Securities

12 Months Ended

Dec. 31, 2012

Securities

Note 3 – Securities

The following table summarizes the amortized cost and fair value of the available-for-sale investment securities portfolios at December 31, 2012 and December 31, 2011 and the corresponding amounts of unrealized gains which are recognized in accumulated other comprehensive income (loss) were as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
December 31, 2012:
Residential mortgage-backed	$	12,660	$	718	$	0	$	13,378
Total available-for-sale securities	$	12,660	$	718	$	0	$	13,378
December 31, 2011:
Residential mortgage-backed	$	17,008	$	902	$	0	$	17,910
U.S. Government and federal agency		1,000		69		0		1,069
Total available-for-sale securities	$	18,008	$	971	$	0	$	18,979

At December 31, 2012, the Bank’s investment portfolio consisted of residential mortgage-backed securities with an estimated remaining life of 4.7 years. 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 pledged had a carrying amount of $1.5 million at December 31, 2012 and December 31, 2011, and were pledged to secure public deposits. At December 31, 2012 and December 31, 2011, 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 shareholders’ equity. During the year ended December 31, 2012, $1.0 million of U.S Government federal agency bonds were sold and the Company recognized a gain of $50 thousand. There were no sales of securities during the year ended December 31, 2011. There were no securities with unrealized losses at December 31, 2012 and December 31, 2011.