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Securities | 9 Months Ended
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Sep. 30, 2015
Securities [Abstract] |
Securities | Note 7 - Securities The following tables summarize the Bank’s holdings for both securities held-to-maturity and securities available-for-sale as of September 30, 2015 and December 31, 2014 (amounts in thousands):
|  | September 30, 2015 |
| Amortized | Gross Unrealized | Fair Value
| Costs | Gains | (Losses) |
Hel d-to-Maturity |  |  |  |
US agency obligations | $ 2,523 | $ 151 | $ - | $ 2,674
Available-for-Sale |  |  |  |
US agency obligations | 17,827 | - | (557) | 17,270
Mortgage-backed securities | 10,239 | 18 | (31) | 10,226
Municipals | 5,051 | 95 | (18) | 5,128
Corporates | 512 | - | (14) | 498
| $ 33,629 | $ 113 | $ (620) | $ 33,122
|  | December 31, 2014 |
| Amortized | Gross Unrealized | Fair Value
| Costs | Gains | (Losses) |
Hel d-to-Maturity |  |  |  |
US agency obligations | $ 2,528 | $ 171 | $ - | $ 2,699
Available-for-Sale |  |  |  |
US agency obligations | 14,090 | - | (592) | 13,498
Mortgage-backed securities | 2,042 | - | (60) | 1,982
Municipals | 7,832 | 114 | (47) | 7,899
Corporates | 1,020 | - | (4) | 1,016
| $ 24,984 | $ 114 | $ (703) | $ 24,395
Note 7 – Securities (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, 2015 and December 31, 2014 (amounts in thousands):
| Less than 12 months | More than 12 months | Total
| Fair | Unrealized | Fair | Unrealized | Fair | Unrealized
Sep tember 30, 2015 | Value | Losses | Value | Losses | Value | Losses
Description of securities |  |  |  |  |  |
U.S. agency obligations | $ 5,470 | $ 264 | $ 11,800 | $ 293 | $ 17,270 | $ 557
Mortgage-backed securities | 1,955 | 15 | 2,021 | 16 | 3,976 | 31
Municipals | 1,920 | 5 | 766 | 13 | 2,686 | 18
Corporates | 498 | 14 | - | - | 498 | 14
Total | $ 9,843 | $ 298 | $ 14,587 | $ 322 | $ 24,430 | $ 620
| Less than 12 months | More than 12 months | Total
| Fair | Unrealized | Fair | Unrealized | Fair | Unrealized
Dece mber 31, 2014 | Value | Losses | Value | Losses | Value | Losses
Description of securities |  |  |  |  |  |
U.S. agency obligations | $ 999 | $ 1 | $ 11,502 | $ 591 | $ 12,501 | $ 592
Mortgage-backed securities | - | - | 1,982 | 60 | 1,982 | 60
Municipals | 771 | 9 | 3,192 | 38 | 3,963 | 47
Corporates | - | - | 1,016 | 4 | 1,016 | 4
Total | $ 1,770 | $ 10 | $ 17,692 | $ 693 | $ 19,462 | $ 703
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, 2015, 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, 2015, the Bank owned 25 securities that were being evaluated for other than temporary impairment. Three of these securities were S&P rated AAA and 22 were S&P rated AA. As of September 30, 2015, 18 of these securities were direct obligations of the U.S. government or government sponsored entities, 6 were municipal issues, and one was an investment in a domestic corporate issued security. 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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