Quarterly report pursuant to Section 13 or 15(d)

SECURITIES

v2.4.0.6
SECURITIES
 3 Months Ended
Mar. 31, 2012
SECURITIES [Abstract]  
SECURITIES
NOTE 2 - SECURITIES
 
The amortized cost and fair value of securities at period-end were as follows (dollars in thousands):
 
 
 
Amortized
Cost
 
 
Gross
Unrealized
Gains
 
 
Gross
Unrealized
Losses
 
 
Fair
Value
 
March 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
Available for Sale:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and federal agency securities
 
$
36,295
 
 
$
212
 
 
$
(133
)
 
$
36,374
 
U.S. Agency MBS and CMOs
    
18,969
      
124
      
(32
)
    
19,061
  
Tax-exempt state and municipal bonds
    
8,367
      
101
      
(101
)
    
8,367
  
Taxable state and municipal bonds
    
18,834
      
367
      
(28
)
    
19,173
  
Corporate bonds and other debt securities
 
 
4,233
 
 
 
22
 
 
 
(28
)
 
 
4,227
 
Other equity securities
 
 
1,500
 
 
 
43
 
 
 
---
 
 
 
1,543
 
 
 
$
88,198
 
 
$
869
 
 
$
(322
)
 
$
88,745
 
Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
State and municipal bonds
 
$
300
 
 
$
---
 
 
$
---
  
 
$
300
 
                                 
December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for Sale:
 
    
 
 
    
 
 
      
 
    
 
U.S. Treasury and federal agency securities
  
$
27,408
    
$
205
    
$
---
    
$
27,613
  
U. S. Agency MBS and CMOs
    
3,853
      
33
      
---
      
3,886
  
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
 

There were no sales of securities in the three month periods ended March 31, 2012 and 2011.
 
Contractual maturities of debt securities at March 31, 2012 were as follows (dollars in thousands):
 
   
Held-to-Maturity Securities
    
Available-for-Sale Securities
  
   
Amortized
    
Fair
    
Amortized
    
Fair
  
   
Cost
    
Value
    
Cost
    
Value
  
   
 
    
 
              
Due in one year or less
   $ ---     $ ---     $ ---     $ ---  
Due from one to five years
     ---       ---       33,569       33,914  
Due from five to ten years
     ---       ---       29,468       29,566  
Due after ten years
     300       300       23,661       23,722  
                                 
    $ 300     $ 300     $ 86,698     $ 87,202  
 
Securities with unrealized losses at March 31, 2012 and December 31, 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):
 
 
 
Less than 12 Months
 
 
12 Months or More
 
 
Total
 
 
 
Fair
 
 
Unrealized
 
 
Fair
 
 
Unrealized
 
 
Fair
 
 
Unrealized
 
March 31, 2012
 
Value
 
 
Loss
 
 
Value
 
 
Loss
 
 
Value
 
 
Loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and federal agency securities
 
$
8,868
 
 
$
(133
)
 
$
---
 
 
$
---
 
 
$
8,868
 
 
$
(133
)
U.S. Agency MBS and CMOs
    
3,693
      
(32
)
                    
3,693
      
(32
)
Tax-exempt state and municipal bonds
 
 
3,882
 
 
 
(101
)
 
 
---
 
 
 
---
 
 
 
3,882
 
 
 
(101
)
Taxable state and municipal bonds
 
 
3,106
 
 
 
(28
)
 
 
---
 
 
 
---
 
 
 
3,106
 
 
 
(28
)
Corporate bonds and other debt securities
    
2,605
      
(28
)
    
---
      
-
      
2,605
      
(28
)
Other equity securities
 
 
---
 
 
 
---
 
 
 
---
 
 
 
---
 
 
 
---
 
 
 
---
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired
 
$
22,154
 
 
$
(322
)
 
$
---
 
 
$
---
 
 
$
22,154
 
 
$
(322
)
 
 
 
Less than 12 Months
 
 
12 Months or More
 
 
Total
 
 
 
Fair
 
 
Unrealized
 
 
Fair
 
 
Unrealized
 
 
Fair
 
 
Unrealized
 
December 31, 2011
 
Value
 
 
Loss
 
 
Value
 
 
Loss
 
 
Value
 
 
Loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and federal agency securities
 
$
---
 
 
$
---
  
 
$
---
 
 
$
---
 
 
$
---
 
 
$
---
  
U.S. Agency MBS and CMOs
    
---
      
---
      
---
      
---
      
---
      
---
  
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
)

Other-Than-Temporary-Impairment
 
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 the three month periods ended March 31, 2012 and 2011.
 
At both March 31, 2012 and December 31, 2011, securities with a carrying value of approximately $2.0 million were pledged as security for public deposits, letters of credit and for other purposes required or permitted by law.