| SECURITIES |
NOTE 2 - SECURITIES
The amortized cost and fair value of securities at year-end were as follows (dollars in thousands):
| |
|
Amortized
Cost
|
|
|
Gross
Unrealized
Gains
|
|
|
Gross
Unrealized
Losses
|
|
|
Fair
Value
|
|
December 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
31,261 |
|
|
$ |
238 |
|
|
$ |
--- |
|
|
$ |
31,499 |
|
Tax-exempt state and municipal bonds |
|
|
4,292 |
|
|
|
116 |
|
|
|
--- |
|
|
|
4,408 |
|
Taxable state and municipal bonds |
|
|
16,531 |
|
|
|
239 |
|
|
|
(54 |
) |
|
|
16,716 |
|
Corporate bonds |
|
|
1,081 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
1,081 |
|
Other equity securities |
|
|
1,000 |
|
|
|
42 |
|
|
|
--- |
|
|
|
1,042 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
54,165 |
|
|
$ |
636 |
|
|
$ |
(55 |
) |
|
$ |
54,746 |
|
Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State and municipal bonds |
|
$ |
300 |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
300 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
8,103 |
|
|
$ |
6 |
|
|
$ |
--- |
|
|
$ |
8,109 |
|
Other equity securities |
|
|
1,000 |
|
|
|
11 |
|
|
|
--- |
|
|
|
1,011 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
9,103 |
|
|
$ |
17 |
|
|
$ |
--- |
|
|
$ |
9,120 |
|
Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt state and municipal bonds |
|
$ |
83 |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
83 |
|
Securities with unrealized losses at year-end 2011, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (dollars in thousands): The Company had no securities with unrealized losses at year-end 2010.
| |
|
Less than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
| |
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
--- |
|
Tax-exempt state and municipal bonds |
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
Taxable state and municipal bonds |
|
|
6,196 |
|
|
|
(54 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
6,196 |
|
|
|
(54 |
) |
Corporate bonds |
|
|
539 |
|
|
|
(1 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
539 |
|
|
|
(1 |
) |
Other equity securities |
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total temporarily impaired |
|
$ |
6,735 |
|
|
$ |
(55 |
) |
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
6,735 |
|
|
$ |
(55 |
) |
Management evaluates securities for other-than-temporary impairment ("OTTI") at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Management determined that no OTTI charges were necessary during 2011 and 2010.
Contractual maturities of debt securities at December 31, 2011 were as follows (dollars in thousands):
| |
|
Held-to-Maturity Securities |
|
|
Available-for-Sale Securities |
|
| |
|
Amortized
Cost
|
|
|
Fair
Value
|
|
|
Amortized
Cost
|
|
|
Fair
Value
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Due in one year or less |
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
--- |
|
Due from one to five years |
|
|
--- |
|
|
|
--- |
|
|
|
19,729 |
|
|
|
19,980 |
|
Due from five to ten years |
|
|
--- |
|
|
|
--- |
|
|
|
28,276 |
|
|
|
28,479 |
|
Due after ten years |
|
|
300 |
|
|
|
300 |
|
|
|
5,160 |
|
|
|
5,245 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
300 |
|
|
$ |
300 |
|
|
$ |
53,165 |
|
|
$ |
53,704 |
|
There were no sales of securities in 2011. Proceeds from the sale of available for sale securities were $105.6 million, resulting in gross gains of $2.7 million for the year ended December 31, 2010.
At December 31, 2011 and 2010, securities with a carrying value of approximately $2.0 million and $2.2 million, respectively, were pledged as security for public deposits, letters of credit and for other purposes required or permitted by law.
|