description of securities |  |  |  |  |  |
US Treasuries | $ - | $ - | $ 3,786 | $ 125 | $ 3,786 | $ 125
U.S. agency obligations | 1,927 | 73 | 15,766 | 1,100 | 17,693 | 1,173
Mortgage-backed securities | 1,960 | 84 | - | - | 1,960 | 84
Municipals | 1,496 | 34 | 6,008 | 166 | 7,504 | 200
Other (corporates) | - | - | 1,006 | 16 | 1,006 | 16
Total | $ 5,383 | $ 191 | $ 26,566 | $ 1,407 | $ 31,949 | $ 1,598
| Less than 12 months | More than 12 months | Total
| Fair | Unrealized | Fair | Unrealized | Fair | Unrealized
Dece mb er 31, 201 3 | Value | Losses | Value | Losses | Value | Losses
Description of securities |  |  |  |  |  |
US 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
Other (corporates) | 1,923 | 88 | - |  | 1,923 | 88
Total | $ 35,614 | $ 2,581 | $ 6,500 | $ 1,131 | $ 42,114 | $ 3,712
Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and may do so more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) the intent of Financial, if any, to sell the security; (4) whether Financial more likely than not will be required to sell the security before recovering its cost; and (5) whether Financial does not expect to recover the security’s entire amortized cost basis (even if Financial does not intend to sell the security). At June 30, 2014, the Company did not consider the unrealized losses as other-than-temporary losses due to the nature of the securities involved. As of June 30, 2014, the Bank owned 32 securities that were being evaluated for other than temporary impairment. Nine of these securities were S&P rated AAA, 22 were S&P rated AA, and one was S&P rated A. As of June 30, 2014, 1 5 of these securities were direct obligations of the U.S. government or government sponsored entities, 16 were municipal issues, and one w as an investment in a domestic corporate issued security. Note 7 – Investments (continued) Based on the analysis performed by management as mandated by the Bank’s investment policy, management believes the default risk to be minimal. Because the Bank expects to recover the entire amortized cost basis, no declines currently are deemed to be other-than-temporary.

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