v2.4.0.6
Investments
3 Months Ended
Mar. 31, 2014
Investments [Abstract]  
Cost and Equity Method Investments Disclosure [Text Block]
4.
Investments
 
As noted in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2013, all of the Company’s municipal bond investments are classified as held-to-maturity securities and reported at amortized cost pursuant to Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities (“ASC 320”) as the Company has the intent and ability to hold all bond investments to maturity.
 
Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of March 31, 2014, and December 31, 2013.
 
 
 
March 31, 2014
 
December 31, 2013
 
 
 
Amortized
 
Market
 
Amortized
 
Market
 
 
 
Cost
 
Value
 
Cost
 
Value
 
 
 
(Dollars in thousands)
 
Municipal bonds:
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
$
5,544
 
$
5,608
 
$
5,196
 
$
5,264
 
Due from one through five years
 
 
15,498
 
 
16,372
 
 
17,636
 
 
18,527
 
Due from six through ten years
 
 
9,829
 
 
10,269
 
 
7,388
 
 
7,777
 
Due from eleven through twenty years
 
 
495
 
 
491
 
 
-
 
 
-
 
Total
 
$
31,366
 
$
32,740
 
$
30,220
 
$
31,568
 
 
The unrealized gains and losses on investment securities at March 31, 2014, and at December 31, 2013, were as follows:
 
 
 
March 31, 2014
 
December 31, 2013
 
 
 
Unrealized
 
Unrealized
 
Unrealized
 
Unrealized
 
 
 
Gains
 
Losses
 
Gains
 
Losses
 
 
 
(Dollars in thousands)
 
Municipal bonds
 
$
1,395
 
$
21
 
$
1,348
 
$
-
 
 
The estimated market values provided are level 2 valuations as defined by ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). The Company reviewed its portfolio of investments as of March 31, 2014, and determined that no other-than-temporary market value impairment exists.