Investment Securities Available-for-Sale (Tables)
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9 Months Ended |
Sep. 30, 2015 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Summary of Amortized Cost and Estimated Fair Values of Investment Securities Available-for-Sale |
The following tables present the amortized cost and estimated fair
values of investment securities at September 30, 2015 and
December 31, 2014, all of which were available-for-sale:
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Amortized
Cost |
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|
Gross
Unrealized
Gains |
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|
Gross
Unrealized
Losses |
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|
Fair
Value |
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| |
|
(In
thousands) |
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September 30, 2015:
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|
U.S Government agencies
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|
$ |
776 |
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|
$ |
31 |
|
|
$ |
— |
|
|
$ |
807 |
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State and municipal
|
|
|
27,089 |
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|
|
430 |
|
|
|
77 |
|
|
|
27,442 |
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U.S. Government agencies and sponsored enterprises (GSEs) -
residential:
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|
|
|
|
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Mortgage-backed securities
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18,551 |
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|
157 |
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|
7 |
|
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|
18,701 |
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Collateralized mortgage obligations (CMOs)
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1,867 |
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|
43 |
|
|
|
1 |
|
|
|
1,909 |
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Corporate debt obligations
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|
|
4,490 |
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|
19 |
|
|
|
— |
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|
4,509 |
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Equity securities, financial services
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|
471 |
|
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|
14 |
|
|
|
— |
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|
485 |
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$ |
53,244 |
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$ |
694 |
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|
$ |
85 |
|
|
$ |
53,853 |
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Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
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| |
|
(In
thousands) |
|
|
December 31, 2014:
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U.S Government agencies
|
|
$ |
798 |
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|
$ |
20 |
|
|
$ |
1 |
|
|
$ |
817 |
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State and municipal
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23,296 |
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|
474 |
|
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|
62 |
|
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|
23,708 |
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U.S. Government agencies and sponsored enterprises (GSEs) -
residential:
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Mortgage-backed securities
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20,676 |
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|
229 |
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3 |
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20,902 |
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Collateralized mortgage obligations (CMOs)
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2,364 |
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28 |
|
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|
1 |
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|
2,391 |
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Corporate debt obligations
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|
489 |
|
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16 |
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— |
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|
505 |
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Equity securities, financial services
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|
471 |
|
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24 |
|
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— |
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|
495 |
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|
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|
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$ |
48,094 |
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$ |
791 |
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$ |
67 |
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$ |
48,818 |
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| Schedule of Amortized Cost and Fair Value of Debt Securities Available-for-Sale, by Contractual Maturity |
The amortized cost and fair value of debt securities
available-for-sale at September 30, 2015, by contractual
maturity, are shown below. Expected maturities may differ from
contractual maturities because issuers may have the right to prepay
obligations, with or without call or prepayment penalties:
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Amortized
Cost |
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Fair
Value |
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(In
thousands) |
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Due in one year or less
|
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$ |
— |
|
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$ |
— |
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Due after one year through five years
|
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2,234 |
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|
2,290 |
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Due after five years through ten years
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10,472 |
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10,654 |
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Due after ten years
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19,649 |
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19,814 |
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32,355 |
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32,758 |
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Mortgage-backed securities
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18,551 |
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|
18,701 |
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CMOs
|
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1,867 |
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|
1,909 |
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Equity securities
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|
471 |
|
|
|
485 |
|
|
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20,889 |
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21,095 |
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$ |
53,244 |
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$ |
53,853 |
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| Schedule of Securities with Gross Unrealized Losses Aggregated by Investment Category and Length of Time |
Information with respect to securities with gross unrealized losses
at September 30, 2015 and December 31, 2014 aggregated by
investment category and length of time that individual securities
have been in a continuous loss position are as follows:
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Less Than 12 Months |
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More Than 12 Months |
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Total |
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Fair
Value |
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Unrealized
Losses |
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Fair
Value |
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Unrealized
Losses |
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Fair
Value |
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|
Unrealized
Losses |
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| |
|
(In
thousands) |
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September 30, 2015:
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Available-for-sale:
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U.S. Government agency securities
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$ |
— |
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$ |
— |
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$ |
23 |
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$ |
— |
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$ |
23 |
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|
$ |
— |
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State and municipal
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6,623 |
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|
59 |
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|
650 |
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18 |
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7,273 |
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|
77 |
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Mortgage-backed securities
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6,812 |
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7 |
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— |
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|
— |
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6,812 |
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|
7 |
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Collateralized mortgage obligations (CMOs)
|
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|
444 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
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|
444 |
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|
1 |
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$ |
13,879 |
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$ |
67 |
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$ |
673 |
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$ |
18 |
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$ |
14,552 |
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$ |
85 |
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December 31, 2014:
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Available-for-sale:
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U.S. Government agency securities
|
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$ |
49 |
|
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$ |
1 |
|
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$ |
— |
|
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$ |
— |
|
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$ |
49 |
|
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$ |
1 |
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State and municipal
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2,034 |
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|
5 |
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3,455 |
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57 |
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5,489 |
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|
62 |
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Mortgage-backed securities
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|
3,699 |
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|
3 |
|
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— |
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|
— |
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|
3,699 |
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|
3 |
|
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Collateralized mortgage obligations (CMOs)
|
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|
423 |
|
|
|
1 |
|
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|
100 |
|
|
|
— |
|
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|
523 |
|
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|
1 |
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$ |
6,205 |
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$ |
10 |
|
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$ |
3,555 |
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$ |
57 |
|
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$ |
9,760 |
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$ |
67 |
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