Securities

6 Months Ended

Jun. 30, 2011

Securities

Securities

NOTE (4) – Securities

The following table summarizes the amortized cost and fair value of the available-for-sale and held-to-maturity investment securities portfolios at June 30, 2011 and December 31, 2010 and the corresponding amounts of unrealized gains which are recognized in accumulated other comprehensive income (loss), for available-for-sale investment securities, were as follows:

	June 30, 2011
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Available-for-sale
Residential mortgage-backed	$	8,662	$	510	$	—	$	9,172
Total available-for-sale	$	8,662	$	510	$	—	$	9,172
Held-to-maturity
Residential mortgage-backed	$	10,692	$	445	$	—	$	11,137
U.S. Government and federal agency		1,000		89		—		1,089
Total held-to-maturity	$	11,692	$	534	$	—	$	12,226
	December 31, 2010
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Available-for-sale
Residential mortgage-backed	$	10,085	$	439	$	—	$	10,524
Total available-for-sale	$	10,085	$	439	$	—	$	10,524
Held-to-maturity
Residential mortgage-backed	$	11,737	$	425	$	—	$	12,162
U.S. Government and federal agency		1,000		99		—		1,099
Total held-to-maturity	$	12,737	$	524	$	—	$	13,261

The amortized cost and fair value of the investment securities portfolios are shown by contractual maturity at June 30, 2011. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, primarily residential mortgage-backed securities, are shown separately.

	Available-for-Sale				Held-to-Maturity
Maturity	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
Within one year	$	—	$	—	$	—	$	—
One to five years		—		—		1,000		1,089
Five to ten years		—		—		—		—
Beyond ten years		—		—		—		—
Residential mortgage-backed		8,662		9,172		10,692		11,137
Total	$	8,662	$	9,172	$	11,692	$	12,226

Securities pledged at June 30, 2011 and December 31, 2010 had a carrying amount of $11.7 million and $12.7 million and were pledged to secure public deposits and FHLB advances. At June 30, 2011 and December 31, 2010, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders' equity. There were no sales of securities during the six months ended June 30, 2011 and 2010.

There were no securities with unrealized losses at June 30, 2011 and December 31, 2010. We evaluate securities for other-than-temporary impairment at least quarterly, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the financial condition and near-term prospects of the issuer, the length of time and the extent to which the fair value has been less than the cost, and our intent and ability to retain our investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer's financial condition, we consider whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer's financial condition.