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Investments | 9 Months Ended
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Sep. 30, 2014
Investments [Abstract] |
Investments | Note 7 - Investments The following tables summarize the Bank’s holdings for both securities held-to-maturity and securities available-for-sale as of September 30, 2014 and December 31, 2013 (amounts in thousands):
|  | September 30, 2014 |
| Amortized | Gross Unrealized | Fair Value
| Costs | Gains | (Losses) |
Hel d-to-Maturity |  |  |  |
US agency obligations | $ 2,530 | $ 172 | $ - | $ 2,702
Available-for-Sale |  |  |  |
US Treasuries | $ 3,914 | $ - | $ (117) | $ 3,797
US agency obligations | 18,859 | - | (1,070) | 17,789
Mortgage-backed securities | 2,043 | - | (92) | 1,951
Municipals | 8,425 | 109 | (131) | 8,403
Other (corporates) | 2,035 | - | (35) | 2,000
| $ 35,276 | $ 109 | $ (1,445) | $ 33,940
|  | 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 September 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
Septe mber 30, 2014 | Value | Losses | Value | Losses | Value | Losses
Description of securities |  |  |  |  |  |
US Treasuries | $ - | $ - | $ 3,797 | $ 117 | $ 3,797 | $ 117
U.S. agency obligations | 994 | 6 | 16,795 | 1,064 | 17,789 | 1,070
Mortgage-backed securities | - | - | 1,951 | 92 | 1,951 | 92
Municipals | 1,510 | 17 | 4,348 | 114 | 5,858 | 131
Other (corporates) | 1,004 | 11 | 996 | 24 | 2,000 | 35
Total | $ 3,508 | $ 34 | $ 27,887 | $ 1,411 | $ 31,395 | $ 1,445
| 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 September 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 September 30, 2014, the Bank owned 3 1 s ecurities that were being evaluated for other than temporary impairment. Eight of these securities were S&P rated AAA, 22 were S&P rated AA, and one was S&P rated A. As of September 30, 2014, 1 5 of these securities were direct obligations of the U.S. government or government sponsored entities, 14 were municipal issues, and two w ere investments in domestic corporate issued securities. 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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